Pharmeasy Unlisted Share Price (API Holdings Ltd)

API Holdings, the parent company of PharmEasy, is an integrated digital healthcare platform operating across B2B, B2C and diagnostics. Its businesses cover pharmacy, hospital supply chains, diagnostics and healthcare technology, operating under different brands.

B2B

Retailers — Ascent / Retailio
Ascent distributes pharmaceutical products to chemists and institutions and procures medicines directly from pharmaceutical companies. Through Retailio, retailers can also use a digital ordering and inventory management platform.

Hospitals — Aknamed
Aknamed supplies pharmaceuticals, consumables, surgical supplies and medical devices to hospitals. It procures products from pharmaceutical companies and distributors and manages the supply chain for healthcare institutions.

B2C

PharmEasy
PharmEasy provides on-demand home delivery of prescription and OTC medicines to consumers. It also offers diagnostic services through its platform, allowing healthcare services to be cross-sold to its customer base.

Diagnostics

Thyrocare
Thyrocare provides diagnostic testing services to hospitals, diagnostic centres, independent phlebotomists and consumers. It also serves customers acquired through online healthcare platforms.

Pharmeasy ( API Holdings)  — Business Evolution

2012 — Dialhealth
Started Dialhealth, a medicine-delivery service in Mumbai. The founders soon faced a key problem: demand was there, but the supply chain was not reliable enough to fulfil orders.

2013 — Ascent
To solve the supply problem, they started Ascent, a pharmaceutical distribution business supplying medicines to pharmacies. This gave them greater control over procurement and supply.

2015 — PharmEasy
Using the supply-chain capabilities built through Ascent, they launched PharmEasy, allowing consumers to order medicines online and get them delivered to their homes.

2016 — Docon
They identified another gap in healthcare: doctors and clinics lacked proper digital records and management tools. This led to the acquisition of Docon, which provided EMR, clinic-management and teleconsultation solutions.

2017 — Retailio
Ascent launched Retailio, a digital B2B platform connecting pharmacies with pharmaceutical distributors. It helped retailers manage ordering, inventory, stock-outs and product expiry more efficiently.

2020 — API Holdings
The different businesses were brought together under a single entity, API Holdings, creating an integrated digital healthcare platform.

2021 — Four Strategic Acquisitions
API Holdings acquired Medlife, Thyrocare and Aknamed, while also acquiring a 49% stake in Marg, expanding its presence across digital pharmacy, diagnostics, hospital supply chains and pharmacy technology.

FY26 Revenue Mix

• Total Revenue: ₹6,925.6 Cr
• B2B: ₹4,763 Cr — 69% of revenue
• B2C (PharmEasy): ₹1,333.6 Cr — 19% of revenue
• Thyrocare: ₹829 Cr — 12% of revenue
• B2B includes Ascent and Aknamed, which together form the major revenue base of API Holdings, contributing around 70% of total revenue.
• PharmEasy generated ₹1,333.6 Cr in FY26, contributing around 19% of the company’s total revenue.Indian Pharmaceutical & Pharmacy Retail Industry
  

  Pharmaceutical Market

  The Indian pharmaceutical market was valued at approximately US$65 billion in FY25, compared with around US$42 billion in FY21, representing growth of approximately 55% over the four-year period. The domestic pharmaceutical market remains highly fragmented, with more than 500 medium and large manufacturers, around 60,000 distributors and approximately 8 lakh pharmacy outlets.

  The domestic market is predominantly driven by generic medicines, which account for approximately 75% of the market. OTC drugs account for around 18%, while branded patented drugs contribute approximately 7%.

  Pharmacy Retail Market

  The total Indian pharmacy retail market was estimated at ₹2,72,500 crore in FY25. Traditional pharmacies continue to dominate the market with a size of approximately ₹2,19,000 crore, while modern retail accounted for around ₹53,500 crore.

  Within modern retail, the e-commerce pharmacy market stood at ₹23,000 crore, comprising approximately ₹2,500 crore from omni-channel players and ₹20,500 crore from online-only players. Brick-and-mortar organised pharmacy accounted for around ₹30,500 crore.

  E-Commerce Pharmacy

  The e-commerce pharmacy segment has been one of the fastest-growing parts of the Indian pharmacy retail market, growing at approximately 42% CAGR between FY21 and FY25. The market is estimated at around US$3.5 billion, according to industry reports.

