Credent Connect N Care Ltd. Share Price

Credent Connect N Care

• Credent Connect N Care is coming out with an initial public offering (IPO) of 49,68,000 shares in a price band of Rs 179-189 per equity share.
• The issue will open for subscription on August 13, 2026 and will close on August 17, 2026.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 10 and is priced 17.90 times of its face value on the lower side and 18.90 times on the higher side.
• Book running lead manager to the issue is Hem Securities.
• Compliance officer for the issue is Arpita Abhilasha.

Profile of the company

Credent Connect N Care is a healthcare services provider engaged in delivering integrated logistics, workforce solutions, and technology-enabled support to healthcare institutions across India. It provides comprehensive operational and logistics services to diagnostic laboratories, In Vitro Diagnostics (IVD) companies, pharmaceutical companies, clinics, and other healthcare enterprises through end-to-end solutions. Its offerings majorly include home sample collection through trained phlebotomists; Operations & Supply Chain Services through stationed phlebotomy teams at laboratories and hospitals; deployment of skilled laboratory technicians and paramedical staff for internal operations; and specialized inter-state and intra-state logistics services. Its logistics solutions ensure temperature-controlled and Turnaround time (TAT) sensitive movement of blood samples and other healthcare products.

The company provides Business to Business (B2B) Healthcare logistics services that involve the transportation of diagnostic samples from collection points to laboratories and between healthcare facilities & it also provides services to IVD companies for reagent movement from their C&F to labs. Its services cover scheduled pickups and on-demand pickups, with the movement of samples monitored through tracking systems that record transportation timelines and temperature handling conditions. It also provides phlebotomy services through trained personnel, which include home sample collection where phlebotomists visit patients at their residences to collect diagnostic samples.

In addition to its core healthcare support services, the company provides end-to-end phlebotomy services to diagnostic laboratories, doctors’ clinics, hospitals, and other healthcare institutions by deploying trained and qualified personnel at client locations. These services enable continuous, accurate, and compliant sample collection operations and are designed to support both routine and high-volume diagnostic requirements, ensuring operational efficiency and adherence to applicable healthcare standards.

Proceed is being used for:

• Investing in wholly owned subsidiary, Credent Healthcare Private Limited to meet its working capital requirement 
• Investing in wholly owned subsidiary, Credent Healthcare Private Limited to finance its capital expenditure requirements for machinery 
• Meeting working capital requirements 
• Repayment and/or repayment, in full or part, of borrowing availed by the company 
• General corporate purposes

Industry overview

India's pharmaceutical industry has displayed a consistent upward trajectory over the past few years, growing from $42 billion in FY 2021 to an estimated $65 billion in FY 2025. This marks a 55% growth in just four years, showcasing the sector's strong fundamentals and its ability to scale rapidly. The industry has evolved from being largely generic-focused to increasingly embracing high-value segments such as biosimilars, biologics, and complex generics. India's positioning as the ‘pharmacy of the world’ has gained further credibility post- COVID, with global recognition of its role in supplying affordable, high- quality medicines to over 200 countries.

Currently, the Indian pharmaceutical sector is benefitting from rising healthcare awareness, digital health integration, and expanding insurance coverage among the population. E- pharmacies, telemedicine, and health- tech platforms are creating new demand avenues, especially in Tier- II and Tier- III cities. Companies are also investing in Contract Development and Manufacturing Organizations (CDMOs) and clinical trials, signalling a broader push toward innovation and end- to- end service delivery. The market today is more balanced between domestic consumption and export- led growth, with strong investor interest, global collaborations, and a policy ecosystem that supports scale, innovation, and quality.

