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

PharmEasy's parent company API Holdings has announced that it has become debt-free after repaying ₹1,050 Cr in outstanding debt. The repayment was achieved by selling a portion of its stake in Thyrocare Technologies and utilizing internal accruals. Thyrocare's promoter, Docon Technologies, sold 1.58 Mn Thyrocare shares, which represented approximately 9.90% of the company's paid-up equity share capital.

Through this sale, Docon retained a 51.02% stake in Thyrocare. API Holdings completed the repayment of NCDs (Non-Convertible Debentures) on August 14. These shares were originally pledged by Docon to secure API Holdings' obligations. Group CFO Alok Kumar Jagnani emphasized that the company has repaid its term debt without diluting its stake in Thyrocare below 51%, highlighting a stronger balance sheet without a reduction in ownership.

This achievement reflects a capital allocation strategy that balances growth and discipline. The debt repayment concludes a refinancing process that began last year, where API Holdings had planned to raise up to ₹1,700 Cr through fresh unlisted and redeemable NCDs to refinance existing debentures. After the refinancing, Docon created a fresh pledge over Thyrocare shares, which was then released.

The latest debt repayment comes as Thyrocare continues to report robust financial performance, with Q1 FY27 net profit rising 34.1% YoY to ₹52.19 Cr, driven by operational efficiency, network expansion, and a focus on value-driven diagnostics.