  Online pharmacy adoption has also increased significantly, with the number of orders rising from approximately 45 million in 2020 to 140 million in 2025.

  The shift in consumer behaviour from traditional pharmacies toward organised retail and e-pharmacy is expected to support the long-term growth of digital pharmacy platforms such as PharmEasy. Its distribution business also provides an additional avenue for participating in the broader pharmaceutical supply chain.

  Diagnostics Market — Thyrocare

  The Indian diagnostic lab market increased from approximately US$11.07 billion in FY21 to US$16.50 billion in FY25, representing growth of around 49% over four years.

  The broader Indian diagnostics market increased from ₹675.8 billion (US$9.6 billion) in FY20 to ₹1,131.3 billion (US$13.4 billion) in FY25, registering a 10.9% CAGR. In-vitro diagnostics (IVD) accounted for approximately 57% of the market in FY25, with a market size of ₹644.9 billion (US$7.6 billion).

  The diagnostics market is projected to grow at approximately 11.7% CAGR between FY25 and FY30, reaching an estimated ₹1,964.3 billion (US$23.2 billion) by FY30. Rising healthcare awareness, preventive testing and increasing demand for diagnostic services are expected to remain key growth drivers for the sector.

  SEGMENT OPERATION AND FINANCIALS
  
  B2B SEGMENT : ASCENT
  Ascent, the B2B business of API Holdings, is engaged in the distribution of pharmaceutical products to chemists and institutions.The business delivered steady growth in FY26, with revenue increasing 15% YoY to ₹4,088.9 Cr, compared with ₹3,554.2 Cr in FY25.

  Gross profit increased 21.8% YoY to ₹366.9 Cr, resulting in an improvement in gross margin from 8.5% to 9.0%, or 50 bps. At the same time, operating expenses declined from ₹410.2 Cr to ₹365.4 Cr, helping the business move from an EBITDA loss of ₹108.9 Cr in FY25 to positive EBITDA of ₹1.3 Cr in FY26. EBITDA margin consequently improved from -3.1% to 0.0%. Working capital efficiency also improved, with WC days declining from 53 days in FY24 to 44 days in FY26. 

   

  Particulars	FY24 (₹ Cr)	FY25 (₹ Cr)	FY26 (₹ Cr)
  Revenue	3,365.40	3,554.20	4,088.90
  GM	299	301.3	366.9
  GM%	8.90%	8.50%	9.00%
  Opex	414.1	410.2	365.4
  Opex%	12.30%	11.50%	8.90%
  EBITDA¹	-115.1	-108.9	1.3
  EBITDA%	-3.40%	-3.10%	0.00%
  WC Days	53	49	44

  AKNAMED
  Aknamed is engaged in the procurement and supply-chain management of pharma products, consumables and surgical supplies for hospitals. In FY26, revenue declined 2% YoY to ₹674.1 Cr, while gross margin fell to 5.5%. However, sharp cost reduction helped narrow the EBITDA loss to ₹13.9 Cr from ₹94.4 Cr in FY25, improving EBITDA margin to -2.1%.

   

  Particulars	FY24	FY25	FY26
  Revenue	₹763.9 Cr	₹687.5 Cr	₹674.1 Cr
  Gross Margin (GM)	₹62.4 Cr	₹47.3 Cr	₹37.0 Cr
  GM %	8.20%	6.90%	5.50%
  Opex	₹273.4 Cr	₹141.7 Cr	₹50.9 Cr
  Opex %	35.80%	20.60%	7.60%
  EBITDA	-₹211.0 Cr	-₹94.4 Cr	-₹13.9 Cr
  EBITDA %	-27.60%	-13.70%	-2.10%
  WC Days	87	76	80

   B2C SEGMENT  : PHARMEASY

  PharmEasy is engaged in the on-demand home delivery of prescription and OTC medicines to consumers through its app and website. In FY26, revenue grew 17.9% YoY to ₹1,333.6 Cr, while gross margin improved to 25.7% from 22.8%. Gross profit increased to ₹342.5 Cr, and the EBITDA loss narrowed significantly to ₹39.4 Cr from ₹86.1 Cr in FY25. 

