Principles

Company NameVEEDA CLINICAL RESEARCH

Market Cap₹ 3092.00

ISIN No.INE01HQ01026

No. of Outstanding Shares65777495

PAN No.AACCC3633Q

PE ratioNA

CINU73100GJ2004PLC044023

Book value₹ 130.10

SectorClinical Research

P/BV3.61

DRHP Filed?No

P/S Ratio4.98

Available on

EPS₹ -10.10

Registration DateAug. 14, 2008

Face Value₹ 2.00

Stock Performance

Company Details

Industry Outlook

Market Size & Growth

1. Clinical CRO Market:
- USD 2,501.7 million in 2024 (~₹20,850 crore)
- Expected to reach USD 4,410 million (~₹36,800 crore) by 2030 (CAGR 9.9%)
2. Overall CRO Market (incl. preclinical):
- USD 0.73 billion in 2024 (~₹6,070 crore)
- Expected to grow to USD 1.32 billion (~₹10,980 crore) by 2032 (CAGR ~7.2%)

Key Growth Drivers

Cost competitiveness: Trials in India cost 30–50% less than in the West.
Large patient population: Enables faster enrollment and diverse studies.
Regulatory reforms: 2019 rules have halved approval timelines.
Digital transformation: Use of AI, EDC, remote monitoring, and decentralized trials is increasing efficiency.
>Therapeutic expansion: Increasing trials in oncology, rare diseases, and biologics.

Summary

Short-term (1–3 years): Growth in clinical and preclinical services, boosted by tech and regulation.
Mid-term (3–7 years): Expansion into biologics and CDMO integration.
Long-term (by 2030): CRO + CDMO revenue potential of ₹1.8 lakh crore (~$25 billion globally).

India's CRO industry is entering a maturing phase, well-positioned to serve global sponsors through a mix of cost leadership, regulatory strength, and tech adoption.

Latest Shareholding Pattern of Veeda Clinical Research Ltd.

Shareholder	Holding (%)
Basil Private Limited	35.52%
Bondway Investments Inc	20.45%
Sabre Partners AIF Trust	4.38%
Others (including individuals)	39.65%

VEEDA CLINICAL RESEARCH LTD. - Balance Sheet

PARTICULARS	FY 2022 (₹ Cr)	FY 2023 (₹ Cr)	FY 2024 (₹ Cr)	FY 2025 (₹ Cr)
Assets
Fixed Assets	185.00	236.00	190.00	582.00
CWIP	20.00	22.00	33.00	25.00
Investments	88.00	55.00	80.00	41.00
Trade Receivables	98.00	105.00	120.00	77.00
Inventory	8.00	7.00	7.20	8.00
Other Assets	278.00	310.00	1610.00	1130.00
Total Assets	677.00	735.00	2040.20	1863.00
Liabilities
Share Capital	10.57	10.50	13.60	13.16
FV	2.00	2.00	2.00	2.00
Reserves	426.00	452.00	1047.00	849.00
Borrowings	47.00	48.00	260.00	406.00
Trade Payables	25.00	22.00	247.00	47.50
Other Liabilities	168.43	202.50	473.00	547.34
Total Liabilities	677.00	735.00	2040.60	1863.00

VEEDA CLINICAL RESEARCH LTD. - P & L Account

	FY 2022 (₹ Cr)	FY 2023 (₹ Cr)	FY 2024 (₹ Cr)	FY 2025 (₹ Cr)
Revenue	288.00	409.00	388.00	610.00
Cost of Material Consumed	28.00	33.00	38.00	41.00
Change in Inventory	0.00	0.00	0.00	0.00
Gross Margins (%)	90.28	91.93	90.21	93.28
Employee Benefit Expenses	87.00	109.00	126.00	221.00
Other Expenses	111.00	164.00	171.00	223.00
EBITDA	62.00	103.00	53.00	125.00
Operating Profit Margin (OPM %)	21.53	25.18	13.66	20.49
Other Income	39.00	8.00	19.00	11.00
Finance Cost	10.00	14.00	14.00	54.00
Depreciation & Amortization (D&A)	25.00	38.00	53.00	148.00
EBIT	37.00	65.00	0.00	-23.00
EBIT Margins (%)	12.85	15.89	0.00	-3.77
Profit Before Tax (PBT)	65.00	59.00	3.30	-66.00
PBT Margins (%)	22.57	14.43	0.85	-10.82
Tax	15.00	17.00	3.60	1.00
Profit After Tax (PAT)	50.00	42.00	-0.30	-67.00
Net Profit Margin (NPM %)	17.36	10.27	-0.08	-10.98
Earnings Per Share (EPS)	9.46	8.00	-0.04	-10.19

VEEDA CLINICAL RESEARCH LTD. - Cash Flow

	FY 2022 (₹ Cr)	FY 2023 (₹ Cr)	FY 2024 (₹ Cr)	FY 2025 (₹ Cr)
PBT	65.00	62.00	3.20	-66.00
OPBWC	70.00	118.00	58.00	153.00
Change in Receivables	-42.00	-8.70	11.00	37.50
Change in Inventories	-2.00	-1.30	-1.30	-1.30
Change in Payables	8.00	-1.80	29.00	-17.80
Other Changes	19.00	18.80	-32.00	-127.90
Working Capital Change	-17.00	7.00	6.70	-109.50
Cash Generated from Operations	53.00	125.00	64.70	43.50
Tax	-17.00	-19.00	-6.70	-10.00
Cash Flow from Operations	36.00	106.00	58.00	33.50
Purchase of PPE	29.00	-76.00	-83.00	-28.00
Sale of PPE	0.50	0.00	0.00	0.80
Cash Flow from Investment	-154.00	-126.00	-446.00	-149.30
Borrowing	-28.00	-13.00	211.00	138.00
Dividend	-12.00	0.00	0.00	0.00
Equity	230.00	0.00	216.00	0.00
Others from Financing	-27.00	12.00	-28.00	-46.60
Cash Flow from Financing	163.00	-1.00	399.00	91.40
Net Cash Generated	45.00	-21.00	11.00	-24.40
Cash at the Start	15.00	60.00	81.00	94.00
Cash at the End	60.00	39.00	92.00	69.60

	FY 2022 (₹ Cr)	FY 2023 (₹ Cr)	FY 2024 (₹ Cr)	FY 2025 (₹ Cr)
Operating Profit Margin (OPM)	21.53	25.18	13.66	20.49
Net Profit Margin (NPM)	17.36	10.27	-0.08	-10.98
Earnings Per Share (EPS) (₹)	9.46	8.00	-0.04	-10.19

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VEEDA CLINICAL RESEARCH LTD.