What the company does
The group provides B2B healthcare logistics, including transportation of diagnostic samples, home collection and related field services, to laboratories, IVD and pharmaceutical companies, hospitals, clinics and other institutions.
By 30 June 2026 Credent disclosed 97 commercial vehicles; the group also reported 2,530 associated laboratories at 31 March 2026 and a workforce of 6,338. Its operating model depends on route density, turnaround time, specialised packaging, temperature integrity and trained field staff.
Credent Healthcare became a material subsidiary on 2 April 2025 and wholly owned on 8 October 2025. Credent Team and Alltrak were acquired on 26 December 2025 and 26 February 2026, respectively, meaning three subsidiaries entered the FY26 group perimeter. Promoters are Ashok Kumar Sharma, Karan Sharma, Tarun Sharma, Dimple Sharma and Tanveen.
Working-capital intensity differs across the group. At FY26 the parent reported a ₹33.67 crore working-capital gap and 96 debtor days, while Credent Healthcare reported an ₹18.22 crore gap and 70 debtor days. The RHP projects the combined gap at ₹124.65 crore by FY28, versus ₹51.89 crore at FY26.
The acquisition accounting records ₹11.45 crore paid for Credent Healthcare, ₹1 lakh for Alltrak Technologies and ₹6 lakh for Credent Team. Total goodwill was ₹2.35 crore; Alltrak alone contributed ₹1.48 crore of goodwill because its attributable net worth was negative ₹1.47 crore.
The group began recognising unbilled revenue on a mercantile basis in FY25 and restated earlier periods for consistency, including pre-March 2023 amounts through retained earnings. FY26 unbilled receivables were ₹8.75 crore, so conversion to invoices and cash is an accounting-quality checkpoint.
The standalone parent reported 3,515 employees at FY26 and 19.16% attrition, compared with 18.30% in FY25 and 29.49% in FY24. Workforce retention is operationally important because collection, transport and diagnostic-support services depend on trained field personnel.
On a consolidated operating view the RHP reports 6,338 people: 4,052 on payroll and 2,286 contract staff. Healthcare services generated 43.04% of FY26 revenue, operations and supply-chain management 27.67%, logistics 25.26% and other services 4.03%.
Where the IPO money goes
Three-year financial snapshot
| Year | Revenue | EBITDA | PAT | Net worth | Borrowings | Assets |
|---|---|---|---|---|---|---|
| FY23 | ₹59.75 Cr | ₹4 Cr | ₹2.69 Cr | ₹10.99 Cr | ₹4.16 Cr | ₹19.48 Cr |
| FY24 | ₹75.73 Cr | ₹4.29 Cr | ₹2.66 Cr | ₹13.65 Cr | ₹6.83 Cr | ₹26.41 Cr |
| FY25 | ₹77.94 Cr | ₹4.99 Cr | ₹2.24 Cr | ₹15.9 Cr | ₹7.41 Cr | ₹29.49 Cr |
| FY26 | ₹214.16 Cr | ₹29.08 Cr | ₹18.45 Cr | ₹43.79 Cr | ₹21.95 Cr | ₹81.57 Cr |
Restated financial information from IPO source materials; rounding may create small differences.
FY26 EBITDA margin
13.6%
Up from 6.4% in FY25 after the diagnostics subsidiary entered the consolidated group.
FY26 PAT margin
8.6%
Compared with 2.9% in FY25; comparability is affected by consolidation and acquisitions.
FY26 RoNW
42.13%
The final RHP's pre-issue return ratio, versus a weighted FY24–FY26 average of 29.03%; it should not be carried forward unchanged after a fresh issue more than twice FY26 net worth.
Fresh issue / FY26 net worth
214.4%
The ₹93.90 crore cap-price fresh issue is 2.14× FY26 net worth of ₹43.79 crore, making post-issue capital deployment a larger valuation variable than the historic return ratio.
Final price / pre-issue NAV
5.71×
Derived from the ₹189 final issue price and the RHP's ₹33.12 FY26 weighted-average NAV per share; the RHP leaves after-issue NAV blank.