   

  Particulars	FY24	FY25	FY26
  Revenue	₹1,085.6 Cr	₹1,131.5 Cr	₹1,333.6 Cr
  Gross Margin (GM)	₹200.3 Cr	₹258.3 Cr	₹342.5 Cr
  GM %	18.50%	22.80%	25.70%
  Opex	₹377.3 Cr	₹344.4 Cr	₹381.9 Cr
  Opex %	34.80%	30.40%	28.60%
  EBITDA	-₹177.0 Cr	-₹86.1 Cr	-₹39.4 Cr
  EBITDA %	-16.30%	-7.60%	-3.00%
  WC Days	29	29	30

  
  DIAGNOSTICS SEGMENT : THYROCARE 

  Thyrocare provides diagnostic testing and imaging services to hospitals, diagnostic centres, independent phlebotomists and consumers. Diagnostic testing contributes 92% of revenue, while imaging and other services contribute the remaining 8%.

   

  Particulars	FY24	FY25	FY26
  Revenue	₹571.9 Cr	₹687.3 Cr	₹829.0 Cr
  Gross Margin (GM)	₹405.2 Cr	₹496.2 Cr	₹609.5 Cr
  GM %	70.90%	72.20%	73.50%
  Opex	₹236.8 Cr	₹265.6 Cr	₹311.7 Cr
  Opex %	41.40%	38.60%	37.60%
  EBITDA	₹153.1 Cr	₹209.9 Cr	₹279.9 Cr
  EBITDA %	26.80%	30.50%	33.80%

  
  In FY26, Thyrocare reported 20.6% YoY revenue growth to ₹829 Cr, while EBITDA increased 33.3% to ₹279 Cr, with an EBITDA margin of around 33.7%. The company processed 210 million tests (+23% YoY) and served 19.2 million patients (+15% YoY), making Thyrocare the only profitable key business of API Holdings in FY26.

  
  API HOLDINGS ( PHARMEASY ) QUARTERLY RESULTS 

   

  Particulars	Q1’26	Q2’26	Q3’26	Q4’26	Q1’27
  Revenue	1,591.40	1,764.10	1,740.00	1,773.50	1,754.00
  GM	307.2	345.4	337.7	372.6	375
  GM%	19.30%	19.60%	19.40%	21.00%	21.40%
  Opex	320	313.6	321.8	332.3	335.8
  Opex%	20.10%	17.80%	18.50%	18.70%	19.10%
  Exceptional cost	0	0	5.7	7
  EBITDA	-12.8	31.8	10.2	33.3	39.3
  EBITDA%	-0.80%	1.80%	0.60%	1.90%	2.20%
  Finance Cost	119	159.2	62	54.5	55.2
  PBT	-145.4	-130.2	-75.3	-37.4	-29.6
  WC Days	44	35	40	39	39

  Q1 FY27 marked a significant turnaround for PharmEasy and API Holdings, supported by debt reduction through the stake sale in Thyrocare and improving operating performance. Revenue increased 10.22% YoY to ₹1,754 Cr, compared with ₹1,591 Cr in Q1 FY26.

  Profitability also improved, with EBITDA turning positive at ₹39 Cr, compared with a loss of ₹12.8 Cr in Q1 FY26. Finance costs declined by 55%, while the working capital cycle improved to 39 days from 44 days. However, Thyrocare remained a meaningful contributor to the improvement, accounting for approximately 29% of API Holdings’ YoY revenue growth and 27% of the improvement in EBITDA in Q1 FY27.

   

  Valuation & Financial Performance

  PharmEasy (API Holdings) is currently valued at around ₹10,645 Cr at an estimated unlisted price of ₹6.25 per share, trading at approximately 3.25x Price-to-Book, below its listed peer MedPlus at 4.11x. The company has significantly improved its balance sheet, with Debt-to-Equity declining from 1.58x in FY24 to 0.62x in FY25. Interest coverage has also improved from -9.71x in FY21 to -1.64x in FY25, while the recent ₹1,050 Cr debt repayment should further reduce financial leverage.

  FY26 marked a clear improvement in operating performance, with revenue growing 14.7% YoY to ₹6,869 Cr from ₹5,872 Cr. Gross margin expanded from 18.6% to 19.8%, while EBITDA turned positive at ₹62 Cr, compared with a negative EBITDA in FY25. EBITDA margin improved from -3.8% to 0.9%, indicating that the business is moving closer to sustainable profitability. The working-capital cycle also improved from 53 days in FY24 to 39 days in FY26, reflecting better cash-flow efficiency