Patel Integrated Logistics 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.