Amwill Health Care is a science-led dermo-cosmetic company that develops and sells dermatologist-backed skincare, haircare and personal-care products - it does not manufacture anything itself, but instead designs the formulations, gets them made by contract manufacturers, and distributes them through a prescription-driven network that starts with the dermatologist’s clinic. Founded in 2017 by two brothers who had already spent years distributing pharmaceuticals, the company has grown from a regional player into a national brand listed on the BSE SME Platform, remaining completely debt-free along the way. The recurring approach that explains everything else is an asset-light model: Amwill owns the science, the relationships with doctors and the brand, while outsourcing production, prototype development and logistics to trusted partners. # Business segments A single engine - a portfolio of over 100 dermatologist-backed dermo-cosmetic products sold through a prescription-driven distribution network that is expanding state by state. ## 1. Dermo-cosmetic products: where the dermatologist writes the prescription and the company fills it **Every product is developed with input from practising dermatologists, sold on their recommendation, and made by third-party manufacturers - the company owns the formulation and the relationship, not the factory.** - **Designed with doctors, not just for them** - the founders have cultivated strong, lasting relationships with dermatologists and healthcare professionals, which lets the company spot unmet needs in the Indian market and develop products that address them directly. - **A product for every surface** - the portfolio spans 112 products across four segments: skin care (67 products), personal care and hygiene (26), hair care (17) and lip care (2), covering the full dermatology, trichology and cosmetology spectrum. - **Made by others, to its recipe** - manufacturing, prototype development and logistics are all outsourced to contract manufacturers, distributors and third-party product-development agencies, so the company can stay lean while scaling up. Active pharmaceutical ingredients are procured from reliable vendors, and all production follows FDA, WHO and other regulatory guidelines. - **The dermatologist’s clinic is the first point of sale** - products reach patients through a prescription-driven model, where a dermatologist recommends a specific Amwill formulation and the patient buys it from a pharmacy stocked by the company’s distribution chain. - **Expanding territory, one state at a time** - the company is present in nearly 12 states, with a strong base in Karnataka and growing presence in Andhra Pradesh and Telangana; in mid-2025 it pushed into Maharashtra, Tamil Nadu, North East India, Chhattisgarh and Madhya Pradesh, hiring a national sales manager, regional managers and medical representatives to support the move. The sales and marketing team nearly doubled from 33 to 65 people in a single year to fuel that expansion. - **A distribution backbone that is now at arm’s length** - the company uses a carrying-and-forwarding agent, Amderma Healthcare LLP, to manage supply-chain logistics; the promoters have exited their stake in that agent, making it an independent third party under a fresh agreement, and the company has also begun onboarding super stockists across states to deepen market penetration. # Group structure and partners **A tightly held, founder-led company with a clean balance sheet and a small, focused board.** - **Founders in control** - the promoter group collectively holds 70.65% of the shares, with brothers Tarun Gandhi and Anand Gandhi each owning 31.64% as of March 2025. Tarun heads product development, business development and finance; Anand, a pharmacy post-graduate, leads marketing, sales and dermatologist relations. - **A lean board with fresh independent oversight** - the four-member board includes the two promoter managing directors plus an independent director and a non-executive non-independent director, both appointed in April 2025. - **Debt-free with a cash cushion** - the company has been debt-free since inception and holds more than ₹50 crore in bank balances, fixed deposits and debt-oriented mutual fund investments, earmarked for current and future expansion. In early 2026 it also committed up to ₹3 crore to a SEBI-registered alternative investment fund and up to ₹2.25 crore to government securities and related products, both from internal accruals. - **A subsidiary that sits outside the core business** - the company has one material unlisted subsidiary, CIE Aluminium Casting India Limited, which is unrelated to its dermo-cosmetic operations.