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Veeda Clinical Research Unlisted Shares
DRHP Status : Not Filed
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Fundamentals About Veeda Clinical Research
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All documents are provided for informational purposes and are subject to regulatory disclosures.
Key Financials of Veeda Clinical Research
| P&L Statement | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue | 196 | 288 | 409 | 388 |
| Cost of Material Consumed | 14 | 28 | 33 | 38 |
| Gross Margins | 92.86 | 90.28 | 91.93 | 90.21 |
| Change in Inventory | 0 | 0 | 0 | 0 |
| Employee Benefit Expenses | 49 | 87 | 109 | 126 |
| Other Expenses | 66 | 111 | 164 | 171 |
| EBITDA | 67 | 62 | 103 | 53 |
| OPM | 34.18 | 21.53 | 25.18 | 13.66 |
| Other Income | 38 | 39 | 8 | 19 |
| Finance Cost | 5 | 10 | 14 | 14 |
| D&A | 15 | 25 | 38 | 53 |
| EBIT | 52 | 37 | 65 | 0 |
| EBIT Margins | 26.53 | 12.85 | 15.89 | 0 |
| PBT | 85 | 65 | 59 | 3.3 |
| PBT Margins | 43.37 | 22.57 | 14.43 | 0.85 |
| Tax | 22 | 15 | 17 | 3.6 |
| PAT | 63 | 50 | 42 | -0.3 |
| NPM | 32.14 | 17.36 | 10.27 | -0.08 |
| EPS | 17.6 | 9.46 | 8 | -0.04 |
Financial Ratios |
2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Operating Profit Margin | 34.18 | 21.53 | 25.18 | 13.66 |
| Net Profit Margin | 32.14 | 17.36 | 10.27 | -0.08 |
| Earning Per Share (Diluted) | 17.6 | 9.46 | 8 | -0.04 |
| Assets | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Fixed Assets | 38 | 185 | 236 | 190 |
| CWIP | 1 | 20 | 22 | 33 |
| Investments | 66 | 88 | 55 | 80 |
| Trade Receivables | 45 | 98 | 105 | 120 |
| Inventory | 6 | 8 | 7 | 7.2 |
| Other Assets | 129 | 278 | 310 | 1610 |
| Total Assets | 285 | 677 | 735 | 2040.2 |
| Liabilities | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Share Capital | 35.8 | 10.57 | 10.5 | 13.599 |
| FV | 10 | 2 | 2 | 2 |
| Reserves | 134 | 426 | 452 | 1047 |
| Borrowings | 24 | 47 | 48 | 260 |
| Trade Payables | 12 | 25 | 22 | 247 |
| Other Liabilities | 79.2 | 168.43 | 202.5 | 473 |
| Total Liabilities | 285 | 677 | 735 | 2040.6 |
About Company
The following table shows a 10-point analysis of Veeda Clinical Research Limited (Veeda Lifesciences). We will discuss each point in detail after this table.
| Parameter | Key Numbers | Insights |
|---|---|---|
| Business Overview | FY25 Revenue ~₹610 cr (annualised) · PAT ~ -₹50 cr · PAT margin negative | Veeda Clinical Research Limited is a leading Indian full-service CRO with global reach, offering Phase I–IV clinical trials, bioanalytical services, central lab, oncology trials, and data management. Expanded internationally via acquisition of Heads (European CRO) in 2024, strengthening its global footprint and transitioning toward an integrated life sciences solutions provider. |
| Industry & Market Position | Major Indian CRO · Strong oncology & late-phase focus | Competitive within the expanding CRO outsourcing market alongside players such as Syngene and IQVIA. Integrated service model, regulatory expertise, and European expansion enhance capabilities. Exposed to execution risks, global competition, and client concentration. |
| Revenue Growth Trend | FY23–FY25 CAGR ~30%+ · FY25 +57% YoY (acquisition-led) | Strong topline surge driven primarily by Heads integration and organic global client expansion. Recovery from earlier slowdown with sustained pipeline momentum aligned with pharma outsourcing trends. |
| Profitability & Margins | EBITDA margin ~25% · PAT negative · High D&A (~₹148 cr) & finance cost (~₹54 cr) | Operational margins remain healthy; however, bottom-line impacted by acquisition-related depreciation and financing costs. Transition phase pressures profitability despite operating leverage. |
| Cash Flow Quality | OCF supported by scale · Reinvestment-focused | Operating cash flows supported by larger revenue base. Capex and acquisition-related investments strain free cash flow timing. Liquidity supported by equity raises and buffers. |
| Balance Sheet Strength | Net worth strengthened · Debt moderate (post-acquisition) | Acquisition expanded asset base but increased leverage. Capitalization remains comfortable with adequate liquidity buffers and diversified client pipeline. |
| Valuation Comfort | Unlisted price ~₹455–470 (Feb 2026) · P/B ~3–3.7x · P/E negative | Valuation reflects transition phase and FY25 loss. Market cap ~₹2,900 cr range. Attractive for long-term CRO growth exposure, supported by revenue expansion and integration synergies. |
| Management & Governance | Professional management · SEBI-regulated disclosures | Demonstrated execution in scaling operations and acquisitions. Transparent filings including DRHP and annual reports. Governance standards aligned with regulatory norms. |
