Fortune India 500 2025 edition
Rank#394- Total income
- ₹5,992 Cr
- Profit
- ₹-1,593 Cr
Last year #384
Api Holdings Limited - healthcare in Thane, Maharashtra, India. FY 2026 financials & compliance.
Revenue · FY 2026
₹6,689.29 Cr
▲ 12% YoY
Net loss · FY 2026
₹520.29 Cr
Net margin -7.8%
EBITDA · FY 2026
₹110.12 Cr
EBITDA margin 1.6%
Authorised capital
₹3,515 Cr
Registered with MCA
Paid-up capital
₹744.02 Cr
Issued & subscribed
Satisfied charges
₹8,985.36 Cr
No open charges
Company age
7 yrs
Est. 2019
Employees · EPFO
215
Provident fund records
About Api Holdings Limited
Data last updated:
Api Holdings Limited is a public limited company based in Thane, Maharashtra, India. It operates in the healthtech and medical tech solutions segment of the healthcare sector. It was incorporated on 31 March 2019 and has been in existence for over 7 years.
Api Holdings is ranked #394 on the Fortune India 500 (2025). Its director Ranjan Pai is #57 among India's richest people (2026).
The company is registered with the Registrar of Companies (ROC), Mumbai, under CIN U60100MH2019PLC323444. Its GSTIN is 27AASCA1201E1Z3 (Maharashtra). The company holds 6 GST registrations, of which 5 are active.
The company has an authorised share capital of ₹3,515 Cr and a paid-up capital of ₹744.02 Cr. It was formerly known as Api Holdings Private Limited. It is led by directors including Rahul Franklin Guha (Managing Director) and Alok Kumar Jagnani (Whole-Time Director).
Its last annual general meeting (AGM) was held on 30 September 2026, and its latest financial statements are for the year ended 31 March 2026. The registered office is at Thane, Maharashtra.
As per the financials filed for FY 2026, the company reported a revenue of ₹6,689.29 Cr, a growth of 12% compared to the previous year. For the same year it recorded a net loss of ₹520.29 Cr (net margin -7.8%) and EBITDA of ₹110.12 Cr (EBITDA margin 1.6%). Revenue has grown at a compounded annual rate (CAGR) of 23% over five years.
The company has about 215 employees on its provident fund (EPFO) records. Its group structure includes 31 subsidiaries.
The company is associated with 3 brands: Mahaveer Medi Sales, Retailio and API Holdings. As per MCA filings, the company has satisfied charges of ₹8,985.36 Cr on record. Court records list 24 cases involving the company, including 5 filed by the company and 19 filed against it; 18 cases are pending. The company has 45 deals on record (20 secondary share transfers, 16 funding rounds, 6 debt financings), with disclosed funding of ₹18,675 Cr; the latest was in October 2025. The company has 10 MSME Form 1 returns on record between 2021 and 2024, listing 1,701 overdue payments to 122 micro and small suppliers.
The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website apiholdings.in.
Company details
CIN U60100MH2019PLC323444
Registration Number 323444
Incorporation Date 31 March 2019
ROC Mumbai
Listing Status Unlisted
Company Status Active
Compliance Status Active Compliant
CIN history
Api Holdings has 2 previous CINs, indicating changes in the company's corporate structure or registration details. The current CIN is U60100MH2019PLC323444, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| U60100MH2019PLC323444 | Current |
| U65100MH2019PTC323444 | Previous |
| U60100MH2019PTC323444 | Previous |
Key People
Rahul Franklin Guha Managing Director Alok Kumar Jagnani Whole-Time Director Aditya Puri Director Recognitions & Rankings of Api Holdings
India's Richest People 2026 edition · 1 director · Source: Hurun India
- #57 Ranjan Pai ₹49,200 Cr
Contact details
Api Holdings Limited's registered office is in Thane, Maharashtra. Its website is apiholdings.in. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Registered Address4th Floor Plot No. D – 37/3 Ttc MIDC, Industrial Area Turbhe Navi Mumbai, Thane, Maharashtra, India – 400703
- IndustryHealthcare, HealthTech & Medical Tech Solutions
To see the full contact details of Api Holdings Limited, buy the company report.