The Indian pharmaceutical industry is poised for a major expansion, with the market size expected to double from $65 billion in FY 2025 to $130 billion by FY 2030E, reflecting a robust CAGR of around 14.87%. This anticipated growth trajectory underscores India's continuing dominance in the global pharmaceutical value chain, particularly in the generic formulations segment, where it already enjoys a leadership position. The pharmaceutical industry depends heavily on specialized logistics services that ensure the safe, compliant, and efficient movement of sensitive materials across the supply chain. Given the highly regulated nature of drug development and distribution, logistics providers support pharma companies through a combination of in- plant logistics, temperature-controlled warehousing, customized operational solutions, and value- added services that enhance product integrity and regulatory adherence.

Pros and strengths

Comprehensive healthcare ecosystem and logistics platform: The company operates a comprehensive healthcare ecosystem and logistics platform catering to Hospitals, Clinics & Fertility Centres, Diagnostic Laboratories IVD Companies & Pathology Labs, Healthcare Technology & Digital Health, Pharmaceutical & Genomic Diagnostics and Healthcare Marketing. It focuses on time-sensitive and compliance critical logistics, supported by cold chain enabled network and multimodal transportation including road, air, and onboard courier services. With a trained workforce across multiple cities and pin codes, including phlebotomists, paramedics, and technical personnel, it delivers end-to-end services such as home sample collection, phlebotomy, corporate wellness, medical staffing, and courier aggregation, enabling scalable and coordinated service delivery. It also leverages select technology tools to support operational tracking and efficiency.

Well established relationships with clients: The company through regular communication and flexible logistics solutions, have a client base who provide it repeated business for their different logistics needs. The revenue generated from such repeated customers for the Fiscal 2026 around 280 domestic customers including 38 customers who have associated with the company for the last three continuous years. This relationship with clients has been important for the company to sustain competition in the industry. By regularly meeting with its clients, it gains a deep understanding of their requirements and provide tailored solutions. Its priority is to ensure that samples reach their destinations on time and in optimal condition. The repetition of orders is basically owing to the quality of the service it provides and also the healthy relationship it maintains.

Widespread reach in domestic markets: The company has operations across multiple states in India, which form its primary area of operation. Its presence spans Maharashtra, Uttar Pradesh, Delhi, Karnataka, Haryana, Telangana, and Rajasthan, contributing to revenue across regions. For the year ended March 31, 2026, Maharashtra contributed 29.40% of its total revenue, followed by Uttar Pradesh at 26.83%, Delhi at 10.93%, Karnataka at 10.55%, Haryana at 9.67%, Telangana at 3.19%, and Rajasthan at 3.23%. This geographic coverage allows it to deliver healthcare services and logistics solutions across a wide range of locations in the domestic market.

Risks and concerns

Significant dependence on top 10 customers: The company derives a significant portion of its revenue from operations from its top 10 customers. Its top 10 customers contributed 81.76%, 83.31%, and 87.92% of total revenue in Fiscal 2026, Fiscal 2025, and Fiscal 2024, respectively. The loss of any one or more of its major customers would have a material adverse effect on its business, cash flows, results of operations and financial condition. Its dependence on these customers subjects to various risks which may include, but are not limited to, reduction, delay or cancellation of orders from its key customers, failure to renew contracts with one or more of its key customers, failure to renegotiate favorable terms with its key customers or the loss of these customers entirely (due to factors such as disputes with customers, financial hardship including due to bankruptcy or liquidation, migration of customers to its competitors, or adverse market conditions affecting the industry in which its customer operates or the economic environment generally).

Revenue dependence on diagnostic testing volumes: A substantial portion of its revenue is derived from providing healthcare logistics (including temperature-controlled transportation of diagnostic samples), home sample collection through trained phlebotomists, on-site deployment of phlebotomy and laboratory personnel, and inter-state and intra-state logistics services to diagnostic laboratories and hospitals. Its service volumes are directly linked to the diagnostic testing volumes, expansion plans and outsourcing strategies of such healthcare providers. Any decline in testing volumes due to reduced preventive check-ups, pricing pressures, changes in patient behaviour, regulatory actions, or slowdown in corporate wellness programs may reduce demand for its services. Given its operating model involves fixed costs relating to employees, vehicles and cold chain infrastructure, a reduction in volumes may adversely impact its margins and profitability.

