API Holdings Ltd (PharmEasy)
- Unlisted share
- Healthcare
- ISIN INE0DJ201029
At a glance
Sales
FY26
₹6,619 Cr
+12.7%on FY25What the company earned from its customers in the year.
Loss for the year
FY26
₹-520 Cr
The company spent more than it earned in the year.
Market valuecalculated
₹4,539 Cr
What the whole company would be worth at GrowFast's indicative price.
Net worth
FY26
₹3,427 Cr
What the owners would have left on paper if every debt was repaid.
From the company's published figures; sources are beside each figure further down the page.
Key details
- Company
- API Holdings Ltd (PharmEasy)
- ISIN
- INE0DJ201029
- Sector
- Healthcare
- Type of share
- Unlisted equity share
- Indicative price per share
- ₹6.46
- Price last updated
- 12 Oct 2026
- Minimum quantity
- Confirmed by the desk
- How you hold it
- In your own demat account
- Enquiries
- GrowFast desk, on WhatsApp
Indicative prices, illiquid shares. Prices are indicative and can change without notice. Unlisted shares are illiquid: you may not be able to sell when you want to, or at the price shown.
Company
About API Holdings Ltd (PharmEasy)
API Holdings is the parent of PharmEasy. The group distributes medicines to pharmacies, runs the PharmEasy consumer marketplace, provides diagnostics through its listed subsidiary Thyrocare Technologies, and licenses healthcare software. It has no identified promoter in its accounts; the largest shareholders at 31 March 2026 were Naspers Ventures, MacRitchie Investments (Temasek) and TPG Growth, each holding between about 6% and 12%.
Written from: apiholdings.in
Financials
Ask for the full annual report.
The figures on this page are the headline numbers. The desk can share the latest annual report and anything published since.
Ask for the financials- Sector
- Healthcare
- ISIN
- INE0DJ201029
- Registered office
- Navi Mumbai, Maharashtra
- Largest shareholders
- No holding company; largest holders are Naspers Ventures B.V. (11.58%), MacRitchie Investments Pte. Ltd. (10.43%), TPG Growth V SF Markets Pte. Ltd (6.40%), Dr. Velumani A (5.70%) and Evermed Holdings Pte. Ltd. (5.64%)
- Key people
- Managing Director & CEO: Rahul Franklin Guha; Whole-time Director & Group CFO: Alok Kumar Jagnani
- Face value per equity share
- ₹1
- Equity shares outstanding
- 7,02,56,24,934 shares
- CIN
- U60100MH2019PLC323444
- Official website
- apiholdings.in
Read from: API Holdings Annual Report FY2025-26, unless another source is shown on a card.
Key data
What the numbers mean
The ratios buyers look at, each said in plain words.
Price to book (P/B)calculated
1.32×
At this price you pay ₹1.32 for every ₹1 of net worth on the company's books.
Profit margincalculated
-7.9%
For every ₹100 of sales, the company lost ₹7.9.
Return on equitycalculated
-15.2%
For every ₹100 of the owners' money, the company lost ₹15.2 in the year.
Debt to equitycalculated
0.39×
The company has borrowed ₹0.39 for every ₹1 of its owners' money.
- Indicative price
- ₹6.46
- Market valuecalculated
- ₹4,539 Cr
- price × shares
- No. of shares
- 7,02,56,24,934
- EPS
- ₹-0.37
- Book value per share
- ₹4.88
- Face value
- ₹1
Figures marked “calculated” are worked out by GrowFast from its indicative price and the company's published figures for FY2025-26. They move with the price, and they are arithmetic, not a valuation.
Figures in ₹ crore
Financials
API Holdings Limited. As published in the company's audited reports. GrowFast has not audited them.
Sales, year by year
₹ crore. The darkest bar is the latest year.
FY23 to FY26: ₹6,644 Cr to ₹6,619 Cr.
Profit, year by year
₹ crore, after tax. A bar below the line is a loss.
FY23 to FY26: ₹-5,212 Cr to ₹-520 Cr.
| Particulars | FY23 | FY24 | FY25 | FY26Latest |
|---|---|---|---|---|
| Revenue from operations | 6,643.94 | 5,664.29 | 5,872.16 | 6,618.5▲13% |
| Other income | 55.83 | 94.66 | 107.87 | 70.79▼34% |
| Total income | 6,699.77 | 5,758.94 | 5,980.03 | 6,689.29▲12% |
| Depreciation and amortisation expense | 243.44 | 215.95 | 168.98 | 156.26▼8% |
| Finance costs | 665.54 | 727.92 | 506.11 | 409.96▼19% |
| Loss before tax | -5,196.52 | -2,521.97 | -1,516.89 | -456.1▲70% |
| Loss after tax | -5,211.73 | -2,533.51 | -1,572.39 | -520.29▲67% |
| Basic EPS (₹) | -8.51 | -4.07 | -1.05 | -0.37▲65% |
Rupees crore unless marked, consolidated. The change shown is the latest year against the year before. Read from: API Holdings Consolidated Financial Statements FY2023-24, API Holdings Annual Report FY2025-26.
Ownership
Shareholding pattern
Who owns the company
11.6%Naspers Ventures B.V.