Comprehensive company report
Api Holdings Limited - one report that includes everything
- Company details, directors and signatories
- Historical financials and ratios
- Shareholding pattern and group structure
- Charges with holder and property details
- Legal cases, compliance and MCA filings
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Brands
Api Holdings operates multiple associated brands including Mahaveer Medi Sales, Retailio, and API Holdings. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Serves as a distributor of a wide range of pharmaceutical drugs. | mahaveermedi.com | |
| Pharmacies, distributors, and manufacturers are connected via a B2B platform. | retailio.in | |
| Digital healthcare tools are offered for pharmacies and clinics management. | apiholdings.in |
Business activity
The main business activities of Api Holdings are wholesale and retail trade; repair of motor vehicles and motorcycles and transport and storage. In detail, this covers wholesale and retail trade and repair of motor vehicles and motorcycles and services incidental to land, water & air transportation. 2 activity segments are registered with the MCA.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| G | Wholesale and retail trade; repair of motor vehicles and motorcycles | 45 | Wholesale and retail trade and repair of motor vehicles and motorcycles | |
| H | Transport and storage | H5 | Services incidental to land, water & air transportation |
To see the full business activity and turnover split of Api Holdings Limited, buy the company report.
Financials of Api Holdings Limited
FY 2026 filings availableApi Holdings Limited reported revenue of ₹6,689.29 Cr (up 12% YoY) for FY 2026.
Revenue · FY 2026
₹6,689.29 Cr ▲ 12%
Net loss · FY 2026
₹520.29 Cr margin -7.8%
EBITDA · FY 2026
₹110.12 Cr margin 1.6%
Compounded Annual Growth Rate (CAGR)
Revenue CAGR growth
1 year
▲ 12%
5 years · compounded
▲ 23%
EBITDA CAGR growth
1 year
▲ 113%
3 years · compounded
▲ 27%
5 years · compounded
▲ 17%
Revenue has grown at a compounded annual rate (CAGR) of 23% over five years, including 12% growth in the latest year. EBITDA rose 113% in the latest year. Three- and five-year figures are compounded annual growth rates (CAGR): the steady yearly rate that links the first and the last year. All are worked out from the filed statements.
Financial Statement Summary
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 |
|---|---|---|---|---|---|
| Profit and Loss Statement | |||||
| Revenue from Operations | |||||
| Other Income | |||||
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| Cost of Materials Consumed | |||||
| Employee Benefit Expense | |||||
| Finance Costs | |||||
| Depreciation and Amortisation | |||||
| Other Expenses | |||||
| Total Expenses | |||||
| EBITDA | ₹110.12 Cr | ||||
| Profit Before Tax | |||||
| Tax Expense | |||||
| Net Profit (PAT) | -₹520.29 Cr | ||||
| Balance Sheet | |||||
| Share Capital | |||||
| Reserves and Surplus | |||||
| Net Worth (Total Equity) | |||||
| Long-term Borrowings | |||||
| Short-term Borrowings | |||||
| Trade Payables | |||||
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| Fixed Assets | |||||
| Investments | |||||
| Inventories | |||||
| Trade Receivables | |||||
| Cash and Bank Balance | |||||
| Total Assets | |||||
Financial Ratios
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 |
|---|---|---|---|---|---|
| Profitability | |||||
| EBITDA Margin | 1.6% | ||||
| Net Profit Margin | -7.8% | ||||
| Return on Equity (ROE) | |||||
| Return on Capital Employed (ROCE) | |||||
| Return on Assets (ROA) | |||||
| Liquidity and Debt | |||||
| Current Ratio | |||||
| Quick Ratio | |||||
| Debt-to-Equity Ratio | |||||
| Interest Coverage Ratio | |||||
| Efficiency and Growth | |||||
| Asset Turnover | |||||
| Receivable Days | |||||
| Payable Days | |||||
| Inventory Days | |||||
| Revenue Growth | |||||
| Net Profit Growth | |||||
To see the full financial statements and ratios of Api Holdings Limited, buy the company report.
