PharmEasy

API Holdings Business Model: Understanding PharmEasy, Thyrocare, Ascent & Aknamed API Holdings — the parent company behind PharmEasy — operates across four distinct business lines in India's healthcare and pharma distribution space. For investors tracking API Holdings unlisted shares, understanding this segment mix is key, since each business has a very different profitability profile. The Four Businesses Under API Holdings

1Ascent (B2B – Retail Distribution) Ascent distributes pharmaceutical products directly to chemists and retail institutions, procuring supplies straight from pharma manufacturers. It also onboards retailers onto its Order Management System (OMS) platform, giving API Holdings a tech-enabled distribution layer for India's pharmacy retail network.

2Aknamed (B2B – Hospital Supply) Aknamed focuses on supplying pharma products, consumables, and surgical items to hospitals, sourcing from both manufacturers and distributors. Together, Ascent and Aknamed make up API Holdings' combined "B2B" segment.

3PharmEasy (B2C – Consumer Healthcare App) PharmEasy is India's consumer-facing digital healthcare super app, enabling on-demand home delivery of prescription and OTC medicines. Structurally, it operates as a marketplace — API Holdings owns the PharmEasy brand and technology, which is licensed to an associate company, Axelia Solutions Private Limited, for day-to-day operations. Diagnostics bookings are also cross-sold through the PharmEasy app.

4Thyrocare (Diagnostics) Thyrocare provides diagnostic testing services to hospitals, diagnostic centres, independent phlebotomists, and consumers, including through its own online marketplace. It is the most mature and consistently profitable business in the group. FY26 Financial Snapshot (₹ Crore) Segment Revenue GM GM% EBITDA EBITDA Margin B2B (Ascent + Aknamed) 4,088.9 366.9 9.0% 1.3 ~0% B2C (PharmEasy) 1,333.6 342.5 25.7% -39.4 -3.0% Thyrocare 829.0 609.5 73.5% 279.9 33.8% API Group Total 6,869 1,362.9 19.8% 62.5 0.9% (FY26 figures are provisional and unaudited, as disclosed by the company.) Key Takeaway for Investors API Holdings turned EBITDA-positive at the group level in FY26 (₹62.5 Cr profit, versus a ₹231 Cr loss in FY25) — but the segments are contributing very unevenly. Thyrocare alone generated ₹280 Cr of EBITDA, effectively funding the group's overall profitability, while PharmEasy (B2C) and Aknamed remain loss-making, though both are showing meaningfully narrowing losses year-on-year. Ascent-led B2B distribution is now close to EBITDA breakeven. For anyone evaluating API Holdings in the unlisted shares market, this segment-level view — rather than the consolidated number alone — is essential to understanding where the company's real value and risk currently sit. Disclaimer: Figures are based on API Holdings' Q4 FY26 investor presentation (May 2026) and are provisional, unaudited numbers. This note is for informational purposes only and does not constitute investment advice.