API Holdings Unlisted Shares Trend
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API Holdings, the parent company of PharmEasy, is one of India’s leading digital healthcare platforms, based on GMV of products and services sold for the year ended March 31, 2021, according to the RedSeer Report. API Holdings operates an integrated end-to-end healthcare ecosystem designed to address the evolving healthcare needs of consumers across multiple stages, including:
API Holdings and PharmEasy have built strong proprietary technology platforms, unified healthcare data systems, advanced supply chain capabilities, and deep expertise in India’s healthcare ecosystem. These capabilities help differentiate API Holdings in the rapidly growing Indian digital healthcare market.
The API Holdings platform empowers every stakeholder across the healthcare value chain, including:
Through innovative technology solutions and a connected healthcare network, API Holdings enables these stakeholders to streamline operations, improve accessibility, and scale efficiently across India.
PharmEasy’s extensive logistics and last-mile delivery network allows API Holdings to serve customers across more than 18,587 pin codes as of June 2021. The platform has established a strong presence across urban, semi-urban, and rural India, making affordable and accessible healthcare services available to people across different income groups and geographies.
API Holdings continues to strengthen its position in the Indian digital healthcare sector through PharmEasy by expanding healthcare access, improving convenience, and leveraging technology-driven healthcare solutions at scale.
PharmEasy is one of India’s leading consumer healthcare “super apps,” offering a comprehensive digital healthcare platform for medicine delivery, diagnostics, and online healthcare services. PharmEasy enables consumers to conveniently access prescription medicines, OTC pharmaceutical products, healthcare and wellness products, diagnostic test services, and teleconsultations with doorstep delivery across India.
As a fast-growing digital healthcare platform under API Holdings, PharmEasy is transforming healthcare accessibility by combining technology, affordability, and convenience for millions of Indian consumers.
Key Highlights of PharmEasy
Services Offered by PharmEasy
PharmEasy’s technology-driven healthcare ecosystem allows users to manage their healthcare needs through a single platform, making it one of India’s most recognized digital healthcare and online pharmacy brands.
API Holdings has built a diversified digital healthcare ecosystem through multiple healthcare and technology-driven brands operating across pharmaceuticals, diagnostics, hospital procurement, and healthcare software solutions. Through its portfolio companies and platforms, API Holdings is strengthening its position in India’s rapidly growing healthcare and health-tech sector.
API Holdings: Businesses & Brands
Through these healthcare brands and digital platforms, API Holdings continues to expand its integrated healthcare ecosystem across consumers, pharmacies, hospitals, diagnostics, and healthcare professionals in India.
Figures shown in millions. YoY shown under each year; trend sparkline on the right.
| Particulars | FY 2021-22 | FY 2022-23 | FY 2023-24 | FY 2024-25 | Trend |
|---|---|---|---|---|---|
| Income | |||||
| Revenue from operations | 57,288.21 | 66,439.38 | 56,642.86 | 58,721.64 | |
| Other income | 521.81 | 558.33 | 946.55 | 1,078.65 | |
| Total income | 57,810.02 | 66,997.71 | 57,589.41 | 59,800.29 | |
| Expenses | |||||
| Cost of Material Consumed | 854.60 | 1,569.20 | 1645.09 | 1,886.02 | |
| Purchase of stock-in-trade | 52,566.12 | 55,120.60 | 45,728.06 | 47,295.83 | |
| Changes in inventories of stock-in-trade | (2,290.53) | 618.96 | 1,430.14 | (39.76) | |
| Employee benefits expense | 14,589.71 | 12,833.20 | 6,993.63 | 9,083.99 | |
| Finance costs | 2,582.64 | 6,655.43 | 7,279.16 | 5,061.07 | |
| Depreciation and amortisation expense | 1,587.85 | 2,434.40 | 2,159.52 | 1,689.78 | |
| Other expenses | 15,025.51 | 10,508.31 | 5,619.76 | 6,107.40 | |
| Total expenses | 84,915.90 | 89,740.10 | 72,548 | 72,085.58 | |
| Loss before exceptional items and tax | (27,105.88) | (22,745.38) | (14,949.84) | (12,203.74) | |
| Loss before tax | (39,707.70) | (51,965.22) | (25,219.72) | (15,168.85) | |
| Total tax expense | 217.26 | 152.12 | 115.41 | 555.04 | |
| Loss for the year | (39,924.96) | (52,117.34) | (25,311.71) | (15,723.89) | |
| EPS (in ₹) | (7.28) | (8.51) | (3.02) | (1.05) |
Figures shown in millions. YoY shown under each year; trend sparkline on the right.
