NSE: ONESOURCE · BSE: 544292
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%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Drug-device combinations (DDC), Biologics CDMO, Soft gelatin capsules, Sterile injectables. Asset-heavy pharmaceutical CDMO with ongoing multi-site capacity expansion
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 1,445 | 1,422 |
| EBITDA (ex other income) | 356 | 294 |
| margin % | 24.6 | 20.7 |
| Owners' profit | (18) | (74) |
| EPS, as reported (₹) | (1.63) | (6.44) |
| ROE % · ROCE % | (0.3) · 1.5 | (1.3) · 0.4 |
| Debt / equity (x) | 0.13 | 0.22 |
| Cash from operations | (22) | 9 |
| Capex | 0 | (569) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 68 | 393 | 426 | 327 | 376 | 290 | 428 | 449 |
| Profit before tax | (39) | (67) | 84 | (4) | 6 | (93) | (0) | 20 |
| Net profit | (39) | (69) | 98 | (0) | 10 | (89) | 5 | 25 |
| EPS (₹) | (18.82) | (6.31) | 8.61 | (0.02) | 0.92 | (7.74) | 0.40 | 2.18 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUN PHARMACEUTICAL IND L | 4,21,677 | 34.9 | 5.03 | 22.6 | 13.7 | 17.5 | 11.8 | 32.3 |
| DIVI S LABORATORIES LTD | 2,53,976 | 87.0 | 15.15 | 65.5 | 15.3 | 18.8 | 8.7 | 42.8 |
| TORRENT PHARMACEUTICALS L | 1,54,957 | 73.1 | 8.81 | 38.5 | 12.2 | 8.0 | 11.8 | 33.1 |
| LAURUS LABS LIMITED | 1,17,877 | 107.7 | 21.70 | 65.6 | 16.4 | 17.2 | 7.2 | 32.0 |
| ZYDUS LIFESCIENCES LTD | 1,17,315 | 26.2 | 3.97 | 15.1 | 17.3 | 18.0 | 12.4 | 25.2 |
| DR. REDDY S LABORATORIES | 1,11,506 | 34.5 | 2.92 | 14.9 | 10.9 | 13.0 | 12.1 | 15.0 |
| CIPLA LTD | 1,10,320 | 32.7 | 3.20 | 16.9 | 11.2 | 14.7 | 8.0 | 19.7 |
| MANKIND PHARMA LIMITED | 1,02,829 | 50.3 | 6.21 | 28.3 | 11.7 | 10.8 | — | 27.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 3.1 | 3.1 | 82 of 163 | 50% |
| ROCE | (1.4) | 10.8 | 156 of 183 | 15% |
| ROE | (1.3) | 9.8 | 146 of 166 | 12% |
| Debt / Equity | 0.2 | 0.2 | 100 of 166 | 40% |
| EBITDA margin | 27.4 | 17.5 | 42 of 165 | 75% |
| Revenue growth | 37.2 | 16.3 | 32 of 161 | 81% |
| Profit growth | 13539.3 | 30.9 | 1 of 158 | 100% |
| Market cap | 18010 | 806 | 29 of 181 | 84% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Newspaper publication of September 2026 quarterly and half-year results | compliance | minimal | — | — |
| 27 Oct 2026 · Audio recording of Q2 FY27 earnings call now available | investor communications | low | — | — |
| 27 Oct 2026 · Q2 FY27 revenue rises 37%, EBITDA 53% and adjusted profit 109% | results | high | — | — |
| 27 Oct 2026 · 360 shares allotted under OneSource ESOP 2021 after option exercise | capital market events | minimal | — | — |
| 27 Oct 2026 · Dr Claudio Albrecht redesignated as non-independent director | management changes | medium | — | — |
| 27 Oct 2026 · Q2 revenue up 37%, PAT jumps to Rs 575 mn consolidated; auditor changed mid-year | results | high | — | — |
| 21 Oct 2026 · Earnings call scheduled for Q2FY27 on October 27, 2026 | board shareholder meetings | low | — | — |
| 25 Sept 2026 · OneSource Specialty Pharma allots 900 shares under ESOP 2021 | capital market events | low | — | — |
| 25 Sept 2026 · Trading window closes from Oct 1, 2026 for Q2 FY27 results | compliance | minimal | — | — |
| 25 Sept 2026 · 19th AGM: All 7 resolutions passed including MD remuneration and RPTs | board shareholder meetings | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.