What the company does
Molbio's Truenat platform combines portable, battery-operated PCR analysers with single-use disease-specific test chips and sample-processing products. The installed device base can create repeat consumable demand as tests are run.
As of March 2026, the issuer offered molecular tests for 30 diseases through 43 assays, including tuberculosis, COVID-19, HIV, hepatitis and HPV. Truenat's TB application has received WHO recognition for defined diagnostic uses.
The group also includes R&D, radiology and digital-pathology activities through subsidiaries. OptraSCAN became a subsidiary in November 2025, broadening the portfolio but adding acquisition, product-development and control complexity.
In FY26 Molbio sold 2,524 Truenat workstations and 17.56 million test kits. Test-kit revenue was ₹1,034.82 crore versus ₹203.28 crore from devices, illustrating why assay utilisation and repeat consumable demand matter more than analyser shipments alone.
Bigtec is the group's R&D hub. FY26 R&D spending was ₹87.46 crore, or 6.05% of revenue, supported by 153 permanent R&D employees; only one assay and no new disease test was commercialised during the year despite the broader pipeline.
Where the IPO money goes
Three-year financial snapshot
| Year | Revenue | EBITDA | PAT | Net worth | Borrowings | Assets |
|---|---|---|---|---|---|---|
| FY24 | ₹836.56 Cr | ₹185.09 Cr | ₹83.54 Cr | ₹828.84 Cr | ₹174.58 Cr | ₹1,221.06 Cr |
| FY25 | ₹1,020.42 Cr | ₹256.64 Cr | ₹138.58 Cr | ₹967.29 Cr | ₹123.16 Cr | ₹1,461.56 Cr |
| FY26 | ₹1,445.69 Cr | ₹319.25 Cr | ₹164.14 Cr | ₹1,308.78 Cr | ₹412.64 Cr | ₹2,148.42 Cr |
Restated financial information from IPO source materials; rounding may create small differences.
FY26 revenue growth
41.7%
Revenue increased to ₹1,445.69 crore, while PAT grew a slower 18.4%.
FY26 EBITDA margin
22.1%
Derived consistently from PBT, finance cost, depreciation and other income; below FY25's 25.2%.
FY26 operating cash flow
₹50.39 Cr
Down from ₹287.10 crore as receivables and inventory absorbed cash.
FY26 test-kit revenue
₹1,034.82 Cr
The group sold 17.56 million kits versus 2,524 workstations, showing the importance of consumable pull-through.
FY26 R&D spending
₹87.46 Cr
Equal to 6.05% of revenue; Bigtec employed 153 permanent R&D staff at year-end.
Receivable ECL allowance
₹56.83 Cr
Gross trade receivables were ₹465.57 crore; the allowance covered balances classified as having significantly increased credit risk.
Inventory provision
₹53.13 Cr
Net inventory of ₹449.26 crore was stated after this provision, up from ₹32.71 crore in FY25.
FY26 government/aid exposure
84.6%
Non-government agencies provided only 15.44% of finished-goods sales.
FY26 contingent liabilities
₹168.74 Cr
Primarily bank guarantees of ₹90.10 crore and disputed direct and indirect taxes of ₹78.39 crore.
FY26 employee attrition
14.38%
160 permanent employees exited; the rate improved from 22.18% in FY24.
Upper-band FY26 P/E
54.64×
Issuer-disclosed multiple at ₹807 using FY26 diluted EPS of ₹14.77.
Post-issue PAT multiple
≈56.7×
The BSE-confirmed 11,52,39,996 post-issue shares imply ₹9,299.87 crore market capitalisation at ₹807, divided by FY26 PAT of ₹164.14 crore.
Final issue price
₹807
BSE notice 20260814-42 confirms 11,52,39,996 post-issue shares and trading from 17 August under scrip 544866.
NSE listing open
₹980 (+21.44%)
NSE's archived 17 August file records the opening print and a ₹926.35–₹1,064.75 first-day range.
NSE first-day close
₹1,041.70 (+29.08%)
The 17 August NSE file records 1,59,77,892 shares traded; exchange-specific BSE prints are not added or averaged.
NSE 18 August close
₹1,110.90 (+37.66%)
The second-session close followed a ₹1,022.65–₹1,177 range; this is dated market context, not a recommendation.
Opening market cap / FY26 PAT
₹11,293.52 Cr / 68.8×
Derived from the BSE-confirmed 11,52,39,996 post-issue shares and ₹980 opening price, divided by FY26 PAT of ₹164.14 crore.
What stands out
- The device-plus-consumables architecture can create repeat kit revenue after analyser deployment.
- Revenue reached ₹1,445.69 crore in FY26 and PAT rose to ₹164.14 crore, extending the post-FY23 recovery.
- The portable platform addresses decentralized testing where laboratory infrastructure and reliable power are limited.
- The installed-platform model and expanding assay menu provide a path to broaden recurring consumable revenue over time.
- Fresh proceeds fund R&D infrastructure and manufacturing equipment rather than debt repayment.
Key concerns
- Government and international aid agencies accounted for 84.56% of FY26 finished-goods sales, exposing revenue to tenders, budgets, programme changes and payment timing.
- TB test kits represented 70.20% of FY26 finished-goods sales; alternative testing protocols or procurement changes could affect the core franchise.
- The top customer, top five and top ten customers contributed 56.52%, 73.83% and 83.26% of FY26 finished-goods sales respectively.
