Credent Connect N Care IPO: Check Price Band, Timeline & Key Details
Credent Connect N Care files DRHP for SME IPO with ₹72.80 Cr identified proceeds. FY26 consolidated revenue hits ₹214.16 Cr, PAT ₹18.45 Cr. Key risks include negative OCF (-₹6.62 Cr) and high customer concentration (81.76% from top 10).
*this image is generated using AI for illustrative purposes only.
Credent Connect N Care Limited, a New Delhi-based provider of integrated healthcare logistics and workforce solutions, has filed its Draft Red Herring Prospectus (DRHP) with SEBI. The company, which employs 2,589 riders and serves diagnostic laboratories, IVD companies, and hospitals, aims to raise funds through a fresh issue to support working capital and subsidiary investments. While the price band is yet to be announced, the IPO is scheduled to open on 13-Aug-2026.
Company Overview
Credent Connect N Care operates at the intersection of healthcare logistics, diagnostics support, and workforce management. The company provides end-to-end solutions including home sample collection via trained phlebotomists, operations and supply chain services, and specialized cold chain-enabled logistics for time-sensitive samples.
Key operational strengths include:
- Geographic Reach: Operations across 7 states, with Maharashtra (29.40%) and Uttar Pradesh (26.83%) being the top contributors.
- Client Base: Serves approximately 280 domestic customers, with 38 maintaining continuous association for over three years.
- Workforce: A total of 6,338 employees, including a specialized network of phlebotomists and lab technicians.
Offer Details
The company has structured the offer as a fresh issue with no Offer for Sale (OFS). The proceeds are primarily earmarked for working capital requirements of both the parent company and its wholly owned subsidiary, Credent Healthcare Private Limited.
Objects of Issue
| Purpose | Amount (₹ Cr) |
|---|---|
| Working Capital (Company) | 37.00 |
| Subsidiary Working Capital | 26.80 |
| Subsidiary Capex (Machinery) | 3.00 |
| Debt Repayment | 6.00 |
| General Corporate Purposes | Not Specified |
| Total Identified Proceeds | 72.80 |
Key Dates
| Event | Date |
|---|---|
| IPO Opening Date | 13-Aug-2026 |
| IPO Closing Date | 17-Aug-2026 |
| Allotment Date | 18-Aug-2026 |
| Listing Date | 20-Aug-2026 |
Financial Highlights
The company reported significant growth in FY2026, shifting from standalone to consolidated reporting. Consolidated revenue surged to ₹214.16 Crore in FY2026 compared to standalone revenue of ₹77.94 Crore in FY2025. Profit After Tax (PAT) also increased substantially to ₹18.45 Crore in FY2026.
| Metric | FY2026 (Consolidated) | FY2025 (Standalone) | FY2024 (Standalone) |
|---|---|---|---|
| Revenue from Operations (₹ Cr) | 214.16 | 77.94 | 75.73 |
| Total Profit / PAT (₹ Cr) | 18.45 | 2.25 | 2.66 |
| PAT Margin (%) | 8.61% | 2.88% | 3.50% |
| Operating Cash Flow (₹ Cr) | -6.62 | 5.48 | 0.81 |
Note: FY2026 figures are on a consolidated basis, while FY2025 and FY2024 are standalone. Direct year-over-year comparisons should account for this change in reporting scope.
Risk Factors
Investors should consider several material risks highlighted in the DRHP:
- High Customer Concentration: Top 10 customers contributed 81.76% of revenue in FY2026 without firm long-term commitments.
- Negative Operating Cash Flow: Despite a PAT of ₹18.45 Crore, operating cash flow was negative at ₹6.62 Crore in FY2026, indicating working capital pressure.
- Workforce Attrition: The company faces an attrition rate of 19.16% in FY2026 among its specialized workforce.
- Subsidiary Losses: Credent Team Private Limited, a subsidiary, has incurred losses and shows negative net worth.
- Sample Transportation Risks: Potential for loss, damage, or contamination of diagnostic samples during transit.
Valuation & Peer Comparison
As the price band and total issue size are not yet disclosed, precise valuation multiples cannot be calculated. However, with a consolidated PAT of ₹18.45 Crore and Total Equity of ₹43.79 Crore, investors will need to assess the offer price against peers in the healthcare logistics and staffing sector once the price band is announced.
Bottom Line
Credent Connect N Care presents a niche play in India’s growing healthcare logistics sector with strong revenue scale and profitability margins. However, the divergence between profits and operating cash flow, coupled with high customer concentration, warrants careful scrutiny. Investors should wait for the price band announcement to evaluate valuation attractiveness.
How might Credent Connect N Care's strategy to reduce its 81.76% top-10 customer concentration impact its revenue stability and valuation multiples post-IPO?
What specific operational improvements or working capital management strategies does the company plan to implement to address the divergence between its ₹18.45 Cr PAT and negative ₹6.62 Cr operating cash flow?
Given the 19.16% workforce attrition rate, how will the company leverage IPO proceeds to enhance retention incentives for specialized phlebotomists and lab technicians in a competitive labor market?
20
Access Market Heat-map & Insights 
Create, Save & Share your Screener 
Use 200+ Screening Filters 
