# API Holdings Limited
**ISIN:** INE0DJ201029
**Canonical URL:** https://polemarch.in/invest/api-holdings
**Type:** Unlisted
**Sector:** Healthtech
**Market cap bucket:** Mid Cap
**Current quoted price:** ₹0.00 per share

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## Company profile

## Business overview
API Holdings is a healthcare technology platform operating Pharmeasy. The company distributes pharmaceuticals, provides teleconsultation, and runs diagnostic labs across India.

![Key milestones on API Holdings' journey so far — from Dialhealth (2012) to PharmEasy (2015), Ascent, Retailio, Docon, Rxdbook, Medlife, Aknamed and Thyrocare (2021)](/assets/companies/api-holdings/milestones.jpeg)


### Risks
- Regulatory risk on online pharmacy
- Unit economics under pressure

## Key ratios (as of FY2025, yearly)
### Liquidity Ratios
- **Working Capital:** 7.30607
- **Current Ratio:** 1.41017339
- **Quick Assets:** 19.57931
- **Quick Ratio:** 1.09921093
- **Cash Ratio:** 0.06680328
- **Working Capital To Sales:** 0.001244187
- **Net Working Capital to Assets:** 0.10473484

### Leverage Ratios
- **Total Debt:** 20.33668
- **Net Debt:** 12.93911
- **Debt to Equity:** 0.6214833
- **Debt to Assets:** 0.29149911
- **Debt To Capital:** 0.0038328073000000002
- **Equity Ratio:** 0.0046909191
- **Financial Leverage:** 0.021317784099999997
- **Interest Coverage:** -1.99716266
- **EBITDA Interest Coverage:** -1.66328464
- **Net Debt to EBITDA:** -0.015370765
- **Long Term Debt to Equity:** 0.51465385
- **Long Term Debt to Capital:** 0.33978314
- **Debt to EBITDA:** -2.4158565
- **Net Debt to Equity:** 0.39541561

### Profitability Ratios
- **Effective Tax Rate:** -0.0003618336
- **NOPAT:** -10.473513469
- **Invested Capital:** 51.86958
- **Gross Margin:** 0.18289254
- **EBITDA Margin:** -0.14335431
- **EBIT Margin:** -0.17213041
- **Pre Tax Margin:** -0.25831789
- **Net Margin:** -0.27130594
- **Return on Assets:** -0.22835717
- **Return on Equity:** -0.53036418
- **Return on Capital Employed:** -0.20393501
- **Return On Invested Capital:** -0.20192015
- **Pre-Tax ROE:** -0.46355585
- **Cash ROA:** -0.03204402
- **Return on Net Assets:** -0.30258002
- **Operating ROA:** -0.14489825

### Efficiency Ratios
- **Asset Turnover:** 0.84179342
- **Fixed Asset Turnover:** 0.2185007516
- **Inventory Turnover:** 0.34050382
- **Receivables Turnover:** 8.77086458
- **Payables Turnover:** 0.0044199105
- **Working Capital Turnover:** 0.0803737714
- **Days Inventory Outstanding:** 10.7194099214
- **Days Sales Outstanding:** 0.41615053669999996
- **Days Payables Outstanding:** 8.2580858103
- **Cash Conversion Cycle:** 2.8774746477999997
- **Equity Turnover:** 1.79451704
- **Capital Employed Turnover:** 1.1847704

### Cashflow Ratios
- **Operating Cash Flow to Sales:** -0.03806638
- **Operating Cash Flow to Net Income:** 0.14030793
- **Free Cash Flow:** -3.04169
- **Free Cash Flow Margin:** -0.05179845
- **Cash Flow to Debt:** -0.10991568
- **Cash Interest Coverage:** 0.72562603
- **FCF to Net Income:** 0.19092265
- **Capital Expenditure:** -0.80637
- **Capex to Sales:** -0.01373208
- **Capex to Operating Cashflow:** 0.3607403
- **Dividend Payout Ratio:** 0.01792309
- **Retention Ratio:** 0.98207691

### Valuation Models
- **Market Price per Share:** 0.0597
- **Shares Outstanding:** 651.667
- **Market Cap:** 0.38904519899999995
- **Enterprise Value:** 13.328155199
- **P/E Ratio:** -0.05685716
- **P/B Ratio:** 0.0129514
- **P/S Ratio:** 0.00662524
- **EV / EBITDA:** -1.58329237
- **EV / Sales:** 0.22697178
- **EV / EBIT:** -1.31860361
- **Earnings Yield:** -17.58793473
- **Free Cash Flow Yield:** -3.35793518
- **Price / Operating Cash Flow:** -0.40523126
- **EV to FCF:** -4.38182563
- **EV to Assets:** 0.19104128
- **EV to Capital Employed:** 0.26890945
- **EV to Invested Capital:** 0.25695514

### Per Share Metrics
- **EPS (Basic):** -1.0499997
- **Book Value per Share:** 4.60953984
- **Sales per Share:** 3.87016844
- **Operating Cash Flow per Share:** -0.14732329
- **Free Cash Flow per Share:** -0.20046873
- **Cash per Share:** 0.48755181
- **EBITDA per Share:** -0.55480531
- **EBIT per Share:** -0.66617368

### DuPont Analysis
- **DuPont: Tax Burden:** 1.03618336
- **DuPont: Interest Burden:** 1.50071034
- **DuPont: EBIT Margin:** -0.17213041
- **DuPont: Asset Turnover:** 0.84179342
- **DuPont: Equity Multiplier:** 2.13177841
- **DuPont ROE (5-step):** -0.48032886

### Earnings Quality
- **Accruals to Assets:** -0.19631685
- **Accruals to Net Income:** 0.85969207
- **Cash Earnings Coverage:** 0.14030793
- **Capex to Depreciation:** 0.47720413

## Recent price points (last 10)

| Date | Price (₹) |
|---|---:|
| 2026-04-16 | 6.25 |
| 2026-04-17 | 5.4 |
| 2026-04-18 | 6.25 |
| 2026-04-19 | 6.25 |
| 2026-04-20 | 6.25 |
| 2026-04-21 | 6.25 |
| 2026-04-22 | 6.25 |
| 2026-04-23 | 5.75 |
| 2026-04-24 | 6 |
| 2026-04-25 | 6.25 |

## Recent news (last 5 events)
### 2026-04-01 — SEBI approval pending on refiled DRHP
Current status: the refiled DRHP is with SEBI awaiting final clearance. Market expects launch timing to depend on approval and a favourable market window.

### 2026-02-15 — Reports first full profitable year in company history
API Holdings reports FY26 as its first fully profitable year since inception — EBITDA positive, free cash flow positive, with both Pharmeasy and Thyrocare contributing.

### 2025-12-15 — Secondary market valuation recovers toward $3B
Unlisted-share quotes for API Holdings tick up toward a ~$3B valuation as turnaround evidence accumulates. Still well below the 2021 peak of $5.6B.

### 2025-10-15 — Q2 FY26 revenue growth reaccelerates
Second quarter of FY26 shows revenue growth reaccelerating into double digits year-on-year, driven by private-label mix and Thyrocare volumes.

### 2025-08-15 — Files refreshed DRHP with SEBI
API Holdings refiles its Draft Red Herring Prospectus with SEBI at a smaller issue size and tighter structure than the 2021 filing. The refreshed document leads with the FY25 turnaround narrative.

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## Risk disclosure

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Canonical (live): https://polemarch.in/invest/api-holdings
Operator: Mithtech Innovative Solutions Pvt Ltd, Bengaluru, India.