Veeda Clinical Research Ltd
Ahmedabad-based full-service CRO with bioequivalence, preclinical (Bioneeds) and European trial arms; DRHP filed in 2021, IPO still pending.
Market cap
₹2,639 Cr
5.80 Cr shares
P/E ratio
94.20
Sector average 35
Book value
₹118.62
P/B 3.84
1-year return
+6.77%
52w ₹364 – ₹569
Currently 44% of the way through its 52-week range.
Indicative price history
1Y change
+4.28% ₹436 → ₹455
52-week band in this window: ₹419.74 – ₹490.43. Weekly indicative marks, not exchange-traded prices.
Key highlights
- One of India's largest independent CROs with bioequivalence, preclinical and European trial arms.
- Backed by CX Partners and the Arjun Handa family office alongside the founders.
- DRHP filed in 2021; a refiling is anticipated but not yet made.
About Veeda
Veeda Clinical Research Limited is one of India's largest independent contract research organisations. Founded in Ahmedabad in 2004 by Apurva Shah and Binoy Gardi, it runs bioavailability/bioequivalence studies, early-phase and late-phase clinical trials, bioanalytical testing and data management for generic and innovator pharmaceutical companies in India, the US and Europe.
Growth has come through acquisitions: a majority stake in Bengaluru-based preclinical CRO Bioneeds in 2021 and the European clinical-trial businesses of Heads (Germany, Sweden, Poland) in 2023, giving the group a preclinical-to-Phase IV offering. Private-equity investor CX Partners and Claris founder Arjun Handa's family office joined the founders as major shareholders.
Veeda filed a DRHP with SEBI in September 2021 for an IPO comprising a ₹331.6 Cr fresh issue and an offer for sale, received approval, but did not launch the issue in weak market conditions and the approval lapsed. Management has since indicated that a fresh filing will follow once integration of the acquired businesses and margins stabilise. Group revenue has climbed past ₹500 Cr with profit held back by acquisition costs and European losses.
Audited consolidated statements could not be retrieved for this profile; revenue, profit and balance-sheet line items are reconstructed around previously reported totals and should be treated as approximate.
Where the revenue comes from
- Bioequivalence & early-phase clinical50%
BA/BE studies at Ahmedabad and Mehsana units
- Preclinical (Bioneeds)20%
Toxicology and safety studies in Bengaluru
- Late-phase trials & Europe (Heads)22%
Phase II–IV trial management in India and Europe
- Bioanalytical & data services8%
Lab testing, biometrics and medical writing
Products & services
Bioavailability / bioequivalence studies
Clinical pharmacology units in Ahmedabad and Mehsana with regulatory inspections by USFDA, EMA and others.
Preclinical services (Bioneeds)
GLP toxicology, pharmacology and safety studies in Bengaluru.
Late-phase clinical trials
Phase II–IV trial management in India and Europe through the Heads units.
Bioanalytical & biometrics
Sample analysis, data management, statistics and medical writing.
What works
- • Scale and regulatory track record (USFDA, EMA, MHRA inspections) in bioequivalence studies, the bread-and-butter of Indian generics.
- • Integrated preclinical (Bioneeds), clinical and bioanalytical platform across India and Europe.
- • Institutional shareholders and a prior DRHP mean governance and reporting are already IPO-grade.
What to watch
- • Profitability is thin after the Heads acquisition; European trial units have been loss-making.
- • Dependence on generic-pharma clients whose R&D budgets are cyclical and price-sensitive.
- • IPO timing is uncertain; the unlisted price of ₹455 already implies a valuation of roughly ₹2,600 Cr.