Veeda Clinical Research
- Unlisted share
- Healthcare
- ISIN INE01HQ01026
At a glance
Sales
FY26
₹310 Cr
−49.2%on FY25What the company earned from its customers in the year.
Profit
FY26
₹8.06 Cr
What was left after every cost and tax was paid.
Market valuecalculated
₹2,960 Cr
What the whole company would be worth at GrowFast's indicative price.
Net worth
FY25
₹862 Cr
What the owners would have left on paper if every debt was repaid.
From the company's published figures; sources are beside each figure further down the page.
Key details
- Company
- Veeda Clinical Research
- ISIN
- INE01HQ01026
- Sector
- Healthcare
- Type of share
- Unlisted equity share
- Indicative price per share
- ₹423.72
- Price last updated
- 12 Oct 2026
- Minimum quantity
- Confirmed by the desk
- How you hold it
- In your own demat account
- Enquiries
- GrowFast desk, on WhatsApp
Indicative prices, illiquid shares. Prices are indicative and can change without notice. Unlisted shares are illiquid: you may not be able to sell when you want to, or at the price shown.
Company
About Veeda Clinical Research
Veeda Clinical Research is an Ahmedabad-based contract research organisation that runs clinical trials, bioavailability and bioequivalence studies and pre-clinical testing for drug makers; it owns Bioneeds India and the Ireland-based oncology trial specialist Health Data Specialists (Heads). Its single promoter, a foreign body corporate named in its documents as Basil Private Limited, held about a third of the equity in March 2025, with the rest spread across funds, companies and some 1,900 other shareholders. The company filed a draft red herring prospectus with SEBI in February 2025 and received SEBI's observations in July 2025, but has not listed.
Written from: veedalifesciences.com, careratings.com, veedalifesciences.com
Listing status. Not listed. DRHP dated 31 January 2025 filed with SEBI on 2 February 2025 for a listing on BSE and NSE; PTI reported that SEBI issued its observations (clearance) on the offer during 3-4 July 2025, for a fresh issue of ₹185 crore plus an offer for sale of 1.3 crore shares. No IPO launch was found up to October 2026, and the company was still holding meetings as an unlisted company in August 2026. PTI report of 8 July 2025 (carried by The Week); company annual report 2024-25
Financials
Ask for the full annual report.
The figures on this page are the headline numbers. The desk can share the latest annual report and anything published since.
Ask for the financials- Sector
- Healthcare
- ISIN
- INE01HQ01026
- Promoter
- Basil Private Limited (named as promoter, with a nominee director)
- Key people
- Chairman (Independent Non-Executive Director): Nitin Deshmukh; Managing Director and Group CEO: Binoy Gardi
- Veeda board composition (company website)
- Face value per equity share
- ₹2
- Paid-up equity shares
- 6,98,58,503 shares
- Veeda notice of EGM of 23 March 2026 with draft offer letter (Form PAS-4)
- CIN
- U73100GJ2004PLC044023
- Official website
- veedalifesciences.com
Read from: Veeda Clinical Research 21st annual report 2024-25 (notice and directors' report), unless another source is shown on a card.
Key data
What the numbers mean
The ratios buyers look at, each said in plain words.
Price to book (P/B)calculated
3.43×
At this price you pay ₹3.43 for every ₹1 of net worth on the company's books.
Profit margincalculated
2.6%
Out of every ₹100 of sales, ₹2.6 was left as profit.
Return on equitycalculated
0.9%
For every ₹100 of the owners' money, the company made ₹0.9 of profit in the year.
Debt to equitycalculated
0.47×
The company has borrowed ₹0.47 for every ₹1 of its owners' money.
- Indicative price
- ₹423.72
- Market valuecalculated
- ₹2,960 Cr
- price × shares
- No. of shares
- 6,98,58,503
- EPS
- ₹-10.57
- Book value per share
- ₹123.36
- Face value
- ₹2
Figures marked “calculated” are worked out by GrowFast from its indicative price and the company's published figures for FY2025-26. They move with the price, and they are arithmetic, not a valuation.
Figures in ₹ crore
Financials
Veeda Clinical Research Limited. As published in the company's audited reports. GrowFast has not audited them.
Sales, year by year
₹ crore. The darkest bar is the latest year.
FY24 to FY26: ₹389 Cr to ₹310 Cr.
Profit, year by year
₹ crore, after tax. A bar below the line is a loss.