| Particulars | As on 31-03-2022 | As on 31-03-2023 | As on 31-03-2024 | As on 31-03-2025 | |
|---|---|---|---|---|---|
| ASSETS | |||||
| Total Non-current assets | 88,961.22 | 57,215.53 | 49,134.07 | 44,639.56 | |
| Total current assets | 25,022.05 | 25,348.63 | 34,762.53 | 25,126.28 | |
| Total assets | 113,983.27 | 82,564.16 | 83,896.60 | 69,765.84 | |
| EQUITY AND LIABILITIES | |||||
| Equity | |||||
| Equity Share capital | 6,142.04 | 6,142.04 | 6,240.44 | 6,516.67 | |
| Total equity | 70,224.81 | 24,368.89 | 25,883.10 | 32,722.81 | |
| Liabilities | |||||
| Total non-current liabilities | 6,142.40 | 34,963.04 | 22.988.67 | 19,230.88 | |
| Total current liabilities | 37,616.06 | 23,232.23 | 35,024.83 | 17,812.15 | |
| Total liabilities | 43,758.46 | 58,195.27 | 58,013.50 | 37,043.03 | |
| Total equity and liabilities | 113,983.27 | 82,564.16 | 89,896.60 | 69,765.84 |
Figures shown in millions. YoY shown under each year; trend sparkline on the right.
| Particulars | FY 2021-22 | FY 2022-23 | FY 2023-24 | FY 2024-25 | Trend |
|---|---|---|---|---|---|
| A.Cash flow from operating activities | |||||
| Loss before tax | (39,707.70) | (51,965.22) | (25,219.72) | (15,168.85) | |
| Adjustments | 24,924.27 | 45,596.53 | 27,356.67 | 14,805.23 | |
| Operating (loss) before working capital changes | (14,738.43) | (6,368.89) | (2,136.95) | (363.62) | |
| Changes in working capital: | |||||
| Cash used in operations | (25,049.28) | (6,821.49) | (254.28) | (1,764.07) | |
| Net cash flow used in operating activities (A) | (25,893.69) | (7,441.72) | (611.36) | (2,235.32) | |
| B. Cash flow from investing activities | |||||
| Net cash flow used in investing activities (B) | (57,892.06) | (722.84) | (12,609.50) | 7,749.61 | |
| C. Cash flow from financing activities | |||||
| Net cash flow from financing activities (C) | 83,053.68 | 8,534.85 | 14,568.33 | (7,599.11) | |
| Net cash flows during the year (A+B+C) | (732.07) | 370.29 | 1,347.47 | (2,084.82) | |
| Cash and cash equivalents (opening balance) | 2,300.83 | 1,568.76 | 1,926.98 | 3,274.45 | |
| Cash and cash equivalents (closing balance) | 1,568.76 | 1,939.05 | 3,274.45 | 1,189.63 |
Total Revenue Grew Steadily
Total Revenue increased by approximately 3.84%, climbing from ₹57,589.41 million in FY 23-24 to ₹59,800.29 million in FY 24-25.
Loss After Tax Reduced Significantly
The company successfully slashed its net losses by an impressive 39.85%, dropping from ₹25,219.72 million in FY 23-24 to ₹15,168.85 million in FY 24-25.
EPS Improved
Loss per share saw a remarkable 65.23% improvement, decreasing sharply from a loss of ₹3.02 in FY 23-24 to just ₹1.05 in FY 24-25.
There are currently no active or upcoming share buyback programs announced for this security.
| Issue Detail | Ratio | Issue Price | Record Date | Action |
|---|---|---|---|---|
| Right Issue - 2023 | 1 (One) CCPS B for every 17 fully paid-up Equity Share held | ₹96.8 (₹4.84 post conversion) | Aug 11, 2023 | Read Letter of Offer |
| Right Issue - 2022 | 1 (One CCPS for every 82 fully paid-up Equity Share held | ₹100 | Sep 9, 2022 | Read Letter of Offer |
API Holdings CEO Rahul Guha discusses the group’s roadmap to profitability, highlighting PharmEasy’s recent monthly break-even and Thyrocare’s 50% PAT growth.
PharmEasy plans to re-enter the IPO market following a major business overhaul. The company aims to discuss its IPO strategy, including a potential merger with Thyrocare, at its February board meeting
The Manipal Group family office may also secure a board seat at API Holdings and become its single largest shareholder
PharmEasy's parent API Holdings recently conducted a Rs 3,500 crore rights issue and it has been over-subscribed, claimed co-founder Dhaval Shah.
CCI has approved the purchase of stakes in PharmEasy by various entities including Naspers, Temasek, Goldman Sach, etc.
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API Holdings Unlisted Shares Trend
This sentiment meter reflects current demand-supply conditions in the unlisted market. It is not a rating and should not be considered advice to buy, sell, or hold. Sentiments are subject to rapid change and may not be real-time.
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