May 02, 2026

Altius Investech on API Holdings - Message Received

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API Holdings: From Losses to Profitability — FY26 Turnaround Story

We present API Holdings Ltd. — a leading digital healthcare platform operating across B2B pharma distribution (Ascent & Aknamed), B2C consumer platform (PharmEasy), and diagnostics (Thyrocare), creating a fully integrated healthcare ecosystem across India.

 

🌐 Business Overview

Diversified platform across supply chain, consumer & diagnostics

  • B2B: Supplies medicines to chemists, hospitals & institutions
  • B2C:PharmEasy enables online medicine delivery & healthcare access
  • Diagnostics:Thyrocare offers nationwide testing with strong margins
  • End-to-end presence across manufacturers → hospitals → consumers 

 

📊 9MFY26 Financial Turnaround

Clear shift from losses to profitability

  • Revenue at ₹5,095 Cr, up +15% YoY 
  • EBITDA turned positive at ₹29 Cr vs losses earlier
  • Finance cost reduced to ₹340 Cr (-14% YoY)
  • PBT losses narrowed by 38% YoY

 

👑 Thyrocare — Core Driver of Turnaround

High-margin diagnostics business powering profitability

  • Revenue: ₹605 Cr, up +21% YoY
  • Gross margin: 73% (among highest in diagnostics)
  • EBITDA: ₹201 Cr with 33% margin
  • Consistent quarterly margins (32–35%) supporting group EBITDA

👉 Thyrocare is the primary cash engine enabling the group’s EBITDA turnaround

 

🚚📱 Other Segments Improving Rapidly

B2B & B2C showing sharp operational recovery

  • B2B Revenue: ₹3,043 Cr (+16% YoY); EBITDA loss reduced by 75%
  • First EBITDA-positive quarter achieved in Q3FY26
  • B2C Revenue: ₹983 Cr (+18% YoY); gross margins expanded to 25%
  • EBITDA losses narrowed to ₹34 Cr vs ₹47 Cr YoY

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