Veeda Clinical Research Unlisted Shares
Veeda Clinical Research is an Ahmedabad based contract research organisation that runs clinical trials, bioanalytical and related studies for drug makers. It reported consolidated revenue from operations of INR 7,154.92 million for FY26.
Read the full company profile
Key facts
Veeda Clinical Research share details
- Lot size
- 100 shares
- Min. investment
- ₹42,800
- Face value
- ₹2
- Implied market cap
- ₹2,990 Cr
- Shares outstanding
- 69,858,503
- Founded
- 2004
- Headquarters
- Ahmedabad, Gujarat
- Website
- veedalifesciences.com
- ISIN
- INE01HQ01026
- CIN
- U73100GJ2004PLC044023
- Lock-in after IPO
- 6 months
Price history
Veeda Clinical Research share price chart
1Y change
-6.96%
High
₹460
Low
₹428
Indicative off-market dealer quotes, not exchange prices. A flat stretch means the quote did not change on those days.
About
About Veeda Clinical Research
Veeda Clinical Research Limited is a contract research organisation, or CRO, headquartered in Ahmedabad, Gujarat. In simple words, drug companies pay it to test their medicines. Its work covers human clinical trials and the testing of drugs and medicines against standards such as IP, USP and BP. The company says it carries out clinical research under international guidelines such as DCGI, USFDA, ICH ANVISA and MHRA. In FY26 the group started using the brand name Veeda Lifesciences.
The group has grown through acquisitions. Its subsidiaries include Bioneeds India Private Limited (91% held), Ingenuity Biosciences Private Limited and Veeda Clinical Research Ireland Limited. Through Health Data Specialists and Heads Research AG it also has step down companies in Europe, the USA and Australia. This gives it a large overseas revenue base. In FY26 the standalone company earned foreign exchange of INR 3,378.48 million.
On a consolidated basis, revenue from operations was INR 7,154.92 million in FY26, against INR 6,097.26 million in FY25. Profit before interest, depreciation, amortisation and tax was INR 2,262.93 million. Depreciation of INR 1,569.41 million and interest of INR 620.27 million took most of it away, so the group reported a loss for the year of INR 139.98 million, narrower than the loss of INR 668.11 million in FY25. On a standalone basis, revenue was INR 3,097.23 million and profit was INR 80.59 million, after an exceptional item of INR 241.60 million.
The annual report shows the company had 69858503 fully paid equity shares of face value ₹2 each on 31 March 2026. It issued 4081008 of these during the year to existing shareholders in exchange for their preference shares of its Irish subsidiary. Binoy Hasmukh Gardi became Managing Director and Group CEO in January 2026, after Dr. Mahesh Kantilal Bhalgat resigned. Shareholders approved this at the meeting of 23 March 2026.
On the IPO front, the company filed a draft red herring prospectus with SEBI on 31 January 2025. Its board decided on 2 February 2026 to withdraw it and informed SEBI, BSE and NSE. No new filing is shown in the report.
Unlisted shares of a company like this trade off-market between private buyers and sellers, not on an exchange. Prices are indicative and can differ from deal to deal. IPO Guru shows an indicative price of ₹428 per share with a lot size of 100 shares, which implies a market cap of about ₹2,989.94 crore on the share count above.
Strengths
- Consolidated revenue from operations rose to INR 7,154.92 million in FY26 from INR 6,097.26 million in FY25, as printed in the directors' report.
- Profit before interest, depreciation, amortisation and tax on a consolidated basis was INR 2,262.93 million in FY26, up from INR 1,364.26 million in FY25.
- The consolidated loss narrowed to INR 139.98 million in FY26 from INR 668.11 million in FY25, and the standalone company made a profit of INR 80.59 million against a loss of INR 114.20 million.
- The business has strong export earnings. The standalone company earned foreign exchange of INR 3,378.48 million in FY26 against INR 116.48 million used.
- The group has a global footprint through subsidiaries in Ireland and Europe, the USA and Australia, built partly through the Heads and Health Data Specialists acquisitions.
- Standalone reserves stood at INR 12,070.62 million at the end of FY26, a sizeable equity cushion for the standalone company.
- The board includes independent directors and a co-founder, Apurva Shah, who rejoined as a director on 30 March 2026.
Risks
- The group is still loss making at the consolidated level, with a loss of INR 139.98 million in FY26 and INR 668.11 million in FY25.
- Depreciation of INR 1,569.41 million and interest costs of INR 620.27 million consumed most of the consolidated operating profit in FY26, which points to a heavy asset and debt load.
- Tax outgo was high compared with profit. Consolidated current tax was INR 350.32 million in FY26 even though pre tax profit was only INR 73.24 million.
- The standalone profit of INR 80.59 million came after an exceptional item of INR 241.60 million and tax adjustments for earlier years of INR 82.67 million, so earnings have been uneven.
- The company filed a DRHP on 31 January 2025 and then withdrew it in February 2026, so there is no confirmed IPO plan in the annual report.
- The Managing Director and Group CEO changed in January 2026, and the new appointment needed Central Government approval, which came on 18 June 2026. Leadership transitions can disrupt execution.
- A large share of income comes from overseas clients, so currency moves and changes in foreign drug regulation affect results.
- Acquired businesses in Europe and other regions add integration risk and a larger set of subsidiaries to manage.
- Unlisted shares trade off-market with indicative prices, limited liquidity and no exchange oversight of each deal.
Financials
Veeda Clinical Research financial performance
Revenue, profit and balance-sheet figures by fiscal year.
Revenue & PAT (₹ Cr)
Revenue
PAT
| Metric | FY26Latest | FY25 |
|---|---|---|
| Revenue (₹ Cr) | 715 | 610 |
| EBITDA (₹ Cr) | 226 | 136 |
| PAT (₹ Cr) | -14.00 | -66.81 |
| EBITDA Margin (%) | 31.63 | 22.38 |
| PAT Margin (%) | -1.96 | -10.96 |
Swipe the table sideways for earlier years →
Leadership
Management team
Binoy Hasmukh Gardi
Managing Director and Group CEO
Appointed Managing Director and Group CEO in January 2026.
Nirmal Bhatia
Company Secretary and Chief Financial Officer
Holds both the company secretary and CFO roles.
Apurva Shah
Non-Executive Director
Co-founder of the company who rejoined as a director on 30 March 2026.
Kiran Marthak
Non-Executive Director
Clinical research expert with nearly 40 years of experience.
Vivek Chhachhi
Non-Executive Director (Nominee)
Nominee of Basil Private Limited on the board.
Rakesh Bhartia
Independent Director
Vice president at Aum Capital Market Private Limited.
Nitin Deshmukh
Independent Director
Earlier associated with Kotak Investment Advisors Limited and Cipla.
David Paul Kenny
Independent Director
Chartered governance professional based in Ireland.
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Important disclaimer
Unlisted shares are not traded on stock exchanges. Prices shown are indicative and based on off-market transactions; they may differ from eventual listing or future market prices. Exit liquidity depends on counter-party availability. SEBI mandates a 6-month lock-in on pre-IPO shares post-listing. Gains held beyond 24 months are taxed at 12.5% LTCG (no indexation). IPO Guru is not a SEBI Registered Investment Advisor. Information here is for general awareness, not personalised investment advice. Please consult your tax advisor before investing.
