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PharmEasy Unlisted Shares
PharmEasy is India’s leading digital healthcare platform. It provides information, consultations, diagnostics tests, medicines, healthcare products, and services from registered and trusted pharmacies, leading diagnostic laboratories, and trusted doctors across India, serving every habitable zip code of the country. The journey of PharmEasy was started in 2015, when founders Dharmil Sheth, an MBA from IMT Ghaziabad and Dr. Dhaval Shah, MBBS from Rajiv Gandhi Medical College and MBA from XLRI Jamshedpur, came up with the idea of an online pharmacy to make healthcare affordable and accessible to one and all.
Fundamentals
Financial (In Cr)
| P&L Statement | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue | 2335 | 5729 | 6644 | 5664 |
| Cost of Material Consumed | 2267 | 5342 | 5669 | 4737 |
| Gross Margins | 2.91 | 6.76 | 14.67 | 16.37 |
| Change in Inventory | -114 | -229 | 62 | 143 |
| Employee Benefit Expenses | 270 | 1459 | 1283 | 699 |
| Other Expenses | 482 | 1502 | 1051 | 731 |
| EBITDA | -570 | -2345 | -1421 | -646 |
| OPM | -24.41 | -40.93 | -21.39 | -11.41 |
| Other Income | 25 | -1185 | -2866 | 931 |
| Finance Cost | 43 | 258 | 666 | 728 |
| D&A | 33 | 159 | 243 | 216 |
| EBIT | -603 | -2504 | -1664 | -862 |
| EBIT Margins | -25.82 | -43.71 | -25.05 | -15.22 |
| PBT | -621 | -3977 | -5196 | -2522 |
| PBT Margins | -26.6 | -69.42 | -78.21 | -44.53 |
| Tax (2021) | 21 | 22 | 15 | 11 |
| PAT | -642 | -3999 | -5211 | -2533 |
| NPM | -27.49 | -69.8 | -78.43 | -44.72 |
| EPS | -25.08 | -6.51 | -8.48 | -3.9 |
| Financial Ratios | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Operating Profit Margin | -24.41 | -40.93 | -21.39 | -11.41 |
| Net Profit Margin | -27.49 | -69.8 | -78.43 | -44.72 |
| Earning Per Share (Diluted) | -25.08 | -6.51 | -8.48 | -3.9 |
Shareholding Pattern
| Shareholding Pattern | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Naspers Ventures B. V. | 0 | 0.1324 | 0.1324 | 0.1303 |
| MacRitchie Investments Pte. Ltd. | 0.1374 | 0.1193 | 0.1193 | 0.1174 |
| Prasid Uno Family Trust Through Its Trustee Surbhi Singh | 0.1318 | 0.061 | 0.061 | 0.0439 |
| TPG Growth V SF Markets Pte. Ltd | 0.0873 | 0.0732 | 0.0732 | 0.072 |
| Evermed Holdings Pte. Ltd. | 0.1465 | 0.0645 | 0.0645 | 0.0635 |
| Prasid Uno Family Trust Through Its Trustee Surbhi Singh | 0.1318 | 0.061 | 0.061 | 0.0439 |
| Others | 0.4348 | 0.5496 | 0.5496 | 0.5729 |
Promoters
| Promoters | Designation | Experience | Linkedin Profile |
|---|---|---|---|
| Dr. Dhaval Shah | Co-Founder, CBO | 9 yrs | |
| Siddharth Shah | CEO | 12 yrs | |
| Abhinav Jain Ranka | CFO | 14 yrs |
With rapid digital health adoption and expanded service offerings, consensus shows PharmEasy’s share price to move between ₹7 to ₹8 in 2025. The moderation is driven by increased market share in the online pharmacy segment, expansion into diagnostic services, an augmented product ecosystem, but due to valuation drops and profitability issues.
Read MorePharmEasy, the online pharmacy giant, is making moves to re-enter the IPO market after pulling back its initial offering two years ago. The company plans to present its revamped IPO strategy at its board meeting, which could involve a potential reverse merger with Thyrocare, its publicly listed subsidiary. This merger, along with its improved cash flow and restructured business model, is designed to boost investor confidence as PharmEasy aims to reduce its cash burn. Despite a decline in revenue by 14.7% in FY24, PharmEasy has successfully halved its net loss, primarily by cutting down on goodwill impairment charges. The company is focusing on sustainable growth while facing increased competition from rivals like Tata-owned 1mg and Apollo 24x7. PharmEasy plans to revisit its IPO strategy in 2025, with the board meeting in February 2025 serving as a key milestone for discussions.
Read MorePharmEasy is seen as a strong growth-oriented play in the digital healthcare space. Its aggressive market expansion, investment in technological infrastructure, and diversification of product and service offerings provide significant value drivers. Investors favoring growth and digital innovation are likely to find PharmEasy an attractive buy despite short-term margin pressures.
Read MoreIts risk profile is moderate-to-high, aligned with its aggressive growth trajectory. Competitive Risk: Increasing competition in the digital health and online pharmacy space. Regulatory Risk: Subject to stringent healthcare regulations and compliance standards. Execution Risk: Scaling operations quickly without sacrificing service quality.
Read MoreMr. Dharmil Sheth: Co-founder and driving force behind the company’s aggressive market expansion strategy. Mr. Vikas Bagaria: Co-founder and CEO known for his strategic focus on digital innovation and operational excellence.
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