Platform	Last Traded Price	Min Quantity

Strengths & Weaknesses

Strengths

Focus on Quality and Customer Experience:25 out of 30 diagnostic labs are NABL (National Accreditation Board for Testing and Calibration Laboratories)accredited, representing the top 2% of all labs in India.Enhanced service levels and targeting high-value customers increased customer satisfaction.

Strategic Initiatives for Margin Enhancement:Optimized product mix with a focus on higher-margin private label products.Adjusted sales mix to prioritize high-margin opportunities

Cost Optimization:Rationalized workforce and operational costs, including significant reductions in marketing expenses.Optimized working capital through inventory and receivables management.

Technological Advancements:Developed AI/ML-powered tools for inventory management and customer engagement.Integration of operational systems across the supply chain for improved efficiency.

Sustainable Revenue Growth:Efforts to improve wallet share in existing chemist and hospital businesses.Increased customer retention and enhanced order value metrics.

Global Expansion:Entered the Tanzanian market through a joint venture, demonstrating international growth ambitions.

Weaknesses

Financial Losses:Significant losses reported for the fiscal year, although reduced from the prior year.High exceptional expenses, including impairment charges and redemption costs

Dependence on External Capital:Reliance on rights issues and preference share allocations for funding operations and debt settlements.

Declining Revenue:Consolidated revenue dropped by 14.7%, reflecting challenges in scaling certain operations.Reduced marketing spends led to lower new customer acquisition

Operational Constraints:High dependency on working capital availability affected sales growth in key segments like hospitals and chemists

Balance Sheet	FY2024	FY2023	FY2022	FY2021
Equity Capital	624.04	614.20	614.20	25.62
Reserves	1,633.88	1029.94	6408.28	3555.56
Total Equity	2257.92	1644.15	7022.48	3581.18
Borrowings	1,979.81	3113.24	100.07	232.15
Provision	1.23	0.92	12.95	14.68
Other Non-Current Liabilities	10.19	596.99	501.23	101.13
Total Non Current Liabilities	1991.24	3711.15	614.24	347.96
Borrowings	1346.57	0.00	2485.35	353.24
Other Current Liabilities	714.45	5.02	1276.25	622.98
Total current Liabilities	2,061.02	188.21	3761.61	976.21
Equity + Liabilities	6310.18	5543.50	11398.33	4905.34
Fixed Assets (incl. WIP)	14.27	48.10	430.97	61.62
Other Non Current Assets	4460.00	4793.85	8465.15	3525.61
Total Non Current Assets	4474.28	4841.95	8896.12	3587.23
Trade Receivables	40.788	49.79	860.85	358.29
Cash & Cash Equivalents	1376.50	55.07	329.22	323.18
Other Current Assets	418.61	596.70	1312.14	636.65
Total Current Assets	1835.90	701.56	2502.21	1318.11
Total Assets	6310.18	5543.50	11398.33	4905.34

Profit & Loss	FY2024	FY2023	FY2022	FY2021
Revenue from Operations	513.75	855.77	5728.82	2335.27
Growth %	-39.97%	-85.06%	145.32%	0
Operating Expenses	936.8	1775.17	8074.54	2904.60
Growth %	-47.23%	-78.02%	177.99%	0
Operating Profit	-423.1	-919.40	-2345.72	-569.33
Op. Profit Margin %	-82.35%	-107.44%	-40.95%	-24.38%
Other Income	545.48	567.48	52.18	25.39
Finance Costs	541.81	441.21	258.26	43.43
Depreciation	10.7	24.37	158.79	32.90
Share to the associates	0.00	0.00	0.66	0.00
Exceptional items	1726.97	4467.79	-1260.84	0.00
Profit Before Tax	-2,157.062	-5,285.281	-3,970.77	-620.27
Tax	0.00	0.00	21.73	21.07
Tax %	0.00%	0.00%	-0.55%	-3.40%
Discontinued Operations	0.00	-85.37	0.00	0.00
Profit After Tax	-2,157.06	-5370.65	-3992.496	-641.34
Growth %	59.84%	-34.52%	-522.53%	0
PAT %	-419.87%	-627.58%	-69.69%	-27.46%
Diluted EPS	-3.44	-0.14	-7.28	-2.67

Shareholding Pattern

Color	Shareholder	Holding
	Naspers Ventures BV	13.24%
	Macritchie Investments Pte. Ltd	11.93%
	Surbhi Singh jointly with Universal Trustees Private Limited	6.10%
	TP G Growth V SF Markets Pvt Ltd	7.32%
	Evermed Holdings Pte. Ltd	6.45%
	Others	54.96%

Fundamentals

Quick Insights

Focus on Quality and Customer Experience:25 out of 30 diagnostic labs are NABL (National Accreditation Board for Testing and Calibration Laboratories)accredited, representing the top 2% of all labs in India.Enhanced service levels and targeting high-value customers increased customer satisfaction.

Market Cap₹4,511.88 Cr

PE Ratio-2.09

EPS₹-3.44

Dividend Yield-

Book Value₹2.62 Cr

Debt/Equity1.89

Price/Book2.75

Price/Sales-

Industry PE-

Sales₹513.75 Cr

Profit After Tax₹-2,157.06 Cr

Share Capital₹624.04 Cr

Shares Outstanding-

ISININE0DJ201029

SectorPharmaceutical

Symbol-

About Company

API Holdings Limited is a healthcare-focused organization that integrates technology and innovation to provide a comprehensive suite of healthcare services. Headquartered in Mumbai, India, the company is recognized for its flagship brands, such as PharmEasy and Thyrocare Technologies, which serve diverse sectors within the healthcare ecosystem, including diagnostics, pharmaceuticals, and retail distribution.The company operates across two primary business segments:

Quick Insights

Focus on Quality and Customer Experience:25 out of 30 diagnostic labs are NABL (National Accreditation Board for Testing and Calibration Laboratories)accredited, representing the top 2% of all labs in India.Enhanced service levels and targeting high-value customers increased customer satisfaction.

