PharmEasy FY25 Results: Revenue Touches ₹5,872 Cr, Losses Narrow Sharply

Revenue Growth: Crossing ₹5,872 Cr

PharmEasy posted operating revenue of Rs.5,872 crore in FY25, up 3.7% from Rs.5,664 crore in FY24.

* Core revenue driver: 87% (Rs.5,097.5 crore) came from the sale of pharmaceutical and cosmetic products.

* Other streams: Diagnostics, teleconsultations, delivery services, warehousing, and commissions formed the rest.

* Non-operating income: An additional Rs.108 crore, largely from interest and asset sales, took total income to Rs.5,898 crore.

This modest growth underscores the company’s effort to maintain scale while fine-tuning its business model.

Expenses: Holding the Line at Rs.7,208 Cr

Despite rising employee costs, PharmEasy kept overall expenses flat at Rs.7,208.5 crore, nearly the same as last year.

* Material costs: Rs.4,844 crore (67% of total)

* Employee benefits: Rs.908.4 crore (up 30% YoY)

* Finance costs: Rs.506 crore (down 30%)

* Depreciation & amortization: Rs.168.9 crore (down 21.7%)

* Delivery partner payouts: Rs.90 crore

* Other expenses: Marketing, promotions, and legal

This balancing act signals tighter financial discipline, especially in reducing interest and depreciation costs.

Losses Narrow by 38%

The most notable improvement lies in the bottom line.

* Net loss: Rs.1,572.3 crore in FY25 vs. Rs.2,533.5 crore in FY24 (down 38%)

* EBITDA loss: Rs.553.5 crore

* EBITDA margin: –15.7%

* Capital efficiency: For every Rs.1 earned, PharmEasy spent Rs.1.23

While still loss-making, the company has clearly moved toward better unit economics and financial stability.

Thyrocare: A Bright Spot

PharmEasy’s subsidiary Thyrocare continues to be a profitable pillar:

* Revenue: Rs.687.5 crore (+20%)

* Profit: Rs.90.75 crore (+30%)

This strong performance highlights the importance of diagnostics within PharmEasy’s overall portfolio, offsetting some of the drag from its core pharmacy operations.

Leadership & Strategic Shifts

FY25 was also a year of leadership transition:

* All four co-founders, including the CEO, stepped down.

* Rahul Guha, MD & CEO of Thyrocare, has now taken charge as MD & CEO of API Holdings.

With over $1.1 billion raised from marquee investors like Ranjan Pai (MEMG), Prosus, and Temasek, PharmEasy’s future trajectory will heavily depend on how the new leadership balances growth with financial prudence.

Key Takeaways for Investors

* Stabilization visible: Losses narrowing while revenues inch up suggests disciplined cost management.

* Diagnostics is the star: Thyrocare is delivering strong, profitable growth.

* Leadership reboot: New management may usher in a sharper, more focused strategy.

* Challenges remain: Employee costs are rising, and unit-level efficiency (Rs.1.23 spend per Rs.1 revenue) still needs improvement.

Conclusion

PharmEasy’s FY25 results tell a story of cautious optimism. The company has managed to stabilize revenues, trim its financial burn, and strengthen its diagnostics arm, even as it navigates leadership changes and regulatory headwinds. For unlisted share investors, this is a reminder that while PharmEasy is not out of the woods, its path to recovery looks more structured and intentional than ever before.