ONESOURCE
Large CapOnesource Specialty Pharma Limited
Pharma
OneSource Specialty Pharma Limited is a pure-play specialty pharmaceutical CDMO focusing on complex products including biologics, drug-device combinations, sterile injectables, and oral technologies. It operates five global regulatory-approved manufacturing facilities and employs over 1,600 professionals.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust needs verification, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 2/4 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 0/100PAT -95% YoY · margin compression · Rev +1% YoY · +47% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹428.2 Cr | +0.5% | +47.5% |
| EBITDA | ₹91.9 Cr | -49.6% | +430.7% |
| Operating margin | 21.5% | -2139 bps | +1549 bps |
| PAT | ₹4.6 Cr | -95.3% | NDF |
| PAT margin | 1.1% | -2205 bps | +3162 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
OneSource reports strong Q4FY26 recovery with 47% QoQ revenue growth and 5x+ EBITDA expansion, driven by India semaglutide launches and broad business momentum; reaffirms FY28 guidance.
The company demonstrated a strong Q4FY26 recovery, driven by key product launches and operating leverage, which supports the reaffirmed FY28 guidance. While FY26 was a transition year with YoY declines, the sequential momentum and strategic approvals suggest the core growth thesis remains on track, despite the paused acquisition.
Semaglutide Commercialization
Successful semaglutide launches in India across multiple customer brands and recent back-to-back semaglutide approvals in Canada.
US Injectables & Soft-gelatin
New launches in the US injectables and soft-gelatin businesses, with 10+ new contract/licensing deals and 15+ commercial launches.
Biologics Business
Biologics funnel at all time high driven by regulatory landscape, targeted outreach, and increased presence; 4x increase in Biologics funnel.
Drug-Device Combinations (DDC)
DDC momentum driven by early mover advantage, multi-market presence, and growing partner network, with 3 GLP-1 molecules and 11 device platforms.
Cartridge Capacity Expansion
Cartridge capacity expansion in full swing at flagship site; ~$80m committed to date against a total announced capex of $100m.
New Production Lines
Two additional lines planned under the ongoing Capex programme targeted for commissioning by FY27.
Biologics Capacity
Installed microbial capacity of 1KL (planned addition of 5KL capacity); Installed mammalian capacity of 4KL (20KL reactor available on site).
Sterile Injectable Capabilities
Expanding sterile injectable capabilities with enhanced long-acting injectable and lyophilisation capacity.
GLP-1 Market Scaling
GLP-1 scaling across markets and customers, supported by capacity expansion.
Expanding Biologics Funnel
Biologics funnel expanding with continued pipeline growth and execution of MSAs.
Animal Health Biologics Adoption
Rising biologics adoption in animal health driven by protein-based therapeutics creating sustained CDMO demand.
Delayed Semaglutide Approvals
Softer second half of FY26 impacted by delayed semaglutide approvals in Canada.
Elevated Cost Base
Elevated cost base in FY26 as the DDC facility ramped up, impacting full-year EBITDA.
New Labour Code Impact
Impact of New Labour code fully provided in FY26 financials.
Paused Acquisition
Proposed acquisition of two USFDA-approved specialty injectable assets from Steriscience paused due to stakeholder concerns on valuation.
M&A Execution Risk
Proposed acquisition of Steriscience assets paused due to stakeholder concerns on valuation, indicating potential challenges in inorganic growth strategy.
Regulatory Approval Delays
Full-year FY26 revenue was impacted by delayed semaglutide approvals in Canada, highlighting reliance on timely regulatory clearances.
Competition in Generic Markets
Company is a CDMO partner for generic semaglutide, implying exposure to competitive dynamics and pricing pressures in off-patent markets.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Q4FY26 shows strong sequential recovery driven by new launches and operating leverage, indicating positive momentum. However, full-year FY26 results declined YoY, reflecting a challenging first half and transition period.
Q4FY26 Revenue
Revenues at ₹4,282 million, up 47% QoQ, driven by growth across all service offerings supported by India semaglutide commercial launch.
Q4FY26 EBITDA
EBITDA at ₹919 million, 5x+ quarter-on-quarter, reflecting operating leverage on higher CSA revenues during the quarter.
Q4FY26 EBITDA Margin
EBITDA margin expanded ~1550bps sequentially to 21%.
FY26 Revenue
Full-year revenue declined marginally by 2% YoY to ₹14,216 million, reflecting a softer second half impacted by delayed semaglutide approvals in Canada.
