Credent Connect N Care Limited (formerly known as Credent Cold Chain Logistics Private Limited) is an integrated healthcare services provider engaged in delivering logistics, workforce solutions, and technology-enabled support across India. The company’s core value proposition lies in its ability to offer comprehensive pre-analytical and operational solutions to diagnostic laboratories, clinics, hospitals, and pharmaceutical companies. Operating on a service-fee based business model, Credent aggregates healthcare logistics on a per-transaction basis, simplifying complex operational workflows for its clients while capturing steady revenues across multiple high-growth segments.
The company caters to a highly institutional and specialized business-to-business (B2B) client segment, including In Vitro Diagnostics (IVD) companies, pathology labs, genomic diagnostics, and corporate wellness providers. Credent has scaled its diagnostic partner network extensively, with associated laboratories increasing to 2,530 in Fiscal 2026 from 2,256 in Fiscal 2025 and 1,675 in Fiscal 2024. Geographically, the company has established a robust domestic reach across multiple states, with Maharashtra acting as its primary market and contributing 29.40% of total revenue in Fiscal 2026, followed by Uttar Pradesh at 26.83%, Delhi at 10.93%, Karnataka at 10.55%, Haryana at 9.67%, and Telangana and Rajasthan contributing 3.19% and 3.23% respectively.
As a pure-play service provider and logistics aggregator, Credent does not own or operate traditional manufacturing infrastructure or industrial factories. Its physical operations are coordinate-managed through its registered and corporate offices in New Delhi and leased branch warehouse facilities, such as its 300 square foot branch office-warehouse at Mahipalpur, New Delhi. Consequently, traditional factory capacity utilization metrics are not applicable; instead, operational scale is measured by its substantial service asset base of leased logistics vehicles and its massive workforce, which grew to an aggregate of 6,338 employees across the holding company and its subsidiaries as of March 31, 2026.
A critical operational milestone is the company's acquisition-driven expansion strategy executed in Fiscal 2026, wherein it acquired three wholly owned subsidiaries: Credent Healthcare Private Limited (effective April 02, 2025), Credent Team Private Limited (effective December 26, 2025), and Alltrak Technologies Private Limited (effective February 26, 2026). These acquisitions have diversified its revenue mix, with Healthcare Services contributing 43.04% of FY26 consolidated revenues, followed by Operations & Supply Chain Management at 27.67%, and Logistics Services at 25.26%. Its technology and R&D capabilities are driven by Alltrak Technologies, which operates as its in-house software and SaaS platform development division to maintain digital diagnostic tracking systems.
As per financial performance, Credent Connect N Care Limited has posted total income / net profits of Rs 76.02 Cr / Rs 2.66 Cr (FY24), Rs 78.23 Cr / Rs 2.25 Cr (FY25) and Rs 214.43 Cr / Rs 18.45 Cr (FY26). So as per previous financials data, the company has shown consistent top-line and bottom-line expansion, driven primarily by the strategic acquisition of its wholly owned subsidiaries in the latest fiscal year, though with outstanding debt increasing to Rs 23.01 Cr as of June 30, 2026. Company has an average EPS of Rs 8.14 and average RoNW of 29.03% for the last three fiscals. Based on the pre-issue book value, the issue is priced at a Pre-Issue P/BV of 5.71 as per NAV of Rs 33.12 as on 31.03.26. Factoring in the fresh issue proceeds, the Post-Issue P/BV stands at 2.50 (calculated on the post-issue outstanding base of 1,82,22,900 shares) or 2.58 (on a fully diluted base of 1,87,86,900 shares). If we attribute the latest earnings of FY24, FY25, and FY26 to the expanded equity base post-issue, then the asking price is at a Post-Issue P/E of around 129.26 (or 133.27 fully diluted), 153.30 (or 158.04 fully diluted), and 18.67 (or 19.25 fully diluted) respectively. As per RHP, a comparison between listed peers shows there are no listed companies in India engaged in a similar line of business, making benchmarking and peer valuation analysis not applicable.
On BRLM's front, Hem Securities Limited is associated with this IPO, and has handled 47 IPOs in the past. From last ten IPO, that opened above issue price or at par, on the day of listing. As of now, from the last 10 IPOs, two are trading below the issue price and the remaining eight are trading above the issue price or at par. (as on 10.08.26)
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