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Pramodini Medicare Ltd.

RHP · filed 12 Aug 2026

SEBI cleared

Pramodini Medicare Ltd. is a diagnostic services provider focused on radiology, with a revenue CAGR of 32.97% and a latest revenue of Rs 62.29 crore. The company is raising Rs 69.04 crore through a fresh issue of Rs 63.14 crore and an offer for sale of Rs 5.90 crore. The IPO faces high-severity risks related to its dependence on government MOUs, radiology services, and the state of Andhra Pradesh, as well as medium-severity risks regarding capital-intensive equipment and regulatory compliance.

What stands out

Risk factor. A significant portion of revenue from operations is derived from MOUs with government authorities under Public Private Partnership (PPP) arrangements. Any non-renewal, modification, or termination of such MOUs, or delays or failures in realizing payments from government authorities, may materially a

Risk factor. Concentrated emphasis on radiology services exposes us to substantial risks that could adversely impact our operations, financial performance, and long-term growth prospects. This heavy reliance on radiology services implies that any disruptions, challenges, or shifts in market dynamics specific to

Risk factor. We derive a substantial portion of our revenue from the state of Andhra Pradesh. Any loss of business in such regions could have an adverse effect on our business, results of operations and financial condition.

Risk factor. We are majorly dependent on certain key customers cum patients for a substantial portion of our revenues. Loss of relationship with any of these customers cum patients may have a material adverse effect on our profitability and results of operations.

Primarily fresh capital. 91% of the offer is fresh issue, so most proceeds fund the company.

Low leverage. Debt-to-equity of 0.16x.

Strong revenue growth. Restated revenue CAGR of 33.0%.

How the offer is structured

Fresh issue

₹63.1 Cr

New capital into the company

Offer for sale

₹5.9 Cr

Goes to selling shareholders

OFS share

9%

  • Funding of capital expenditure for purchase of Medical Equipments towards Existing and Proposed Diagnostic Centres₹45.1 Cr
  • General corporate purposes and unidentified inorganic acquisition₹10.8 Cr

Restated financials

Revenue

₹62.3 Cr

Latest fiscal year

Profit after tax

₹17.4 Cr

Revenue CAGR

33.0%

Debt / equity

0.16

P/E at upper band

14.48

Only in a priced RHP

PAT CAGR

58.4%

Fiscal yearRevenueEBITDAPATNet worth
2024₹35.2 Cr₹6.9 Cr
2025₹38.2 Cr₹11.0 Cr
2026₹62.3 Cr₹17.4 Cr

Promoters, litigation & related parties

Promoter (pre)

85.7%

Proceedings

326

Risks the company discloses

  • A significant portion of revenue from operations is derived from MOUs with government authorities under Public Private Partnership (PPP) arrangements. Any non-renewal, modification, or termination of such MOUs, or delays or failures in realizing payments from government authorities, may materially and adversely affect our business, financial condition and results of operations.(Regulatory & Contractual)

  • Concentrated emphasis on radiology services exposes us to substantial risks that could adversely impact our operations, financial performance, and long-term growth prospects. This heavy reliance on radiology services implies that any disruptions, challenges, or shifts in market dynamics specific to this domain could have a disproportionate impact on our overall business.(Operational)

  • We derive a substantial portion of our revenue from the state of Andhra Pradesh. Any loss of business in such regions could have an adverse effect on our business, results of operations and financial condition.(Geographic Concentration)

  • We are majorly dependent on certain key customers cum patients for a substantial portion of our revenues. Loss of relationship with any of these customers cum patients may have a material adverse effect on our profitability and results of operations.(Customer Concentration)

  • We derive a significant portion of our revenue from government authorities (B2G). Any reduction in revenue from them or delays in payments by government authorities, may adversely affect our business, financial condition and results of operations.(Regulatory & Contractual)

  • Our business is dependent on our ability to identify, develop and operate diagnostic centres across various domestic destinations. Expansion into new geographies involves several risks and challenges, including lack of familiarity with local market dynamics, regulatory requirements, logistical constraints, dependence on local vendors and partners, and increased operational costs.(Operational)

  • One of the primary risks associated with our focus on radiology is the capital-intensive nature of the required equipment and infrastructure. Imaging modalities like CT scanners, MRI machines, and PET-CT systems involve substantial upfront investments and ongoing maintenance costs.(Operational)

  • The radiology sector is subject to stringent regulations and compliance requirements related to patient safety, radiation exposure, and data privacy. Failure to adhere to these regulations could result in legal liabilities, fines, or even the suspension of our operational licenses, severely impacting our ability to provide radiology services.(Regulatory)

How this document reads, dimension by dimension

growthrevenue CAGR 33.0%
balance sheetdebt/equity 0.16x
profitabilityprofitable in the latest year
issue structure9% of the offer is OFS

Each bar is a fixed formula applied to the figures shown above, scored 0–100. This is a reading of what the company disclosed — not a recommendation to apply or avoid, not a price target, and not a prediction of listing performance. Dimensions that could not be extracted are excluded rather than assumed, so coverage varies between documents.

Figures are extracted automatically from the document filed with SEBI and may contain errors — the linked SEBI document is the authoritative record; analysed 07 Sept 2026.

Not investment advice

These lists are rules-based research, not buy recommendations. Rankings are generated from NSE & BSE data by a deterministic formula and do not account for your personal circumstances. For informational purposes only. Consult a SEBI-registered advisor before investing.

Pramodini Medicare Ltd. RHP — SEBI filing analysis | DocStoX