Molbio Diagnostics IPO

Mainboard • Equity • Fresh capital cum OFS

LISTEDMAINBOARDEquity

Molbio Diagnostics

Price band

₹768 – ₹807

Lot size

18 shares

Min investment

₹14,526

Issue size

₹939.7 Cr

About the company

Molbio Diagnostics Limited was started in October 2000. It is a global point-of-care molecular diagnostics company. It does research, development, manufacturing and selling of quick diagnostic solutions for infectious diseases as well as non-communicable diseases. Its main product is the Truenat platform. This is a portable, battery-operated PCR based molecular testing system. It is made for places where lab facilities are limited, and it gives accurate results within an hour. The company offers testing for more than 30 diseases through 43 diagnostic tests. These include tuberculosis, COVID-19, HIV, Hepatitis B and C, and HPV. Through its subsidiaries and tie-ups, it also provides radiology, digital pathology and breast health screening solutions. It keeps adding new products through its own R&D. The company runs six manufacturing plants in India and serves customers in over 90 countries. Its customers include government health programmes, diagnostic labs, hospitals and international healthcare bodies. It holds a good number of patents and global certifications, and has grown through some strategic acquisitions. As on 31 March 2026, the company had 1,225 permanent employees across R&D, manufacturing, quality, sales, finance and corporate functions.

Molbio Diagnostics Limited is a point-of-care molecular diagnostics company. Its Truenat platform is a portable, battery-run PCR machine that gives test results within an hour, and it covers over 30 diseases through 43 tests across more than 90 countries.

IPO details

Issue price: ₹807
Price band: ₹768 – ₹807
Face value: ₹1
Lot size: 18
Min investment: ₹14,526
Issue size: ₹939.7 Cr
Sale type: Fresh capital cum OFS
Listing on: BSE, NSE
BSE scrip code: 7875
NSE symbol: MOLBIO.NS
Employee discount: Rs 76.00 per share

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	18	₹14,526
Retail (Max)	13	234	₹1,88,838
S-HNI (Min)	14	252	₹2,03,364
B-HNI (Min)	69	1,242	₹10,02,294

Investor reservation

CATEGORY	RESERVED
QIB	23,25,146 shares
NII	17,43,859 shares (21.43% of the Offer)
Retail	40,69,004 shares (50.00% of the Offer)
Employee	20,520 shares (0.25% of the Offer)

Objects of the issue

1Funding capital expenditure towards the setting up of infrastructure for research and development facility, Center of Excellence and connected office space.125.12

2Funding capital expenditure towards the purchase of certain plant, machinery and other equipment for Goa Unit I, Goa Unit II and Visakhapatnam Unit, and80.81

3General Corporate Purposes

Financials

Rs. Crore • restated

METRIC	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	2,148.42	1,461.56	1,221.06
Total Income	1,455.17	1,027.94	840.66
Profit After Tax	164.14	138.58	83.54
EBITDA	328.24	256.64	185.09
NET Worth	1,144.68	952.95	807.94
Reserves and Surplus	1,148.84	990.84	845.48
Total Borrowing	412.64	123.16	174.58

Key performance indicators

P/E Ratio

56.67

EPS (₹)

14.24

RoE

15.59%

RoCE

17.55%

RoNW

14.55%

PAT Margin

11.28%

EBITDA Margin

22.56%

NAV (₹)

101.51

✓ Strengths

• Truenat is its own patented platform. It is portable, runs on battery and gives PCR results in about an hour, which makes molecular testing possible in small towns and villages where full labs are not available.

• The product range is deep. It covers more than 30 diseases through 43 tests, including TB, HIV, Hepatitis B and C, and HPV.

• Reach is global. The company sells in more than 90 countries and runs six manufacturing plants in India.

• Growth has been strong. Total income went up from Rs 840.66 crore in FY2024 to Rs 1,455.17 crore in FY2026, and profit after tax almost doubled from Rs 83.54 crore to Rs 164.14 crore.

• Return ratios are healthy. RoCE was 20.98% and RoNW was 15.23%. EBITDA for FY2026 was Rs 328.24 crore.

• The fresh money goes into building the business. Rs 125.12 crore is for an R&D facility and a Centre of Excellence, and Rs 80.81 crore is for plant and machinery at Goa Unit I, Goa Unit II and the Visakhapatnam unit.

⚠ Risks

• Most of the issue is an offer for sale. Out of Rs 939.70 crore, about Rs 739.70 crore is OFS. The company will get only around Rs 200 crore for its own growth.

• The issue is priced high. At the upper band of Rs 807, the P/E is about 56.67 times on an EPS of Rs 14.24.

• Borrowings have gone up sharply. Total borrowing rose from Rs 123.16 crore in FY2025 to Rs 412.64 crore in FY2026, more than three times in one year. None of the fresh issue money is set aside to repay this.

• Promoter holding is low. It was 44.89% before the issue and will fall further to 41.29% after listing.

• The company depends a lot on government health programmes, especially TB testing. A change in government tender policy, pricing or order size can hit revenue.

• Profit is growing slower than sales. Revenue went up 42% but profit after tax rose 18% between FY2025 and FY2026.

• Diagnostics is a heavily regulated business. The company needs approvals and certifications in every country it sells in, and any delay or loss of approval will affect sales.

• The company competes with large global diagnostics players who have deeper pockets for research and marketing.

Promoters & holding

Sriram Natarajan, Chandrasekhar Bhaskaran Nair, Sangeetha Sriram, Shiva Sriram, Sowmya Sriram and Exxora Trading LLP

Pre-issue promoter holding

44.89%

Post-issue promoter holding

41.29%

The promoters hold 44.89% of the company before the issue. After the IPO their holding will come down to 41.29% and the public will hold 58.71%.

Data refreshed 07 Nov 2026, 05:08 pm IST. GMP is unofficial market sentiment, not investment advice.