Modern Diagnostic & Research Centre Ltd
Incorporated in 1985, Modern Diagnostic & Research Centre Ltd is in the business of providing Pathology and Radiology Services[1]
- Market Cap ₹ 94.6 Cr.
- Current Price ₹ 62.6
- High / Low ₹ 100 / 45.0
- Stock P/E 18.0
- Book Value ₹ 38.8
- Dividend Yield 0.00 %
- ROCE 12.5 %
- ROE 13.2 %
- Face Value ₹ 10.0
Pros
- Company has a good return on equity (ROE) track record: 3 Years ROE 31.0%
Cons
- Though the company is reporting repeated profits, it is not paying out dividend
- Tax rate seems low
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Healthcare Healthcare Healthcare Services Healthcare Service Provider
Part of BSE SME IPO
Half Yearly Results
Figures in Rs. Crores
Profit & Loss
Figures in Rs. Crores
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| 60.21 | 56.28 | 67.13 | 77.95 | 83.11 | |
| 54.19 | 57.26 | 55.99 | 59.84 | 70.30 | |
| Operating Profit | 6.02 | -0.98 | 11.14 | 18.11 | 12.81 |
| OPM % | 10.00% | -1.74% | 16.59% | 23.23% | 15.41% |
| 0.35 | 0.32 | 1.46 | 0.86 | 1.03 | |
| Interest | 1.57 | 1.41 | 1.81 | 1.91 | 2.66 |
| Depreciation | 3.66 | 3.87 | 3.92 | 4.19 | 5.19 |
| Profit before tax | 1.14 | -5.94 | 6.87 | 12.87 | 5.99 |
| Tax % | 227.19% | -3.54% | 15.57% | 29.99% | 12.19% |
| -1.45 | -5.73 | 5.79 | 9.01 | 5.25 | |
| EPS in Rs | -1.32 | -5.21 | 5.26 | 8.19 | 3.48 |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 14% |
| TTM: | 7% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 43% |
| TTM: | -42% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 15% |
| 3 Years: | 31% |
| Last Year: | 13% |
Balance Sheet
Figures in Rs. Crores
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Equity Capital | 1.00 | 1.00 | 1.00 | 11.00 | 15.10 |
| Reserves | 10.70 | 4.96 | 10.76 | 9.77 | 43.45 |
| 20.40 | 15.31 | 20.46 | 22.09 | 37.10 | |
| 16.60 | 15.27 | 17.26 | 21.71 | 22.95 | |
| Total Liabilities | 48.70 | 36.54 | 49.48 | 64.57 | 118.60 |
| 24.31 | 23.67 | 27.04 | 30.65 | 48.09 | |
| CWIP | 0.75 | 0.00 | 3.60 | 9.11 | 10.18 |
| Investments | 5.29 | 0.11 | 0.21 | 0.23 | 16.97 |
| 18.35 | 12.76 | 18.63 | 24.58 | 43.36 | |
| Total Assets | 48.70 | 36.54 | 49.48 | 64.57 | 118.60 |
Cash Flows
Figures in Rs. Crores
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| 3.64 | -0.12 | 7.93 | 13.90 | 3.82 | |
| -5.20 | 2.11 | -11.03 | -13.31 | -40.29 | |
| 4.50 | -6.47 | 3.36 | -0.22 | 45.08 | |
| Net Cash Flow | 2.94 | -4.48 | 0.26 | 0.37 | 8.62 |
| Free Cash Flow | -1.49 | -3.27 | -3.04 | 0.58 | -19.88 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 52% | 12% | 60% | 98% | 36% |
Ratios
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Debtor Days | 54.56 | 52.27 | 56.28 | 59.75 | 69.30 |
| Inventory Days | 25.90 | 40.62 | 61.45 | 95.47 | 119.58 |
| Days Payable | 172.38 | 170.83 | 177.12 | 160.28 | 196.43 |
| Cash Conversion Cycle | -91.92 | -77.94 | -59.39 | -5.06 | -7.55 |
| Working Capital Days | -43.95 | -58.82 | -34.74 | -37.79 | -41.68 |
| ROCE % | -17.24% | 32.75% | 39.37% | 12.48% |
Insights
In beta| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
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| B2B Revenue Mix % |
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| Haryana Revenue Share (Domestic) % |
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| Number of Patients Served Unit |
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| Number of Tests Unit |
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| Pathology Revenue Mix % |
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| Tests per Patient Tests/Patient |
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| Number of States of Operation States |
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| Total Diagnostic Network Centres Centres |
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Extracted by Screener AI
Documents
Announcements
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Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
- Certificate under Regulation 74(5) for the half year ended September 30, 2026
- Shareholder Meeting / Postal Ballot-Scrutinizer''s Report
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Shareholder Meeting / Postal Ballot-Outcome of AGM
- 14th AGM held on 30 Sep 2026; members approved financials, director reappointment, and auditor reappointment.
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Closure of Trading Window
- Trading window closed from 1 October 2026 until 48 hours after half-year results submission.
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Clarification On Significant Movement In The Price Of The Securities Of The Company
- On 15 Sep 2026, company said no UPSI or undisclosed event explains recent price movement.
Business Overview:[1][2]
a) MDRCL provides evidence-based, technology-enabled healthcare diagnostics.
b) It provides diagnostic and pathology services to individuals, health care institutions, doctors, corporates and other institutional customers.
c) Company operates through a network
of laboratories, diagnostic centres, collection centres and/or home-collection facilities.
Its hub and-spoke operating model enable centralised processing of samples while providing convenient access to customers across multiple geographies.
d) The company has 25 operational laboratories and diagnostic centres as of FY26