Post-issue share-count conflict
5,64,000 shares
The RHP prints 1,87,86,900 post-issue shares, while 1,32,54,900 pre-issue plus 49,68,000 fresh shares equals 1,82,22,900. Final exchange documents must resolve the difference.
Three-year promoter lock-in
36,62,000 shares
The RHP allocates 18,31,000 shares each from Karan Sharma and Tanveen, or 20.10% on its lock-in-table post-issue basis. Excess promoter holdings are split into 39,69,600 shares for two years and 39,69,400 for one year.
FY26 debt/equity
0.50×
Borrowings rose to ₹21.95 crore from ₹7.41 crore at FY25.
FY26 operating cash flow
-₹6.62 crore
Negative despite ₹18.45 crore PAT as receivables and other working-capital balances absorbed cash.
NSE scheduled-close snapshot
142.38×
50,74,31,400 shares bid against a 35,64,000-share post-anchor public pool at the 8:59 p.m. IST 17 August recheck. This predates final reconciliation and is not category-wise demand.
NSE final price and listing date
₹189 / 20 August 2026
NSE's official past public issues table supplied both fields at the 7:08 a.m. IST 20 August recheck. Trading had not begun, so no official market-price or volume outcome was published.
Implied anchor allocation
11,52,000 shares
Derived as the 47,16,000-share net issue less NSE's 35,64,000-share post-anchor public pool; approximately ₹21.77 crore at the cap, pending the final prospectus and allotment notices.
FY26 healthcare share
43.04%
Healthcare services contributed ₹92.18 crore after three subsidiaries entered the group perimeter during FY26.
Combined working-capital allocation
₹63.80 crore
₹26.80 crore is routed to Credent Healthcare and ₹37.00 crore to the parent across FY27 and FY28.
Combined FY26 working-capital gap
₹51.89 crore
The parent contributed ₹33.67 crore and Credent Healthcare ₹18.22 crore; their RHP schedules project a combined ₹124.65 crore gap by FY28.
FY26 acquisition cash outflow
₹10.84 crore
The cash-flow statement records acquisition of subsidiaries net of cash; goodwill on consolidation was ₹2.35 crore at FY26.
Receivables aged over one year
₹2.45 crore
About 4.2% of FY26 trade receivables; a further ₹8.75 crore, or 14.9%, was unbilled at year-end.
Bad-debt provision on receivables
Nil
Management classified the full ₹58.83 crore FY26 balance as good despite ₹2.45 crore being over one year old and no credit periods being captured in the system.
IPO working-capital coverage
51.2% of FY28 gap
The ₹63.80 crore combined parent-and-subsidiary allocation is measured against the RHP's ₹124.65 crore projected FY28 gap.
FY26 parent attrition
19.16%
Attrition increased from 18.30% in FY25, although it remained below FY24's 29.49%; the parent employed 3,515 people at year-end.
FY26 top-ten customers
81.76%
The top five contributed 59.05%; concentration improved from 87.92% in FY24 but remains high for a working-capital-intensive service model.
Consolidated workforce
6,338 people
4,052 payroll and 2,286 contract staff across diagnostics, collections, logistics, supply chain and paramedical services at FY26.
FY26 top-ten suppliers
46.97%
Up from 37.06% in FY25 and 22.70% in FY24, adding procurement concentration as the acquired group scaled.
30 June unsecured demand loans
₹10.91 crore
The final RHP says recallable unsecured loans represented 47.42% of ₹23.01 crore total indebtedness at 30 June 2026.
FY26 current ratio
2.06×
Up from 1.57× in FY25, but the RHP attributes the improvement to a material rise in trade receivables rather than cash conversion.
Field network at 30 June
2,589 riders
The RHP pairs the rider base with 97 owned commercial vehicles, two warehouses and four branch offices; service capacity is therefore much more labour- and partner-dependent than the owned fleet count alone suggests.
What stands out
- Healthcare samples require time-sensitive, traceable logistics, creating specialised operating requirements beyond ordinary parcel delivery.
- The company disclosed 97 commercial vehicles by 30 June 2026 and 2,530 associated laboratories at FY26, supporting a broad healthcare-service network.
