Pramodini Medicare SME IPO

Strengths · 8

• 01FY2026 was a strong year. Total income grew 64% from Rs 38.55 crore to Rs 63.38 crore and profit after tax grew 56% from Rs 11.14 crore to Rs 17.38 crore.
• 02Operating margin is high. EBITDA was Rs 30.90 crore on total income of Rs 63.38 crore in FY2026, which is close to half of the income.
• 03Profit has grown every year, from Rs 7.14 crore in FY2024 to Rs 11.14 crore in FY2025 and Rs 17.38 crore in FY2026.
• 04The PPP model with government hospitals gives long term contracts and a steady flow of patients without spending on marketing.
• 05The business is spread over 16 centres in seven states, so it does not depend on one city or one hospital.
• 06It offers radiology, laboratory and nuclear medicine together, which is a wider range than most small diagnostic chains.
• 07Rs 45.15 crore of the issue money is for buying medical equipment for existing and new centres, which will add earning capacity.
• 08Net worth improved from Rs 24.75 crore in FY2024 to Rs 53.15 crore in FY2026.

Risks · 8

• 01Borrowing went up 65% in one year, from Rs 10.81 crore to Rs 17.85 crore.
• 02A part of the money is kept for general corporate purposes and an unidentified acquisition. The company has not named the target, so investors do not know where that money will go.
• 03The PPP and hospital contracts run on MOUs that come up for renewal. If a government hospital does not renew or gives the contract to another operator, that centre income stops.
• 04Diagnostics needs heavy spending on machines. MRI, CT and PET-CT equipment is costly and becomes outdated, so capital spending never really stops.
• 05A large part of the business comes from government hospitals and PSUs, where payments can be delayed and rates are fixed by tender.
• 06The company is small, with 161 employees and 16 centres, and competes with large national diagnostic chains that have better brand pull and lower cost per test.
• 07Promoter holding will come down from 85.71% to 62.64% after the issue.
• 08This is an SME issue. One lot is 1,200 shares, which is about Rs 1.41 lakh at the upper band of Rs 118, and SME shares usually trade in low volume after listing.

Pramodini Medicare Limited was started in 2000. It is a diagnostic services company. It runs radiology services such as MRI, CT scan, X-ray, ultrasound with colour doppler, mammography and Dexa scan, clinical laboratory services such as pathology, microbiology, immunology and biochemistry, and nuclear medicine services such as PET-CT, SPECT and nuclear therapy.

The company works through four models. Under the public private partnership model it runs diagnostic centres inside government hospitals and medical colleges on long term agreements. Under the private private model it runs centres inside private hospitals. It also works with central government PSUs, and it runs some of its own standalone centres and labs. It has a 24x7 teleradiology unit and a processing laboratory at Vijayawada.

As on 4 August 2026 the company ran 16 diagnostic centres across seven states, serving government hospitals, private hospitals, PSUs, medical colleges and individual patients in Tier I, Tier II and Tier III cities. As on 31 March 2026 it had 161 permanent employees.

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