Pramodini Medicare Limited

Sector: Healthcare — Diagnostic Services (Radiology-led)

1. Overview

Pramodini Medicare Limited is a technology-enabled diagnostic services provider headquartered in Vijayawada, Andhra Pradesh, originally incorporated in 2000. The company delivers a comprehensive range of diagnostic offerings spanning Radiology (MRI, CT scan, X-ray, ultrasound with colour doppler, mammography, DEXA scan and intervention radiology), Clinical Laboratory (haematology, micro-biology, immunology, pathology and bio-chemistry) and Nuclear Medicine (PET-CT, SPECT and nuclear therapy), supplemented by a 24×7 teleradiology operation run out of its Vijayawada registered office.

As on the date of the RHP, the company operates through 16 diagnostic centres across 14 cities in 7 states — Uttar Pradesh, Andhra Pradesh, Karnataka, West Bengal, Haryana/NCR Delhi, Madhya Pradesh and Kerala (Kerala centre yet to commence). Its distinctive edge is an asset-partnership operating model: rather than building standalone real estate, it embeds "in-hospital" diagnostic centres inside existing public and private healthcare facilities under Memorandum of Understanding (MOU) arrangements, deploying imaging equipment and running onsite testing.

2. Business Model and Revenue Streams

The company earns revenue by operating diagnostic centres under four distinct partnership models, with a heavy tilt toward government-linked (B2G) arrangements.

Revenue by Distribution Model (₹ crore)

Key observations on the model mix:

• Public Private Partnership remains the anchor but its share has fallen from 77.22% (FY24) to 54.19% (FY26) as the company diversifies.
• Private Private Partnership is the fastest-growing lever, jumping from near-zero to 20.82% of revenue in FY26.
• Strategic Partnership with PSUs is a newly activated stream (7.27% in FY26), contributing diversification but also introducing bank-guarantee obligations (see Risk section of the Excel deliverable).
• Pricing / contract structure: Prices are largely fixed under the terms of each MOU with public sector enterprises, state governments and private establishments, limiting the company's pricing flexibility beyond contractual escalation clauses. Client/vendor dependency is concentrated on government hospital relationships, and any non-renewal or termination of MOUs (which are not always auto-renewing) is a structural dependency.

Industry-specific operating metric — Revenue by service line (₹ crore):

The business is overwhelmingly radiology-driven (~97% of revenue) — a concentration that is both a strength (deep specialisation, high-value imaging) and a risk (single-modality dependence).

3. Products and Service Portfolio

The company's portfolio is organised across three service verticals, with Radiology as the primary revenue driver and Nuclear Medicine as the emerging segment.

Service Vertical Breakdown

Key Operational Data — Installed Capacity & Test Volumes

MRI systems in operation (as of Mar 31, 2026): 7 (1.5 Tesla and 3 Tesla machines)

CT systems in operation: 8 (dual-slice through 160-slice configurations)

Technical workforce: 27 CT/MRI technicians, 29 X-ray technicians, 9 ultrasound technicians, plus clinicians and operators

Diagnostic Test Volumes (number of tests)

Radiology test volume more than doubled in FY26 (up ~111% YoY), underscoring the capacity ramp-up. Clinical laboratory volumes have been broadly flat, while Nuclear Medicine has just been switched on (257 tests in FY26) — a genuinely emerging line with headroom.

4. Key Business Strengths

• Radiology specialisation at scale: Deep concentration in high-value imaging (MRI/CT/PET-CT), with 7 MRI and 8 CT systems and ~4.24 lakh radiology tests in FY26, positioning the company as a focused radiology diagnostics provider.
• Asset-light partnership footprint: An "in-hospital" MOU model across 16 centres in 7 states lets the company expand without heavy standalone real-estate investment, embedding within existing patient flows.
• Government & PSU anchoring: Established Public-Private and PSU partnerships provide a recurring, institutionally-backed patient base across tier I, II and III cities.
• Promoter clinical depth: Promoters Dr. Chalasani Kuldeep Kumar (MD, Radio-Diagnosis, 20+ years) and Dr. Chalasani Kavitha (MS Obstetrics & Gynaecology) bring direct clinical and industry expertise to strategy and operations.
• Technology & IT infrastructure: A robust IT backbone supporting 24×7 teleradiology and standardised protocols that enable multi-site scalability.

5. Future Growth Strategy

• Geographic expansion across India: Actively identifying new locations to widen the centre network beyond the current 7 states, improving accessibility and operational synergies.
• Capacity augmentation at existing centres: Deploying Offer proceeds toward medical equipment at existing centres in Hubli (Karnataka), Manjeri (Kerala) and Vijayawada (Andhra Pradesh) and a proposed new centre in Bangalore under the Private-Private Partnership model.
• Growth through opportunistic acquisitions: Pursuing selective bolt-on acquisitions, joint ventures and strategic alliances to gain technology, specialised services, market share and wider geographic reach, integrated via standardised protocols and IT systems.
• Profitability & efficiency focus: Driving cost optimisation through continuous process improvement, adoption of advanced technologies and operational excellence to sustain a competitive edge over peers.
• Brand image enhancement: Strengthening patient trust and brand recognition through consistent service quality, targeted marketing and competitive pricing to improve patient loyalty.