Credent Connect

Incorporated in June 2015 as Credent Cold Chain Logistics Private Limited, Credent Connect N Care Limited operates on a B2B model serving diagnostic laboratories, IVD companies, pharmaceutical companies, hospitals, clinics, and other healthcare enterprises. Its service portfolio spans home sample collection through trained phlebotomists, stationed phlebotomy and laboratory manpower services, diagnostic and paramedical services, healthcare logistics and supply chain management, corporate wellness programs, and technology-enabled courier aggregation through its C3 Post platform.

The company's logistics solutions support temperature-controlled and time-sensitive transportation of diagnostic samples, medical supplies, reagents, and other healthcare consignments, including cold-chain logistics, through a pan-India network of warehouses, branch offices, commercial vehicles, and field personnel. Its corporate wellness vertical, operated under the "C3 Wellness" brand, provides health camps, vaccination programs, preventive health check-ups, radiology and diagnostic services, and on-ground healthcare manpower.

The company has expanded through strategic acquisitions, including Credent Healthcare Private Limited, Credent Team Private Limited, and Alltrak Technologies Private Limited, and operates under ISO 9001:2015 and ISO 15189:2022 certifications. As of March 31, 2026, the company employed 6,338 people, comprising 4,052 payroll and 2,286 contractual staff.

The company is promoted by Ashok Kumar Sharma, Karan Sharma, Tarun Sharma, Dimple Sharma, and Tanveen. Its competitive strengths include an integrated healthcare logistics, workforce, and diagnostic support platform, pan-India operational reach, technology-enabled operations through platforms such as C3 Post and C3 HRMS, and an experienced promoter-led management team.

The Credent Connect IPO is a bookbuilt SME issue aggregating up to ₹94 crore, comprising entirely a fresh issue of shares with no offer-for-sale component. The issue is priced in a band of ₹179 to ₹189 per equity share, with a lot size of 600 shares, and will open on August 13, 2026, closing on August 17, 2026, with listing expected on August 20, 2026 on the NSE SME platform.

Net proceeds from the fresh issue are earmarked primarily for meeting working capital requirements of ₹37 crore, along with investment in subsidiary Credent Healthcare for working capital and capital expenditure worth ₹29.80 crore combined, and repayment of borrowings worth ₹6 crore, with the remainder allocated to general corporate purposes. The company has shown a sharp jump in scale on a consolidated basis following recent acquisitions, with total income rising from ₹78.23 crore in FY25 (standalone) to ₹214.43 crore in FY26 (consolidated), reflecting inorganic rather than purely organic growth.

At the upper price band, the issue is priced at a post-issue P/E of 18.68 times FY26 consolidated earnings, with a Return on Net Worth of 42.13% and a Price to Book Value of 5.71 times, reflecting a valuation that assumes successful integration of recently acquired businesses. Key strengths cited include an integrated healthcare logistics and workforce platform, pan-India reach, and technology-enabled operations. Key risks include integration risk from recent acquisitions given the scale jump between FY25 and FY26 figures, reliance on healthcare institution client relationships, and the fact that FY26 figures aren't directly comparable to prior standalone years. Investors may find it useful to examine the standalone versus consolidated basis carefully when evaluating growth trends for this issue.