Company Background

Originally incorporated as Niyati Leasing Limited on July 10, 1992, the company diversified into pharma in 2013 and changed its name to Veerhealth Care Ltd. In 2020, the company entered cosmetic manufacturing and specializes in pure vegetarian toothpaste. The company has over 10,000 shareholders and operates from a 90,000 sq. ft. facility in Vapi, Gujarat.

Regulatory Milestone

The company received USFDA approval in June 2025 for products registered under Drug (OTC) category after successfully completing a USFDA audit in March 2025. The registration certificate (DUNS Number: 85-553-3679, Labeler Code: 84070) was filed through U.S. agent Registrar Corp during the October 1-December 31, 2023 statutory period. This approval enables the company to export OTC drugs to the U.S. market.

Operational Highlights

The company has state-of-the-art manufacturing facilities including:

  • Contra Mixer: 2000 kgs capacity
  • Semi contra mixers: 1700 kgs, 1500 kgs, 1000 kgs, and 500 litres
  • Oral Liquid Tank: 1000 litres
  • Ointment Manufacturing Vessel: 300 kgs
  • Tablet Granulation Department: 75,000 tablets/day

Filling and packaging capacity includes:

  • Liquid Filling Machine (8 heads): 0.5 million bottles/month
  • Cosmetic Filling Machine (2 heads): 0.5 million jars/bottles/month
  • Liquid Filling Machine (6 heads): 0.3 million bottles/month
  • Liquid Filling Machine (4 heads): 0.15 million bottles/month
  • Single Head Round Tube Filling Machine: 0.1 million/month

Business Segments and Brands

The company operates through:

1. Contract manufacturing

2. Private label/white label services

3. Product development

4. Custom formulation

Brand portfolio includes Ayuveer (available on Myntra, Amazon, Nykaa, Flipkart) with products across:

  • Skincare: Serums, moisturizers, sunscreen
  • Haircare: Shampoo, conditioner, oil, serum (multiple variants)
  • Body care: Body wash, lotion, hand wash, bathing salt
  • Oral care: Purple tooth serum
  • Health care
  • Kids range
  • Lip care

Expansion and Backward Integration

In 2025, the company launched Veer Plast division for blow molding and injection molding machines, including brush tufting and trimming lines for oral care exports. In October 2024, the company acquired additional 30,000 sq. ft. land adjacent to its Vapi facility, expanding total plot size to 60,000 sq. ft.

Financial Performance (Amount in ₹ Crores)

Q4 FY26 vs Q4 FY25:

  • Revenue from operations: 16.76 vs 5.62 (198% increase)
  • Raw material costs: 14.12 vs 4.50
  • Employee costs: 0.44 vs 0.34
  • Other expenses: 1.46 vs 0.94
  • Finance costs: 0.11 vs 0.14
  • Exceptional items: 0.31 vs 0.00
  • Depreciation: 0.36 vs 0.26
  • Tax: 0.53 vs -0.03
  • Total comprehensive income: -0.36 vs -0.10

Full Year FY26 vs FY25:

  • Revenue from operations: 32.48 vs 16.87 (92% increase)
  • Other income: 0.81 vs 1.02
  • Raw material costs: 24.15 vs 11.40
  • Employee costs: 1.71 vs 1.58
  • Other expenses: 4.16 vs 3.12
  • Finance costs: 0.41 vs 0.26
  • Exceptional items: 0.31 vs 0.00
  • Depreciation: 1.29 vs 0.91
  • Tax: 0.72 vs 0.23
  • Total comprehensive income: 0.54 vs 0.39

Balance Sheet (FY26 vs FY25):

  • Equity: 20.00 vs 20.00
  • Reserves: 2.92 vs 2.22
  • Long term borrowings: 3.78 vs 4.20
  • Short term borrowings: 0.80 vs 0.71
  • Trade payables: 12.12 vs 2.62
  • Fixed assets: 23.43 vs 19.87
  • Inventories: 4.45 vs 2.44
  • Trade receivables: 9.74 vs 0.98
  • Cash and cash equivalents: 0.46 vs 1.16

Future Projections (Amount in ₹ Crores)

  • FY27: Revenue 94.23, Interest 1.59, Depreciation 2.47, Tax 1.25
  • FY28: Revenue 139.45, Interest 2.45, Depreciation 2.77, Tax 2.11

The company expects stronger results due to facility expansion and renovation to meet USFDA standards. The company has onboarded a leading FMCG company operating in personal and household care segments, part of a 125-year-old business group.

Management and Consultants

Board of Directors:

  • Mr. Yogesh M. Shah (Chairman)
  • Mr. Bhavin S. Shah (Managing Director, DIN: 03129574)
  • Mrs. Shruti A. Shah (Executive Director)
  • Mr. Chetan Hasmukhlal Mehta (Independent Director)
  • Mr. Prakashbhai Chandulal Shah (Independent Director)
  • Mr. Nilesh Kantilal Shah (Independent Director)

Core Team:

  • Mr. Akash Shah (Chief Financial Officer)
  • Mr. Kaushik Gajjar (General Manager)
  • Ms. Roshni Patil (Production Head)
  • Ms. Nicky Makwana (Business Co-ordinator)
  • Ms. Rashida Mogal (Quality Control Head)
  • Mr. Raj Kakade (Quality Assurance Head)

Consultants:

  • Dr. Vinod C. Mehta (BAMS) - Ayurvedic Division
  • Dr. Rajiv Bhirud (Ph.D) - Cosmetic Division

Corporate Assets and Financial Position

  • Low-debt company with borrowings of ₹5-7 crore
  • Land assets valued at ~₹20 crore
  • Total asset value including machinery: ~₹35 crore