Pramodini Medicare IPO

Pramodini Medicare Limitedpramodinidiagnostics.com

ListedSMEHealth CareNSE Emerge

Price band: ₹110 – ₹118
Issue size: ₹69.04 Cr
Lot size: 1200 sh
Bidding: 12 – 14 Aug
Grey market: —

Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

Pramodini Medicare runs diagnostic imaging and pathology centres mostly installed inside partner hospitals, operating 16 centres across 14 cities in seven states as of the prospectus. Radiology was Rs 6,044.98 lakhs, or 97.05% of FY26 revenue from operations. Revenue was Rs 35.23 Cr in FY24, Rs 38.24 Cr in FY25 and Rs 62.29 Cr in FY26 — rises of 8.54% and then 62.89% — with profit after tax of Rs 6.93 Cr, Rs 11.03 Cr and Rs 17.38 Cr over the same three years. The Rs 69.04 Cr issue (Rs 63.14 Cr fresh, Rs 5.90 Cr offer for sale) was subscribed 3.88 times overall on day three; it listed at Rs 120 on 19 August 2026 against a band top of Rs 118, closed day one at Rs 121.65 and last traded at Rs 108.65 on 23 October 2026, which the record's listing result records as −7.92%.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

86Exceptional

IPOVista score

Broadly well-balanced

63% of the scoring model was backed by disclosed data for Pramodini Medicare, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

Read this before the number

SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 2000 · Vijayawada, Andhra Pradesh · 161 employees

Pramodini Medicare runs diagnostic imaging and pathology centres, mostly installed inside other organisations' hospitals. As of the prospectus it operated 16 diagnostic centres across 14 cities in seven states (Uttar Pradesh, Andhra Pradesh, Karnataka, West Bengal, Haryana/NCR Delhi, Madhya Pradesh and Kerala), plus a processing unit cum laboratory in Vijayawada and a 24x7 teleradiology desk at its registered office. Radiology is almost the whole business: CT, MRI, PET-CT and X-ray brought in Rs 6,044.98 lakhs, or 97.05% of FY26 revenue from operations, with clinical laboratory and nuclear medicine making up the remainder. Customers are public hospitals, government teaching hospitals, private hospitals, central PSUs and medical colleges across tier I, II and III cities. The company is based in Vijayawada, Andhra Pradesh, and had 161 permanent employees at 31 March 2026.

Revenue is scan and test fees. Rather than build its own centres, Pramodini signs MOUs to install equipment inside partner hospitals. In FY26 public-private partnerships contributed Rs 3,375.07 lakhs (54.19%) of revenue from operations, private-private partnerships Rs 1,296.76 lakhs (20.82%), standalone private centres Rs 1,103.92 lakhs (17.72%) and a PSU tie-up Rs 453.00 lakhs (7.27%). The structural constraint is capital intensity: imaging modalities need heavy upfront outlay, and FY26 carried depreciation of Rs 739.09 lakhs and finance cost of Rs 130.23 lakhs against EBITDA of Rs 3,090.35 lakhs. Rs 4,514.85 lakhs of net proceeds (80.76%) was earmarked for more medical equipment. The government MOUs also carry renewal and payment-timing risk.

The company on paper

Legal name: Pramodini Medicare Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 12 Sep 2000
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U85110AP2000PLC035231
Sector: Health Care · Diagnostic imaging and pathology centres operated inside partner hospitals
Employees: 161
Registered office: Vijayawada, Andhra Pradesh
Promoters: Dr. Chalasani Kuldeep Kumar, Dr. Chalasani Kavitha, Ms. Chalasani Durga Aashritha, Ms. Chalasani Lalithakumari, M/s. Sri Ram Medicare Private Limited
Promoter holding, pre-issue: 85.7%
Promoter holding, post-issue: 62.6%
Website: pramodinidiagnostics.com

The numbers

Financial performance

Revenue has compounded at 33.0% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

The price

Valuation

What the issue asks for the business, set against what the business earns.

No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.

The terms

How the issue is structured

91% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.

Fresh issueNew shares — proceeds go to the company: ₹63.14 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹5.90 Cr
Total issue size: ₹69.04 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —
Market maker portionSME issues require a market maker to provide two-way quotes: 3,36,000

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 23.1% of the company.

Promoters
Everyone else

Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.

Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription3.88×

A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Outcome

How it actually listed

Issue price: ₹118.00
Listed at: ₹120.00
Listing gain: up 1.7%
Since listing: down 11.2%
Against the issue price: down 9.7%

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

Lots

Shares applied for: 2,400
At cut-off price: ₹118.00
Amount blocked: ₹2,83,200

One lot is 1200 shares at ₹1,41,600. This issue requires a minimum of 2 lots, so the smallest application is ₹2,83,200. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

~29%

chance of one lot, per application

Retail subscription: 3.49×
Applicants per share available: 3.5× the retail quota

This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.