Sustain Growth Momentum
Management is well positioned to sustain growth momentum into FY27, supported by recent approvals and pipeline expansion.
Reaffirmed FY28 Guidance
Reaffirming FY28 outlook of ~$400 million organic revenue with ~40% EBITDA margin.
Broad Business Contribution
All businesses (GLP-1, Biologics, sterile injectable, softgel) are expected to contribute to FY28 delivery.
Future Acquisition Plans
Board approved to not pursue the Steriscience transaction in the current form and revisit it following successful delivery of respective companies’ FY28 guidance.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| FY28 Organic Revenue | Reaffirmed ~$400 million | Progress towards this target, especially from GLP-1 scaling and Biologics funnel conversion. |
| FY28 EBITDA Margin | Reaffirmed ~40% | Operating leverage on higher CSA revenues and cost management as DDC facility ramps up. |
| Semaglutide Launches/Approvals | India launches, Canada approvals, US approval secured | Further commercial launches in new markets (e.g., MENA, US on patent expiry) and market share capture by partners. |
| Biologics Pipeline Execution | Biologics funnel at all time high, 2nd project with Top 3 global animal health company | Conversion of active RFPs into MSAs and progress on NBE/NCE-1 programs. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
The company is rapidly expanding its Drug Device Combination (DDC) capacity and will be fully ready with over 200 million units of capacity for pens by the end of calendar year '26, which is a year ahead of schedule.
"rapidly expanding our capacity installations, and we will be fully ready by the end of calendar year '26, almost a year ahead of our previously announced schedule in terms of readiness for over 200 million units of capacity for our pens."
The biologics funnel is almost 4x larger than it was in FY '25, indicating strong future order inflow and demand.
"today our biologics funnel is almost 4x of what it was in FY '25."
OneSource expects 8 to 10 Drug Device Combination (DDC) customers to launch products next year across multiple global markets, serving as a key revenue driver.
"We will have almost eight to 10 customers actually launching next year across multiple global markets"
Outcome check: Revenue YoY averaged -12.8% across 2 later quarter(s).
OneSource reiterates its FY 2028 revenue guidance of INR400 million for the base business and INR500 million including inorganic businesses, subject to shareholder approvals.
"reiterate our 2028 guidance for INR400 million on the base business, and then with the inorganic businesses... INR500 million outlook for FY 2028"
Outcome check: Revenue YoY averaged -12.8% across 2 later quarter(s).
Trend score and candlestick chart
55NeutralSMA20 +18.4% / mo
Technical chart
ONESOURCEdaily · 5Y-2.1%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 41. Wait for confirmation.
- SMA20 rising (~5.5% over last month) — short-term momentum positive.
- RSI(14) at 41 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 11% off 52W high · 62% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 7/9.
- Growth contributes 14/25 to the score.
- Balance sheet contributes 4/15 to the score.
Main drags
- Promoter pledge is 38.4%.
- Fair-value margin of safety is negative at -2104.5%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: -1 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Weak Trust: Management has 0% delivered/partly-delivered outcomes on 2 checked claims, with 2 adverse claim outcomes. It ranks around the 8th percentile of the scored universe and 4th percentile within Pharma. Main check: promoter alignment is weak at 35/100.
Mixed Trust Lite: 3/4 latest quarters had positive YoY revenue growth. Key concern: Promoters have pledged 38.4% of holding.
Management or financial behaviour needs caution. Demand stronger valuation compensation.
overall median 67 · Pharma: 4th pctile, median 70 · Large: 5th pctile, median 74
33 documents indexed, but claim history is not strong enough yet.
2/4 claims checked · 2 contradicted/failed claims
How to read this Trust Score
Weak Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸3/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Promoters have pledged 38.4% of holding.
- ▸Only 1 years of positive FCF.
- ▸ROCE is low at 2.1%.
- ▸ROE is low at 0.5%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 738.00
- P/B
- 3.30
- EV/EBITDA
- 52.13
- Market Cap
- 19662.00Cr
Profitability
- ROE
- 0.45%
- ROCE
- 2.06%
- ROA
- 0.25%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 131.00%
- EPS 5Y
- 17.00%
- Revenue 3Y
- 231.00%
- EPS 3Y
- 27.00%
Balance Sheet
- Debt/Equity
- 0.25
- Interest Coverage
- 2.22×
- Altman Z
- 6.61
- Book Value
- 519.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- 55.00 Cr
- EPS TTM
- 1.85
Shareholding
- Promoter Hold
- 30.48%
- Promoter Pledge
- 38.40%
- Momentum 52W
- 55%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.