Pharmeasy Unlisted Shares
PharmEasy (API Holdings Ltd.)
INE0DJ201029
Incorporation Date: 31-Mar-2019
Listing Status: DRHP Not Filed
About Pharmeasy Unlisted Shares
Overview of Pharmeasy Unlisted Shares
🏢 Company Overview
- Corporate Architecture: API Holdings serves as the parent holding entity for consumer-facing brand PharmEasy, diagnostic giant Thyrocare Technologies Limited (BSE/NSE listed), B2B wholesale distribution arm Ascent Health, and hospital supply chain vertical Aknamed.
- Capital & Valuation Restructuring: After hitting a peak valuation of ~$5.6 billion in 2021, the company faced a liquidity and debt crisis following debt-fueled acquisitions.
In 2024, API Holdings completed a ₹3,500 crore ($420M) recapitalizing rights issue led by Dr. Ranjan Pai’s Manipal Education and Medical Group (MEMG) and existing investors (Prosus, Temasek, 360 ONE), clearing expensive debt lines and stabilizing its balance sheet. - Market Standing: Operates India's largest B2B pharma supply network alongside a D2C e-pharmacy platform and a network of pathology labs.
⚙️ Business Model & Operational Verticals
- B2B Pharma Distribution (Ascent Health - Core Volume Driver):
- Supplies pharmaceuticals and OTC products directly to a network of local chemist shops across India under a B2B distribution model.
- D2C Healthcare & E-Pharmacy (PharmEasy Consumer Platform):
- Provides online medicine ordering, chronic-care management, and healthcare e-commerce through its hyper-local partner store network.
- Diagnostics & Pathology Services (Thyrocare):
- Delivers high-margin diagnostic testing services using Thyrocare’s centralized processing laboratories and a collection network.
- Institutional Hospital Supplies (Aknamed):
- Supplies medical consumables, surgical products, and pharmaceuticals directly to large hospital chains and clinical centers.
👥 Leadership & Board Realignment
- Rahul Guha: Managing Director & CEO (MD & CEO of Thyrocare, appointed MD & CEO of API Holdings to lead group-wide operational integration).
- Siddharth Shah: Co-Founder, Vice Chairman & Director (Co-founder who transitioned from CEO to Vice Chairman).
- Alok Kumar Jagnani: Whole-time Director & Group CFO.
- Promoter/Investor Guidance: Dr. Ranjan Pai (MEMG) holds a significant ownership stake (~12%+) following the rights recapitalization.
Insights of Pharmeasy Unlisted Shares
PharmEasy (API Holdings Ltd.) – Financial & Operational Analysis
Consolidated Financial Snapshot (FY25 – FY26)
| Metric (in ₹ Cr.) | FY25 | FY26 | YoY Growth (%) | Margin FY25 (%) | Margin FY26 (%) |
Net Revenue | 5,872.16 | 6,618.50 | +12.71% | — | — |
EBITDA | -661.31 | 37.97 | Turnaround | -11.26% | 0.57% |
Profit Before Tax (PBT) | -1,228.53 | -456.10 | Loss Reduced | -20.92% | -6.89% |
PAT (Continuing Operations) | -1,572.38 | -520.29 | Loss Reduced | -26.78% | -7.86% |
Total PAT | -1,572.38 | -518.69 | Loss Reduced | -26.78% | -7.84% |
Key Company Developments
- Operating EBITDA Turnaround: Achieved positive operating EBITDA before ESOPs and exceptional items, driven by a strategic pivot toward high-margin chronic therapies, private label expansion, and supply chain rationalization
. - Complete Debt Refinancing & Redemption: Replaced legacy high-cost debt from Goldman Sachs and EvolutionX by issuing ₹1,700 Cr of NCDs to 360 ONE in September 2025
. Reduced outstanding principal to ₹1,050 Cr by March 2026, and fully redeemed the remaining ₹1,050 Cr post-FY26 in August 2026 to render the facility debt-free . - PharmEasy User Growth & Monetization: Average active users grew by 14.5% YoY, with loyalty subscription users expanding from 32% to 43% of total active users
. High-margin diagnostic cross-sells on PharmEasy increased by 1.4% . - Thyrocare Scale-Up: Thyrocare recorded a 20% YoY revenue expansion in FY26, conducting ~210 million tests (+23% YoY) across 41 labs (35 NABL-accredited) and expanding its active franchisee network to 10,800+ partners (+15% YoY)
. - Corporate Restructuring & Mergers: Merged wholly-owned technology arm Docon Technologies into API Holdings (effective September 2026 w.e.f. April 1, 2025) and consolidated six regional B2B pharma distribution entities under Ascent Wellness
. - Working Capital Optimization: Reduced core working capital cycle from 50 days (March 2025) to 42 days (March 2026) through tighter inventory controls and improved receivable collection cycles
. - Enterprise AI Deployment: Integrated proprietary AI capabilities including "Swasth" (an AI agent for automated medical report reading and query resolution), Text2SQL data analytics, and automated procurement (Auto-PO) systems.
