API Holdings Limited (PharmEasy) Unlisted Shares
vs. prev. close ₹6.95
52W High
₹9.95
52W Low
₹5.5
Market cap
₹5,018 Cr
IPO stage
No DRHP filed
CIN
U60100MH2019PLC323444
Price History
52W High
₹9.95
52W Low
₹5.5
About API Holdings Limited (PharmEasy) Unlisted Shares
API Holdings Limited, parent company of PharmEasy, grew FY26 consolidated revenue 12.71% to Rs 6,618.50 crore while narrowing its net loss 66.91% to Rs 520.29 crore, as EBITDA before exceptional items turned positive (1.5% of revenue, from -3.0% in FY25) on a 14.5% rise in average active users and a shift toward higher-margin diagnostics.
The Short Version :
API Holdings Limited, in its 7th year, is the parent company of PharmEasy, India's online pharmacy and healthtech marketplace, offering medicine delivery, diagnostics services, and B2B distribution to retailers. FY26 consolidated revenue from operations grew 12.71% to Rs 6,618.50 crore from Rs 5,872.16 crore, while the consolidated net loss narrowed sharply, down 66.91% to Rs 520.29 crore from Rs 1,572.39 crore. Basic EPS (loss) was Rs (0.37) versus Rs (1.05), with ROE improving to -15.18% from -48.05%, and EBITDA before exceptional items and ESOP expense turned positive at 1.5% of revenue, from -3.0% in FY25.
Why It Trades Where It Does :
This is a clear operating turnaround story, not yet a profitable one: core loss before exceptional items and tax narrowed 62.6% to Rs 456.10 crore from Rs 1,220.37 crore, and the improvement holds even after stripping out FY25's one-off exceptional charges (Rs 296.51 crore of goodwill and investment impairments that didn't recur in FY26). PharmEasy's average active user base grew 14.5% year-on-year, and the platform shifted its revenue mix toward higher-margin diagnostics, both consistent with the improved operating leverage. Management's own stated focus, on EBITDA discipline and operational efficiency, appears to be showing through in the numbers, though the business remains loss-making at both the operating and net level.
Top Risks :
The Group remains net loss-making at both the operating and consolidated level; the turnaround is real but not yet complete.
FY25's results were distorted by large one-off impairments (goodwill, associate investments); while these didn't recur in FY26, further impairments remain a risk given Goodwill of Rs 3,513.34 crore still sits on the balance sheet.
As an online pharmacy and healthtech platform, the business remains exposed to regulatory changes in e-pharmacy rules and intense competition from other quick-commerce and healthtech players.
Top Opportunities :
Revenue growth (12.71%) combined with a 66.91% narrowing of net loss shows the business scaling while simultaneously improving unit economics, a hard combination to achieve.
EBITDA before exceptional items and ESOP expense turned positive (1.5% of revenue) for the first time in this comparison, from -3.0% in FY25, a meaningful inflection point.
Growth in average active users (+14.5%) alongside a shift toward higher-margin diagnostics revenue suggests improving customer engagement and revenue mix quality together.
Disclaimer :
Priveq.in is an informational platform for unlisted and pre-IPO shares, operated by Priveq Investech Private Limited (the named counterparty on transactions). Unlisted shares carry risks including illiquidity, valuation uncertainty, and limited regulatory disclosure. This page is informational only and does not constitute investment advice.