| Growth Triggers & Catalysts | Heads integration · Oncology ramp-up · Global client wins · IPO (DRHP filed Jan 2025) | Potential re-rating driven by integration synergies, expanded oncology focus, and increasing pharma outsourcing demand. IPO process underway, providing visibility for capital raise and listing catalyst. |
| Liquidity & Exit Visibility | OTC liquidity currently · IPO pending approvals | Moderate unlisted trading liquidity at present. High exit visibility expected post-listing, subject to regulatory approvals and market conditions. |
Veeda Clinical Research Ltd is an independent, full‑service Contract Research Organization (CRO) founded in 2004, offering a wide spectrum of drug‑development servicesl, from bio‑analytical studies to Phase I–IV clinical trials. The following are the important points related to Veeda clinical research:
- It started with its first facility in Ahmedabad, Gujarat, and over the years has expanded organically and via acquisitions to cater to global pharma and biotech clients.
- Its service offerings include Healthy Volunteer Studies (HVS), bioavailability/bioequivalence (BA/BE) studies, early- and late-phase clinical trials, non-clinical (pre-clinical) testing, and bioanalytical services
- Veeda emphasizes quality and regulatory compliance: it has undergone 119 global inspections (as of Sept 2024) from bodies such as USFDA, EMA, MHRA, WHO, etc.
- The company is in growth mode, it refiled its DRHP with SEBI (IPO planned) to raise capital for capacity expansion, technology upgrades, and its subsidiary investments.
Challenges in Veeda’s Business
- Highly competitive CRO space: The CRO market is crowded, with global and domestic CROs vying for pharma clients, which can put pressure on pricing and margins.
- Regulatory risk & audit burden: Handling multiple global regulatory inspections (USFDA, MHRA, etc.) requires strong quality systems — failures or observations can damage reputation.
- Capital-intensive growth: Expanding capabilities — both clinical and bioanalytical — and building infrastructure (beds, labs) demands significant investment.
- Client concentration/dependency: As with many CROs, there is risk if a few large sponsors dominate business or if outsourcing trends change.
- Operational complexity: Running HVS units, bioanalytical labs, clinical operations, and global trials requires high operational expertise and risk management.
Quick Summary
Veeda Clinical Research is a leading Indian CRO with deep scientific capabilities, strong global regulatory credibility, and broad service offerings (from BA/BE to late‑phase trials). Its plans to go public signal confidence in future growth, especially given its recent acquisitions and capacity expansion. However, it faces meaningful risks: regulatory burden, capital intensity, and competitive pressures. For investors or partners, Veeda represents a high-quality CRO play — but success will depend on execution, audit compliance, and sustaining growth across clinical and bio‑analytical verticals.
Shareholding Pattern of Veeda Clinical Research
| Name | Holding |
|---|---|
| Basil Private Limited | 35.42% |
| Bondway Investment Inc | 20.45% |
| Sabre Partners AIF Trust | 4.8% |
| Others | 39.65% |
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Frequently Asked Questions
Veeda Clinical Research Ltd unlisted shares represent equity in a private contract research organisation (CRO) based in Gujarat, offering full-service clinical and preclinical drug development support. These shares are not listed on NSE or BSE and can be acquired through platforms like UnlistedKraft.
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Unlisted investments carry risks like limited liquidity and reduced transparency. However, Veeda is a reputed CRO with global client partnerships and is backed by institutional investors. UnlistedKraft ensures secure and verified transactions to safeguard investor interests.
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There is no mandatory lock-in period unless the company is listed publicly. Investors generally hold these shares until a liquidity event such as an IPO or institutional exit to maximise potential returns.
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Yes, as per SEBI regulations, any shares purchased before listing are subject to a six-month lock-in period post-IPO.
If shares are held for more than two years, long-term capital gains are taxed at 20% with indexation. Gains from shares sold within two years are treated as short-term and taxed as per your income tax slab.
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