Pharmeasy Unlisted Shares
About Pharmeasy Unlisted Shares
Pharmeasy unlisted shares represent ownership in API Holdings, India’s largest digital healthcare platform. Founded in 2015, Pharmeasy revolutionized healthcare access by offering online medicine delivery, teleconsultations, diagnostic tests, and wellness products. With strategic acquisitions like Thyrocare (2021) and a presence in 18,587+ PIN codes, Pharmeasy connects consumers to pharmacies, labs, and doctors nationwide. Despite rapid growth, the company faces financial challenges, reflected in its unlisted shares valuation.
Business Segments
- Online Medicine Delivery:
- Prescription verification and doorstep delivery via partner pharmacies.
- 1–2% commission on sales.
- Diagnostic Services:
- Partnerships with labs (including Thyrocare) for test bookings.
- Healthcare Products:
- Sales of supplements, skincare, and ayurvedic items.
- Teleconsultations:
- Remote doctor consultations via proprietary tech platforms.
Financial Highlights (2021–2024)
- Revenue Decline: Revenue fell from ₹5,729 crore (2021) to ₹5,664 crore (2024), reflecting post-pandemic demand normalization.
- EBITDA Improvement: Losses narrowed by 72% from -₹2,345 crore (2021) to -₹646 crore (2024) due to cost rationalization.
- Asset Optimization: Fixed assets reduced by 28% (₹1,025 crore in 2021 to ₹734 crore in 2024), indicating leaner operations.
- Debt Surge: Borrowings doubled from ₹2,585 crore (2022) to ₹4,098 crore (2024), raising interest costs (₹728 crore in 2024).
- Net Loss Trends: PAT improved from -₹3,999 crore (2022) to -₹2,533 crore (2024), but NPM stayed negative (-44.72% in 2024).
- Inventory Management: Inventory reduced by 27% (₹761 crore in 2021 to ₹556 crore in 2024), enhancing working capital efficiency.
Pharmeasy Unlisted Shares Considerations
Pharmeasy unlisted shares appeal to investors betting on India’s digital healthcare boom. The company’s market leadership, Thyrocare synergy, and vast reach position it for long-term gains. However, risks include:
- Profitability Challenges: Persistent losses and negative OPM (-11.41% in 2024).
- Debt Servicing: Rising finance costs (₹728 crore in 2024) strain cash flows.
- Regulatory Risks: Compliance with healthcare and e-pharmacy regulations.
Key Valuation Drivers:
- Thyrocare Integration: Leveraging diagnostic revenues to offset medicine delivery losses.
- Funding Lifeline: Ability to secure additional capital for expansion.
- Margin Recovery: Achieving breakeven EBITDA through scale and cost controls.
Unlisted shares’ pricing hinges on private market sentiment, sector growth prospects, and Pharmeasy’s path to profitability.
Pros
- Market Leadership: Largest digital healthcare platform by GMV (RedSeer, 2021).
- Pan-India Reach: Services available in 18,587+ PIN codes, including rural areas.
- Strategic Acquisitions: Thyrocare acquisition (66% stake) strengthened diagnostic capabilities.
Cons
- Consistent Losses: Negative EBITDA (-₹646 crore in 2024) and PAT (-₹2,533 crore in 2024).
- High Debt Burden: Borrowings surged to ₹4,098 crore in 2024, straining liquidity.
- Reliance on Funding: Dependent on equity injections to offset cash burn.
Key Details
| Share Name | Particulars |
|---|---|
| API Holdings Unlisted | 7.20 |
| Shares Price | Per Equity Share |
| Lot Size | 3000 Shares |
| 52 Week High | 12.00 |
| 52 Week LoW | 6.40 |
| Depository | NSDL & CDSL |
| PAN Number | AASCA1201E |
| ISIN Number | INE0DJ201029 |
| CIN | U60100MH2019PLC323444 |
| RTA | Link Intime |
| Fundamentals | Value |
|---|---|
| Market Cap (in cr.) | 4627.25 |
| P/E Ratio | N/A |
| P/B Ratio | 2.03 |
| Debt to Equity | 1.85 |
| ROE (%) | -97.89 |
| Book Value | 3.55 |
| EPS | -3.9 |
| Face Value | 1 |
| Total Shares | 6426735432 |
Financials
| P&L Statement | 2024 | 2023 | 2022 |
|---|---|---|---|
| Revenue | 5664 | 6644 | 5729 |
| Cost of Material Consumed | 4737 | 5669 | 5342 |
| Gross Margins | 16.37 | 14.67 | 6.76 |
| Change in Inventory | 143 | 62 | -229 |
| Employee Benefit Expenses | 699 | 1283 | 1459 |
| Other Expenses | 731 | 1051 | 1502 |
| EBITDA | -646 | -1421 | -2345 |
| OPM | -11.41 | -21.39 | -40.93 |
| Other Income | 931 | -2866 | -1185 |
| Finance Cost | 728 | 666 | 258 |
| D&A | 216 | 243 | 159 |
| EBIT | -862 | -1664 | -2504 |
| EBIT Margins | -15.22 | -25.05 | -43.71 |
| PBT | -2522 | -5196 | -3977 |
| PBT Margins | -44.53 | -78.21 | -69.42 |
| Tax | 11 | 15 | 22 |
| PAT | -2533 | -5211 | -3999 |
| NPM | -44.72 | -78.43 | -69.8 |
| EPS | -3.9 | -8.48 | -6.51 |
| Ratio | FY24 | FY23 | FY22 |
|---|---|---|---|
| Operating Margin | -31% | -68% | -64% |
| Net Profit Margin | -44% | -78% | -69% |
| Return on Equity | -98% | -214% | -57% |
| Debt-Equity | 1.58 | 1.69 | 0.37 |
| Current Ratio | 0.99 | 1.09 | 0.67 |
| Dividend Payout | -1% | 0% | 0% |
| Company | API Holdings (PharmEasy) | Medplus Health Services Ltd |
|---|---|---|
| Market Cap (₹ Crores) | 5492 | 7950 |
| Profitability Margin (%) | -43.65% | 1.17% |
| ROCE (%) | -36.71% | 6.66% |
| ROE (%) | -98.00% | 4.10% |
| D/E Ratio | 1.85 | 0.64 |
| P/E Ratio | -2.16 | 105.00 |
| P/B Ratio | 2.48 | 5.05 |
| Book Value per Share (₹) | 3.55 | 132.00 |
| Assets | 2024 | 2023 | 2022 |
|---|---|---|---|
| Fixed Assets | 734 | 912 | 1025 |
| CWIP | 3.6 | 4 | 7.8 |
| Investments | 329 | 342 | 438 |
| Trade Receivables | 706 | 905 | 861 |
| Inventory | 556 | 688 | 761 |
| Other Assets | 6061.4 | 5405 | 8305.2 |
| Total Assets | 8390 | 8256 | 11398 |
| Liabilities | 2024 | 2023 | 2022 |
|---|---|---|---|
| Share Capital | 649.6 | 614.2 | 614.2 |
| FV | 1 | 1 | 1 |
| Reserves | 1938 | 1823 | 6408.3 |
| Borrowings | 4098 | 4120 | 2585 |
| Trade Payables | 413 | 413 | 459 |
| Other Liabilities | 1291.4 | 1285.8 | 1331.5 |
| Total Liabilities | 8390 | 8256 | 11398 |