FY24 to FY26: ₹-0.36 Cr to ₹8.06 Cr.
| Particulars | FY24 | FY25 | FY26Latest |
|---|---|---|---|
| Revenue from operations | 388.78 | 609.73 | 309.72▼49% |
| Other income | 19.21 | 11.41 | n/a |
| Total income | 407.99 | 621.14 | n/a |
| Profit before interest, depreciation, amortisation and tax (as stated) | 71.21 | 136.43 | n/a |
| Depreciation | 53.36 | 147.71 | n/a |
| Interest and financial charges | 14.59 | 54.27 | n/a |
| Profit/(loss) before taxes | 3.26 | -65.55 | 30.66▲147% |
| Profit/(loss) for the year | -0.36 | -66.81 | 8.06▲112% |
| Basic and diluted earnings per share (₹) | -0.04 | -10.57 | n/a |
Rupees crore unless marked, consolidated, standalone. The change shown is the latest year against the year before. Read from: Veeda Clinical Research annual report 2024-25, audited consolidated financial statements (scanned pages), Veeda notice of the 22nd AGM (31 August 2026), three-year financial performance table.
Credit rating. CARE A-; Stable / CARE A2+ on ₹20 crore long-term/short-term bank facilities, reaffirmed 17 March 2025 (17 March 2025) CARE Ratings press release, 17 March 2025
Ownership
Shareholding pattern
Who owns the company
33.5%Others (NRIs, foreign bodies corporate)
- Largest holder
- 33.5%
- Top 3 together
- 78.7%
- Holders named
- 7
- Others (NRIs, foreign bodies corporate)33.49%
- Foreign promoter31.85%
- Trusts / AIFs13.35%
- Indian individuals8.16%
- Directors and relatives6.68%
- Private bodies corporate6.02%
- Employees0.45%
- Total100.00%
Read from: Veeda notice of EGM of 23 March 2026 with draft offer letter (Form PAS-4)
Capital history
Fund raise history
| Date and detail | Type | Instrument | Price per share | Amount raised | Source |
|---|---|---|---|---|---|
| 2026-0340,81,008 equity shares at ₹420.67 each (₹418.67 premium, valued by a registered valuer on a discounted cash flow basis) to Georgios Kouvatseas, Leonidas Kostagiolas and Ioannis Orfanidis, the sellers of the Heads business, for consideration other than cash on meeting an earn-out condition; approved unanimously at the EGM of 23 March 2026 and reflected in the paid-up capital at 31 March 2026. No cash was raised. | Preferential allotment (share swap) | Equity shares of ₹2 each | ₹420.67 | Not stated | veedalifesciences.com |
| 25 Oct 202427,77,649 equity shares issued in exchange for 1,29,99,999 compulsorily convertible preference shares of Veeda Ireland (board approval 26 July 2024); no cash was raised. | Private placement by share swap | Equity shares of ₹2 each | Not stated | Not stated | veedalifesciences.com |
| 26 Mar 202436,32,310 equity shares allotted by swap, as listed in the company's allotment history. | Private placement by share swap | Equity shares of ₹2 each | Not stated | Not stated | veedalifesciences.com |
| 21 Dec 202313,61,582 equity shares allotted for cash; the issue price is not legible in the allotment history. | Private placement | Equity shares of ₹2 each | Not stated | Not stated | veedalifesciences.com |
| 18 Jul 202315,24,970 equity shares allotted for cash; the issue price is not legible in the allotment history. | Private placement | Equity shares of ₹2 each | Not stated | Not stated | veedalifesciences.com |
| 12 May 202335,86,998 equity shares allotted for cash; the issue price is not legible in the allotment history. | Private placement | Equity shares of ₹2 each | Not stated | Not stated | veedalifesciences.com |
Read from: Veeda notice of EGM of 23 March 2026 with draft offer letter (Form PAS-4), Veeda Clinical Research annual report 2024-25 (directors' report)
Leadership
Management
Nitin Deshmukh
Chairman, Independent Non-Executive Director
Binoy Gardi
Managing Director and Group CEO
Rakesh Bhartia
Independent Non-Executive Director
David Kenny
Independent Non-Executive Director
Apurva Shah
Non-Executive Director
Dr. Kiran Marthak
Non-Executive Director
Vivek Chhachhi
Non-Executive Nominee Director
Vinayak Shenvi
Non-Executive Nominee Director
Read from: Veeda board composition (company website)
Corporate calendar
Events
- 31 Aug 2026AGM22nd AGM held to adopt the FY2025-26 standalone and consolidated accounts, re-appoint directors and approve directors' remunerationOpen
- 23 Mar 2026EGMEGM approved Binoy Gardi as Managing Director for three years from 19 January 2026 and a share-swap issue of 40,81,008 equity shares at ₹420.67 to the Heads sellersOpen
- 16 Sept 2025AGM21st Annual General Meeting called for 16 September 2025; no dividend recommended for FY2024-25Open
- 3 Jul 2025Regulator approvalSEBI issued its observations on the IPO draft during 3-4 July 2025 (fresh issue of ₹185 crore plus offer for sale of 1.3 crore shares), as reported by PTIOpen
- 17 Mar 2025Credit ratingCARE reaffirmed CARE A-; Stable / CARE A2+ and removed the rating watch after the Heads acquisitionOpen
- 2 Feb 2025DRHP filingDraft red herring prospectus dated 31 January 2025 filed with SEBI for listing on BSE and NSEOpen
- 26 Jul 2024Board decisionBoard approved issue of 27,77,649 equity shares by swap against preference shares of Veeda IrelandOpen
Reports and filings
Annual reports and results
Each link opens the document where its publisher keeps it.
