API Holdings is debt-free, repays Rs 1,050 Cr

Digital healthcare platform API Holdings, the parent company of businesses such as PharmEasy, Thyrocare and Docon, has turned debt-free following the repayment of outstanding debts worth Rs 1,050 crore.

This was funded through proceeds from a recent sale of a portion of its stake in Thyrocare Technologies and internal accruals.

According to a statement from the company, the development comes after Docon Technologies Private Limited, the promoter and holding company of Thyrocare, sold 1,57,69,696 Thyrocare shares, representing around 9.90% of the company’s paid-up equity share capital, through market trades. Following the sale, Docon continues to remain the promoter and holding company of Thyrocare with a 51.02% stake.

API Holdings said the debt payment has also resulted in the release of the pledge on the remaining Thyrocare shares held by Docon. The entire outstanding pledge linked to the debt has now been released, leaving Docon’s 51.02% holding in Thyrocare fully unencumbered, the statement said.

Alok Kumar Jagnani, Whole-Time Director and Group CFO, API Holdings, said, “We’ve repaid our term debt in full, and we did it the hard way, without diluting our stake in Thyrocare below 51%. 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.”

API Holdings noted that with its term loan fully repaid and businesses moving into profitability, it is now entering a next phase focused on profitable growth, disciplined execution, and long-term value creation across its healthcare businesses.

Siddharth Shah, Vice Chairman, API Holdings, said, “The Thyrocare acquisition has worked out well for API. Shareholders who held on instead of tendering to our open offer at Rs 433 a share in July 2021 (bonus adjusted) are sitting on Rs 653 at close of trading on 14th August 2026 - dividends included. That’s a 51% return.”