Loss or non-renewal of customer contracts could adversely affect operations: Its operations are primarily conducted pursuant to service-level agreements and work orders with reputed diagnostic laboratories and corporate clients for healthcare logistics, home sample collection, stationed phlebotomy services, medical staffing and allied services. These contracts generally specify the scope of services, performance standards, pricing and turnaround timelines linked to service levels, and are typically for fixed tenures subject to renewal. Upon expiry, such contracts may be renegotiated or may not be renewed. There can be no assurance that it will be able to renew such contracts on commercially acceptable terms, or at all. Clients may seek pricing reductions, modify service scopes, impose stricter service-level requirements or consolidate vendors as part of cost optimization initiatives, which may result in reduced margins or lower volumes. The loss of significant contracts, adverse renegotiation outcomes or delays in renewals could result in revenue volatility, under - utilisation of resources and operational inefficiencies, which may materially and adversely affect its business, financial condition, cash flows and results of operations.

Outlook

Credent Connect N Care is engaged in Logistics Services, Operation and Supply Chain Management in Healthcare Segment. The company provides Business to Business (B2B) Healthcare logistics services that involve the transportation of diagnostic samples from collection points to laboratories and between healthcare facilities & it also provides services to IVD companies for reagent movement from their C&F to labs. On the concern side, its business is highly dependent on the availability and performance of a large, skilled and geographically dispersed workforce, and its inability to effectively manage, train and retain such personnel could adversely affect its operations. Further, its operations depend on the continuous availability of specialised packaging materials and consumables, and any disruption in their supply or increase in their cost could adversely affect its service delivery and profitability.

The company is coming out with a maiden IPO of 49,68,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 179-189 per equity share. The aggregate size of the offer is around Rs 88.93 crore to Rs 93.90 crore based on lower and upper price band respectively. On performance front, the total income for FY 26 stood at Rs 21,442.73 lakh as compared to Rs 7,823.49 lakh in FY 25 resulting in increased by 174.08%. Profit after tax for the financial year 2026 increased to Rs 1,844.78 lakh as compared to Rs 224.67 lakh in the financial year 2025.

Meanwhile, it intends to continue investing in and enhancing its technological capabilities to support healthcare companies with software solutions and digital tools tailored to their operational needs. As part of this strategy, it has acquired Alltrak Technologies, which now operates as its wholly owned subsidiary, to develop and strengthen a stable, proprietary technology platform for healthcare logistics and the broader healthcare ecosystem. These technological initiatives are expected to enable efficient and scalable service delivery across its operations, reduce turnaround times, and improve tracking and monitoring of critical healthcare logistics. In addition, it aims to leverage technology to offer flexible service models such as pay-per-use offerings for regional and smaller healthcare players, thereby broadening its market reach and creating opportunities for new revenue streams. These investments in technology will also support process standardization, operational visibility, and better coordination across its service portfolio, including logistics, warehousing, and healthcare services.

Skyways Air Services 

• Skyways Air Services is coming out with a 100% book building; initial public offering (IPO) of 4,22,31,600 shares of face value Rs 10 each in a price band Rs 131-138 per equity share. 
• Not more than 50% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 35% for the retail investors.
• The issue will open for subscription on August 24, 2026 and will close on August 27, 2026.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 10 and is priced 13.10 times of its face value on the lower side and 13.80 times on the higher side.
• Book running lead managers to the issue are Holani Consultants, Shannon Advisors and Dolat Finserv.
• Compliance officer for the issue is Hitesh Kumar. 

Profile of the company

Skyways Air Services (SASL) is a long-standing participant of India’s air freight forwarding and logistics sector. It is actively engaged in providing a comprehensive suite of services, including air freight forwarding, ocean freight forwarding, trucking, warehousing, custom broking, technology driven express cargo and parcel delivery and a wide range of Value-Added Services (VAS) to support the diverse needs of its clientele across domestic and international markets. As part of the continued development of its business, it has rolled out several proprietary technology products integrated them into its operations. These platforms support freight booking, shipment tracking, workflow automation and operational reporting, with the objective of improving operational efficiency and enhancing customer satisfaction across the logistics value chain.