Industry Insights & Trends
- Integrated Digital Health Platforms: The Indian HealthTech sector is evolving beyond basic e-pharmacy delivery toward comprehensive ecosystems combining online medicine fulfillment, teleconsultations, diagnostics, and chronic disease management
. - B2B Pharma Supply Chain Digitalization: Technology-driven B2R (Business-to-Retailer) distribution platforms like Retailio are digitizing traditional pharmaceutical supply chains, enabling higher fulfillment rates and lower inventory holding costs for local chemists and hospitals
. - Sector-Wide Focus on Profitability: Indian e-health and diagnostic majors are prioritizing operating cash flows, unit-economics discipline, and debt reduction over hyper-growth cash-burn strategies
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Financial Charts of Pharmeasy Unlisted Shares
Balance Sheet of Pharmeasy Unlisted Shares
Profit and Loss of Pharmeasy Unlisted Shares
Ancillary of Pharmeasy Unlisted Shares
Ratio Analysis
Peers
Industry Benchmarking
Segment Revenue
Subsidaries
Security Allotment
Corporate Governance
Team Management Details
FAQs of Pharmeasy Unlisted Shares
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How to buy PharmEasy (API Holdings Ltd.)?
Below are three ways through which you can purchase PharmEasy (API Holdings Ltd.):
- We at Altius Investech have many actively traded scripts and are market makers of unlisted shares. To check out all the unlisted shares traded. (Click on link). To submit a request to buy PharmEasy (API Holdings Ltd.), please click on the trade button at the top of this page
- Additionally, you can download our app from your play store or app store, register on our application, and engage in active trading there.
Download the Altius App here https://onelink.to/hf4m72 - You can also reach out to us at : +91 8240614850 / +91 8240861716
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How to sell PharmEasy (API Holdings Ltd.)?
Below are three ways through which you can sell PharmEasy (API Holdings Ltd.):
- We at Altius Investech have many actively traded scripts and are market makers of unlisted shares. To check out all the unlisted shares traded. (Click on link). To submit a request to sell PharmEasy (API Holdings Ltd.), please click on the trade button at the top of this page
- Additionally, you can download our app from your play store or app store, register on our application, and engage in active trading there.
Download the Altius App here https://onelink.to/hf4m72 - You can also reach out to us at : +91 8240614850 / +91 8240861716
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What is the price of PharmEasy (API Holdings Ltd.)?
We provide a two way quote on all the shares we deal in. Your buy price for PharmEasy (API Holdings Ltd.) is ₹8 and your sell price for PharmEasy (API Holdings Ltd.) is ₹6. The price is based on our estimates and market conditions.
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What is the lock-in period of PharmEasy (API Holdings Ltd.)?
The lock-in period for PharmEasy (API Holdings Ltd.) varies depending on the category of investors:
- For retail Investors, HNIs, or Body Corporates, the lock-in period is 6 months from the date of the listing of PharmEasy (API Holdings Ltd.)
