PharmEasy (API Holdings Ltd) - Unlisted Shares
Fundamentals
- Current Price
- ₹6.6
- Market Cap
- ₹4,580.40 Cr
- ISIN
- INE0DJ201029
- Face Value
- ₹1
- EPS
- -1.05
- P/B Ratio
- 3.07
- Book Value
- 2.15
- Debt / Equity Ratio
- 0.621
Key Financials
Profit & Loss
| Metric | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Revenue from Operations | 5,872.16 | 5,664.29 | 6,643.94 | 5728.82 | 2335.27 |
| Growth % | 3.67% | -14.75% | 15.97% | 145.32% | 0 |
| Operating Expenses | 6,533.47 | 6310.9 | 8,065.03 | 8074.54 | 2904.60 |
| Growth % | 3.53% | -21.75% | -0.12% | 177.99% | 0 |
| Operating Profit | -661.31 | -646.65 | -1,421.09 | -2345.72 | -569.33 |
| Op. Profit Margin % | -11.26% | -11.42% | -21.39% | -40.95% | -24.38% |
| Other Income | 107.87 | 94.66 | 55.83 | 52.18 | 25.39 |
| Finance Costs | 506.11 | 727.92 | 665.54 | 258.26 | 43.43 |
| Depreciation | 168.98 | 216.0 | 243.44 | 158.79 | 32.90 |
| Share to the associates | 8.10 | 0.9 | -0.30 | 0.66 | 0.00 |
| Exceptional items | 296.51 | 1026.96 | 2,921.98 | -1260.84 | 0.00 |
| Profit Before Tax | -1,516.94 | -2,521.952 | -5,196.522 | -3,970.77 | -620.27 |
| Tax | 55.50 | 11.5 | 15.21 | 21.73 | 21.07 |
| Tax % | -3.66% | -0.46% | -0.29% | -0.55% | -3.40% |
| Discontinued Operations | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit After Tax | -1,572.44 | -2,533.49 | -5,211.73 | -3992.496 | -641.34 |
| Growth % | 37.93% | 51.39% | -30.54% | -522.53% | 0 |
| PAT % | 26.18% | 268.28% | -78.44% | -69.69% | -27.46% |
| Diluted EPS | -1.05 | -3.02 | -8.51 | -7.28 | -2.67 |
Company Financials
| Metric | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Equity Capital | 651.67 | 624.04 | 614.20 | 614.20 | 25.62 |
| Reserves | 2,620.61 | 1,964.27 | 1822.69 | 6408.28 | 3555.56 |
| Total Equity | 3,272.28 | 2,588.31 | 2436.89 | 7022.48 | 3581.18 |
| Borrowings | 1,684.09 | 2,024.39 | 3200.91 | 100.07 | 232.15 |
| Provision | 13.16 | 11.166 | 13.14 | 12.95 | 14.68 |
| Other Non-Current Liabilities | 225.83 | 263.31 | 282.26 | 501.23 | 101.13 |
| Total Non Current Liabilities | 1,923.09 | 2,298.87 | 3496.30 | 614.24 | 347.96 |
| Borrowings | 349.58 | 2,073.97 | 919.08 | 2485.35 | 353.24 |
| Other Current Liabilities | 1,431.64 | 1,428.52 | 1404.15 | 1276.25 | 622.98 |
| Total current Liabilities | 1,781.22 | 3,502.48 | 2323.22 | 3761.61 | 976.21 |
| Equity + Liabilities | 6,976.58 | 8389.66 | 8256.42 | 11398.33 | 4905.34 |
| Fixed Assets (incl. WIP) | 3,796.25 | 3980.184 | 4610.90 | 430.97 | 61.62 |
| Other Non Current Assets | 667.71 | 933.22 | 1110.66 | 8465.15 | 3525.61 |
| Total Non Current Assets | 4,463.96 | 4,913.41 | 5721.55 | 8896.12 | 3587.23 |
| Trade Receivables | 669.51 | 706.21 | 905.03 | 860.85 | 358.29 |
| Cash & Cash Equivalents | 739.76 | 1610.491 | 297.52 | 329.22 | 323.18 |
| Other Current Assets | 1,103.36 | 1159.55 | 1332.31 | 1312.14 | 636.65 |
| Total Current Assets | 2,512.63 | 3476.25 | 2534.86 | 2502.21 | 1318.11 |
| Total Assets | 6,976.58 | 8,389.66 | 8,256.42 | 11398.33 | 4905.34 |
Shareholding Pattern
- Naspers Ventures BV
- 13.24%%
- Macritchie Investments Pte. Ltd
- 11.93%%
- Surbhi Singh jointly with Universal Trustees Private Limited
- 6.10%%
- TP G Growth V SF Markets Pvt Ltd
- 7.32%%
- Evermed Holdings Pte. Ltd
- 6.45%%
- Others
- 54.96%%
Strengths & Weaknesses
Strengths
- Strategic Initiatives for Margin Enhancement: Optimized product mix with a focus on higher-margin private label products. Adjusted sales mix to prioritize high-margin opportunities.
- Technological Advancements: Developed AI/ML-powered tools for inventory management and customer engagement. Integration of operational systems across the supply chain for improved efficiency.
- Sustainable Revenue Growth: Efforts to improve wallet share in existing chemist and hospital businesses.Increased customer retention and enhanced order value metrics.
- Stake in Thyrocare: PharmEasy's parent company, API Holdings, had acquired 66.1% stake in Thyrocare Technologies in 2021, which is a listed company.
Weaknesses
- Financial Losses: Significant losses reported for the fiscal year, although reduced from the prior year. High exceptional expenses, including impairment charges and redemption costs.
