A Delhi-based healthcare logistics and workforce services company opens its Rs 93.90 crore NSE SME Emerge issue on August 13
Credent Connect n Care Ltd. (CCCL), a provider of sample transportation, phlebotomy services and diagnostic workforce solutions to healthcare institutions across India, opens for subscription on August 13 with the issue closing on August 17. The company is listing on NSE SME Emerge.
Credent Connect n Care Ltd. (CCCL) sits in a corner of the healthcare industry that most patients never see — the plumbing that moves blood samples, reagents and healthcare workers between labs, hospitals, homes and IVD companies. It is a genuinely operational business, built around logistics, workforce deployment and technology-enabled coordination.
The company works across four broad service lines. First, home sample collection through trained phlebotomists — the people who show up at your door to draw a blood sample. Second, operations and supply chain services through stationed phlebotomy teams at partner labs and hospitals. Third, deployment of skilled lab technicians and paramedical staff for client internal operations. And fourth, specialised inter-state and intra-state logistics for temperature-controlled, TAT-sensitive movement of blood samples and healthcare products.
CCCL started in 2015 with a small field team and has scaled steadily since. As of June 30, 2026, it employs 2,589 riders across the network. It also owns and operates a fleet of 97 commercial vehicles for sample transportation. The infrastructure is anchored in Ashok Vihar, Delhi, with 2 warehouses and 4 branch offices across Mumbai, Pune, Chennai and Varanasi.
CCCL serves diagnostic laboratories, In Vitro Diagnostics (IVD) companies, pharmaceutical companies, clinics and other healthcare enterprises. Its logistics operations cover scheduled and on-demand pickups, with tracking systems that record transportation timelines and temperature conditions — critical when moving blood samples that can spoil.
Certifications are aligned with the business — ISO 9001:2015 for management systems and ISO 15189:2022 for medical laboratory and diagnostic imaging services. These signal that CCCL can play with the more compliance-conscious lab chains and IVD players.
In addition, the company runs a dedicated Corporate & Wellness vertical under the brand C3 Wellness, which handles large-scale health camps and corporate wellness programs. This vertical covers corporate vaccinations, basic radiology and diagnostics like ECG, PFT, digital X-ray, and doctor-on-arrival services — a genuine adjacency to the core logistics business.
As of March 31, 2026, CCCL had a total headcount of 6,338 employees, including 2,286 contract workers — a heavy operational base that reflects the field-intensive nature of the business.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | August 13, 2026 |
| Issue Closes | August 17, 2026 |
| Listing | NSE SME Emerge |
| Price Band | Rs 179 – Rs 189 per share |
| Face Value | Rs 10 |
| Issue Size | Rs 93.90 crore (Fresh Issue) |
| Fresh Issue | 49,68,000 shares |
| Lot Size | 2,400 shares (multiples of 1,200 thereafter) |
| Min. Retail Investment | Rs 4,53,600 |
| Post-IPO Market Cap | Rs 344.41 crore |
| IPO Constitutes | 27.26% of post-IPO equity |
| BRLM | Hem Securities Ltd. |
| Registrar | KFin Technologies Ltd. |
| Market Maker | Hem Finlease Pvt. Ltd. |
From the fresh proceeds, Rs 37 crore is earmarked for the company’s own working capital, Rs 29.80 crore for investment in a subsidiary for working capital needs, Rs 6 crore for repayment or prepayment of borrowings, and the balance for general corporate purposes. This is heavily a working-capital-funding IPO.
Post-IPO, paid-up equity moves from Rs 13.25 crore to Rs 18.22 crore.
The promoter average cost of acquisition is Rs NA and Rs 0.31 per share. This reflects earlier share issuances between Rs 15.60 and Rs 1,576 (between July 2022 and October 2025) and a very large 50-for-1 bonus issue in February 2026 — just months before the IPO.
Financial Performance
| Particulars (Rs cr) | FY24 (Standalone) | FY25 (Standalone) | FY26 (Consolidated) |
|---|---|---|---|
| Total Income | 76.02 | 78.23 | 214.43 |
| PAT | 2.66 | 2.25 | 18.45 |
| PAT Margin | 3.52% | 2.88% | 8.61% |
| RoCE | 20.00% | 16.96% | 40.00% |
The financial story here needs careful reading. On a standalone basis, revenue and profits were essentially flat between FY24 and FY25 — total income moved from Rs 76.02 crore to Rs 78.23 crore, and PAT actually declined marginally from Rs 2.66 crore to Rs 2.25 crore. Then, on a consolidated basis in FY26, both revenue and profits exploded — total income jumped to Rs 214.43 crore and PAT to Rs 18.45 crore.
Part of this reflects the shift from standalone to consolidated reporting, which adds subsidiary numbers to the picture. But even accounting for that, the profit acceleration is dramatic. PAT margin moved from 2.88% in FY25 to 8.61% in FY26, and RoCE more than doubled from 16.96% to 40%.
In a labour-intensive B2B healthcare logistics segment — where competition includes traditional couriers, specialised medical logistics players and the in-house teams of large lab chains — margins of this magnitude in a pre-IPO year warrant careful reading of the RHP.
Average EPS over three years is Rs 8.14 and average RoNW is 29.03%. At the upper band of Rs 189, the P/E works out to 18.68x on FY26 earnings and a startling 153.66x on FY25 — the widest gap in any recent SME IPO. The issue is priced at a P/BV of 5.71 on pre-IPO NAV of Rs 33.12 per share. Post-IPO NAV data is missing from the offer documents.
The company has no listed peers to compare with, per the offer document, which makes valuation harder to benchmark.
Risks to Consider
The gap between FY25 standalone earnings and FY26 consolidated earnings is the biggest question mark. A jump from Rs 2.25 crore PAT to Rs 18.45 crore in one year, coupled with a margin expansion from 2.88% to 8.61% in a competitive labour-heavy segment, deserves careful scrutiny. The pre-IPO timing invites the window-dressing concern that the company itself raised as a risk in its offer document phrasing.
Customer concentration is a real risk. Healthcare logistics is a B2B business where a handful of large lab chains, IVD companies and hospital groups drive most of the revenue for any player. Losing even one major contract could hit the business meaningfully.
The segment is also fragmented and price-competitive. Traditional couriers, specialised medical logistics firms, and in-house teams at large diagnostic majors all compete for the same customers. Pricing power is limited.
The high minimum retail investment of Rs 4,53,600 (roughly double most SME IPOs at this size) is a friction point for many retail investors.
The Picture
Credent Connect n Care operates in a genuine niche — healthcare logistics and workforce services is a real business need, and the company has built a meaningful operational footprint over 10 years. The C3 Wellness vertical adds a growth angle. That said, the sudden FY26 profit jump right before the IPO in a competitive labour-heavy segment, coupled with the standalone-to-consolidated shift, raises questions. Priced at 18.68x FY26 and 153.66x FY25, the valuation is heavily reliant on FY26 numbers holding up, note analysts.