Invicta Diagnostic Ltd. (INVICTA)
SME CapPharma stocks · SME cap · NSE
Invicta Diagnostic Limited is a diagnostic services company operating across the Mumbai Metropolitan Region under the consumer brand PC Diagnostics, offering integrated radiology and pathology services. It focuses on advanced imaging (MRI, CT, PET-CT) with a scalable hub-and-spoke model, aiming for capital-efficient expansion across Maharashtra.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is acceptable, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 30/100YoY data unavailable — classification deferred
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹15.4 Cr | NDF | -9.1% |
| EBITDA | ₹3 Cr | NDF | -55.8% |
| Operating margin | 19.4% | NDF | -2048 bps |
| PAT | ₹0.8 Cr | NDF | -80.6% |
| PAT margin | 5.1% | NDF | -1894 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Invicta Diagnostic reported FY26 Total Income of 33.04 Cr with EBITDA margins over 30%, driven by network expansion and radiology-led services. Strategic entries into Pune and Dadar (with PET-CT/CT) and approval for Vinchurkar Diagnostics acquisition in Nashik position it for future growth.
The company demonstrates consistent revenue growth and healthy margins, supported by its radiology-focused, capital-efficient hub-and-spoke model. Strategic acquisitions and planned expansion across Maharashtra indicate a clear growth trajectory, though execution and competition in new markets will be key.
Revenue by Service Type (FY26)
Latest issuer-disclosed distribution across 2 reported categories.
Radiology-led Business
Focus on MRI, CT, and PET-CT drives higher realisations and margins, with capital-intensive infrastructure creating strong barriers to entry.
Scalable Hub-and-Spoke Model
Centralised hubs supported by feeder centres improve asset utilisation, operating leverage, and return on capital as volumes scale.
Capital-Efficient Expansion
Expansion through refurbished equipment, leased centres, and hospital partnerships reduces upfront capex and improves payback visibility.
Geographic Expansion
Plans to expand 3x the current network over 3 years, focusing on Maharashtra (Pune, Nashik, Akola) and opportunistic acquisitions.
Dadar Centre Commissioned
Commenced operations at Dadar Centre with PET-CT and CT Scan facilities near Tata Memorial Hospital.
Vinchurkar Diagnostics Acquisition
Received Board and Shareholders’ approval to acquire up to 95% stake in Vinchurkar Diagnostics Private Limited in Nashik.
Pune Expansion
Expanded presence through strategic entry into Pune with plans for advanced diagnostic centres.
Future Centre Additions
IPO proceeds earmarked for network expansion, expected to support setup of 6–7 additional diagnostic centres.
High-Growth Diagnostics Market
Operates in the Mumbai Metropolitan Region, one of India’s largest and fastest-growing urban healthcare markets.
Maharashtra Radiology Segment Growth
Maharashtra's radiology segment is fueled by rising chronic disease cases, increased imaging investments, and growing demand for non-invasive diagnostics.
Increasing Urban and Senior Population
Maharashtra's population projected to grow, with a significant urban and senior population driving diagnostic demand.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The presentation primarily provides annual financial and operational data (FY24, FY25, FY26), making year-over-year comparison most relevant to assess growth and performance trends.
Total Income
₹33.04 Cr (FY26)
EBITDA Margin
31.63% (FY26)
Net Profit Margin
14.74% (FY26)
Number of Diagnostic Centres
8 (FY26)
FY26 Performance
FY26 was a landmark year with NSE Emerge listing and stable financial/operational performance, maintaining EBITDA margins over 30%.
Strategic Investments for Growth
Strategic entry into Pune, Dadar centre operations, and Vinchurkar Diagnostics acquisition are expected to support higher scale and growth.
Future Focus
Management remains focused on expanding the diagnostics network, strengthening service portfolio, and driving sustainable growth while maintaining operational efficiency.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Network Expansion | 8 diagnostic centres | Progress on 3x network expansion over 3 years and commissioning of 6-7 new centres. |
| EBITDA Margin | 31.63% (FY26) | Sustained EBITDA margins as new centres ramp up and operating leverage is realized. |
| Capital Payback | New projects targeted to achieve capital payback within ~3.5 years. | Actual payback periods of recently commissioned and future centres. |
| Acquisition Integration | Acquisition of up to 95% stake in Vinchurkar Diagnostics Private Limited in Nashik. | Successful integration and performance contribution from acquired entities. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
56NeutralSMA20 +5.9% / mo · MACD − · sector +2.2pp vs Nifty (3M)
Technical chart
INVICTAdaily · 1Y · AUTO-4.0%Daily history is available from 2025-12-08; the requested 1Y window is partially covered.
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 45. Wait for confirmation.
- SMA20 rising (~5.6% over last month) — short-term momentum positive.
- RSI(14) at 45 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 35% off 52W high · 17% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 61 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 61 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 61.4%.
- Growth contributes 22/25 to the score.
Main drags
- Penalty bucket subtracts 8 points.
- Cash flow is weaker at 1/10; verify the latest quarterly trend.
- Quality is weaker at 9/20; verify the latest quarterly trend.
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 59th percentile of the scored universe and 46th percentile within Pharma. Main check: cash conversion is weak at 43/100.
Healthy Trust Lite: Promoter holding is 66.7%. Key concern: Only 1 years of positive FCF.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Pharma: 46th pctile, median 70 · SME: 77th pctile, median 64
2 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 66.7%.
- ▸Promoter pledge is zero.
- ▸Debt/equity is 0.07.
Trust risks
- ▸Only 1 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 19.20
- P/B
- 1.71
- EV/EBITDA
- 6.85
- Market Cap
- 85.50Cr
Profitability
- ROE
- 14.00%
- ROCE
- 19.40%
- ROA
- 8.10%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 63.07%
- EPS 5Y
- 40.49%
- Revenue 3Y
- 63.00%
- EPS 3Y
- 37.00%
Balance Sheet
- Debt/Equity
- 0.07
- Interest Coverage
- 48.85×
- Altman Z
- 7.21
- Book Value
- 39.70
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- 2.93 Cr
- EPS TTM
- 3.91
Shareholding
- Promoter Hold
- 66.70%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 21%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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Peers
Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.