Investment Overview

Veeda Clinical Research Limited is an unlisted company operating in the Health Care sector (Clinical Research Organization (CRO)). Veeda Clinical Research Limited is an Indian contract research organization providing clinical trial services including bioequivalence, early-phase, late-phase and pharmacovigilance. Headquartered in Ahmedabad with multiple facilities, Veeda serves global and domestic pharmaceutical companies and ha…

Strengths

• : Diverse Clientele – The company has served clients in 27 countries, including top pharmaceutical companies like Dr. Reddy’s Laboratories, Mankind Pharma, and Novugen Pharma.
• : Strategic Acquisitions – The acquisitions of Heads (a European CRO specializing in oncology trials) and Bioneeds (a pre-clinical research facility) have strengthened Veeda’s global footprint.
• : Regulatory Approvals – Successfully completed 85 global regulatory inspections, showcasing compliance with USFDA, EMA, and other authorities.

Key Risks

• : Declining Profitability – A sharp decrease in Net Gains Margin (NPM) from 32.14% in 2021 to -0.08% in 2024 raises concerns about profitability.
• : Increased Operating Costs – Employee benefit expenses and other costs have risen from ₹115 crores in 2021 to ₹297 crores in 2024, impacting EBITDA.
• : Liabilities Levels – Borrowings increased from ₹24 crores in 2021 to ₹260 crores in 2024, indicating higher fiscal leverage.

Valuation View

The current unlisted market price is ₹443.52 per share with a market capitalisation of approximately ₹2947 crore. The company is currently unlisted and investors should factor in illiquidity risk and longer holding horizons. Investors are advised to review the full financial data and consult an advisor before investing.