Pramodini Medicare

Incorporated in 2000, Pramodini Medicare Limited provides diagnostic services to public hospitals, private hospitals, public sector undertakings, medical colleges, and private diagnostic centres across Tier I, II, and III cities. Its service portfolio includes radiology services such as MRI, CT scans, X-ray, ultrasound with colour doppler, mammography, DEXA scan, and interventional radiology, clinical laboratory services spanning haematology, microbiology, immunology, pathology, and biochemistry, and nuclear medicine services including PET-CT, SPECT, and nuclear therapy, supported by a 24x7 teleradiology unit in Vijayawada.

The company operates through four distinct business models: Public-Private Partnerships within government hospitals and medical colleges under long-term MOUs, Private-Private Partnerships establishing diagnostic centres inside private hospitals, strategic partnerships with Government of India PSUs, and standalone diagnostic centres serving individual patients and hospitals directly. As of August 4, 2026, the company operated 16 diagnostic centres across seven states.

The company is promoted by Chalasani Kuldeep Kumar, Chalasani Kavitha, Chalasani Durga Aashritha, Chalasani Lalithakumar, and Sri Ram Medicare Pvt. Ltd. As of March 31, 2026, the company employed 161 permanent staff.

The company's competitive strengths include a strategic multi-state presence, a diversified partnership-driven business model, strong technical capabilities backed by robust IT infrastructure, an experienced management team, and a consistent track record of revenue growth.

The Pramodini Medicare IPO is a bookbuilt SME issue aggregating up to ₹69 crore, comprising a fresh issue of shares worth up to ₹63.14 crore and an offer for sale of up to ₹5.90 crore by three promoter selling shareholders. The issue is priced in a band of ₹110 to ₹118 per equity share, with a lot size of 1,200 shares, and opened on August 12, 2026, closing on August 14, 2026, with listing expected on August 19, 2026 on the NSE SME platform.

Net proceeds from the fresh issue are earmarked primarily for capital expenditure on medical equipment for existing and proposed diagnostic centres, estimated at ₹45.15 crore, with the remainder allocated to general corporate purposes and unidentified inorganic acquisitions. The company has delivered strong financial growth, with total income rising from ₹35.79 crore in FY24 to ₹63.38 crore in FY26, and profit after tax growing from ₹7.14 crore to ₹17.38 crore over the same period.

At the upper price band, the issue is priced at a post-issue P/E of 14.97 times FY26 earnings, with a Return on Net Worth of 32.69% and a Price to Book Value of 3.71 times, reflecting a reasonable valuation supported by strong profitability, including a PAT margin of 27.90% and EBITDA margin of 49.61%. Key strengths cited include a diversified multi-model partnership network, strong IT-backed technical capabilities, and consistent revenue growth. Key risks include reliance on hospital and PSU partnership renewals, geographic concentration in a limited number of states, and typical execution risk associated with expanding diagnostic infrastructure. Investors may find it useful to benchmark this issue against other recently listed diagnostic-sector IPOs, such as Invicta Diagnostic and Nephrocare Health Services, when evaluating its relative valuation.