Market Cap₹4,511.88 Cr

PE Ratio-2.09

EPS₹-3.44

Dividend Yield-

Book Value₹2.62 Cr

Debt/Equity1.89

Price/Book2.75

Price/Sales-

Industry PE-

Sales₹513.75 Cr

Profit After Tax₹-2,157.06 Cr

Share Capital₹624.04 Cr

Shares Outstanding-

ISININE0DJ201029

SectorPharmaceutical

Symbol-

About Company

Strengths

Strategic Initiatives for Margin Enhancement:Optimized product mix with a focus on higher-margin private label products.Adjusted sales mix to prioritize high-margin opportunities

Cost Optimization:Rationalized workforce and operational costs, including significant reductions in marketing expenses.Optimized working capital through inventory and receivables management.

Technological Advancements:Developed AI/ML-powered tools for inventory management and customer engagement.Integration of operational systems across the supply chain for improved efficiency.

Sustainable Revenue Growth:Efforts to improve wallet share in existing chemist and hospital businesses.Increased customer retention and enhanced order value metrics.

Global Expansion:Entered the Tanzanian market through a joint venture, demonstrating international growth ambitions.

Weaknesses

Financial Losses:Significant losses reported for the fiscal year, although reduced from the prior year.High exceptional expenses, including impairment charges and redemption costs

Dependence on External Capital:Reliance on rights issues and preference share allocations for funding operations and debt settlements.

Declining Revenue:Consolidated revenue dropped by 14.7%, reflecting challenges in scaling certain operations.Reduced marketing spends led to lower new customer acquisition

Operational Constraints:High dependency on working capital availability affected sales growth in key segments like hospitals and chemists

Annual Reports

FY FY FY

Balance Sheet	FY2024	FY2023	FY2022	FY2021
Equity Capital	624.04	614.20	614.20	25.62
Reserves	1,633.88	1029.94	6408.28	3555.56
Total Equity	2257.92	1644.15	7022.48	3581.18
Borrowings	1,979.81	3113.24	100.07	232.15
Provision	1.23	0.92	12.95	14.68
Other Non-Current Liabilities	10.19	596.99	501.23	101.13
Total Non Current Liabilities	1991.24	3711.15	614.24	347.96
Borrowings	1346.57	0.00	2485.35	353.24
Other Current Liabilities	714.45	5.02	1276.25	622.98
Total current Liabilities	2,061.02	188.21	3761.61	976.21
Equity + Liabilities	6310.18	5543.50	11398.33	4905.34
Fixed Assets (incl. WIP)	14.27	48.10	430.97	61.62
Other Non Current Assets	4460.00	4793.85	8465.15	3525.61
Total Non Current Assets	4474.28	4841.95	8896.12	3587.23
Trade Receivables	40.788	49.79	860.85	358.29
Cash & Cash Equivalents	1376.50	55.07	329.22	323.18
Other Current Assets	418.61	596.70	1312.14	636.65
Total Current Assets	1835.90	701.56	2502.21	1318.11
Total Assets	6310.18	5543.50	11398.33	4905.34

Profit & Loss	FY2024	FY2023	FY2022	FY2021
Revenue from Operations	513.75	855.77	5728.82	2335.27
Growth %	-39.97%	-85.06%	145.32%	0
Operating Expenses	936.8	1775.17	8074.54	2904.60
Growth %	-47.23%	-78.02%	177.99%	0
Operating Profit	-423.1	-919.40	-2345.72	-569.33
Op. Profit Margin %	-82.35%	-107.44%	-40.95%	-24.38%
Other Income	545.48	567.48	52.18	25.39
Finance Costs	541.81	441.21	258.26	43.43
Depreciation	10.7	24.37	158.79	32.90
Share to the associates	0.00	0.00	0.66	0.00
Exceptional items	1726.97	4467.79	-1260.84	0.00
Profit Before Tax	-2,157.062	-5,285.281	-3,970.77	-620.27
Tax	0.00	0.00	21.73	21.07
Tax %	0.00%	0.00%	-0.55%	-3.40%
Discontinued Operations	0.00	-85.37	0.00	0.00
Profit After Tax	-2,157.06	-5370.65	-3992.496	-641.34
Growth %	59.84%	-34.52%	-522.53%	0
PAT %	-419.87%	-627.58%	-69.69%	-27.46%
Diluted EPS	-3.44	-0.14	-7.28	-2.67

Shareholding Pattern

Color	Shareholder	Holding
	Naspers Ventures BV	13.24%
	Macritchie Investments Pte. Ltd	11.93%
	Surbhi Singh jointly with Universal Trustees Private Limited	6.10%
	TP G Growth V SF Markets Pvt Ltd	7.32%
	Evermed Holdings Pte. Ltd	6.45%
	Others	54.96%

Board of Directors

Siddharth Shah Co-founder and CEO

Dr. Dhaval Shah Co-founder

Siddharth Bhaskar Shah Managing Director

Harsh Shailesh Parekh Wholetime Director

Dharmil Nirupam ShethWholetime Director

Aditya PuriDirector

Senior Management

Siddharth ShahCo-Founder, Managing Director and Chief Executive Officer

Dharmil ShethCo-Founder and Whole-time Director

Dr. Dhaval Shah Co-Founder

Harsh ParekhCo-Founder and Whole-time Director

Hardik Dedhia Co-Founder