BSE: 511523
VEERHEALTH CARE LIMITED
Manufactures and supplies personal care, skin care, hair care, oral care and body care products on a contract manufacturing basis for leading Indian FMCG companies, large Indian pharmacy and healthcare chains, and overseas buyers. The core business is making face care, skin care and personal care items for a 125-year-old Indian FMCG group under repeat orders (Rs. 3.60 crore in June 2026, Rs. 2.45 crore in May 2026, Rs. 76.40 lakhs sample order in July 2026), along with haircare and oral care products for a leading Indian pharmacy network (Rs. 1.11 crore order in July 2026). Exports form a growing line, with body care products shipped to a New York-based e-commerce platform (Rs. 1.43 crore order, April 2026) and a Rs. 15.73 lakh order for Gripe Water from a buyer in Sudan, the company's first order from that market. FY26 revenue from operations was Rs. 32.48 crore, up from Rs. 24.15 crore in FY25, with net profit of Rs. 0.54 crore. The company also markets its own AyuVeer brand, listed on Myntra, and received USFDA plant clearance in June 2025 to enable OTC drug product exports. A Veer Plast division has been added for backward integration. Management has guided FY27 income of around Rs. 105 crore with PAT of Rs. 5–6 crore, and FY28 income of around Rs. 156 crore with PAT of Rs. 9–10 crore. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Contract manufacturing for Indian FMCG companies, Contract manufacturing for Indian pharmacy and healthcare chains, Export orders, Own brand (AyuVeer) sales. Small-cap contract manufacturer in personal care and OTC products, order-driven with a 45-day execution window, scaling into exports under a USFDA-cleared plant.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 10 | 13 | 13 | 17 | 32 |
| EBITDA (ex other income) | (1) | 1 | 1 | 0 | 2 |
| margin % | (8.5) | 3.8 | 4.6 | 2.8 | 6.6 |
| Owners' profit | (0) | 2 | 0 | 0 | 1 |
| EPS, as reported (₹) | (0.14) | 1.52 | 0.21 | 0.20 | 0.27 |
| ROE % · ROCE % | (0.7) · 1.8 | 7.4 · 4.6 | 1.9 · 5.1 | 1.8 · 2.6 | 2.4 · 5.4 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.22 | 0.20 |
| Cash from operations | 2 | (1) | 3 | (0) | 4 |
| Capex | (2) | (2) | (1) | (9) | (5) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2 | 5 | 4 | 6 | 4 | 4 | 7 | 17 |
| Profit before tax | 0 | 0 | 0 | (0) | 0 | 0 | 0 | 0 |
| Net profit | 0 | 0 | 0 | (0) | 0 | 0 | 0 | (0) |
| EPS (₹) | 0.06 | 0.15 | 0.04 | (0.05) | 0.12 | 0.13 | 0.20 | 0.18 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUN PHARMACEUTICAL IND L | 4,22,229 | 34.9 | 5.03 | 22.6 | 13.7 | 17.5 | 11.8 | 32.3 |
| DIVI S LABORATORIES LTD | 2,48,067 | 84.9 | 14.80 | 64.0 | 15.3 | 18.8 | 8.7 | 42.8 |
| TORRENT PHARMACEUTICALS L | 1,56,270 | 73.8 | 8.89 | 38.8 | 12.2 | 8.0 | 11.8 | 33.1 |
| ZYDUS LIFESCIENCES LTD | 1,10,978 | 24.8 | 3.75 | 14.4 | 17.3 | 18.0 | 12.4 | 25.2 |
| LAURUS LABS LIMITED | 1,07,937 | 98.6 | 19.87 | 60.1 | 16.4 | 17.2 | 7.2 | 32.0 |
| CIPLA LTD | 1,05,570 | 31.3 | 3.06 | 16.1 | 11.2 | 14.7 | 8.0 | 19.7 |
| DR. REDDY S LABORATORIES | 98,530 | 30.5 | 2.58 | 13.2 | 10.9 | 13.0 | 12.1 | 15.0 |
| MANKIND PHARMA LIMITED | 98,294 | 48.1 | 5.94 | 27.1 | 11.7 | 10.8 | — | 27.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 78.5 | 31.2 | 134 of 158 | 15% |
| P/B | 4.3 | 3.1 | 106 of 163 | 35% |
| ROCE | 4.1 | 10.8 | 133 of 183 | 28% |
| ROE | 2.4 | 9.8 | 131 of 166 | 21% |
| Debt / Equity | 0.2 | 0.2 | 95 of 166 | 43% |
| EBITDA margin | 3.8 | 17.5 | 144 of 165 | 13% |
| Revenue growth | 198.3 | 16.3 | 5 of 161 | 98% |
| Profit growth | (255.9) | 30.9 | 151 of 158 | 5% |
| Market cap | 99 | 857 | 134 of 181 | 26% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 7 Oct 2026 · Routine compliance filing for share dematerialization for Jul-Sep 2026 quarter | compliance | minimal | — | — |
| 3 Oct 2026 · Veerhealth Care wins Rs 4.55 Cr skincare order from top FMCG company | business updates | high | — | — |
| 28 Sept 2026 · Trading window closed for insiders | compliance | minimal | — | — |
| 25 Sept 2026 · 34th AGM results: Both resolutions passed with overwhelming majority | board shareholder meetings | low | — | — |
| 23 Sept 2026 · 34th AGM held on Sept 23, 2026 via video conferencing; two ordinary resolutions tabled | board shareholder meetings | low | — | — |
| 22 Sept 2026 · Corrigendum: AGM timing changed to 4:00 PM on 23 Sept 2026 | board shareholder meetings | low | — | — |
| 11 Sept 2026 · Veerhealth Care gets sample order, signs MoU for oral care supply | business updates | low | — | — |
| 9 Sept 2026 · Veerhealth Care signs supply deal, first order worth Rs 10.07 lakh | business updates | medium | — | — |
| 3 Sept 2026 · Veerhealth Care gets 4.36 crore repeat skincare order | business updates | high | — | — |
| 2 Sept 2026 · New skincare order worth Rs 4.37 crore from leading FMCG firm | business updates | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.