- FY26 revenue reached ₹214.16 crore and PAT ₹18.45 crore, albeit with an acquisition-driven change in group perimeter.
- The issue is entirely fresh capital and directs funds to working capital, diagnostic machinery and debt repayment rather than selling shareholders.
Key concerns
- FY26 consolidated results are not comparable with prior standalone periods because Credent Healthcare entered the group. The revenue and profit step-up must be separated between organic growth and the changed consolidation perimeter.
- Operating cash flow was negative ₹6.62 crore despite ₹18.45 crore PAT. Trade receivables reached ₹58.83 crore, making ageing, collections and acquisition-related working capital central to earnings quality.
- Assets rose to ₹81.57 crore and borrowings to ₹21.95 crore in FY26. The issue identifies ₹6.00 crore for debt repayment while committing ₹63.80 crore across parent and subsidiary working capital.
- The top customer contributed 15.76%, the top five 59.05% and the top ten 81.76% of FY26 revenue, leaving cash flow and route economics sensitive to a relatively concentrated client base.
- Customer contracts may be short term, renewable or without minimum-volume commitments. Loss, repricing or delayed payment by major diagnostic customers could impair fleet economics and cash conversion.
- Delayed, lost, contaminated or temperature-compromised samples can trigger retesting, claims, clinical consequences and reputational damage. Specialised packaging and consumable availability are operational dependencies.
- Three subsidiaries entered the group perimeter during FY26. The RHP records ₹2.35 crore of total goodwill, including ₹1.48 crore on Alltrak despite attributable net worth of negative ₹1.47 crore. Integration, impairment and governance risk therefore extend beyond Credent Healthcare; historic growth must be separated among organic logistics, acquired operations and intra-group transactions.
- The parent and Credent Healthcare working-capital schedules project their combined gap rising from ₹51.89 crore at FY26 to ₹124.65 crore by FY28. The ₹63.80 crore IPO allocation covers only part of that expansion, leaving a large internal-accrual and borrowing dependency.
- Credent's ageing schedule is based on accounting dates because credit periods are not captured in the system. At FY26, ₹8.75 crore was unbilled and ₹2.45 crore was more than one year old, yet management recorded no bad-and-doubtful-debt provision across the ₹58.83 crore balance. The lack of system-level due dates weakens both collection control and impairment evidence during rapid acquired growth.
- The group began mercantile recognition of unbilled revenue in FY25 and restated FY24 and pre-March 2023 balances through retained earnings to apply the policy consistently. This does not make the revenue invalid, but it raises the importance of invoice conversion, customer acceptance and cash collection after year-end.
- The RHP identifies property, commercial-vehicle, employee-health and personal-accident policies but does not quantify aggregate cover or clearly map limits to sample spoilage, professional liability and cyber events. Insurance adequacy is therefore not measurable from the final offer document alone.
- Credent Healthcare had not placed orders for the 14 sonography and four digital X-ray machines at the RHP date. The ₹3.00 crore budget rests on time-limited quotations, while vendor, equipment mix, price and deployment locations remain flexible.
- The RHP states that none of the directors has prior experience serving on the board of a listed company. The transition to exchange reporting follows three acquisitions and a family-led operating structure, increasing the control and oversight burden on the board and audit committee.
- Before Alltrak was acquired, Credent disclosed services rendered to that related party, including unbilled revenue, of ₹8.69 crore in FY25 and ₹14.16 crore in FY24. Alltrak-related debtors were ₹3.49 crore and ₹5.74 crore, respectively, while a ₹2.62 crore loan was outstanding at FY25; post-acquisition consolidation eliminates intra-group balances but does not remove the need to separate historical related-party growth from third-party demand.
- The RHP identifies historical Companies Act lapses: a vehicle-loan charge filing was missed, loans were accepted from persons prohibited under Section 73 and loans or advances were given to related parties under Section 185. The balances were repaid and compounding applications were filed where applicable, but final disposition should be tracked.
- The FY24 audit report carried an emphasis-of-matter observation on formal documentation of internal financial controls over financial reporting. Management states that the policy was documented and implemented from FY25; the audit remediation now needs to operate through the larger acquired group.
