Veeda Clinical Research Limited
vs. prev. close ₹428
52W High
₹428
52W Low
₹415
Market cap
₹2,990 Cr
IPO stage
No DRHP filed
CIN
U73100GJ2004PLC044023
Price History
52W High
₹428
52W Low
₹415
About Veeda Clinical Research Limited
Veeda Clinical Research Limited, a global CRO offering clinical, preclinical, and bioanalytical services across India, Ireland, and the UK, grew FY26 consolidated revenue 17.35% to Rs 715.49 crore while narrowing its consolidated net loss 79.05% to Rs 14.00 crore, as PBIDTA nearly doubled to Rs 226.29 crore, signaling a business approaching group-level breakeven.
The Short Version :
Veeda Clinical Research Limited, in its 22nd year (commercial operations since 2004), is a global Contract Research Organization (CRO) offering clinical, preclinical, and bioanalytical services, including BA/BE studies and Phase I-IV clinical trials, for innovative, biosimilar, and generic drug development, operating through subsidiaries in India and Ireland. FY26 consolidated revenue grew 17.35% to Rs 715.49 crore from Rs 609.73 crore, and the consolidated net loss narrowed sharply to Rs 14.00 crore from Rs 66.81 crore, a 79.05% improvement. Operating profitability improved even more strongly, PBIDTA nearly doubled to Rs 226.29 crore from Rs 136.43 crore, though heavy depreciation and finance costs (a capital-intensive lab/facility business) kept the group in a net loss.
Why It Trades Where It Does :
The operating story here is genuinely improving: PBIDTA growth of 65.87% far outpaced revenue growth, and the net loss shrank by nearly 80%, evidence the underlying CRO business is scaling well. What's keeping the group in the red is depreciation (Rs 156.94 crore) and finance costs (Rs 62.03 crore) on what's clearly a capital-intensive facility base, standalone-only PAT was already positive (Rs 8.06 crore) this year, so the consolidated loss is being driven by the subsidiary structure (Bioneeds India, Amthera Life Sciences, Ingenuity Biosciences, and the Ireland/UK operations), some of which are still loss-making per the AOC-1 subsidiary breakdown. This reads as a business past its toughest stretch and moving toward group-level breakeven, rather than one in ongoing distress.
Top Risks :
The Group remains net loss-making at the consolidated level despite standalone profitability, meaning subsidiary-level performance (particularly the overseas operations) is a real drag worth understanding in more detail.
High depreciation and finance costs reflect a capital-intensive facility and equipment base; further capacity investment could keep pressuring near-term profitability.
Top Opportunities :
PBIDTA nearly doubled year-on-year (65.87% growth), well ahead of revenue growth (17.35%), pointing to strong underlying operating leverage.
The consolidated net loss narrowed 79.05% in a single year, a fast trajectory toward group-level profitability if it continues.
A global CRO platform spanning India, Ireland, and the UK provides geographic and regulatory diversification (DCGI, USFDA, ICH, ANVISA, MHRA) relative to India-only peers.
Disclaimer :
Priveq.in is an informational platform for unlisted and pre-IPO shares, operated by Priveq Investech Private Limited (the named counterparty on transactions). Unlisted shares carry risks including illiquidity, valuation uncertainty, and limited regulatory disclosure. This page is informational only and does not constitute investment advice.