- Largest holder
- 11.6%
- Top 3 together
- 28.4%
- Holders named
- 5
- Naspers Ventures B.V.11.58%
- MacRitchie Investments Pte. Ltd.10.43%
- TPG Growth V SF Markets Pte. Ltd6.40%
- Dr. Velumani A5.70%
- Evermed Holdings Pte. Ltd.5.64%
- Total39.75%
Read from: API Holdings Annual Report FY2025-26
Capital history
Fund raise history
| Date and detail | Type | Instrument | Price per share | Amount raised |
|---|---|---|---|---|
| 2025-2623,295,783 equity shares were allotted on exercise of options under the ESOP 2020 plan. | ESOP allotment | Equity shares | Not stated | Not stated |
| 2025-2610,456,379 equity shares were issued on conversion of Series A CCPS at an effective ₹4.356 per share. | Conversion of preference shares | Equity shares | ₹4.36 | Not stated |
| 15 Sept 2025Debt, not a share issue: Series 1 (₹12,000 million at 11.10%) and Series 2 (₹5,000 million at 14.50%) secured NCDs with a 36-month tenure, issued to refinance earlier lenders. | Private placement of debentures | Secured, unlisted, unrated non-convertible debentures | Not stated | ₹1,700 Cr |
Read from: API Holdings Annual Report FY2025-26
Leadership
Management
Rahul Franklin Guha
Managing Director and Chief Executive Officer
Alok Kumar Jagnani
Whole Time Director and Chief Financial Officer
Drashti Shah
Group General Counsel and Company Secretary
Read from: API Holdings Annual Report FY2025-26
Corporate calendar
Events
- 7 Sept 2026Board outcomeBoard approved the FY2025-26 audited accountsOpen
- 13 Aug 2026Stake saleSold 1,57,69,696 Thyrocare shares, taking the direct holding from 60.92% to 51.02%Open
- 15 Sept 2025Debt refinancingNew secured non-convertible debentures issued to replace the Goldman Sachs and EvolutionX debtOpen
- 26 Aug 2025Management changeSiddharth Shah completed his term as MD & CEO; Rahul Guha took over as MD & CEOOpen
Reports and filings
Annual reports and results
Each link opens the document where its publisher keeps it.
Before you buy
Six things to check on any unlisted share.
The same list applies to every stock. None of it is advice on this one.
The company's latest financials
Revenue, profit and debt for the last three years, from its audited annual report. Ask the desk for the most recent set.
What the price implies
Compare the price per share with earnings and book value per share, and with listed companies in the same business.
Whether a listing is planned
A company may file for an IPO, delay it or never list. A listing, its timing and its price are never certain.
How you would sell
There is no exchange for these shares. You sell by finding a buyer, which can take time and may be at a lower price.
Lock-in after a listing
Shares bought before an IPO are usually locked in for a period after the company lists. Confirm the current rule before you buy.
Tax on your gains
Unlisted shares are taxed differently from listed ones. Check your position with a tax adviser.
Questions
What buyers ask about this stock.
Not answered here? Ask the desk.
Inquire about API Holdings Ltd (PharmEasy) on WhatsAppIs the price shown for API Holdings Ltd (PharmEasy) final?
No. It is an indicative price per share. The desk confirms the price and the quantity available when you inquire, and the confirmed price is the one you deal at.
How do I buy these shares?
Press Inquire. It opens a WhatsApp chat with the desk, with this stock already named. After the price and quantity are agreed, a 10% advance locks the deal. Once your KYC is complete you pay the balance, and the shares are transferred to your demat account.
Do I pay anything on this website?
No. No payment is taken and no order is placed on this site. Payment details are shared by the desk only after the deal is agreed.
What do I need before I can buy?
A demat account in your name and the documents for KYC: your identity and demat account details are verified before any deal, as the regulations require.
Can I sell my API Holdings Ltd (PharmEasy) shares to GrowFast?
GrowFast buys as well as sells. Press Inquire and tell the desk how many shares you hold; it will come back with what it can offer.
How do I sell API Holdings Ltd (PharmEasy) shares I already hold?
Tell the desk how many you hold. If a price is agreed, you transfer the shares from your demat account with a delivery instruction to your depository participant (a DIS, or its online equivalent), and payment follows as agreed with the desk.
Is there a lock-in if the company lists?
Shares held before an IPO are generally locked in for a period after the listing under SEBI's rules, which have changed over time. Ask the desk for the rule that applies today before you buy.
Is buying unlisted shares legal in India?
Yes. Shares of an unlisted company can be bought and sold privately and are transferred between demat accounts. They are not traded on a stock exchange, so the protections of an exchange do not apply.
What is the minimum I can buy?
It differs by stock and by what the desk holds at the time. The desk confirms the minimum quantity when you inquire.
What is an ISIN?
The 12-character code that identifies a security. It is how your depository knows exactly which share is being transferred to your demat account.
Why are unlisted shares riskier than listed ones?
Prices are indicative and can change without notice. Unlisted shares are illiquid: you may not be able to sell when you want to, or at the price shown.
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Risk disclosure
Prices on this site are indicative, quoted per share, and are not an offer to buy or sell. The price and quantity for any deal are confirmed by GrowFast's desk at the time you deal.
Unlisted, pre-IPO and delisted shares are not traded on a stock exchange. They are illiquid, their prices can move sharply, and you may be unable to sell them when you wish or at all. A company that is expected to list may not do so.
Nothing on this site is investment advice or a promise of returns. Past prices do not predict future prices. Consider your own circumstances, and take independent advice, before you invest.
Inquire opens a WhatsApp chat with GrowFast. No payment is taken and no order is placed on this site.
GrowFast is not affiliated with, sponsored by or endorsed by API Holdings Ltd (PharmEasy). Its name and logo belong to their owner and are shown only to identify the company. Figures about it come from published sources and have not been audited by GrowFast. See the Terms and Conditions.