Credent Connect N Care SME IPO

Strengths · 8

• 01The company offers logistics, manpower, diagnostics support and wellness services together, so a hospital or lab can get several needs met from one vendor.
• 02It works pan India through warehouses, branch offices, its own vehicles and field staff, which is difficult for a new competitor to build quickly.
• 03Cold chain and time bound transport of test samples is a specialised job and needs proper systems, which acts as an entry barrier.
• 04The B2B model with laboratories and hospitals gives repeat and contract based business rather than one time sales.
• 05It has built technology platforms of its own such as C3 Post for courier aggregation and C3 HRMS for managing its large workforce.
• 06The company holds ISO 9001:2015 and ISO 15189:2022 certification, the second one being specific to medical laboratories.
• 07Net worth improved from Rs 13.66 crore to Rs 15.90 crore and EBITDA from Rs 4.30 crore to Rs 4.99 crore between FY2024 and FY2025.
• 08Rs 29.80 crore of the issue money goes into its wholly owned subsidiary Credent Healthcare for working capital and machinery.

Risks · 8

• 01Profit fell in the latest year shown in the offer document. Profit after tax came down from Rs 2.66 crore in FY2024 to Rs 2.25 crore in FY2025, even though income rose slightly from Rs 76.02 crore to Rs 78.23 crore.
• 02The margin is very thin. Profit after tax of Rs 2.25 crore on total income of Rs 78.23 crore works out to under 3%.
• 03The issue size of Rs 93.90 crore is large compared to the size of the business. Net worth was only Rs 15.90 crore and profit only Rs 2.25 crore as on 31 March 2025.
• 04This is a people heavy business. It runs with 6,338 workers for about Rs 78 crore of income, so any rise in wages directly eats into the small margin.
• 05More than a third of the workforce, 2,286 out of 6,338, is on contract, which brings attrition and compliance risk.
• 06The company has grown through acquisitions of three companies. Merging different businesses does not always work out as planned.
• 07Rs 37.00 crore of the money is for its own working capital, which shows that a lot of money stays blocked in receivables from hospitals and labs.
• 08This is an SME issue. One lot is 600 shares, which is about Rs 1.13 lakh at the upper band of Rs 189, and SME shares usually trade in low volume after listing.

Credent Connect N Care Limited was started in June 2015 as Credent Cold Chain Logistics Private Limited. The company provides healthcare support services and healthcare logistics. It works mainly on a B2B basis, that is it serves other businesses such as diagnostic laboratories, IVD companies, pharma companies, hospitals and clinics, and not patients directly.

Its services include home sample collection through trained phlebotomists, supplying laboratory and phlebotomy manpower to hospitals, diagnostic and paramedical services, healthcare logistics, and corporate wellness programmes. Its logistics work covers movement of test samples, medical supplies and reagents in temperature controlled and time bound conditions, including cold chain transport. It also runs a courier aggregation platform called C3 Post and a corporate wellness business under the C3 Wellness brand which does health camps, vaccination drives and preventive health check ups.

The company works across India through warehouses, branch offices, its own vehicles and field staff. It has grown partly through acquisitions, including Credent Healthcare Private Limited, Credent Team Private Limited and Alltrak Technologies Private Limited. It holds ISO 9001:2015 and ISO 15189:2022 certification. As on 31 March 2026 it had 6,338 people working with it, of which 4,052 were on its payroll and 2,286 were on contract.

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