- Dependence on External Capital: Reliance on rights issues and preference share allocations for funding operations and debt settlements.
- Operating Expenses Consistently Exceed Revenue: Across all years, operating expenses are higher than revenues, meaning the company is structurally loss-making. For example, in FY23, revenue was ~₹6,644 Cr but expenses were ~₹8,065 Cr. This sustained negative operating leverage is a key weakness.
- Covenant Breach: PharmEasy breached its loan covenants in 2023 after failing to raise equity, putting assets like Thyrocare at risk of takeover by Goldman Sachs, which had lent ₹2,280 crore at a steep 17–18% interest. Delayed IPO plans and inability to raise funds triggered the breach.
- Unstable Management: Co-founders Dharmil Sheth, Dhaval Shah, and Hardik Dedhia have stepped back from active roles, raising concerns about leadership stability and long-term vision.
About PharmEasy (API Holdings Ltd)
API Holdings Limited is a healthcare-focused organization that integrates technology and innovation to provide a comprehensive suite of healthcare services. Headquartered in Mumbai, India, the company is recognized for its flagship brands, such as PharmEasy and Thyrocare Technologies, which serve diverse sectors within the healthcare ecosystem, including diagnostics, pharmaceuticals, and retail distribution.The company operates across two primary business segments:
Board of Directors
- Aditya Puri - Chairman, Non-Executive Director
- Deepak Vaidya - Independent, Non-Executive Director
- Ankur Thadani - Non-Executive Director
- Ashutosh Sharma - Non-Executive Director
- Vineeta Rai - Independent, Non-Executive Director
- Dr. Jaydeep Tank - Independent, Non-Executive Director
- Subramaniam Somasundaram - Independent, Non-Executive Director
- Siddharth Shah - Executive Director and Vice Chairman
- Rahul Guha - MD and CEO
- Dhaval Shah - Whole-time Director
- Hardik Dedhia - Whole-time Director
- Shyam Powar - Non-Executive Director
- Ranjan Pai - Non-Executive Director
- Dovaldas Buzinskas - Non-Executive Director
Senior Management
- Rahul Guha - MD and CEO
- Siddharth Shah - Executive Director
Frequently Asked Questions
- Is there any lock in period for PharmEasy (API Holdings Ltd) unlisted shares?
- The lock-in period for PharmEasy (API Holdings Ltd) Unlisted Shares differs based on the investor category, as per SEBI regulations:
● Venture Capital Funds and Foreign Venture Capital Investors (FVCIs):
A lock-in period of 6 months from the date of acquisition of the shares.
● Alternative Investment Funds – Category II (AIF-II): No lock-in period is applicable.
● Other investors (including retail investors, high net-worth individuals (HNIs), and body corporates):
A lock-in period of 6 months from the date of IPO listing of PharmEasy (API Holdings Ltd).
These norms were introduced by SEBI in August 2021, reducing the earlier lock-in requirement from one year to six months. The change was aimed at improving liquidity and encouraging investor participation in companies preparing for public listings. Since then, interest in pre-IPO investments has increased, with investors exploring opportunities to participate in companies ahead of their potential listing. - How much long term capital gains tax do I have to pay on PharmEasy (API Holdings Ltd) unlisted shares?
- Long-Term Capital Gains (LTCG) on Unlisted Shares in India arise when such shares are sold after being held for a period of more than two years. The key aspects of LTCG taxation on PharmEasy (API Holdings Ltd) unlisted shares are outlined below:
1. Tax Rate
Earlier, LTCG on unlisted shares was taxed at 20% with indexation benefits. However, as per Union Budget 2024, the tax structure has been revised. For transfers made on or after 23rd July 2024, LTCG on unlisted shares is taxed at a flat rate of 12.5%.
2. Indexation Benefit
Previously, investors could avail indexation benefits to adjust the purchase price for inflation, thereby reducing taxable gains.
This indexation benefit has been removed under Budget 2024 for unlisted shares transferred on or after 23rd July 2024.
3. Importance for Investors
Understanding LTCG taxation is important for both retail investors and High Net-Worth Individuals (HNIs), as it directly impacts investment returns, exit planning, and overall tax strategy.
4. Calculation Method
For eligible transactions after 23rd July 2024, LTCG will be calculated at a flat tax rate of 12.5% on the capital gains, without indexation.
5. Applicability
LTCG tax is applicable when unlisted shares are held for more than 24 months before being sold.
6. Relevance
These tax provisions are particularly relevant for investors in the unlisted share market who are considering exiting their investments after a long-term holding period. - How do I start investing in PharmEasy (API Holdings Ltd) unlisted shares through InCred Money?
- Buying PharmEasy (API Holdings Ltd) Unlisted Shares on InCred Money is quick, seamless, and fully digital.
Step 1: Create Your Account
Sign up using your mobile number and email ID.
Complete your KYC by submitting your PAN, Aadhaar, bank account, and demat account details. Once submitted, your KYC is reviewed and approved.
Step 2: Select & Buy Shares
Browse and select PharmEasy (API Holdings Ltd) from our Unlisted Shares list and place your order.
Step 3: Share Transfer
Based on the settlement period for the shares noted on the platform, the purchased shares are transferred and reflected in both your InCred Money portfolio and your demat account. - What documents are needed to invest in PharmEasy (API Holdings Ltd) unlisted shares?
- To invest in PharmEasy (API Holdings Ltd) Unlisted Shares on InCred Money, you need to complete your KYC verification by submitting the following documents:
● PAN Card
● Aadhaar Card
● Bank account details
● Demat account details
Once your KYC is successfully completed and approved, you can start investing in unlisted shares on the platform.
