Healthcare

Healthians

Healthians (operated by Expedient Healthcare Marketing Pvt Ltd) reported FY2025 revenue of ₹257 Cr (+9%) and a net loss of just ₹9.5 Cr, down 79% from ₹44.6 Cr the prior year. Operating cash flow flipped positive (+₹8.5 Cr from -₹40.8 Cr). Employee benefits fell 13% in absolute terms despite revenue growth. The operational P&L is genuinely recovering. Then the balance sheet: ₹947 Cr in borrowings (₹926 Cr non-current, mostly unsecured) against ₹257 Cr in annual revenue, and net worth at -₹901 Cr. The 3.7x debt-to-revenue ratio and deeply negative net worth are the structural overhang the operating recovery has not yet touched.

PharmEasy

API Holdings Limited, the holding company that owns the PharmEasy app, Thyrocare Technologies, Nueclear Healthcare, and 28 pharma-distribution subsidiaries (Aknamed era), reported FY2025 consolidated revenue of ₹5,872 Cr (+3.7%) and a net loss of ₹1,572 Cr (down 38% from ₹2,534 Cr). Borrowings halved to ₹2,034 Cr. Pre-exceptional operating loss narrowed from ₹1,496 Cr to ₹1,229 Cr. The structural number is in the balance sheet: gross goodwill from acquisitions is ₹8,364 Cr, of which ₹4,850 Cr (58%) has been impaired. Net goodwill remaining is ₹3,513 Cr, larger than the year's revenue growth would close in a decade.