API Holdings

It bought a 66.1% stake in diagnostics chain Thyrocare Technologies for ₹4,546 crore in June 2021.[3] source: Mint Docon Technologies, the Thyrocare promoter, held 51.02% of Thyrocare after a stake sale in August 2026.[4] source: The Hindu BusinessLine[5] source: Business Standard

In August 2026, API Holdings repaid ₹1,050 crore of term debt using Thyrocare stake-sale proceeds and internal accruals, becoming debt-free.[4] source: The Hindu BusinessLine The repayment released pledges on Docon's remaining 51.02% Thyrocare stake.[4] source: The Hindu BusinessLine The stake sale covered 9.90% of Thyrocare's paid-up equity, cutting the promoter holding from 60.92% to 51.02%.[4] source: The Hindu BusinessLine[5] source: Business Standard Moneycontrol reported in October 2026 that API's EBITDA loss excluding Thyrocare narrowed to Rs 168 crore in FY26 from Rs 396 crore in FY25 and Rs 637 crore in FY24.[6] source: Moneycontrol The company's profitability target excluding Thyrocare is September 2027, and it will decide on an IPO only after reaching it.[6] source: Moneycontrol

CNBC-TV18 reported in August 2026 that API Holdings may consider a PharmEasy listing or a reverse merger into Thyrocare only after becoming debt-free and profitable.[7] source: CNBC-TV18 The promoter intends to retain at least 51% in Thyrocare.[7] source: CNBC-TV18 When the 2021 Thyrocare deal was announced, Thyrocare chairman A. Velumani was to take a stake of less than 5% in API Holdings.[3] source: Mint