API Holdings turns debt-free after repaying ₹1,050 crore term loan; sells 9.9% Thyrocare stake

API Holdings, the parent company of PharmEasy and Thyrocare Technologies, has become debt-free after repaying its outstanding term loan of ₹1,050 crore through proceeds from the sale of part of its stake in Thyrocare and internal accruals.

The company, in a release, said the repayment has also led to the release of the pledge on the remaining Thyrocare shares held by Docon Technologies, API Holdings’ promoter and holding company for Thyrocare. Following the release, Docon’s entire 51.02% stake in Thyrocare is now unencumbered.

“Following the sale, Docon continues to remain the promoter and holding company of Thyrocare with a 51.02% stake,” API Holdings said in a release.

The release noted that Docon Technologies sold 1,57,69,696 shares of Thyrocare, representing around 9.90% of the diagnostics company’s paid-up equity share capital, through market trades. After the transaction, Docon continues to hold a controlling 51.02% stake in Thyrocare.

Alok Kumar Jagnani, whole-time director and group CFO of API Holdings, said the company had repaid its term debt in full without reducing its holding in Thyrocare below 51%.

“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,” he said.

He added that the move reflected the company’s focus on balancing growth with capital discipline.

Siddharth Shah, vice chairman of API Holdings, said the acquisition of Thyrocare had delivered returns for shareholders who had retained their holdings.

According to Shah, investors who held on instead of tendering their shares to API Holdings’ open offer at ₹433 a share in July 2021, on a bonus-adjusted basis, were holding shares worth ₹653 as of the close of trading on August 14, 2026, including dividends. This represented a 51% return, compared with a 41% return from the Nifty 50 over the same period, he said.

Rahul Guha, managing director and CEO of API Holdings and Thyrocare, said becoming debt-free marked the beginning of the company’s next phase.

“Zero debt isn’t the finish line; it's the starting gun,” Guha said, adding that the repayment was supported by execution across Thyrocare and the broader group.

With the term loan fully repaid, API Holdings said it will focus on profitable growth, disciplined execution and long-term value creation across its healthcare businesses.

API Holdings operates a technology-enabled healthcare distribution platform connecting manufacturers, distributors, pharmacies, hospitals, diagnostics providers, healthcare professionals and consumers. Its businesses include PharmEasy, Thyrocare, Ascent and Aknamed, spanning e-commerce, quick commerce, general trade and institutional supply.