ONESOURCE SPECL PHARMA L

Operates as a pharmaceutical contract development and manufacturing organisation (CDMO) with four pillars: drug-device combinations (DDC), biologics, soft gelatin capsules, and sterile injectables. The DDC business fills pen cartridges for generic semaglutide, holding more than 40% of the generic pen market sold in India as of June 26, 2026, with all three Canadian semaglutide approvals held by the company. DDC cartridge line is 100% utilised; a second cartridge line was commercialising in Q1 FY27, a third is planned within FY27 and a fourth in FY28, expanding sterile-cartridge days from about 225 in FY27 to about 475 in FY28. Biologics provides integrated drug substance and drug product manufacturing from its Bangalore site; customers include Formycon AG (biosimilars) and two US tirzepatide first-to-file customers, with the RFP funnel stated to be roughly four times the year-ago level. Soft gelatin capacity of 2.4 billion units is transitioning from captive Strides use to a full CDMO model, with a greenfield expansion planned. Sterile injectables are being expanded via a Q2-Q3 FY27 site shutdown to add lyophilisation and pre-filled syringe capability. Q1 FY27 revenue was INR 4,490 million (+37% YoY) and EBITDA INR 1,233 million (about 27.5% margin). FY28 guidance is US$400 million organic revenue and 40% EBITDA margin. The company runs five manufacturing facilities approved by the US FDA and EMA and has over 1,600 professionals; a US$100 million capex programme is in flight, with about 80% committed as of Q1 FY27. The biggest opex line is materials at 30.7% of FY26 revenue, followed by depreciation at 19.6% (reflecting the asset-heavy build-out), employees at 17.0% and other opex at 30.3%.