Board of directors of Api Holdings Limited
Api Holdings has 11 current directors and 18 former directors. Current directors are listed first, with their designation and appointment date.
Current Directors
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Aditya Puri Also directs: Puri Advisors LLP, Salisbury Investments Private Limited | Director | 20 Apr 2021 | 5 Years 6 Months | Current |
| Ashutosh Sharma | Director | 05 Apr 2021 | 5 Years 7 Months | Current |
| Siddharth Bhaskar Shah Also directs: Shree Simba Chemist LLP, Arisinfra Solutions Limited, All Home Bharat Platform Private Limited and 3 more | Director | 27 Aug 2020 | 6 Years 2 Months | Current |
| Ravi Rajagopal Also directs: Quoqo Technologies Private Limited | Director | 24 Feb 2026 | 0 Years 8 Months | Current |
| Rahul Franklin Guha Also directs: Thyrocare Technologies Limited, Nueclear Healthcare Limited | Managing Director | 27 Aug 2025 | 1 Years 2 Months | Current |
| Alok Kumar Jagnani Also directs: Pulse Hitech Health Services (Ghatkopar) LLP, Thyrocare Technologies Limited, Venkatesh Medico Private Limited and 3 more | Whole-Time Director | 26 May 2026 | 0 Years 5 Months | Current |
Showing 6 of 11 current directors. View all directors
Auditor
Api Holdings Limited is audited by Price Waterhouse Chartered Accountants LLP for the financial year 2025.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| Price Waterhouse Chartered Accountants LLP | FY 2025 | 012754N/N500016 |
Shareholding
The shareholding of Api Holdings Limited is on record for 5 financial years, the latest being FY 2025, split between promoters, domestic institutions, foreign institutions, public shareholders and others.
| Shareholder category | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Promoters | |||||
| Domestic institutional investors (DII) | |||||
| Foreign institutional investors (FII) | |||||
| Public | |||||
| Others |
To see the full shareholding pattern of Api Holdings Limited, buy the company report.
Charges & borrowings
Open charges
None
Satisfied charges
₹8,985.36 Cr
Breakdown by lending institutions
Latest charge details
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 11 Sep 2025 | 101213779 | Others | ₹1,050 Cr | Satisfied | |
| 23 Jun 2022 | 100723823 | Others | ₹1,545.38 Cr | Satisfied | |
| 20 Jun 2022 | 100723824 | Others | ₹1,545.38 Cr | Satisfied | |
| 24 Aug 2021 | 100480479 | Others | ₹1,929 Cr | Satisfied | |
| 24 Aug 2021 | 100480481 | Others | ₹541 Cr | Satisfied |
To see the full charge records of Api Holdings Limited, buy the company report.
Total charge records: 19 View all charges
Deals & funding
Api Holdings Limited has 45 deals on record (20 secondary share transfers, 16 funding rounds, 6 debt financings), with disclosed funding of ₹18,675 Cr; the latest was in October 2025.
Total deals
45
Secondary share transfers
20
Funding rounds
16
Debt financings
6
Convertible or debt financings
3
Disclosed funding
₹18,675 Cr
Deals on record (5 of 45)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Sep 2025 | Debt financing | ₹1,700 Cr | Investors: 360 ONE (IIFL Asset Management), Micro Labs Limited , Bennett Coleman and Company Limited |
| Oct 2023 | Funding round · Series B | ₹3,804.19 Cr | Investors: MEMG Family Office, TPG Capital India, ADQ, an individual |
| Mar 2023 | Debt financing | ₹298 Cr | Investors: EvolutionX Debt Capital, Incred Wealth and Investment Services Private Limited |
| Sep 2022 | Funding round · Series A | ₹548.35 Cr | Investors: Prosus (Naspers), Temasek, TPG Capital India |
| Oct 2021 | Secondary share transfer | Undisclosed | Buyer: Others Api Holdings Limited, ADQ, 360 ONE (IIFL Asset Management), an individual Seller: JM Financial Products Limited , 360 ONE (IIFL Asset Management), Others Api Holdings Limited |
To see the full deal history of Api Holdings Limited, buy the company report.