Company Details
Industry
Healthcare - HealthTech & E-Commerce
Founded
2015
Headquarters
Mumbai, Maharashtra, India
Min Lot Size
1000
Face Value
₹1.00
Total Shares
7434409860
Regulatory Information
Corporate Identity Number (CIN)
U60100MH2019PLC323444
PAN Number
AASCA1201E
ISIN
INE0DJ201029
Depository
NSDL& CDSL
Registrar & Transfer Agent (RTA)
Link Intime
Key Valuation Ratios
Valuation
Market Cap
₹5,018.23 Cr
P/E Ratio
—
Not meaningful — loss-making
P/S Ratio
0.76×
P/B Ratio
1.48×
EV / EBITDA
55.66×
Returns & Per Share
ROE
-15.36%
EPS
₹-0.70
Book Value / Share
₹4.55
Solvency
Debt / Equity
0.39×
Interest Coverage
-0.11×
Company Fundamentals
As of FY2026 Annual · updated 16 Sept 2026Gross Profit
₹6,401.13 Cr
EBITDA
₹109.74 Cr
Revenue Growth
12.71%
Profit Margin
-7.86%
Performance Trends
5 annual periods · derived from filed statements
Revenue
₹ Cr
Net Profit
₹ Cr · losses in red
Earnings Per Share
₹ per share
Return on Equity
ROE %
Return on Capital Employed
ROCE %
Debt-to-Equity
0.39×
EBITDA Margin
1.66%
Interest Coverage
-0.11×
Financial Statements
| Line item | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Total Income | |||||
| Revenue from operationsDisclosed | 5,728.82₹ Crore | 6,643.94₹ Crore | 5,664.29₹ Crore | 5,872.16₹ Crore | 6,618.5₹ Crore |
| Other incomeDisclosed | 52.18₹ Crore | 55.83₹ Crore | 94.66₹ Crore | 107.87₹ Crore | 70.79₹ Crore |
| Total IncomeDerived | 5,781₹ Crore | 6,699.77₹ Crore | 5,758.95₹ Crore | 5,980.03₹ Crore | 6,689.29₹ Crore |
| Expenses | |||||
| Cost of goods soldDisclosed | 85.46₹ Crore | 156.92₹ Crore | 164.51₹ Crore | 188.6₹ Crore | 217.37₹ Crore |
| Purchases of stock-in-tradeDisclosed | 5,296.61₹ Crore | 5,512.06₹ Crore | 4,572.81₹ Crore | 4,729.58₹ Crore | 5,244.84₹ Crore |
| Changes in inventoriesDisclosed | -229.05₹ Crore | 61.9₹ Crore | 143.01₹ Crore | -3.98₹ Crore | -33.8₹ Crore |
| Employee benefits expenseDisclosed | 1,458.97₹ Crore | 1,283.32₹ Crore | 699.36₹ Crore | 908.4₹ Crore | 476.87₹ Crore |
| Finance costsDisclosed | 258.26₹ Crore | 665.54₹ Crore | 727.92₹ Crore | 506.11₹ Crore | 409.96₹ Crore |
| Depreciation and amortization expenseDisclosed | 158.79₹ Crore | 243.44₹ Crore | 215.95₹ Crore | 168.98₹ Crore | 156.26₹ Crore |
| Other expensesDisclosed | 1,502.55₹ Crore | 1,050.83₹ Crore | 731.24₹ Crore | 710.87₹ Crore | 675.26₹ Crore |
| Total ExpensesDerived | 8,531.59₹ Crore | 8,974.01₹ Crore | 7,254.8₹ Crore | 7,208.56₹ Crore | 7,146.76₹ Crore |
| Profit | |||||
| Exceptional itemsDisclosed | -1,267.1₹ Crore | -2,921.98₹ Crore | -625.94₹ Crore | -288.35₹ Crore | 99₹ Lakh |
| Profit before taxDerived | -4,017.69₹ Crore | -5,196.22₹ Crore | -2,121.79₹ Crore | -1,516.88₹ Crore | -456.48₹ Crore |
| Current tax expenseDisclosed | 34.27₹ Crore | 38.95₹ Crore | 37.92₹ Crore | 65.11₹ Crore | 68.03₹ Crore |
| Deferred tax expenseDisclosed | -12.55₹ Crore | -24.11₹ Crore | -27₹ Crore | -10.22₹ Crore | -4.22₹ Crore |
| Tax expenseDisclosed | 21.72₹ Crore | 14.84₹ Crore | 10.92₹ Crore | 55.51₹ Crore | 63.81₹ Crore |
| Profit After TaxDerived | -4,039.41₹ Crore | -5,211.06₹ Crore | -2,132.71₹ Crore | -1,572.39₹ Crore | -520.29₹ Crore |
| Other comprehensive incomeDisclosed | 0₹ Crore | 0₹ Crore | 2.34₹ Crore | -1₹ Lakh | 1.6₹ Crore |
| Total Comprehensive IncomeDerived | -4,039.41₹ Crore | -5,211.06₹ Crore | -2,130.37₹ Crore | -1,572.4₹ Crore | -518.69₹ Crore |
Documents Library
Access all financial reports and filings
Annual Report
Partial Debt Reduction of PharmEasy
API Holdings Ltd partially redeems ₹120 Crore of its Series 1 NCDs, reducing the face value per debenture.