- For Venture Capital Funds or Foreign Venture Capital Investors, there is a lock-in period of 6 months from the date of acquisition of PharmEasy (API Holdings Ltd.)
- For AIF-II (Alternative Investment Funds - Category II), there is no lock-in period
August 2021 saw the introduction of this regulation by SEBI. The purpose of the regulation change, which lowered the lock-in period from a year to six months, was to incentivize additional investments in firms getting ready for initial public offerings, or IPOs. Since its introduction, a number of Portfolio Management Services (PMS) have advised their clients to purchase Pre-IPO shares in order to take advantage of the advantages associated with early-stage investments. This reduction in the lock-in period is considered as a significant step forward.
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How is the PharmEasy (API Holdings Ltd.) price calculated?
Fundamental & Comparative valuation models and the forces of demand and supply in the market for unlisted shares dictate the price. These prices are based on our estimates and transaction history of PharmEasy (API Holdings Ltd.). The price is also determined from the most recent funding round for PharmEasy (API Holdings Ltd.). This provides us with a benchmark valuation, offering a clear indication of the company's current market value as perceived by investors and industry experts.
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What are the lot sizes of PharmEasy (API Holdings Ltd.)?
We can generally arrange lot sizes starting with an investment of INR 20,000. To confirm the lot sizes of PharmEasy (API Holdings Ltd.) with us kindly click here.
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What are the financials of PharmEasy (API Holdings Ltd.)?
The financials of PharmEasy (API Holdings Ltd.) which includes the P/L of PharmEasy (API Holdings Ltd.) and the Balance Sheet of PharmEasy (API Holdings Ltd.) is in the financials section (Click on link).
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Where can I find the annual report of PharmEasy (API Holdings Ltd.)?
The annual report of PharmEasy (API Holdings Ltd.) is available in the annual report section (Click on link).
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Is buying PharmEasy (API Holdings Ltd.) legal in India?
Yes, buying and selling unlisted shares in India is indeed 100% legal. This activity is regulated and governed under the guidelines provided by the Securities and Exchange Board of India (SEBI). Investors and traders must adhere to these regulations and guidelines to ensure compliance with legal and financial standards. It's important for participants in the unlisted share market to be aware of and understand these regulations to engage in transactions legally and securely.
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Short-term Capital Gain taxes to be paid on PharmEasy (API Holdings Ltd.)?
When you sell unlisted shares within a period of two years from the date of acquisition, any profit earned from the sale is classified as Short-term Capital Gain (STCG). This gain is then added to your total income for that financial year. The tax on this short-term capital gain is calculated based on your applicable individual income tax slab rates. Therefore, the rate at which you will pay tax on the STCG from unlisted shares depends on your total income, including this gain, and the tax slab it falls under as per the prevailing income tax laws in India. It's important for investors to consider these tax implications when engaging in transactions involving unlisted shares.
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Long-term Capital Gain taxes to be paid on PharmEasy (API Holdings Ltd.) and how are They Taxed?
Long-term Capital Gains (LTCG) on unlisted shares in India refer to the profits earned from the sale of unlisted shares that have been held for more than two years. The key aspects of LTCG on unlisted shares include:
- Tax Rate: LTCG on unlisted shares is taxed at a rate of 20%.
- Indexation Benefit: This is a significant advantage for investors. Indexation allows for adjusting the purchase price of the shares for inflation, which can reduce the taxable gain.
- Importance for Investors: Understanding LTCG is crucial, especially for High Net-worth Individuals (HNIs) and retail investors, as it impacts their investment strategy and tax planning. Knowing these details helps in making informed investment decisions.
- Calculation: LTCG is calculated by subtracting the indexed cost of acquisition (the purchase price adjusted for inflation) from the sale price of the shares. The profit thus calculated is subject to a 20% tax.
- Applicability: LTCG tax is applicable to profits from the sale of unlisted shares held for more than two years.
- Relevance: This tax is particularly relevant to investors in the unlisted share market, including those considering selling their holdings after a period of more than two years.
