PharmEasy Unlisted Shares

Company Presentation

Back to All Presentations View PharmEasy Unlisted Shares Details

Presentation Summary

PharmEasy Overview and Key Details

PharmEasy, operating under API Holdings Ltd, is a leading digital healthcare platform in India, providing online pharmacy services, medicine delivery, diagnostic test bookings, and healthcare/wellness products. It has expanded its reach via acquisitions like Medlife, Thyrocare, and Aknamed, aiming for an integrated ecosystem.

Investment Rationale: PharmEasy offers a comprehensive suite of healthcare services as a one-stop consumer solution. Strategic acquisitions have expanded service offerings and market reach. Significant reductions in marketing and employee expenses indicate a focus on cost optimization. The Indian digital healthcare market has strong growth potential.

Key Risks: Consistent net losses pose concerns about the path to profitability. A significant valuation decline may impact investor confidence and future fundraising. Regulatory challenges in the healthcare sector may affect operations. Increased competition from other digital healthcare platforms could impact market share.

Financials: PharmEasy's revenue has fluctuated, growing from ₹2335 Cr in FY21 to ₹5729 Cr in FY22, peaking at ₹6644 Cr in FY23, and then declining to ₹5664 Cr in FY24. EBITDA losses were substantial, ranging from -₹570 Cr in FY21 to -₹2345 Cr in FY22, improving to -₹1421 Cr in FY23 and further to -₹646 Cr in FY24. Net losses (PAT) followed a similar trend, from -₹642 Cr in FY21 to -₹3999 Cr in FY22, reducing to -₹5211 Cr in FY23 and -₹2533 Cr in FY24. EPS improved from -₹25.08 in FY21 to -₹3.9 in FY24.

Valuation Metrics: The last deal price was ₹8.5/share (24 Apr 2025), implying a market cap of ₹5463 Cr. Book value stood at ₹4.03, resulting in a P/B Ratio of 2.11. The debt-to-equity ratio was 1.58, and the return on equity was -97.89%. It is important to note the valuation decline from a peak of $5.6 billion to approximately $456 million as of December 2024.

Shareholding Pattern: The majority of shares (57.29%) are held by 'Others.' Naspers Ventures B.V. holds 13.03%, MacRitchie Investments Pte. Ltd. holds 11.74%, TPG Growth V SF Markets Pte. Ltd. holds 7.20%, Evermed Holdings Pte. Ltd. holds 6.35%, and Prasid Uno Family Trust, through its trustee Surbhi Singh, holds 4.39%.

IPO Timeline & Exit Options: The IPO, initially planned for 2021, has been postponed due to financial and market conditions. Investors may consider secondary market transactions or await future public listing opportunities.

UnlistedZone View: PharmEasy's integrated approach to digital healthcare presents a compelling value proposition. Financial performance and valuation trends necessitate cautious optimism. Potential investors should closely monitor the company's path to profitability and market positioning. The rating is hold with a long-term perspective. Target valuation post-IPO is subject to market conditions and company performance.

Company Resources

Access essential information and documents to make informed investment decisions

Events

Stay updated with upcoming events, conferences, and announcements

Financial Reports

Access quarterly and half-yearly financial statements and reports

Annual Reports

Download comprehensive annual reports and financial summaries

Presentations

Access investor presentations, corporate briefings, and slideshows

Currently viewing

Our blog provides insightful information about unlisted shares, offering a deeper understanding of how these assets work, their potential benefits, and the risks involved. Whether you're new to unlisted shares or looking to expand your knowledge, we cover topics such as investment strategies, valuation methods, market trends, and regulatory aspects. Stay updated with expert tips and guides to navigate the unlisted share market effectively.

PharmEasy Unlisted Shares: The Rise of Digital Healthcare

In today’s world of digital services, PharmEasy has emerged as a major player in the healthcare sector. By bridging the gap between patients and healthcare providers.…

NSDL Unlisted Shares SWOT Analysis

NSDL, India’s pioneering depository, combines institutional dominance with robust digital public infrastructure capabilities. As it approaches listing, its strengths in high-margin revenues and regulatory trust are offset by retail underpenetration and emerging fintech threats.

NSDL Pre-IPO Price Band Analysis: Projecting Listing Valuations Across P/E Scenarios

NSDL’s pre-IPO grey-market valuation implies a 63.3× trailing P/E, but actual listing prices could swing widely depending on investor confidence, regulatory clarity, and execution on digital and banking ventures. Scenario modeling across 55× to 75× forward P/E multiples shows a potential price range of ₹1,103–₹1,504, offering a roadmap for assessing risk-adjusted upside.

Unlisted NSDL Shares vs CDSL: Do Future Earnings Justify the Valuation?

NSDL’s rich unlisted valuation reflects its institutional edge, digital infrastructure revenues, and upside from its Payments Bank, but post-IPO, some premium may normalize. With CDSL riding strong retail growth and expanding fintech partnerships, the valuation gap could narrow as earnings converge over FY26–27.

Can NSE Be the Next Big Story on Its Listing, Similar to BSE?

NSE’s upcoming IPO has investors drawing parallels with BSE’s explosive post-listing returns, backed by its FY25 financial strength, market dominance, and rising retail interest. With key governance issues addressed, NSE’s listing could unlock significant shareholder value—potentially outpacing BSE’s success.

NSE Unlisted Shares: Do They Fit Warren Buffett’s Toll Road Investment Framework?

The NSE’s FY25 performance exemplifies Warren Buffett’s toll road investment philosophy, showcasing dominant market share, recurring revenues, high margins, and systemic indispensability. Its monopoly-like presence in India’s financial ecosystem makes it a resilient, high-quality long-term asset.