API Holdings (Pharmeasy): Financial & Operational Performance (FY26 vs FY25)

01 June 2026

• Financial Performance (FY26 vs FY25): PharmEasy / API Holdings delivered a strong operational turnaround during FY26, supported by growth across its B2B distribution, B2C healthcare platform, and diagnostics businesses. Consolidated revenue increased to approximately ₹6,869 crore in FY26 compared to around ₹6,010 crore in FY25, reflecting healthy growth of 14.3% year-on-year. Gross margin improved significantly to nearly ₹1,363 crore from approximately ₹1,118 crore in FY25, with gross margin expanding to 19.8% from 18.6%. Operating efficiency improved materially, with operating expenses declining by 4.5% to around ₹1,288 crore despite higher scale of operations. Most notably, EBITDA witnessed a meaningful turnaround, moving from a loss of approximately ₹231 crore in FY25 to a profit of around ₹63 crore in FY26, supported by margin expansion, cost optimization, and improved operating leverage. Finance costs declined sharply to nearly ₹395 crore from about ₹490 crore in FY25, contributing to a significant narrowing of losses. Profit Before Tax (PBT) improved to a loss of approximately ₹388 crore compared to a loss of around ₹1,035 crore in FY25, reflecting continued progress toward profitability.
• Operational Metrics (FY26 vs FY25): Operationally, PharmEasy demonstrated strong performance across its key business verticals. The B2B distribution business reported revenue of approximately ₹4,089 crore in FY26, up 15.0% year-on-year, supported by strong demand, improved gross margins, and robust cost discipline. B2B EBITDA improved substantially from a loss of around ₹109 crore in FY25 to near breakeven profitability in FY26, while working capital days improved to 44 days. The B2C PharmEasy platform delivered revenue growth of 17.9%, reaching approximately ₹1,334 crore in FY26, with gross margins expanding to 25.7%. The B2C segment also recorded a strong profitability turnaround, with EBITDA margins improving significantly from -7.6% in FY25 to -3.0% in FY26, driven by operating leverage and optimization initiatives. Within diagnostics, Thyrocare continued to remain a strong growth engine, reporting revenue growth of 20.6% to approximately ₹829 crore in FY26, while EBITDA increased by 33.3% to around ₹280 crore, supported by sustained operating leverage and margin expansion. Working capital management also strengthened at the group level, with consolidated working capital days improving to 39 days compared to 40 days in FY25.
• Strategic Developments & Outlook: PharmEasy continued strengthening its position as one of India’s leading digital healthcare platforms through its integrated ecosystem spanning online pharmacy, diagnostics, pharma distribution, and hospital supply operations. The group maintained focus on optimizing costs, improving working capital discipline, enhancing operational controls, and strengthening profitability across business segments. The company’s B2C operations, led by the PharmEasy platform, continued to facilitate consumer access to pharmaceuticals, OTC products, diagnostics, teleconsultation, and healthcare services through a technology-enabled marketplace model, while B2B operations expanded pharmaceutical and medical supplies distribution capabilities across retailers, hospitals, clinics, and healthcare providers. Thyrocare maintained strong momentum through sustained diagnostics growth and improved EBITDA margins. Looking ahead, PharmEasy is expected to benefit from increasing digital healthcare adoption, rising healthcare spending, expansion of organized pharma distribution, and growing demand for diagnostics and preventive healthcare services. Continued focus on operating efficiency, margin improvement, and balance sheet discipline is likely to support the company’s ongoing path toward sustainable profitability and long-term growth.