PharmEasy’s proposed reverse merger with Thyrocare is likely to be considered only after its parent company, API Holdings, becomes debt-free and achieves profitability, according to Thyrocare CEO Rahul Guha. The company’s immediate focus is on reducing its debt burden and improving its financial performance rather than pursuing a listing in the near term. API Holdings is targeting full-year EBITDA profitability and positive profit after tax, excluding Thyrocare, by March 2027. Guha indicated that once these financial milestones are achieved, the group could revisit the reverse-merger route, which would also require approval from Thyrocare’s minority shareholders. Thyrocare remains a key profitable asset for the group and has played an important role in API Holdings’ debt-reduction efforts. The company has already refinanced part of its borrowings and used proceeds from the sale of a stake in Thyrocare to repay debt. Thus, PharmEasy’s listing plans remain dependent on deleveraging and a sustained return to profitability.