What it actually did

This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.

₹120.00

listed at, 1.7% against the issue price

Issue price: ₹118.00
Premium said: —
If allotted 1200 shares: ₹2,400

Listing-day figures are as reported by the exchanges.

Our read

The case for and against

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

What works

Revenue rose from Rs 35.23 Cr in FY24 to Rs 38.24 Cr in FY25 (8.54%) and to Rs 62.29 Cr in FY26 (62.89%). Profit after tax over the same years was Rs 6.93 Cr, Rs 11.03 Cr and Rs 17.38 Cr, rises of 59.16% and then 57.57%.
EBITDA was Rs 15.53 Cr on revenue of Rs 35.23 Cr in FY24 (44.08%), Rs 20.97 Cr on Rs 38.24 Cr in FY25 (54.84%) and Rs 30.90 Cr on Rs 62.29 Cr in FY26 (49.61%) — the margin was higher in FY25 than in either FY24 or FY26. Profit after tax as a share of revenue ran 19.67%, 28.84% and 27.90% across the same three years.
Net worth was Rs 24.75 Cr in FY24, Rs 35.77 Cr in FY25 and Rs 53.15 Cr in FY26. Total borrowings against net worth worked out at 0.48x (Rs 11.96 Cr on Rs 24.75 Cr), 0.30x (Rs 10.81 Cr on Rs 35.77 Cr) and 0.34x (Rs 17.85 Cr on Rs 53.15 Cr).
On day three (14 August 2026) every category was subscribed more than three times: qualified institutional buyers 3.66x, non-institutional 4.96x and retail 3.49x, for 3.88x overall.

What to weigh against it

Radiology — CT, MRI, PET-CT and X-ray — accounted for Rs 6,044.98 lakhs, or 97.05% of FY26 revenue from operations, leaving 2.95% to clinical laboratory and nuclear medicine.
Public-private partnerships contributed Rs 3,375.07 lakhs (54.19%) of FY26 revenue from operations and a PSU tie-up Rs 453.00 lakhs (7.27%), against private-private partnerships at Rs 1,296.76 lakhs (20.82%) and standalone private centres at Rs 1,103.92 lakhs (17.72%). The record states that the government MOUs carry renewal and payment-timing risk.
FY26 depreciation of Rs 739.09 lakhs and finance cost of Rs 130.23 lakhs came to Rs 869.32 lakhs, or 28.13% of FY26 EBITDA of Rs 3,090.35 lakhs. Rs 4,514.85 lakhs of net proceeds (80.76%) was earmarked for further medical equipment, and the record describes the structural constraint of the model as capital intensity.
Total borrowings were Rs 11.96 Cr in FY24, Rs 10.81 Cr in FY25 and Rs 17.85 Cr in FY26 — down 9.62% and then up 65.12%. The share last traded at Rs 108.65 on 23 October 2026, below both the band top of Rs 118 and the band low of Rs 110.

Easy to miss in the prospectus

The record carries no valuation block and no peer set, so the Rs 110-118 band cannot be set against earnings multiples or listed comparables from this record alone; post-issue share count is also absent.
Subscription is recorded for day three only (14 August 2026). Day one and day two figures, anchor allocation and grey-market data are all absent from the record.
The financial rows carry nulls for expenses, total assets and operating cash flow in all three years, so FY26 profit after tax of Rs 17.38 Cr cannot be checked against cash generated from operations here.

Straight from the filing

Read it yourself

Every figure on this page comes out of these. Go and check them.

Pramodini Medicare — Prospectus dated 2026-08-1717 Aug 2026Filed after pricing, with every placeholder filled in.Opens on nsearchives.nseindia.com

Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.

The paperwork

Who is running the issue

Lead managers: Smart Horizon Capital Advisors Private Limited
RegistrarAllotment status is checked on the registrar's own site: Purva Sharegistry (India) Private Limited

How these figures were checked

Reconciled to Pramodini Medicare's own prospectus and to exchange disclosures, then cross-checked against 6 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.

Pramodini Medicare Limited — Prospectus dated August 17, 2026 (NSE Emerge archives) · read 16 Oct 2026
NSE cash-market bhavcopy, 19 August 2026 (listing-day OHLC, ISIN, series ST, NewBrdLotQty) · read 16 Oct 2026
NSE ipo-detail API — PRAMODINI (ISIN, listing date, lot size, issue info, category-wise shares bid and applications) · read 16 Oct 2026
NSE public past issues (SME) — price range, issue price, offer dates, listing date · read 16 Oct 2026

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: SME platform
Opens: 12 Aug 2026
Closes: 14 Aug 2026
Allotment: 17 Aug 2026
Lists: 19 Aug 2026
Revenue (FY26): ₹62.29 Cr
Profit (FY26): ₹17.38 Cr

Timeline

Every step in this issue's calendar has passed.

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.