Company Details
Industry
Pharmaceuticals
Founded
2004
Headquarters
Ahmedabad, Gujarat, India
Min Lot Size
200
Face Value
₹2.00
Total Shares
69858503
Regulatory Information
Corporate Identity Number (CIN)
U73100GJ2004PLC044023
PAN Number
AACCC3633Q
ISIN
INE01HQ01026
Key Valuation Ratios
Valuation
Market Cap
₹2,989.94 Cr
P/E Ratio
—
Not meaningful — loss-making
P/S Ratio
4.18×
P/B Ratio
2.67×
EV / EBITDA
14.37×
Returns & Per Share
ROE
-1.25%
EPS
₹-2.01
Book Value / Share
₹160.39
Solvency
Debt / Equity
0.38×
Interest Coverage
1.12×
Company Fundamentals
As of FY2026 Annual · updated 07 Sept 2026Gross Profit
₹677.93 Cr
EBITDA
₹226.27 Cr
Revenue Growth
17.35%
Profit Margin
-1.96%
Performance Trends
4 annual periods · derived from filed statements
Revenue
₹ Cr
Net Profit
₹ Cr · losses in red
Earnings Per Share
₹ per share
Return on Equity
ROE %
Return on Capital Employed
ROCE %
Debt-to-Equity
0.38×
EBITDA Margin
31.62%
Interest Coverage
1.12×
Financial Statements
| Line item | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|
| Total Income | ||||
| Revenue from operationsDisclosed | 288.78₹ Crore | 388.78₹ Crore | 609.73₹ Crore | 715.49₹ Crore |
| Other incomeDisclosed | 39.21₹ Crore | 19.21₹ Crore | 11.41₹ Crore | 16.91₹ Crore |
| Total IncomeDerived | 327.99₹ Crore | 407.99₹ Crore | 621.14₹ Crore | 732.4₹ Crore |
| Expenses | ||||
| Cost of goods soldDisclosed | 32.59₹ Crore | 38.2₹ Crore | 40.54₹ Crore | 37.56₹ Crore |
| Employee benefits expenseDisclosed | 109.18₹ Crore | 126.44₹ Crore | 220.99₹ Crore | 206.33₹ Crore |
| Finance costsDisclosed | 13.88₹ Crore | 14.6₹ Crore | 54.27₹ Crore | 62.03₹ Crore |
| Depreciation and amortization expenseDisclosed | 39.03₹ Crore | 53.36₹ Crore | 147.71₹ Crore | 156.94₹ Crore |
| Operating expensesDisclosed | 70.05₹ Crore | 73.93₹ Crore | 96.8₹ Crore | 136.75₹ Crore |
| Other expensesDisclosed | 3.8₹ Crore | 98.21₹ Crore | 126.39₹ Crore | 125.49₹ Crore |
| Total ExpensesDerived | 268.53₹ Crore | 404.74₹ Crore | 686.7₹ Crore | 725.1₹ Crore |
| Profit | ||||
| Profit before taxDerived | 59.46₹ Crore | 3.25₹ Crore | -65.56₹ Crore | 7.3₹ Crore |
| Current tax expenseDisclosed | 19.28₹ Crore | 9.8₹ Crore | 18.73₹ Crore | 35.03₹ Crore |
| Deferred tax expenseDisclosed | -1.92₹ Crore | -5.16₹ Crore | -17.67₹ Crore | -21.15₹ Crore |
| Tax expenseDisclosed | 17.06₹ Crore | 3.62₹ Crore | 1.26₹ Crore | 21.32₹ Crore |
| Profit After TaxDerived | 42.4₹ Crore | -37₹ Lakh | -66.82₹ Crore | -14.02₹ Crore |
| Other comprehensive incomeDisclosed | -19₹ Lakh | 79₹ Lakh | 8.44₹ Crore | 72.43₹ Crore |
| Total Comprehensive IncomeDerived | 42.21₹ Crore | 42₹ Lakh | -58.38₹ Crore | 58.41₹ Crore |
DRHP Filed others Veeda Clinical Research Files DRHP For Around 1,000 Cr IPO
DRHP Filed others Veeda Clinical Research Files DRHP For Around 1,000 Cr IPO
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Current Price
₹428Secure & Verified Transaction
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About Veeda Clinical Research Limited unlisted shares
Indicative · updated dailyVeeda Clinical Research Limited unlisted share price today
Veeda Clinical Research Limited unlisted share price today is ₹428 as of 23 October 2026.
Veeda Clinical Research Limited — frequently asked questions
- What is the grey market price for Veeda Clinical Research Limited?
No IPO is currently announced for Veeda Clinical Research Limited, so no grey market exists; the price above reflects Priveq's own desk valuation.
- Has Veeda Clinical Research Limited filed for an IPO, and when might it list?
Veeda Clinical Research Limited has not filed a draft red herring prospectus, so no IPO is currently announced and no listing date has been set.
- How does Veeda Clinical Research Limited compare to its listed peers?
There is no closely comparable listed company for Veeda Clinical Research Limited in India today.
- Is Veeda Clinical Research Limited on the SME or Mainboard IPO track?
Veeda Clinical Research Limited has not filed a draft red herring prospectus, so no IPO track is set yet.
- What is Veeda Clinical Research Limited's CIN and registered office?
Veeda Clinical Research Limited's Corporate Identity Number is U73100GJ2004PLC044023, registered at Ahmedabad, Gujarat, India.
- What is Veeda Clinical Research Limited's market capitalisation?
Veeda Clinical Research Limited's market capitalisation is approximately ₹2,990 crore, based on its current unlisted share price.
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