API Holdings Limited is the unlisted parent company of India's most recognizable healthcare technology brands — PharmEasy, Thyrocare, Ascent Health & Wellness Solutions, and Aknamed. Operating across three distinct verticals — B2B pharmaceutical distribution, B2C healthcare delivery, and diagnostics — it positions itself as India's largest customer-centric digital healthcare platform.
The company does not rely on a single revenue stream. Each business unit serves a fundamentally different customer and earns differently, creating a diversified yet interconnected healthcare ecosystem. In FY26, the group posted consolidated revenue of ₹6,869 Cr — up 14.3% from ₹6,010 Cr in FY25.
At the group level, FY26 marks a historic inflection. API Holdings crossed ₹6,869 Cr in consolidated revenue — a 14.3% jump over FY25 — while achieving its first-ever positive EBITDA of ₹62.5 Cr, a complete reversal from the ₹231 Cr loss in FY25 and ₹515 Cr loss in FY24.
| Metric (₹ Cr) | FY24 | FY25 | Q1'26 | Q2'26 | Q3'26 | Q4'26 | FY26 | YoY |
|---|---|---|---|---|---|---|---|---|
| Revenue | 5,748 | 6,010 | 1,591 | 1,764 | 1,740 | 1,774 | 6,869 | +14.3% |
| Gross Margin | 985 | 1,118 | 307 | 345 | 338 | 373 | 1,363 | +21.9% |
| GM % | 17.1% | 18.6% | 19.3% | 19.6% | 19.4% | 21.0% | 19.8% | +1.2pp |
| Opex | 1,500 | 1,349 | 320 | 314 | 322 | 332 | 1,288 | -4.5% |
| Opex % | 26.1% | 22.4% | 20.1% | 17.8% | 18.5% | 18.7% | 18.7% | -3.7pp |
| EBITDA | -515 | -231 | -12.8 | 31.8 | 10.2 | 33.3 | 62.5 | +127% |
| EBITDA % | -9.0% | -3.8% | -0.8% | 1.8% | 0.6% | 1.9% | 0.9% | +4.8pp |
| Finance Cost | 1,055 | 490 | 119 | 159 | 62 | 54.5 | 394.7 | -19.5% |
| PBT | -2,300 | -1,035 | -145 | -130 | -75.3 | -37.4 | -388.4 | +62.5% |
| WC Days | 53 | 40 | 44 | 35 | 40 | 39 | 39 | — |
The EBITDA turnaround is driven by a powerful combination: gross margins expanded 130bps (18.6% → 19.8%) while opex as a % of revenue fell 370bps (22.4% → 18.7%). Opex in absolute terms fell from ₹1,349 Cr to ₹1,288 Cr even as revenue grew by ₹859 Cr — classic operating leverage kicking in.
The B2B segment (Ascent) is the backbone of API Holdings, contributing approximately 60% of group revenue. It distributes pharmaceutical products to retail pharmacies and chemists across India, with procurement directly from pharma companies. Retailers are also onboarded on the company's proprietary OMS (Order Management System) platform.
| B2B Metric (₹ Cr) | FY24 | FY25 | Q1'26 | Q2'26 | Q3'26 | Q4'26 | FY26 | YoY |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3,365 | 3,554 | 929.6 | 1,061 | 1,052.6 | 1,045.7 | 4,089 | +15.0% |
| Gross Margin | 299 | 301.3 | 79.9 | 90.2 | 95.1 | 101.7 | 366.9 | +21.8% |
| GM % | 8.9% | 8.5% | 8.6% | 8.5% | 9.0% | 9.7% | 9.0% | +0.5pp |
| Opex | 414.1 | 410.2 | 97 | 92.3 | 91.3 | 84.8 | 365.4 | -10.9% |
| EBITDA | -115.1 | -108.9 | -17.2 | -2.2 | 3.8 | 16.9 | 1.3 | +101% |
| EBITDA % | -3.4% | -3.1% | -1.8% | -0.2% | 0.4% | 1.6% | 0.0% | +3.1pp |
| WC Days | 53 | 49 | 50 | 42 | 43 | 44 | 44 | — |
Revenue grew ₹535 Cr YoY while opex fell ₹45 Cr — this double-engine efficiency is rare. Q4'26 EBITDA of ₹16.9 Cr (1.6% margin) is the strongest quarter on record. Working capital improved from 53 days to 44 days, releasing meaningful cash into the business.