- FY26 contingent liabilities included a ₹62.11 lakh GST dispute relating to FY20. This is not large against net worth, but it adds to the compliance workload during integration and listing transition.
- Credent Healthcare's shop-and-establishment registrations in Ahmedabad and Karnataka were pending, and its Hyderabad professional-tax enrolment application had not yet been filed at the RHP date. These are local compliance gaps across a geographically dispersed workforce.
- Promoter and non-executive director Ashok Kumar Sharma appeared on the Registrar of Companies' disqualified-director list from November 2016 to October 2021 because the then Credent Management Consultants did not file statements or annual returns for three consecutive years. He is not currently disqualified, but the history adds context to the group's more recent corporate-law remediation.
- The operating footprint included 2,589 riders but only 97 owned commercial vehicles at 30 June, supported by two warehouses and four branch offices. This does not by itself indicate a capacity shortfall, but it shows that route continuity, third-party transport, rider attendance and field controls carry more operational weight than a fleet-only view would imply.
- Promoters Ashok Kumar Sharma and Dimple Sharma have provided personal guarantees for existing borrowings. The RHP says these guarantees may continue after listing, leaving financing arrangements partly dependent on promoter support until lenders release or replace them.
- At 30 June 2026, ₹10.91 crore of unsecured loans was repayable on demand and represented 47.42% of total indebtedness. The FY26 loan schedule shows material interest-free promoter and director funding, so a recall, repayment or refinancing requirement could compete with the working-capital and debt-repayment objects of the issue.
- The FY26 current ratio improved to 2.06× from 1.57×, but the RHP explicitly attributes the change to higher receivables. The headline liquidity ratio therefore does not offset the negative operating cash flow, unbilled revenue and ageing concerns.
- The final RHP contains a material capital-table arithmetic conflict: 1,32,54,900 disclosed pre-issue shares plus the 49,68,000-share fresh issue equals 1,82,22,900, not the printed 1,87,86,900 post-issue total. The 5,64,000-share difference affects market capitalisation, diluted EPS and every post-issue return ratio until an exchange filing resolves it.
- Although the issuer investor page labels a download as 'Prospectus', the linked single-page file is the 8 August board resolution that approved the RHP. It does not resolve price, allotment or the share-count conflict and should not be treated as the final prospectus.
- Working-capital facilities are secured by book debts or current assets and, for some lenders, promoter personal guarantees, two residential properties and a corporate guarantee from the listed issuer for its healthcare subsidiary. Fresh capital may reduce borrowing pressure, but release of these securities was not committed in the RHP.
- The promoter family has roles across group entities. Opportunity allocation, service contracts, acquisitions, remuneration, guarantees and related-party balances deserve continued oversight.
- NSE Emerge shares can have large minimum applications, limited liquidity, market-maker dependence and wide bid-ask spreads.
What to monitor after listing
- Organic revenue and margin by logistics, diagnostics, manpower and technology services, with a clear acquisition bridge.
- Top-customer concentration, contract duration, minimum volumes, price resets, retention, unbilled balances and receivables more than one year old.
- Bad-debt provisioning, invoice conversion and cash collection on the ₹8.75 crore unbilled balance, including any reversals or further accounting-policy restatements.
- Operating cash flow versus PAT, debtor days and use of the ₹63.80 crore combined working-capital allocations.
- Fleet utilisation, route density, cost per sample, on-time performance, temperature excursions, sample loss and insurance claims.
- Owned-vehicle versus third-party transport mix, active-rider productivity, branch-level service quality and whether the two-warehouse network can support growth without higher outsourcing or failure rates.
- Aggregate insurance limits and exclusions for goods in transit, sample spoilage, vehicle, professional-liability and cyber risks, which were not quantified in the RHP.
- Credent Healthcare's centre and equipment utilisation, accreditation, clinical quality and returns on the ₹3.00 crore machinery investment.
- Actual machine orders, vendor selection, unit economics and commissioning dates for the 18 proposed diagnostic machines.
- Post-issue borrowings, related-party transactions, acquisition accounting, promoter governance and NSE Emerge liquidity.
