PharmEasy Claims To Be Debt Free After Paring More Stake In Thyrocare

PharmEasy parent API Holdings claims to have become debt free, after repaying ₹1,050 Cr in outstanding debt by selling a portion of its stake in Thyrocare Technologies and internal accruals. 

Thyrocare promoter Docon Technologies sold 1.58 Mn Thyrocare shares, representing around 9.90% of the company’s paid-up equity share capital, via open market trades. Following the sale, Docon continues to hold 51.02% stake.

API Holdings redeemed and repaid the NCDs on August 14. The shares had been pledged by Docon in favour of Catalyst Trusteeship, the debenture trustee, as security for API Holdings’ obligations.

“We’ve repaid our term debt in full, and we did it the hard way, without diluting our stake in Thyrocare below 51%. That’s the real headline: a stronger balance sheet without giving up our ownership. It reflects a capital allocation philosophy where growth and discipline aren’t traded off against each other. With every business in the group soon profitable, there’s no drag left on the P&L; just a clean base to build from,” group CFO Alok Kumar Jagnani said.

The repayment brings to an end a debt refinancing exercise that began last year. In September 2025, API Holdings proposed raising up to ₹1,700 Cr through a fresh issue of secured, unlisted and redeemable NCDs to refinance existing debentures with an outstanding value of up to ₹1,545.38 Cr.

As part of the arrangement, the existing pledge over Docon’s Thyrocare shares was to be released and replaced by a fresh pledge securing the new NCDs.

At the time, Docon held a 71.06% stake in Thyrocare and had pledged its entire holding against the debt. Following the refinancing, it created a fresh pledge over Thyrocare shares. After the company’s bonus issue, the pledged holding eventually stood at 9.70 Cr shares, or about 60.93% of Thyrocare.

That pledge has now been fully released. Docon continues to hold 8.12 Cr shares, representing a 51.02% stake in Thyrocare. The promoter also clarified that the release of the pledge does not involve any change in its shareholding.

The removal of the encumbrance comes as Thyrocare continues to report strong operating performance.

On the financial front, Thyrocare’s net profit for Q1 FY27 stood at ₹52.19 Cr, up 34.1% from ₹38.93 Cr in the year-ago quarter while its operating revenue grew 24.3% YoY to ₹240.02 Cr.

The company’s EBITDA rose 34% YoY to ₹77.27 Cr, with the EBITDA margin expanding to 32.2% from 29.9% in Q1 FY26. The pathology segment remained the key growth engine, reporting 26% YoY revenue growth to ₹225.6 Cr. Franchise revenue grew 27% to ₹142.8 Cr, while partnership revenue increased 26%.

Thyrocare processed 5.52 Cr diagnostic tests during the quarter, up 28% YoY. Revenue per test declined 2% to ₹39.8, while revenue per patient increased 7% to ₹404.

The diagnostics company is also expanding into specialty testing, with allergy testing and genomics emerging as key focus areas. It recently entered genomics with the launch of non-invasive prenatal testing (NIPT) and plans to progressively expand its specialty test menu.

MD and CEO Rahul Guha, said the company’s Q1 performance was driven by operational efficiency, network expansion and its focus on value-driven diagnostics. He added that Thyrocare is scaling its specialty portfolio and expanding its franchise and partner network across underserved markets.

With the latest debt repayment, Docon’s entire 51.02% stake in Thyrocare is now free from the pledge and other encumbrances linked to API Holdings’ NCD obligations.

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