The company began its operations as a Custom House Agent (CHA) now known as a Custom Broker License holder and has progressively expanded its service offerings over the years in response to evolving market requirements and international trade dynamics. With over four decades of industry experience, SASL has built a well-integrated logistics infrastructure that offers end-to-end support across the supply chain.

The company maintains strategic alliances with a diverse range of international air freight carriers, enabling enhanced service capabilities and global reach. It has performance-based agreements with several leading global airlines, including Saudi Cargo, Air India Cargo, Emirates, Lufthansa and Qatar Airways (in the process of renewal). These partnerships not only strengthen its access to key international routes and cargo capacities but also contribute to improved service reliability and competitive transit times for its clients. Its portfolio includes ocean freight forwarding, trucking, comprehensive warehousing solutions, technology driven express cargo and parcel delivery service and continued excellence in customs broking services, thereby offering an integrated logistics platform for a diverse range of clients.

Proceed is being used for: 

• Repayment/pre-payment, in full or in part, of certain outstanding borrowings availed by the company and its Subsidiary ‘Forin Container Line Private Limited’
• Funding incremental working capital requirements of the company
• General corporate purposes

Industry overview

The Indian logistics sector is among the largest in the world, offering significant opportunities for growth. This sector is an integral part of the national GDP value chain, as it connects various components of the economy and encompasses transportation, warehousing, and other supply chain solutions for both suppliers and end customers. An efficient logistics industry is a critical component as it secures better market access for goods and services and boosts consumption growth. Acknowledging the need to strengthen logistics infrastructure, the sector has attracted the attention of the government and even private participants.

India's air freight movement has demonstrated steady long-term growth, increasing from 3.33 million tonnes in FY2020 to 3.96 million tonnes in FY2026, registering a CAGR of approximately 2.9% during the period. After experiencing a decline in FY2021 due to pandemic-related disruptions, air cargo volumes recovered strongly, supported by the revival in international trade, rapid expansion of ecommerce, growth in high-value manufacturing, and increasing demand for time-sensitive transportation. In FY2026, total air freight reached 3.96 million tonnes, reflecting a 6.2% year-on-year increase over FY2025. Looking ahead, freight movement during FY2027 (April–May 2026) stood at 0.68 million tonnes, indicating continued momentum in India's air cargo sector at the beginning of the new financial year.

India's aviation infrastructure is undergoing rapid expansion, with the number of operational airports increasing from 74 in 2014 to 165 in 2026. Building on this progress, the Government of India plans to expand the airport network to 350-400 operational airports by 2047, aiming to enhance regional connectivity, support rising passenger traffic, and strengthen the country's aviation ecosystem. The Government of India plans to invest around Rs 12,159 crore (inflation-adjusted) over the next ten years to develop 100 airports under its Viksit Bharat 2047 vision. Additionally, around Rs 3,661 crore has been proposed to establish 200 modern helipads across the North Eastern Region (HINER) States and Aspirational Districts, aimed at improving regional connectivity and enhancing access to remote areas.

Pros and strengths 

Comprehensive range of logistics solutions: The company provides a comprehensive suite of services that includes air cargo, ocean cargo, express cargo and parcel delivery, customs clearance, transportation of heavy goods, warehousing and inventory management, tailored supply chain solutions, cross-border express and freight services, as well as advanced supply chain management software. This wide-ranging service portfolio is one of its key differentiators and strategic value propositions. By adopting a diversified and customer-centric approach, it significantly enhances client retention and satisfaction. Its clients benefit from a seamless logistics experience, as they can access all essential services under one roof, eliminating the complexity and inefficiencies associated with coordinating multiple vendors. This integrated model not only optimizes service delivery but also reinforces its position as a trusted, full-spectrum logistics partner. 

