Credent Connect N Care IPO
Credent Connect N Care IPO is an SME IPO raising ₹94 Cr at ₹179 – ₹189 a share. It listed on 20 Aug 2026 at ₹359, +90.0% against its issue price of ₹189, and trades at ₹362 today (+91.7% since issue). It was subscribed 178× in total.
178.1 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
Credent Connect N Care Limited provides B2B healthcare logistics and support services to diagnostic laboratories, IVD companies, pharmaceutical companies, clinics, hospitals and other healthcare institutions across India. Services include temperature-controlled (cold chain, 2–8°C) inter-state and intra-state transport of blood/diagnostic samples, deployment of phlebotomists and lab technicians at client sites, home sample collection, corporate wellness camps, and a courier aggregation platform (C3 Post). The company was founded in 2015 and is headquartered in Ashok Vihar, Delhi.
How it earns
Service-fee revenue from B2B contracts with labs and hospitals for sample movement, phlebotomy deployment, lab staffing and corporate wellness programmes; consolidated revenue from services was ₹21,416.18 lakhs (≈ ₹214.16 crore; 1 lakh = 0.01 crore) in FY26.
Who buys
B2B clients are diagnostic laboratories, hospitals, IVD companies and pharmaceutical firms. Customer concentration is high: Top 10 customers contributed 81.76% of total revenue in FY26 (FY25: 83.31%; FY24: 87.92%). The company had ~280 domestic repeat customers in FY26, of which 38 have been associated for three continuous years. Associated diagnostic laboratory network grew from 1,675 (FY24) to 2,256 (FY25) to 2,530 (FY26). No individual customer names are disclosed.
Scale
Operates 2 warehouses and 4 branch offices across India (Delhi/Mumbai/Pune/Chennai/Varanasi); 97 commercial vehicles owned/operated and 2,589 riders on rolls as of June 30, 2026; total workforce of 6,338 employees as of March 31, 2026 (4,052 on payroll + 2,286 on contract); associated with 2,530 diagnostic laboratories as of March 31, 2026.
What it says sets it apart
- Cold-chain enabled, temperature-controlled (2–8°C) inter-city and intra-city sample logistics with real-time tracking across road, air and rail modes.
- In-house technology stack via subsidiary AllTrak Technologies' LogiTrak SaaS platform for sample movement, live GPS rider tracking, geo-fenced attendance and task scheduling.
- Pan-India courier aggregation platform 'C3 Post' providing COD reconciliation, cold-chain shipment management and bulk shipping.
- Owned and integrated service stack across three wholly owned subsidiaries (Credent Healthcare, Credent Team, Alltrak Technologies) covering diagnostics, staffing and technology.
- ISO 9001:2015 and ISO 15189:2022 certifications; recognised with awards including 'Best Sample Logistics Company of the Year' (VOH Diagnostics Innovation Awards 2025).
Revenue mix
The numbers at a glance
The price they’re asking →derived: cut-off price Rs189 / stated EPS Rs13.95 (FY ending March 31, 2026, Basic & Diluted EPS as per Restated Consolidated Financial Statements). Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
The last few years in numbers
From the prospectus’s own summary financial table (Mixed: Restated Consolidated for FY2026; Restated Standalone for FY2025 and FY2024 (subsidiaries acquired only in FY2025-26)). Margins and growth are computed from the stated figures; everything else is as printed.
| Period | Revenue | Profit after tax | PAT margin | Net worth | Borrowings |
|---|---|---|---|---|---|
| FY2026 | ₹214 Cr+175% | ₹18 Cr+721% | 8.6% | ₹44 Cr | ₹22 Cr |
| FY2025 | ₹78 Cr+3% | ₹2 Cr-16% | 2.9% | ₹16 Cr | ₹7 Cr |
| FY2024 | ₹76 Cr | ₹3 Cr | 3.5% | ₹14 Cr | ₹7 Cr |
Where the money goes
The offer →Most of this issue is new shares — the money raised goes to the company, not to exiting shareholders.
How its cohort has done
131 SME issues listed in 2026 that we can price today. This is the group this issue belongs to.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
What could go wrong
All 14risks & documents →From the register read out of the issuer’s own prospectus — each item is quoted verbatim with its page on the risks tab.
Led by Hem Securities Limited — median +40.2% across the 47 of its issues we can price. All lead managers →
What happens when
Next: the UPI mandate expires on 28 Sept 2026.
What to watch
- The asking multiple is 13.5× earnings, and the issuer names no listed peers to compare it against.
- The register's top risk: Extreme customer concentration: top 10 = 81.76% of revenue (prospectus page 26).
- Its cohort's record: median +8.4% since issue price, 46.6% now below it — a base rate, not a forecast.
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
Track CREDENT CONNECT N CARE L
Results, orders, board decisions and every other filing — summarised and sent to your WhatsApp the minute they are out.
Figures are as published by the exchanges and the issuer’s prospectus. MarketPing publishes facts, comparisons and history only — nothing here is a recommendation to apply to this issue, and we do not publish grey market premium.