Pramodini Medicare IPO
Pramodini Medicare IPO is an SME IPO raising ₹69 Cr at ₹110 – ₹118 a share. It listed on 19 Aug 2026 at ₹120, +1.7% against its issue price of ₹118, and trades at ₹127 today (+7.8% since issue). It was subscribed 4.60× in total.
4.6 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
Pramodini Medicare Limited is an Indian diagnostic services company that runs technology-enabled diagnostic centres inside or alongside hospitals across tier I, II and III cities. As of the RHP filing date, it operates 16 diagnostic centres in 14 cities across 7 states (Andhra Pradesh, Uttar Pradesh, Karnataka, West Bengal, Haryana/NCR Delhi, Madhya Pradesh, and Kerala — Kerala not yet operational), plus a processing unit and laboratory in Vijayawada. Services span radiology (MRI, CT, X-ray, ultrasound, mammography, DEXA, intervention radiology), clinical laboratory (haematology, microbiology, immunology, pathology, biochemistry) and nuclear medicine (PET-CT, SPECT, nuclear therapy), along with teleradiology reporting from Vijayawada on a 24x7 basis.
How it earns
It charges hospitals, government bodies and walk-in patients for diagnostic tests performed at its centres, through four operating models: Public Private Partnership (with government hospitals), Private Private Partnership (with private hospitals), Strategic Partnership with PSU hospitals, and standalone Private Centres.
Who buys
Customer identity is not disclosed in the text — they are only labelled 'Top 1 Customer' through 'Top 10 Customer'. Concentration is very high: Top 1 customer = ₹2,751.30 lakh = 44.17% of FY2026 revenue; Top 5 = ₹4,006.31 lakh = 64.32%; Top 10 = ₹4,038.27 lakh = 64.83%. By segment of buyer, FY2026 revenue mix is B2G (government) 61.46% (₹3,828.07 lakh), B2B (hospitals) 20.82% (₹1,296.76 lakh) and B2C (walk-in patients) 17.72% (₹1,103.92 lakh).
Scale
16 diagnostic centres across 14 cities in 7 Indian states, with a central processing lab in Vijayawada; team of 27 CT/MRI technicians, 29 X-ray technicians, 9 ultrasound technicians and 4 doctors at the Vijayawada centre; FY2026 revenue ₹6,228.75 lakh (~₹62.29 crore; 1 crore = 100 lakh) with 4,74,419 tests conducted.
What it says sets it apart
- Geographic spread across 7 Indian states and 14 cities through 16 centres, anchored by a Vijayawada main centre with a processing laboratory.
- Four distinct partnership models (PPP with government hospitals, Private-Private with private hospitals, Strategic Partnership with PSUs, standalone centres) that let it enter hospital premises without owning real estate.
- Diagnostic equipment base of 8 CT scanners, 7 MRI machines, 20 X-ray systems, 15 ultrasound units, 2 DEXA, 2 mammography, 1 PET-CT, 6 CR and 3 DR systems as on March 31, 2026, with vendor maintenance contracts to limit downtime.
- 24x7 teleradiology reporting hub at the Vijayawada registered office, allowing remote interpretation of MRI/CT/X-ray images from other hospitals and centres.
- Diversified revenue mix across B2G, B2B and B2C customers, reducing dependence on a single buyer type.
Revenue mix
The numbers at a glance
The price they’re asking →derived: cut-off price Rs118 / stated EPS Rs10.41 (FY26 (year ended March 31, 2026) Basic & Diluted EPS, restated consolidated, computed as per AS 20). Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
Where the money goes
The offer →Most of this issue is new shares — the money raised goes to the company, not to exiting shareholders.
How its cohort has done
131 SME issues listed in 2026 that we can price today. This is the group this issue belongs to.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
Led by Smart Horizon Capital Advisors Private Limited — median +20.1% across the 10 of its issues we can price. All lead managers →
What happens when
Next: the UPI mandate expires on 25 Sept 2026.
What to watch
- Priced at 11.3× earnings — 17% below the median of the peers the issuer itself names.
- Its cohort's record: median +8.4% since issue price, 46.6% now below it — a base rate, not a forecast.
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
Track PRAMODINI MEDICARE LTD
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