Broad network of partners that enhances its reach: The company has cultivated enduring, long-term partnerships with its carriers by consistent business dealings and adapting to their evolving logistics requirements. Its secure time-tested relationship with major international and regional airlines forms a backbone of the company’s efficient air freight operations. These partnerships have translated into preferred capacity allocations, better rates, priority handling and dependable services even during high demand or capacity constraint periods. The company maintains strategic affiliations with several prominent global logistics networks, including the World Cargo Alliance (WCA), Air & Ocean Partners (AOP), Connecting 5 Continents (C5C), Multi Group Logistics Network (MGLN), Global Freight Alliance (GFA), and the Transport Worldwide International Group (TWIG).

Strong collaboration with diverse and wide-ranging customer base: The company serves a diverse and wide-ranging clientele across multiple industry verticals, including Textile & Apparels, consumer durables, electronics, lifestyle and fashion, fast-moving consumer goods (FMCG), industrial products, automotive, healthcare, and retail. Its integrated logistics capabilities allow it to effectively address the unique supply chain needs of each of these sectors, positioning it as a preferred logistics partner for businesses of varying scale and complexity. In addition to serving large enterprises, it caters to a broad network of smaller air freight forwarders, sub-agents, and logistics firms that typically manage lower-volume shipments for airlines and carriers.

Information Technology and its infrastructure driving operational effectiveness: The company has strategically integrated advanced information technology into its comprehensive supply chain solutions, thereby substantially enhancing the value proposition it offers to its clients. One of the key features of its technological infrastructure is the ability to provide container-wise tracking, enabling customers to monitor the real-time status and location of their shipments with precision and transparency. Currently, its proprietary software platform, SLS 100x, is actively deployed by a robust user base comprising 5,587 registered users, including both direct customers and authorized agents to do bookings on their behalf. This extensive adoption underscores the platform’s reliability and effectiveness in meeting diverse operational needs across the supply chain. In addition to its proprietary platform, it leverages sophisticated business intelligence tools, such as Microsoft Power BI and Tableau, to aggregate, analyze, and visualize complex data sets through interactive graphical dashboards. These dashboards offer actionable insights that support data-driven decision-making for both its internal teams and customers.

Risks and concerns

Dependence on limited number of suppliers and air carriers: The company relies on limited number of suppliers and procures 36.01%, 31.20% and 38.29% of its cost of service for the Financial Years ended on March 31, 2026, 2025 and 2024 respectively from its Top 5 suppliers and 49.00%, 46.93% and 54.31% of its cost of service from its top 10 suppliers for the Financial Years ended on March 31, 2026, 2025 and 2024 respectively. There are limited air carriers in the air cargo industry in which it operates. While it generally deals with multiple air carriers, it has developed good business relations with certain air carriers with whom it deals on a regular basis and these carriers are also its top ten suppliers. Any failure to maintain good business relations and retain those suppliers in the long-run due to any reasons whatsoever will adversely impact its business and result of operations. Additionally, the company does not enter into any contract/ agreements with the suppliers for the rates.

Heavy Reliance on sales from air cargo services and third-party carrier operations: The company is dependent on sales from its Air Cargo Services. The company’s Air Cargo Services accounted for 77.02%, 72.99%, and 79.20% of its revenue from operations for the years ended March 31, 2026, March 31, 2025, and March 31, 2024, respectively. Service disruptions arising from flight delays, cancellations, adverse weather conditions, labour actions, technical failures, or geopolitical events could impair its ability to meet delivery timelines, resulting in customer dissatisfaction, loss of business, and reputational harm. As it has limited control over the operations of third-party carriers, it is exposed to risks arising from their operational inefficiencies or business disruptions. Its entire revenue is dependent upon the availability of the carriers and any disruption will materially and adversely affect its business, results of operations, and financial condition.