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal cases
Api Holdings Limited has 24 court cases on record: 5 filed by Api Holdings, 19 filed against it. 18 cases are pending and 6 are disposed.
Total cases
24
Filed by the company
5
Filed against the company
19
Pending
18
Disposed
6
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| High courts | 19 | 15 | 15 |
| District courts | 3 | 3 | 3 |
| NCLT | 2 | 1 | 0 |
Cases on record (5 of 24)
| Court | Type of case | Party | Status |
|---|---|---|---|
| District court, BENGALURU, Karnataka | Court case (Com.A.A.) | Filed against the company by Hashedin Technologies Private Limited | Pending |
| High Court, MAHARASHTRA | Commercial suit | Filed against the company by Thyrocare Publications LLP | Pending |
| High Court, MAHARASHTRA | Commercial suit | Filed against the company by Iheart Properties Pvt. Ltd. | Pending |
| High Court, MAHARASHTRA | Commercial suit | Filed against the company by Sumathi Infra Project LLP | Pending |
| High Court | Interim or miscellaneous application | Filed against the company by Docon Technologies Private Limited | Pending |
To see the full case history of Api Holdings Limited, buy the company report.
Case records are compiled from court listings and may lag the court's own records. A case filed against a company is not a finding against it.
MSME payment delays
Api Holdings Limited has 10 MSME Form 1 returns on record between 2021 and 2024, listing 1,701 overdue payments to 122 micro and small suppliers. Companies must report dues to micro and small suppliers that stay unpaid for more than 45 days in a half-yearly MSME Form 1 return.
Suppliers with reported dues (5 of 122)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| an individual supplier | |||
| Tejas Pharma | |||
| an individual supplier | |||
| Arihant Medico | |||
| Shah and Kothari Brothers |
To see the full MSME payment records of Api Holdings Limited, buy the company report.
Individuals and sole proprietors among the suppliers are not named.
Group structure & subsidiaries
Api Holdings has 31 subsidiary companies and 3 associated companies. This group structure data is as of FY 2024. The table lists each entity with its relationship and holding.
31
Subsidiary companies
3
Associated companies
Key subsidiaries
| Company Name | CIN | Shares held |
|---|---|---|
| Thyrocare Technologies Limited | L85110MH2000PLC123882 | |
| Aushad Pharma Distributors Private Limited | U24290KA2018PTC119413 | |
| Venkatesh Medico Private Limited | U24304KA2017PTC106716 | |
| Akp Healthcare Private Limited | U24304KA2017PTC106747 | |
| Allumer Medical Private Limited | U33110DL2014PTC268297 | |
| Dial Health Drug Supplies Private Limited | U51101MH2015PTC270083 |
To see the full group structure of Api Holdings Limited, buy the company report.
Employees & EPFO
Api Holdings Limited has a workforce of 215 employees on its EPFO records as of May 2026, across 1 active EPFO establishment.
Employee count
215
Active EPFO establishments
1
Employee growth
-0.5%
Headcount by financial year
| Financial year | Employees (EPFO) |
|---|---|
| FY 2026-27 | 215 |
| FY 2025-26 | |
| FY 2024-25 | |
| FY 2023-24 | |
| FY 2022-23 | |
| FY 2021-22 | |
| FY 2020-21 |
To see the full employee and EPFO history of Api Holdings Limited, buy the company report.
GST
Api Holdings has 6 GST registrations: 5 active and 1 cancelled or inactive. The first 4 active GSTINs are listed below.
Total GSTINs
6
Active
5
Cancelled / inactive
1
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 27AASCA1201E1Z3 | Maharashtra | Active | 25 Sep 2019 |
| 27AASCA1201E2Z2 | Maharashtra | Active | 01 Nov 2021 |
| 29AASCA1201E1ZZ | Karnataka | Active | 24 Jul 2020 |
| 19AASCA1201E1Z0 | West Bengal | Active | 21 Feb 2022 |
To see the full GST registrations and return filing status of Api Holdings Limited, buy the company report.
