Credent Connect N Care IPO

Credent Connect N Care runs outsourced field operations for India's diagnostic laboratory industry. It collects blood, urine and other specimens from patients' homes and from collection centres using trained phlebotomists, moves them to testing laboratories under temperature-controlled and turnaround-time-bound conditions, and stations its own phlebotomy teams, laboratory technicians and paramedical staff inside client laboratories and hospitals. It also operates inter-state and intra-state sample logistics. Customers are diagnostic chains, in-vitro diagnostics firms, pharmaceutical companies, clinics and hospitals. The prospectus records 2,530 associated laboratories as of 31 March 2026, against 2,256 a year earlier and 1,675 in 2024. The business began in 2015 as Credent Cold Chain Logistics and had 6,338 people at 31 March 2026 — 4,052 on payroll and 2,286 on contract.

Revenue is service fees billed to laboratories and hospitals on credit terms, for sample pickup and transport and for manpower deployed on their premises. The cost base is people and vehicles: in FY26 employee benefit expenses were Rs 84.61 crore and cost of materials and services Rs 73.18 crore, against revenue from operations of Rs 214.16 crore. Those costs are largely fixed against client testing volumes, so margin tracks utilisation — the prospectus reports EBITDA margin of 13.29% in FY26 versus 6.41% in FY25. Two structural constraints: customer concentration, with the top ten customers at 81.76% of FY26 revenue, and working capital, with trade receivables of Rs 58.83 crore at 31 March 2026.