PharmEasy Unlisted Shares
API Holdings (PharmEasy)
API Holdings is the parent of PharmEasy, an online pharmacy and medicine distribution group that also owns the diagnostics company Thyrocare. It reported consolidated revenue of INR 66,185 million for FY26.
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Key facts
PharmEasy share details
- Lot size
- 10,000 shares
- Min. investment
- ₹69,500
- Face value
- ₹1
- Implied market cap
- ₹12,538 Cr
- Shares outstanding
- 18,040,424,870
- Founded
- 2019
- Headquarters
- Navi Mumbai, Maharashtra
- Website
- pharmeasy.in
- ISIN
- INE0DJ201029
- CIN
- U60100MH2019PLC323444
- Lock-in after IPO
- 6 months
Price history
PharmEasy share price chart
1Y change
-4.14%
High
₹9.95
Low
₹5.60
Indicative off-market dealer quotes, not exchange prices. A flat stretch means the quote did not change on those days.
About
About PharmEasy
API Holdings Limited is the company behind PharmEasy. The group sells medicines and healthcare products across India through two main routes: a digital marketplace for consumers and a distribution network that supplies local chemists, hospitals and other institutions. It also earns service revenue, mostly from diagnostics through Thyrocare Technologies, which is a listed step-down subsidiary.
The numbers below are consolidated, as printed in the FY26 annual report (year ended 31 March 2026). Revenue from operations was INR 66,185 million, up from INR 58,722 million a year earlier, a rise of 12.7%. Of this, sale of products was INR 56,700 million and sale of services was INR 9,413 million. The chemist and institution distribution business, called Retailio 1P, brought in INR 38,579 million. The hospital supply business, Aknamed, brought in INR 8,470 million.
The group is still loss making, but the gap has narrowed. Loss after tax was INR 5,203 million in FY26 against INR 15,724 million in FY25. EBITDA before exceptional items and ESOP expense turned positive at INR 999 million, or 1.5% of revenue, from a negative INR 1,791 million in FY25. Operating cash flow was positive at INR 772 million after a negative INR 2,109 million the year before. Borrowings fell from INR 20,337 million to INR 13,323 million over the year.
In diagnostics, the annual report says Thyrocare offers 1,275 tests through 41 labs and has more than 10,800 active franchise partners. Goodwill of INR 35,133 million sits on the balance sheet, mostly from past acquisitions. The board is led by Rahul Guha as Managing Director and CEO, with co-founder Siddharth Shah as Vice Chairman and Aditya Puri as non-executive Chairman. TPG is among the investors with a board nominee.
API Holdings has not listed its shares. Unlisted shares of a company like this are dealt off-market between private parties, so the price shown on this page is indicative, currently ₹6.75 per share with a lot size of 10000. It is not an exchange price. There is no linked IPO on IPO Guru yet.
Strengths
- Consolidated revenue from operations grew 12.7% to INR 66,185 million in FY26 from INR 58,722 million in FY25, per the annual report.
- EBITDA before exceptional items and ESOP expense turned positive at INR 999 million (1.5% of revenue) in FY26, against negative INR 1,791 million (minus 3.0%) in FY25.
- Net loss narrowed to INR 5,203 million in FY26 from INR 15,724 million in FY25, helped by lower ESOP cost and lower expected credit loss provisions.
- Operating cash flow turned positive at INR 772 million in FY26 after minus INR 2,109 million in FY25, and core working capital days fell from 50 to 42.
- Borrowings dropped to INR 13,323 million at March 2026 from INR 20,337 million a year earlier, and the group held INR 2,424.85 million of cash and equivalents.
- The group spans retail pharmacy, chemist distribution, hospital supply and diagnostics. Retailio 1P alone earned INR 38,579 million, about 68% of product revenue.
- Thyrocare gives it a diagnostics arm with 41 labs, 1,275 tests and more than 10,800 active franchise partners.
Risks
- The group is still loss making. It lost INR 5,203 million after tax in FY26 and INR 15,724 million in FY25, and one year of positive EBITDA does not yet show sustained profit.
- Finance costs were INR 4,100 million in FY26, large against EBITDA of INR 999 million, so interest eats up the operating gain.
- Goodwill of INR 35,133 million is over half of total assets of INR 64,811 million, and past impairments (INR 1,750 million of goodwill in FY25) show these values can be written down.
- Distribution is a thin margin business. Purchase of stock-in-trade was INR 52,448 million against revenue of INR 66,185 million.
- Operating cash flow of INR 772 million is small next to the INR 5,203 million loss, and FY26 investing inflow depended on withdrawing fixed deposits of INR 5,533 million, which cannot repeat indefinitely.
- Hospital sales fell as the group dropped low margin customers, so growth in one segment came at the cost of another.
- Online pharmacy is heavily regulated and competitive, and management changed during the year: a new MD and CEO from August 2025 and several director exits in February 2026.
- Unlisted shares have no exchange price. Prices are indicative, trading is thin and there is no assurance of an IPO or its timing.
Financials
PharmEasy financial performance
Revenue, profit and balance-sheet figures by fiscal year.
Revenue & PAT (₹ Cr)
Revenue
PAT
| Metric | FY26Latest | FY25 |
|---|---|---|
| Revenue (₹ Cr) | 6,619 | 5,872 |
| EBITDA (₹ Cr) | 100 | -179 |
| PAT (₹ Cr) | -520 | -1,572 |
| EBITDA Margin (%) | 1.51 | -3.05 |
| PAT Margin (%) | -7.86 | -26.78 |
| RoNW (%) | -15.18 | -48.05 |
| EPS (₹) | -0.37 | -1.05 |
| Debt / Equity | 0.39 | 0.62 |
| Total Assets (₹ Cr) | 6,481 | 6,977 |
| Net Worth (₹ Cr) | 3,427 | 3,272 |
Swipe the table sideways for earlier years →
Leadership
Management team
Rahul Guha
Managing Director and Chief Executive Officer
Appointed MD and CEO from 27 August 2025; also MD and CEO of Thyrocare Technologies.
Siddharth Shah
Vice Chairman and Executive Director
Earlier MD and CEO until 26 August 2025; Vice Chairman since 27 August 2025.
Alok Kumar Jagnani
Whole-time Director and Group Chief Financial Officer
Group CFO, appointed Whole-time Director from 26 May 2026.
Aditya Puri
Chairman and Non-Executive Director
Chairman of the board.
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Important disclaimer
Unlisted shares are not traded on stock exchanges. Prices shown are indicative and based on off-market transactions; they may differ from eventual listing or future market prices. Exit liquidity depends on counter-party availability. SEBI mandates a 6-month lock-in on pre-IPO shares post-listing. Gains held beyond 24 months are taxed at 12.5% LTCG (no indexation). IPO Guru is not a SEBI Registered Investment Advisor. Information here is for general awareness, not personalised investment advice. Please consult your tax advisor before investing.