Recent activity
Api Holdings Limited has 39 board changes on record since 2019: 25 appointments and 14 cessations. The latest: Archana Bhaskar was appointed as Director on 09 Sep 2026.
AGM
Api Holdings Limited last Annual general meeting of members was held on 30 Sep 2026 as per latest MCA records.
Appointed
Archana Bhaskar was appointed as Director.
Appointed
Bobby Kanubhai Parikh was appointed as Director.
Appointed
Mayank Bajpai was appointed as Director.
Charges
A charge registered on 11 Sep 2025 via Charge ID 101213779 with Others was fully satisfied on 14 Aug 2026.
Charges
A charge with Others of Rs. 1,050.00 Cr registered on 11 Sep 2025 with Charge ID 101213779 was modified on 10 Jun 2026.
Appointed
Alok Kumar Jagnani was appointed as Whole-Time Director.
Filing
Api Holdings Limited has filed its annual Financial statements for the year ended 31 Mar 2026 with Roc Mumbai Ii.
Appointed
Ravi Rajagopal was appointed as Director.
Charges
A charge registered on 23 Jun 2022 via Charge ID 100723823 with Others was fully satisfied on 15 Sep 2025.
Charges
A charge registered on 20 Jun 2022 via Charge ID 100723824 with Others was fully satisfied on 15 Sep 2025.
Charges
A charge with Others amounted to Rs. 1,050.00 Cr with Charge ID 101213779 was registered on 11 Sep 2025.
76 earlier events are in the company report.
News
From our blog
Frequently asked questions
Api Holdings is an active public limited company based in Thane, Maharashtra, India. The company works in healthtech and medical tech solutions, within the healthcare industry. It was incorporated on 31 March 2019 (7+ years old) and is registered under CIN U60100MH2019PLC323444.
Api Holdings has 11 current directors:
- Rahul Franklin Guha - Managing Director
- Alok Kumar Jagnani - Whole-Time Director
- Aditya Puri - Director
- Ashutosh Sharma - Director
- Siddharth Bhaskar Shah - Director
- Ravi Rajagopal - Director
- Mayank Bajpai - Director
- Ranjan Ramdas Pai - Director
- Shyam Powar - Director
- Bobby Kanubhai Parikh - Director
- Archana Bhaskar - Director
The latest financial statements of Api Holdings on record with the MCA are for the year ended 31 March 2026. Its last annual general meeting was held on 30 September 2026. Year-wise statements from FY 2019 are in the company report.
The GSTIN of Api Holdings is 27AASCA1201E1Z3, registered in Maharashtra. The company has 6 GST registrations in all, of which 5 are active and 1 is cancelled or inactive. Other active GSTINs include 27AASCA1201E2Z2 (Maharashtra), 29AASCA1201E1ZZ (Karnataka), 19AASCA1201E1Z0 (West Bengal).
The CIN (Corporate Identification Number) of Api Holdings is U60100MH2019PLC323444. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Api Holdings has 24 court cases on record: 5 filed by the company and 19 filed against it. 18 are pending. Most are in the high courts.
Api Holdings was incorporated on 31 March 2019, making it 7+ years old. It is registered with the Registrar of Companies, Mumbai.
Api Holdings has 45 deals on record (20 secondary share transfers, 16 funding rounds, 6 debt financings), with disclosed funding of ₹18,675 Cr; the latest was in October 2025.
Archana Bhaskar was appointed as Director on 09 Sep 2026. Bobby Kanubhai Parikh was appointed as Director on 09 Sep 2026. Mayank Bajpai was appointed as Director on 18 Aug 2026. Api Holdings has 39 board changes on record in total.
Api Holdings has 10 MSME Form 1 returns on record between 2021 and 2024, listing 1,701 overdue payments to 122 micro and small suppliers. The latest return was filed on 01 May 2024.
Api Holdings can be reached through the website apiholdings.in. Its registered office is in Thane, Maharashtra, India.
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