Pramodini Medicare

Founded in the year 2000, Pramodini Medicare Limited has evolved into a comprehensive diagnostic healthcare provider. Over two decades, the company has built a robust infrastructure capable of handling complex medical imaging and laboratory tests, positioning itself as a key player in the regional healthcare ecosystem.

The company's core business model is diversified across three primary segments: radiology (including MRI, CT scans, and ultrasound), clinical laboratory services (haematology, microbiology, and pathology), and nuclear medicine (PET-CT and SPECT). This multi-modal approach allows them to provide a one-stop diagnostic solution for patients and referring physicians.

Operationally, the firm leverages a strategic mix of Public-Private Partnerships (PPP), Private-Private Partnerships, and location-specific agreements. This hybrid model allows for rapid scaling and access to high-traffic government and private healthcare hubs.

Geographically, Pramodini Medicare has established a strong presence across several key Indian cities, including Vijayawada, Hyderabad, Kurnool, Kapada, Tirupati, Varanasi, and Prayagraj. This footprint ensures a wide reach across both Southern and Northern India.

The company is promoted by a group of medical professionals and entities, specifically Dr. Chalasani Kuldeep Kumar, Dr. Chalasani Kavitha, Ms. Chalasani Durga Aashritha, and M/s. Sri Ram Medicare Private Limited, ensuring a blend of clinical expertise and entrepreneurial management.

Pramodini Medicare is launching a book-building IPO to raise approximately ₹69.04 crores. The issue is structured primarily as a fresh issue of ₹63.14 crores, with a relatively small Offer for Sale (OFS) of 5,00,400 equity shares. The price band is set between ₹110 and ₹118 per share, with a minimum retail lot size of 2,400 shares requiring an application amount of ₹2,83,200. The IPO is scheduled to list on the NSE SME exchange.

The proceeds from the fresh issue are earmarked for critical capital expenditure, specifically the purchase of medical equipment for both existing and proposed diagnostic centres, totaling ₹45.15 crores. The remainder is allocated toward general corporate purposes and unidentified inorganic acquisitions.

Financial performance exhibits a strong upward trajectory. Revenue grew significantly from ₹35.79 crores in FY24 to ₹63.38 crores in FY26. Similarly, the Profit After Tax (PAT) saw a healthy increase from ₹7.14 crores in FY24 to ₹17.38 crores in FY26, reflecting strong operational efficiency and margin expansion.

In terms of valuation, the company boasts an impressive ROE of 39.08% and ROCE of 34.66%. While a specific P/E ratio was not provided in the comparison table, the basic EPS for FY26 stands at ₹10.41. When compared to peers like Krsnaa Diagnostics and Star Imaging, Pramodini shows competitive profitability margins, particularly a high PAT margin of 27.90%.

Key strengths include the high proportion of fresh capital entering the company and a low debt-to-equity ratio of 0.34. However, investors should note the neutral analyst review and the inherent risks associated with the SME platform's liquidity.

Overall, the IPO presents a balanced profile. The heavy emphasis on fresh issue rather than promoter offloading is a positive signal, though the listing performance will likely depend on the final subscription velocity and broader market sentiment toward diagnostic stocks.