Veerhealth Care began life in 1992 as a leasing company, but in 2013 it tore up that script and rebuilt itself as a manufacturer of Ayurvedic and personal-care products - and the move that defines it today is a relentless climb up the quality ladder, from a small unit making tablets and ointments to a USFDA-approved plant that makes toothpaste for America’s prison system and private-label skincare for India’s largest online pharmacy. Everything the company does flows through a single, self-contained factory in Vapi, Gujarat, where it formulates, fills, packs and now even moulds its own plastic components under one roof - a setup that lets it serve three distinct customer groups (brand owners, export buyers and its own D2C shoppers) without relying on anyone else’s production line. # Business segments Three customer channels fed by one factory - contract manufacturing for other brands, exports to regulated and emerging markets, and a direct-to-consumer own brand - each at a different stage of maturity but all made in the same Vapi plant. ## 1. Contract manufacturing: the factory behind other people’s brands **Veerhealth makes toothpaste, shampoo and skincare for companies that sell under their own names - from Godrej to a 125-year-old business group - and handles everything from the formula to the finished tube.** - **End-to-end service, not just filling** - the company develops the formulation, sources the packaging, manufactures the product and dispatches it; clients get a single partner for the whole process, which is why a brand owner with no factory of its own can launch a product line without building one. - **Small batches lower the entry barrier** - the minimum order is just 1,000 pieces, deliberately set low so that startups and new businesses can test products without committing to industrial-scale volumes. - **The client list is the credential** - it has manufactured for Godrej Consumer Products, Apollo Pharmacy (India’s largest pharmacy chain with over 5,600 stores), Bob Barker (America’s leading detention supplier) and a top-ranked personal-care seller on Indian marketplaces, which means its quality has been audited by some of the most demanding buyers in the business. - **Registered to sell to the government** - it is listed as an OEM on the Government e-Marketplace (GeM) portal for 9 products covering skin care, body care, and hair care categories, making it eligible to bid for tenders from central and state ministries and public-sector bodies. ## 2. Exports: the USFDA door-opener **A USFDA drug OTC approval - rare for a small-cap Indian company - has turned exports from a developing-world toothpaste trade into a high-regulation institutional supply business.** - **The USFDA labeler code unlocked America** - the company secured a US FDA Labeler Code in early 2024 and full USFDA approval under the Drug OTC category in June 2025, which made it eligible to sell oral-care products into the US institutional market, a barrier most small manufacturers never cross. - **One big American buyer changed the game** - it supplies a leading US institutional supplier that has served the correction and detention industry for over 45 years and carries about 145 products; that buyer previously sourced from China but has now closed its China sourcing and shifted to India and Malaysia, giving Veerhealth a sticky, high-volume relationship. - **Shipments are scaling fast** - after the USFDA approval, the company dispatched three full-container-load shipments to the US and was targeting four to five per month, with discussions also underway with a major Russian group for oral-care exports. - **A wide but selective geographic spread** - active export markets span the USA, Kenya, Uganda, Tanzania, Morocco, UAE, UK, Hong Kong and several others across Africa, the Middle East and Asia, built on relationships that began with toothpaste shipments to East Africa in 2016. ## 3. AYUVEER: the company’s own consumer brand **AYUVEER is a direct-to-consumer brand of herbal daily-care products - toothpaste, shampoo, serums, baby care and more - sold on Amazon, Flipkart, Nykaa and Myntra, built entirely on the same factory lines that serve its B2B customers.** - **Seven categories from a single brand** - the range spans oral care, skin care, hair care, body care, healthcare (including 14 Ayurvedic tablet variants), a kids line and sunscreens, all formulated as 100% vegetarian and cruelty-free products. - **D2C model for the Ayuveer brand, alongside broader distribution** - the brand has adopted a D2C model for marketing its products and has a presence across all leading e-commerce platforms like Amazon, Flipkart, Nykaa and Myntra, while the company’s domestic distribution also includes traditional retail, modern trade, and online platforms. - **Built by an ex-Unilever scientist** - the entire AYUVEER personal-care range was developed by Dr. Rajiv Bhirud, whose career includes stints at Hindustan Lever, CavinKare and Unilever, giving the brand a formulation pedigree that a small-cap company would otherwise struggle to assemble. - **Still the smallest engine, with room to grow** - in FY24 the own-brand segment contributed 15% of the business, and management has stated a target to take that to at least 35%, implying the brand is meant to become a much larger part of the mix over time. # The Vapi factory: one plant, every product **All three channels - contract manufacturing, exports and AYUVEER - run off the same 90,000 sq. ft. facility in Gujarat, which combines formulation labs, filling lines, quality-testing infrastructure and now its own plastic-moulding unit under a single roof.** - **Integrated from formula to finished pack** - the plant houses in-house R&D, microbiology, stability-testing and physio-chemical laboratories, so a product can be conceived, tested, manufactured and packed without leaving the site. - **Capacity across formats** - the tube-filling line can handle 0.75 million tubes a month, the liquid-filling lines together can fill over a million bottles a month across multiple line speeds, and the tablet granulation department can produce 75,000 tablets a day, giving it the flexibility to switch between toothpaste, shampoo, serum and Ayurvedic tablets as orders demand. - **Backward integration into packaging** - the Veer Plast division, set up in 2025, runs blow-moulding and injection-moulding machines that make packaging components in-house, plus a toothbrush tufting and trimming line, reducing dependence on outside suppliers for bottles, caps and brushes. - **Certified for the markets that matter** - the plant holds ISO 9001, ISO 22716 (cosmetics GMP), State GMP, Halal and UKICL certifications, and it has been a USFDA-registered facility under the Drug OTC category, a credential that underpins its entire export pitch. # Group structure and partners **Veerhealth Care is a standalone public company with no subsidiaries - a single listed entity on the BSE, controlled by its promoters and run by a six-member board.** - **No subsidiaries or joint ventures** - as of the FY25 annual report, the company has no subsidiaries, joint ventures or associate companies, meaning all operations are contained within the listed entity itself. - **Promoter-held, with recent warrant issuance** - promoter shareholding stood at 31.50% as of March 2025; in July 2026 the company allotted one crore fully convertible warrants to promoter and non-promoter allottees, which on full conversion would take the diluted promoter holding to about 34%. - **Listed only on the BSE** - the company voluntarily delisted from the Metropolitan Stock Exchange in April 2022 and now trades solely on BSE under scrip code 511523, with over 10,000 shareholders on the register. - **A small hospital-care marketing sideline** - the company also has a marketing division associated with a manufacturer of anaesthesia delivery equipment and ambulances, and has supplied equipment such as ventilators and defibrillators to a government organisation, though this remains a minor activity alongside the core personal-care manufacturing business.