- Trade receivables rose to ₹408.74 crore and inventory to ₹449.26 crore. FY26 operating cash flow fell to ₹50.39 crore despite ₹164.14 crore PAT.
- Gross trade receivables were ₹465.57 crore before a ₹56.83 crore expected-credit-loss allowance. ₹57.90 crore of the gross balance was more than one year past due, making ageing and collections more informative than the net balance alone.
- Net inventory of ₹449.26 crore was reported after a ₹53.13 crore obsolescence provision, which rose by ₹20.42 crore during FY26. Raw materials and components represented ₹280.72 crore of the closing inventory.
- Contingent liabilities were ₹168.74 crore at March 2026, comprising ₹90.10 crore of bank guarantees, ₹46.15 crore of disputed direct taxes, ₹32.24 crore of disputed indirect taxes and ₹0.26 crore of legal claims. These are exposures, not booked debt, and their outcome remains uncertain.
- Auditor reporting on internal financial controls included a disclaimer of opinion in FY23 and FY24; remediation and sustained FY25 controls warrant monitoring.
- The OFS is 78.7% of the upper-band offer, so most proceeds provide liquidity to existing shareholders rather than capital to the company.
- The Bigtec IP agreement requires royalty of up to 10% of Molbio's topline for an extended term and a security deposit up to ₹200 crore; intra-group royalty is eliminated on consolidation but remains material to subsidiary economics.
- The ₹263.64 crore OptraSCAN acquisition produced ₹137.28 crore of scanner-technology intangibles and ₹58.29 crore of goodwill. From consolidation on 1 November, it contributed only ₹3.61 crore of revenue and a ₹10.55 crore loss before tax, so future impairment assumptions and commercial traction are material.
- The FY26 auditor noted missing database-level audit trails for the parent and one subsidiary, software without audit-trail functionality at one subsidiary and one associate, and incomplete evidence for a third-party payroll system. CARO observations also covered unreconciled bank statements, short-term funds used for long-term purposes and internal-audit limitations.
- The addendum's promoter share transfer at the cap price occurred immediately before the offer and outside the OFS, making the updated ownership table material governance context.
What to monitor after listing
- Revenue diversification outside TB and outside government or aid-funded programmes.
- Receivable days, operating cash flow and overdue government balances.
- Inventory ageing, expiry provisions, write-offs and kit demand forecasting.
- The ₹56.83 crore receivable allowance and ₹53.13 crore inventory provision, including whether older balances and slow-moving kits continue to rise.
- Movement in disputed tax exposures, bank guarantees and other contingent liabilities.
- R&D spending, capitalization policy, regulatory approvals and commercial uptake of new assays.
- Export registrations and recurring consumable revenue per installed Truenat device.
- Internal-control reporting, related-party transactions and performance of acquired subsidiaries including OptraSCAN.
- OptraSCAN revenue, losses, scanner-technology amortisation and headroom in the goodwill impairment model.
Valuation context
At ₹807, the RHP discloses 54.64× FY26 diluted EPS of ₹14.77. The BSE-confirmed post-offer share count implies approximately ₹9,299.87 crore market capitalisation and 56.7× FY26 PAT; the difference makes the dilution basis explicit.
At the ₹980 NSE opening print, the same post-offer share count implies approximately ₹11,293.52 crore market capitalisation and 68.8× FY26 PAT. At the ₹1,110.90 NSE close on 18 August, the corresponding figures were approximately ₹12,802.01 crore and 78.0×. These are point-in-time market calculations, not normalised earnings estimates.
Conventional diagnostics peers are imperfect comparisons because Molbio combines proprietary devices, consumables, public-health tenders, R&D and acquired medtech businesses. Revenue quality and cash conversion therefore matter alongside P/E.
A durable valuation framework should normalize procurement cycles, bad-debt and inventory provisions, R&D expense versus capitalization, and maintenance investment while testing how quickly non-TB and export assays scale.
Molbio Diagnostics IPO FAQs
What is the Molbio Diagnostics IPO price band?
The stated price band is ₹768–₹807; issue price ₹807. Offer terms should be checked against the final prospectus and exchange notices.
When does the Molbio Diagnostics IPO open and close?
The IPO is scheduled to open on 10 August 2026 and close on 12 August 2026. The stated listing date is Listed 17 August 2026.
What is the Molbio Diagnostics IPO issue size?
The stated total issue size is ₹939.7 Cr, comprising ₹200 Cr of fresh issue and ₹739.7 Cr of offer for sale.
What is the minimum lot for the Molbio Diagnostics IPO?
The stated minimum lot is 18 shares.
What do the latest Molbio Diagnostics financials show?
For FY26, the offer documents report revenue of ₹1,445.69 Cr, EBITDA of ₹319.25 Cr and PAT of ₹164.14 Cr. Read these figures with the cash-flow, leverage and working-capital analysis on this page.
What is a key risk in the Molbio Diagnostics IPO analysis?
Government and international aid agencies accounted for 84.56% of FY26 finished-goods sales, exposing revenue to tenders, budgets, programme changes and payment timing.
How is the Molbio Diagnostics IPO valued?
At ₹807, the RHP discloses 54.64× FY26 diluted EPS of ₹14.77. The BSE-confirmed post-offer share count implies approximately ₹9,299.87 crore market capitalisation and 56.7× FY26 PAT; the difference makes the dilution basis explicit.