PharmEasy is India's leading consumer healthcare super app, facilitating on-demand, home delivery of prescription medicines, OTC products, and diagnostic services. The platform is operated by Axelia Solutions Private Limited (an associate company), while API Holdings owns the brand and proprietary technology.
The B2C segment's story in FY26 is one of dramatic margin expansion — gross margins surged from 22.8% to 25.7%, while EBITDA losses more than halved from ₹86.1 Cr to ₹39.4 Cr. Q4'26 EBITDA reached just -1.5%, approaching breakeven.
| B2C Metric (₹ Cr) | FY24 | FY25 | Q1'26 | Q2'26 | Q3'26 | Q4'26 | FY26 | YoY |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,085.6 | 1,131.5 | 315.2 | 332.7 | 335.1 | 350.6 | 1,334 | +17.9% |
| Gross Margin | 200.3 | 258.3 | 74.8 | 84.5 | 88.5 | 94.7 | 342.5 | +32.6% |
| GM % | 18.5% | 22.8% | 23.7% | 25.4% | 26.4% | 27.0% | 25.7% | +2.9pp |
| Opex | 377.3 | 344.4 | 95.9 | 89.3 | 96.8 | 99.9 | 381.9 | +10.9% |
| EBITDA | -177 | -86.1 | -21.1 | -4.8 | -8.3 | -5.2 | -39.4 | +54.3% |
| EBITDA % | -16.3% | -7.6% | -6.7% | -1.4% | -2.5% | -1.5% | -3.0% | +4.6pp |
| WC Days | 29 | 29 | 28 | 27 | 27 | 30 | 30 | — |
Despite the turnaround, PharmEasy's opex grew 10.9% YoY (₹344 Cr → ₹382 Cr), indicating increased marketing or delivery spend. Q3 saw a slight relapse to -2.5% EBITDA before recovering to -1.5% in Q4. Full-year EBITDA breakeven in FY27 is the critical milestone. The PharmEasy re-IPO narrative depends on this milestone being met.
Aknamed is API's hospital-focused B2B supply chain arm, supplying pharmaceuticals, consumables, and surgical products to hospitals. It is the only segment to report a revenue decline in FY26 (-2% YoY). The headline story here is not growth but cost transformation — opex collapsed by 64.1% from ₹141.7 Cr to ₹50.9 Cr, largely due to reversal of Expected Credit Loss (ECL) provisions.
| Aknamed (₹ Cr) | FY24 | FY25 | Q1'26 | Q2'26 | Q3'26 | Q4'26 | FY26 | YoY |
|---|---|---|---|---|---|---|---|---|
| Revenue | 763.9 | 687.5 | 167.3 | 168 | 169.3 | 169.4 | 674 | -2.0% |
| Gross Margin | 62.4 | 47.3 | 10.9 | 8.8 | 8.7 | 8.6 | 37 | -21.7% |
| GM % | 8.2% | 6.9% | 6.5% | 5.2% | 5.2% | 5.1% | 5.5% | -1.4pp |
| Opex (incl. ECL) | 273.4 | 141.7 | 13.4 | 11.1 | 9.5 | 17 | 50.9 | -64.1% |
| EBITDA | -211 | -94.4 | -2.5 | -2.3 | -0.7 | -8.4 | -13.9 | +85.3% |
| EBITDA % | -27.6% | -13.7% | -1.5% | -1.3% | -0.4% | -4.9% | -2.1% | +11.7pp |
| WC Days | 87 | 76 | 88 | 75 | 84 | 80 | 80 | — |
Aknamed's Q4'26 EBITDA deteriorated to -4.9% (vs -0.4% in Q3), partly due to a jump in opex to ₹17 Cr from ₹9.5 Cr in Q3. Gross margins have compressed from 8.2% (FY24) to 5.5% (FY26). Working capital days remain elevated at 80 days — highest across all segments — indicating potential collections risk. The FY24 ECL provisions of ₹187.5 Cr were a major headwind; their reversal in FY26 is non-recurring.