Download AttachmentAnnual General Meeting corporate_action AGM of Pharmeasy in 2023
Annual General Meeting corporate_action AGM of Pharmeasy in 2023
Rights Issue corporate_action INR 3500 Cr CCPS B rights issue at INR 96.8
Rights Issue corporate_action INR 3500 Cr CCPS B rights issue at INR 96.8
Right Issue corporate_action Right Issue At Rs. 100 Per Share
Right Issue corporate_action Right Issue At Rs. 100 Per Share
Right Issue corporate_action Right Issue At Rs. 100 Per Share
Right Issue corporate_action Right Issue At Rs. 100 Per Share
Express buy interest
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Current Price
₹6.75Secure & Verified Transaction
Unlisted shares are illiquid and carry higher market risks. Please read the Risk Disclosure before investing.
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About API Holdings Limited (PharmEasy) Unlisted Shares unlisted shares
Indicative · updated dailyAPI Holdings Limited (PharmEasy) unlisted share price today
API Holdings Limited (PharmEasy) unlisted share price today is ₹6.75 as of 16 October 2026.
API Holdings Limited (PharmEasy) Unlisted Shares — frequently asked questions
- What is the grey market price for API Holdings Limited (PharmEasy)?
No IPO is currently announced for API Holdings Limited (PharmEasy), so no grey market exists; the price above reflects Priveq's own desk valuation.
- Has API Holdings Limited (PharmEasy) filed for an IPO, and when might it list?
API Holdings Limited (PharmEasy) has not filed a draft red herring prospectus, so no IPO is currently announced and no listing date has been set.
- How does API Holdings Limited (PharmEasy) compare to its listed peers?
There is no closely comparable listed company for API Holdings Limited (PharmEasy) in India today.
- Is API Holdings Limited (PharmEasy) on the SME or Mainboard IPO track?
API Holdings Limited (PharmEasy) has not filed a draft red herring prospectus, so no IPO track is set yet.
- What is API Holdings Limited (PharmEasy)'s CIN and registered office?
API Holdings Limited (PharmEasy)'s Corporate Identity Number is U60100MH2019PLC323444, registered at Mumbai, Maharashtra, India.
- What is API Holdings Limited (PharmEasy)'s market capitalisation?
API Holdings Limited (PharmEasy)'s market capitalisation is approximately ₹5,018 crore, based on its current unlisted share price.
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Submit an Express Sell Interest for API Holdings Limited (PharmEasy) through your Priveq dashboard, specifying quantity, the same way a buy order is placed. Priveq quotes you a bid price, which may differ from the live Buy price shown to buyers, since unlisted-share pricing works on a bid-ask basis rather than a single quote. Once you accept, you'll need to provide your Client Master List (CML), a cancelled cheque or bank details, and PAN. If you hold shares with CDSL, transfer can also be completed digitally via CDSL Easiest. You transfer API Holdings Limited (PharmEasy) shares to Priveq first, and payment follows once the transfer is confirmed received, typically the same day, T+1, or occasionally T+2, communicated to you directly. For sizeable transactions worth crores of rupees, an escrow arrangement can be used instead, at the sole consent of both parties.
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Minimum investment varies by company and is shown as the Min Investment figure on this page. API Holdings Limited (PharmEasy)'s minimum is ₹6,750.
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- Is buying API Holdings Limited (PharmEasy) unlisted shares legal in India?
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- What is the lock-in period for API Holdings Limited (PharmEasy) unlisted shares?
API Holdings Limited (PharmEasy) has not filed a DRHP yet, so no listing date or lock-in period applies at this stage. Once an IPO is filed, this answer updates to reflect the applicable SME or Mainboard lock-in.
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- How are capital gains on API Holdings Limited (PharmEasy) unlisted shares taxed?
If you sell unlisted shares, including API Holdings Limited (PharmEasy), within 24 months of purchase, the gain is taxed as short-term capital gain at your applicable income tax slab rate. Beyond 24 months, it is taxed as long-term capital gain at 12.5 percent, without indexation benefit, under the rules effective from 23 July 2024. If API Holdings Limited (PharmEasy) lists and you sell after listing, the applicable tax treatment shifts to listed-security rates, with the holding period still measured from your original unlisted purchase date. This is general information, not tax advice; investors should confirm their specific position with a tax advisor.
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