- Disposition of the Section 73 and Section 185 compounding applications, the historical charge-filing lapse and evidence that FY24 internal-control documentation remediation operates across all subsidiaries.
- Alltrak-related revenue, debtors and loans before acquisition, post-acquisition elimination entries and third-party revenue growth after consolidation.
- Final 17 August subscription by category, basis of allotment and the authentic final prospectus or exchange notice; NSE has now fixed the issue price at ₹189 and listing date at 20 August.
- Reconciliation of the RHP's 1,87,86,900 printed post-issue shares to the 1,82,22,900 arithmetic total from disclosed pre-issue and fresh shares, including any omitted issuance or typographical correction.
- Final depository lock-in schedule, including the 36,62,000-share three-year promoter contribution, the two excess-promoter blocks and the separate one-year treatment disclosed for other pre-issue and AIF holdings.
- Grant and renewal of the pending state registrations, filing of the Hyderabad professional-tax enrolment and workforce compliance across all operating locations.
- Release or replacement of promoter personal guarantees and any lender conditions attached to the post-issue debt structure.
- Repayment, refinancing or rollover of the ₹10.91 crore unsecured demand-loan balance reported at 30 June 2026, including the share funded by promoters, directors and group-linked parties.
- Release of residential collateral, book-debt charges and the parent corporate guarantee after debt repayment and working-capital deployment.
Valuation context
At the ₹189 final issue price, the arithmetically reconciled 1,82,22,900 post-issue shares imply an equity value of approximately ₹344.41 crore, or about 18.7× FY26 PAT of ₹18.45 crore. The RHP's printed 1,87,86,900 total would instead imply ₹355.07 crore and 19.3×, but it is 5,64,000 shares above disclosed pre-issue shares plus fresh shares and is therefore not used as the base case pending correction.
The final price is 5.71× the RHP's ₹33.12 FY26 weighted-average NAV. Adding the ₹93.90 crore gross fresh issue to ₹43.79 crore FY26 net worth gives an illustrative ₹75.56 gross post-issue book value per reconciled share, or 2.50× price-to-book before issue expenses; the RHP itself leaves after-issue NAV blank.
The DRHP states that no listed Indian company is directly comparable across temperature-sensitive sample logistics, collection, workforce and diagnostics. General logistics or diagnostics multiples omit important differences.
A normalized valuation should prioritise organic free cash flow after fleet replacement and working-capital funding, and should separately value acquired diagnostics only after sustainable centre-level economics are visible.
Credent Connect N Care IPO FAQs
What is the Credent Connect N Care IPO price band?
The stated price band is ₹179–₹189; issue price ₹189. Offer terms should be checked against the final prospectus and exchange notices.
When does the Credent Connect N Care IPO open and close?
The IPO is scheduled to open on 13 August 2026 and close on 17 August 2026. The stated listing date is 20 August 2026 on NSE Emerge; trading had not begun at the 7:08 a.m. IST recheck.
What is the Credent Connect N Care IPO issue size?
The stated total issue size is ₹93.9 Cr, comprising ₹93.9 Cr of fresh issue and ₹0 Cr of offer for sale.
What is the minimum lot for the Credent Connect N Care IPO?
The stated minimum lot is 1200 shares.
What do the latest Credent Connect N Care financials show?
For FY26, the offer documents report revenue of ₹214.16 Cr, EBITDA of ₹29.08 Cr and PAT of ₹18.45 Cr. Read these figures with the cash-flow, leverage and working-capital analysis on this page.
What is a key risk in the Credent Connect N Care IPO analysis?
FY26 consolidated results are not comparable with prior standalone periods because Credent Healthcare entered the group. The revenue and profit step-up must be separated between organic growth and the changed consolidation perimeter.
How is the Credent Connect N Care IPO valued?
At the ₹189 final issue price, the arithmetically reconciled 1,82,22,900 post-issue shares imply an equity value of approximately ₹344.41 crore, or about 18.7× FY26 PAT of ₹18.45 crore. The RHP's printed 1,87,86,900 total would instead imply ₹355.07 crore and 19.3×, but it is 5,64,000 shares above disclosed pre-issue shares plus fresh shares and is therefore not used as the base case pending correction.