Thyrocare is the crown jewel of the API Holdings portfolio. India's leading diagnostics chain, it offers a comprehensive test portfolio across owned and third-party laboratories, collection centres, and phlebotomists. Unlike every other segment, Thyrocare is not just profitable — it is highly profitable, delivering over 33% EBITDA margins in FY26.
| Thyrocare (₹ Cr) | FY24 | FY25 | Q1'26 | Q2'26 | Q3'26 | Q4'26 | FY26 | YoY |
|---|---|---|---|---|---|---|---|---|
| Revenue | 571.9 | 687.3 | 193 | 216.5 | 195.5 | 223.9 | 829 | +20.6% |
| Gross Margin | 405.2 | 496.2 | 137.4 | 156.5 | 148.3 | 167.3 | 609.5 | +22.8% |
| GM % | 70.9% | 72.2% | 71.2% | 72.3% | 75.9% | 74.7% | 73.5% | +1.3pp |
| Opex | 236.8 | 265.6 | 68.1 | 77.2 | 81.1 | 85.3 | 311.7 | +17.4% |
| EBITDA | 153.1 | 209.9 | 63.4 | 75.4 | 62.6 | 78.5 | 279.9 | +33.3% |
| EBITDA % | 26.8% | 30.5% | 32.8% | 34.8% | 32.0% | 35.1% | 33.8% | +3.2pp |
Thyrocare's Q4'26 EBITDA hit 35.1% — a new quarterly high. Revenue compounded at ~20% for two consecutive years. At ₹279.9 Cr EBITDA, Thyrocare alone generates more profit than the entire group's combined losses from B2C and Aknamed (₹53.3 Cr combined). It is, effectively, the financial anchor of the API Holdings story.
| Segment | FY26 Revenue | YoY Growth | GM % | FY26 EBITDA | EBITDA % | WC Days |
|---|---|---|---|---|---|---|
| B2B (Ascent) | ₹4,089 Cr | +15.0% | 9.0% | ₹1.3 Cr | 0.0% | 44 |
| B2C (PharmEasy) | ₹1,334 Cr | +17.9% | 25.7% | -₹39.4 Cr | -3.0% | 30 |
| Aknamed | ₹674 Cr | -2.0% | 5.5% | -₹13.9 Cr | -2.1% | 80 |
| Thyrocare | ₹829 Cr | +20.6% | 73.5% | ₹279.9 Cr | 33.8% | — |
| API Group Total | ₹6,869 Cr | +14.3% | 19.8% | ₹62.5 Cr | 0.9% | 39 |
API Holdings has executed a credible financial turnaround in FY26. The group-level EBITDA of ₹62.5 Cr is a landmark milestone after three years of deep losses (₹515 Cr in FY24, ₹231 Cr in FY25). PBT remains negative at -₹388 Cr due to legacy finance costs, though improving rapidly (from -₹2,300 Cr in FY24). Here is our segment-by-segment outlook:
First EBITDA breakeven achieved at ₹1.3 Cr. Q4 EBITDA of ₹16.9 Cr (1.6%) shows clear momentum. Opex fell ₹45 Cr despite revenue growing ₹535 Cr. Risk: thin 9% gross margins leave little cushion.
GM expanded to 27% in Q4, losses narrowed to -₹5.2 Cr in Q4 vs -₹21.1 Cr in Q1. FY27 EBITDA breakeven is within reach and could be a major re-rating catalyst for API Holdings' valuation.
Q4 EBITDA at -₹8.4 Cr is a red flag after Q3's near-breakeven at -₹0.7 Cr. ECL reversals are non-recurring. GM compression (8.2% → 5.5%) and 80-day WC cycle need urgent strategic attention.
₹279.9 Cr EBITDA at 33.8% margin, growing 33.3% YoY. Q4 margin at 35.1% — the highest ever. Thyrocare alone justifies a significant portion of API Holdings' intrinsic value. The star of the portfolio.
The reported turnaround — from a ₹231 Cr EBITDA loss in FY25 to a ₹62.5 Cr profit in FY26 — is on an adjusted basis that excludes ESOP (employee stock option) expenses and impairment costs. These are real costs to the company; excluding them flatters the headline figure. Specifically:
On a fully-loaded (statutory) basis, profitability will be lower than these adjusted numbers suggest. Investors should treat the ₹62.5 Cr as adjusted EBITDA, not as net profit, and review the audited financials for the full picture.
Note: All ₹ Mn figures from the original investor presentation have been converted to ₹ Crore (divided by 10). All FY26 figures are provisional and unaudited. Source: API Holdings Q4FY26 Investor Presentation, May 2026.
This article is for informational and educational purposes only and does not constitute investment advice or a solicitation to buy or sell unlisted securities. Unlisted shares carry higher risk than listed securities. Investors should conduct their own due diligence and consult a SEBI-registered investment advisor before making any investment decisions. UnlistedZone is an informational platform and does not hold SEBI registration for investment advisory services. All financial figures sourced from API Holdings Q4FY26 Investor Presentation (May 2026) and converted to ₹ Crore from ₹ Mn.