- FY2025-26Notice of EGM of 23 March 2026 with draft private placement offer letter
- FY2025-26Notice of the 22nd Annual General Meeting (31 August 2026)
- FY2024-2521st Annual Report 2024-25 (notice, directors' report and scanned audited standalone and consolidated financial statements)
- FY2024-25Form MGT-7 annual return for FY2024-25 (labelled 'FY 23-24' on the website)
- FY2022-23Form MGT-7 annual return for FY2022-23 (labelled 'FY 24-25' on the website)
- 2025CARE Ratings press release, 17 March 2025
Before you buy
Six things to check on any unlisted share.
The same list applies to every stock. None of it is advice on this one.
The company's latest financials
Revenue, profit and debt for the last three years, from its audited annual report. Ask the desk for the most recent set.
What the price implies
Compare the price per share with earnings and book value per share, and with listed companies in the same business.
Whether a listing is planned
A company may file for an IPO, delay it or never list. A listing, its timing and its price are never certain.
How you would sell
There is no exchange for these shares. You sell by finding a buyer, which can take time and may be at a lower price.
Lock-in after a listing
Shares bought before an IPO are usually locked in for a period after the company lists. Confirm the current rule before you buy.
Tax on your gains
Unlisted shares are taxed differently from listed ones. Check your position with a tax adviser.
Questions
What buyers ask about this stock.
Not answered here? Ask the desk.
Inquire about Veeda Clinical Research on WhatsAppIs the price shown for Veeda Clinical Research final?
No. It is an indicative price per share. The desk confirms the price and the quantity available when you inquire, and the confirmed price is the one you deal at.
How do I buy these shares?
Press Inquire. It opens a WhatsApp chat with the desk, with this stock already named. After the price and quantity are agreed, a 10% advance locks the deal. Once your KYC is complete you pay the balance, and the shares are transferred to your demat account.
Do I pay anything on this website?
No. No payment is taken and no order is placed on this site. Payment details are shared by the desk only after the deal is agreed.
What do I need before I can buy?
A demat account in your name and the documents for KYC: your identity and demat account details are verified before any deal, as the regulations require.
Can I sell my Veeda Clinical Research shares to GrowFast?
GrowFast buys as well as sells. Press Inquire and tell the desk how many shares you hold; it will come back with what it can offer.
How do I sell Veeda Clinical Research shares I already hold?
Tell the desk how many you hold. If a price is agreed, you transfer the shares from your demat account with a delivery instruction to your depository participant (a DIS, or its online equivalent), and payment follows as agreed with the desk.
Is there a lock-in if the company lists?
Shares held before an IPO are generally locked in for a period after the listing under SEBI's rules, which have changed over time. Ask the desk for the rule that applies today before you buy.
Is buying unlisted shares legal in India?
Yes. Shares of an unlisted company can be bought and sold privately and are transferred between demat accounts. They are not traded on a stock exchange, so the protections of an exchange do not apply.
What is the minimum I can buy?
It differs by stock and by what the desk holds at the time. The desk confirms the minimum quantity when you inquire.
What is an ISIN?
The 12-character code that identifies a security. It is how your depository knows exactly which share is being transferred to your demat account.
Why are unlisted shares riskier than listed ones?
Prices are indicative and can change without notice. Unlisted shares are illiquid: you may not be able to sell when you want to, or at the price shown.
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Risk disclosure
Prices on this site are indicative, quoted per share, and are not an offer to buy or sell. The price and quantity for any deal are confirmed by GrowFast's desk at the time you deal.
Unlisted, pre-IPO and delisted shares are not traded on a stock exchange. They are illiquid, their prices can move sharply, and you may be unable to sell them when you wish or at all. A company that is expected to list may not do so.
Nothing on this site is investment advice or a promise of returns. Past prices do not predict future prices. Consider your own circumstances, and take independent advice, before you invest.
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GrowFast is not affiliated with, sponsored by or endorsed by Veeda Clinical Research. Its name and logo belong to their owner and are shown only to identify the company. Figures about it come from published sources and have not been audited by GrowFast. See the Terms and Conditions.