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Applicability of Taxes on PharmEasy (API Holdings Ltd.) once it is listed?
When shares initially bought in the unlisted market become listed, the taxation rules change significantly if these shares are sold through a stock exchange. Here's what investors need to know:
Transition to Listed Market Tax Rates: Once unlisted shares are listed on the stock exchange and subsequently sold, the tax rates applicable to listed securities come into effect. This shift means that the favourable tax treatments for listed shares, as per the prevailing tax laws, will apply.
Taxation Based on Holding Period: The crucial factor in determining the type of capital gains tax (Long-term or Short-term) is the holding period of the shares. Importantly, this period is calculated from the original purchase date when the shares were unlisted.
Long-term vs. Short-term Capital Gains: If the shares are sold after being held for more than one year from the date of purchase (including the period when they were unlisted), they are subject to Long-term Capital Gains (LTCG) tax.
Conversely, if sold within one-year, Short-term Capital Gains (STCG) tax rates apply.
Significance for Investors: This information is vital for investors in the unlisted market, as it impacts their tax planning and decision-making process. Understanding these nuances ensures that investors can strategically plan the sale of their shares post-listing to optimize tax implications.
Advice for Investors: It's advisable for investors to keep a record of their purchase dates and monitor the listing dates closely. Additionally, staying updated with the latest tax regulations or consulting with a financial advisor is recommended for accurate tax calculations and compliance. -
How does Altius Investech source PharmEasy (API Holdings Ltd.)?
At Altius Investech, our approach to sourcing PharmEasy (API Holdings Ltd.) unlisted shares involves a strategic and direct method. Primarily, we acquire these shares from the below key groups:
Employees of the Company: Employee stock option plans (ESOPs) or other compensation packages frequently include shares for firm employees. For a various reasons, such as including portfolio diversification or financial considerations, some of these employees may eventually choose to sell their shares. We engage with these employees, providing them a platform to sell their shares.
Initial Investors: These are the angel or early-stage investors who provided capital to the business in its early stages. These original investors may look to sell all or part of their ownership position in the company as it develops and flourishes. This might be done for various reasons such as in order to maximise their investment, reallocate resources, or make other calculated financial decisions.
Funding rounds and VC funds: Altius Investech sources the shares from private placement rounds in which private companies seek to obtain capital from the market. Through our platform, venture capital funds can liquidate their shares and we receive the inventory from them when they decide to sell a portion of their ownership through block trades.
By establishing connections with these groups, Altius Investech guarantees our clients a steady and dependable supply of PharmEasy (API Holdings Ltd.) unlisted shares. This process not only makes it easier for employees and initial investors in liquidating their assets, but it also gives our clients access to shares that aren't often found on the open market. Our platform effectively facilitates a win-win situation for both buyers and sellers. -
How to trust Altius Investech before buying PharmEasy (API Holdings Ltd.) from its platform?
Altius Investech stands at being India's fastest growing and leading marketplace for buying and selling unlisted shares. We believe in enabling access to alternative sources of investments at lower entry barriers to private equity investments.
With more than 25 years of experience, Altius Investech has carved a niche in the financial market by serving more than 8000 clients. The incredible journey is further highlighted by the vast number of transactions that Altius Investech has facilitated transactions that have already exceeded 300 crores.
For investors Altius Investech curates investment opportunities in companies at reasonable valuations which are on the verge of an IPO leading to massive value unlocking. Investments are backed by thorough research and sound investment thesis, with a time bound exit plan.
For ESOP Shareholder and existing Investors, we assist them to liquidate their shares even if they are not publicly traded by creating a platform where we find the right buyers and sellers for the best prices.
Altius Investech have been featured in top media news outlets like Economic Times, Financial Express, Money control. Check out about us on these - leading publications (Click on link) Our journey over these years has not just been about numbers; it's been about building trust and reliability.
We at Altius Investech are dedicated to upholding the greatest levels of ethics and transparency, making sure that your investment experience is not only profitable but also safe and reliable.
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