Dependence on global trade volumes and India’s import and export volumes: Its results of operations are influenced by the volume of its business, which, in turn, depends on worldwide trade volumes as well as the import and export volumes in India. Global trade volumes and the import and export volumes in India are significantly affected by changes in global, regional, and local economic, financial, and political conditions, as well as freight rates, all of which are beyond its control. Any adverse changes in the macroeconomic environment, global demand, trade relations, government policies, or geopolitical developments that negatively affect India’s export sector may result in reduced cargo volumes and, consequently, lower demand for its services.

Intense competition may affect pricing, margins and growth prospects: The company operates within a highly competitive and dynamic business environment, contending with a broad range of companies that provide freight forwarding, supply chain, and integrated logistics solutions. The level of competition it faces is influenced by several interrelated factors, including the type and sensitivity of cargo, the overall contract value, anticipated profit margins, the complexity of logistical operations, destination-specific requirements, and the associated risks in revenue realization. Its inability to effectively compete in this environment whether due to pricing pressures, service limitations, or operational constraints could materially affect its business operations, financial performance, and long-term growth prospects.

Outlook

Skyways Air Services, its subsidiaries and its associates are principally engaged in providing integrated logistics solutions, other logistics services and logistics operations and some of the subsidiaries are engaged in providing Training services, IT and Tech Solutions services, trading of interior decorative products and digital marketing services. On the concern side, its revenue is heavily reliant on its operations within certain geographical regions. Any adverse developments, such as economic downturns, political instability, or natural disasters, in these regions could significantly impact its revenue and overall financial performance.

The issue has been offering 4,22,31,600 shares in a price band of Rs 131-138 per equity share. The aggregate size of the offer is around Rs 553.23 crore to Rs 582.80 crore based on lower and upper price band respectively. Minimum application is to be made for 100 shares and in multiples thereon, thereafter. On performance front, its total revenue increased by 25.04% to Rs 2,83,967.07 lakh during the FY 2025-26 from Rs 2,27,099.49 lakh during the FY 2024-25. Profit after tax increased by 31.96% to Rs 6,352.38 lakh during FY 2025-26 from Rs 4,813.97 lakh during FY 2024-25, primarily driven by higher operating profitability arising from the growth in the company's freight forwarding and integrated logistics operations.

Meanwhile, the company is focused on strengthening its operations by investing in infrastructure, improving efficiency, and expanding its global and regional networks to better meet customer needs and respond to emerging market opportunities. Its primary objectives focus on augmenting capacity to handle higher freight volumes and a wider range of cargo types, strengthening connectivity through the development of additional hubs and strategic partnerships, advancing operational efficiency via automation and cutting-edge technologies, and positioning the company for sustainable growth within rapidly expanding sectors such as emerging markets and e-commerce. Further, It plans to introduce an expanded range of services and operational capabilities, including traditional non-express freight, domestic air cargo, urban last-mile distribution, and specialized temperature-controlled logistics solutions.

 In continuation to its earlier disclosure in this regard dated 21.05.2026 and pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, The Shipping Corporation of India has informed that: The Secretariat of the Appointments Committee of the Cabinet (ACC) vide letter No. 01/02/2026-EO(PE) dated 13.08.2026 has conveyed that the Competent Authority has approved the proposal of Ministry of Ports, Shipping and Waterways seeking approval for extension of additional charge of the post of Director (Technical & Offshore Services), Shipping Corporation of India Limited (SCI) assigned to Rear Admiral Jaswinder Singh, Director (Liner & Passenger Services), SCI for a further period of three months with effect from 01.09.2026, or till the date of assumption of charge of the post by the regular incumbent, or until further orders, whichever is the earliest. Rear Admiral Jaswinder Singh is not related to any Director of the Company and is not debarred from holding the office of director by virtue of any SEBI order or any other such authority. Brief profile of Rear Admiral Jaswinder Singh is attached as Annexure-1. Date and time of occurrence of event: 18.08.2026 at 2300 hours IST.

The above information is a part of company’s filings submitted to BSE.