OneSource Specialty Pharma Ltd(ONESOURCE)

NSE: ONESOURCEBSE: 544292

₹ 1,399+4.97%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 16,043 crNext results: 27 Oct 2026Website: www.onesourcecdmo.comUpdated: 27 Oct 2026

About

OneSource Specialty Pharma Ltd is a pure-play specialty pharmaceutical CDMO headquartered in Bengaluru, India, operating across four modalities: drug-device combinations (including GLP-1 therapies), biologics, sterile injectables, and soft gelatin capsules. The company reported FY26 revenue of ₹14,216 million ($158.1 million) and serves more than 80 global customers across regulated and emerging markets. OneSource is the first and only CDMO to have received all four generic semaglutide approvals across G7 markets, and is a Top 5 penicillin supplier to the US.^[1][2][3]

Business modalities

Drug-device combinations (DDC), including GLP-1 therapies such as semaglutide and tirzepatide, is the highest-margin segment and primary growth driver, with commercial supply running in Canada and India as of FY26 - Q1 FY27.^[1][4]
Sterile injectables covers complex fill-finish (vials, pre-filled syringes, lyophilisation, penicillin injectables) and is the company's longest-established modality with 30+ years of operational history.^[1]
Biologics (mammalian and microbial drug substance and fill-finish) is an earlier-stage modality; commercial manufacturing is targeted from FY29 with development and tech-transfer fees contributing from the near term.^[2][4]
Soft gelatin capsules serves both licensing/CDMO and branded generic customers; installed capacity expanded from 800 million to 2.4 billion capsules as of FY26.^[1][4]

Manufacturing facilities

All five facilities are located in Bengaluru, India, and hold regulatory approvals from USFDA, EMA, MHRA, Health Canada, TGA, WHO GMP, and ANVISA.^[1]
Sterile injectables facility: 450,000 sq ft; installed capacity of 10 million pre-filled syringes and 16 million vials.^[1]
Soft gelatin capsules facility: 60,000 sq ft; 2.4 billion capsule capacity.^[1]
Penicillin injectables facility: 42,000 sq ft; 18 million vials capacity; one of few USFDA-approved penicillin manufacturing sites globally.^[1]
Global R&D facility: 100,000 sq ft; includes microbial R&D capability (1×50L) and clinical fill-finish capacity.^[1]

DDC capacity and GLP-1 pipeline

OneSource is the first and only CDMO with all four G7 generic semaglutide approvals - three in Canada and one in the US - as of FY26.^[1]
India generic semaglutide pen market share exceeded 40% in Q1 FY27, with volumes scaling from under 2,000 pens/month to 150,000 - 160,000 pens/month within a year.^[4]
DDC Line 2 was set for commercialisation in Q2 FY27, doubling available sterile days to ~450 annually; Line 3 targeted within FY27, bringing total sterile days to 675 for FY28.^[4]
~80% of the $100 million DDC capex programme was committed as of Q1 FY27; a fourth line is planned for FY28 to serve Europe and US first-to-file demand from FY29.^[4][1]
Two customers secured first-to-file status in the US for tirzepatide in FY26 - Q1 FY27, demonstrating complex peptide and drug-device combination capabilities.^[4][1]
50+ DDC projects are ongoing or completed, leveraging 12 device platforms; two small molecule DDC products have been launched in the US with seven more in the pipeline as of FY26.^[1]

Biologics capabilities

Installed biologics capacity is 4 KL mammalian and 1 KL microbial drug substance; the FY26 annual report targets addition of 4 KL mammalian and 5 KL microbial capacity.^[5][1]
The biologics RFP funnel grew nearly 4x over 12 - 15 months as of Q1 FY27, spanning innovators, biosimilar companies, and animal health.^[4]
Formycon (European biosimilar specialist) was added as a new customer in Q1 FY27 for biosimilar development and integrated manufacturing.^[4]
10 NBE/NCE-1 programmes are on track and the pipeline includes 10 molecules spanning GLP-1s, biologics, and small molecules as of FY26.^[1]

Key operating metrics

Q1 FY27 revenue: INR 4,490 million, +37% YoY. EBITDA: INR 1,233 million, +39% YoY and +34% QoQ.^[4]
FY26 full-year revenue: ₹14,216 million ($158.1 million), -2% YoY; EBITDA: ₹3,042 million ($33.8 million), -35% YoY; EBITDA margin: 21% (-1,089 bps YoY), reflecting approval delays in the DDC segment.^[2]
49 regulatory and customer audits were completed successfully in FY26, including two surprise USFDA inspections at separate sites, both receiving EIRs; 12 inspections passed in Q1 FY27.^[2][4]
Top 2 customers contributed ₹4,439.24 million in FY26 (vs top 3 contributing ₹7,461.95 million in FY25), indicating some concentration reduction.^[1]

Customers and distribution

OneSource serves more than 80 global customers; more than 50 customers work across two or more projects/products, and ~80% of project wins and licensing deals in FY26 came from existing customers.^[1]
The DDC customer base totals 20+ customers, with 8 - 10 expected to launch commercial GLP-1 products across multiple global markets in FY27.^[5]
Nine new products launched and six new customer logos added in Q1 FY27 across injectables, soft gel, and DDC modalities.^[4]
ANVISA approval secured at the flagship site for semaglutide supply to Brazil; Saudi Arabia launch described as imminent via Hikma following patent freedom-to-operate as of Q4 FY26.^[2]

Expansion and capex

$100 million DDC capex programme for the flagship Bengaluru site: ~80% committed as of Q1 FY27; expanding DDC cartridge capacity to ~220 million units.^[4][5]
Bangalore sterile injectables site was taken offline in Q2 - Q3 FY27 for a shutdown to add lyophilisation and high-viscosity pre-filled syringe capability; new capability fully available for FY28.^[4]
Soft gel CDMO capacity (2.4 billion units) being filled via tech transfers; management expects full utilisation within 12 - 15 months of Q1 FY27 and has initiated a greenfield site process for subsequent expansion.^[4]
Biologics mammalian and microbial capacity expansion is planned following conclusion of the DDC capex programme; investment expected to be significantly smaller in quantum than the DDC programme.^[4]

Recent developments

Semaglutide launched commercially in India (end of Q4 FY26) and Canada (Q4 FY26); OneSource's combined customer base held approximately two-thirds of the Indian generic semaglutide market by value as of end-April 2026.^[2]
Proposed acquisition of Steriscience (Poland) and Brooks Steriscience (Baroda) was paused in Q4 FY26 after the board opted not to proceed; re-engagement targeted approximately two years out, post FY28 guidance delivery.^[2]
Liraglutide was launched commercially with one partner and a new logo was added; the first internally developed recombinant peptide DDC product was launched in Europe during FY26.^[1]
Dr. Reddy's temporary API manufacturing shutdown announced in FY27 did not impact OneSource revenues; all available DDC capacity was absorbed by other customers across Canada, India, and new markets as of Q1 FY27.^[4]

Market Cap

₹16,043 Cr

High / Low

₹1,924 / 1,075

Stock P/E

-312.9

Price / Book

2.6

Book Value

₹509

EPS

₹-6.4

No. of Shares

11.46 Cr

ROCE

0.6%

ROE

-1.3%

OPM

2.8%

Debt / Equity

0.22

Sales

₹1,422 Cr

Net Profit

₹-74 Cr

Promoter holding

30.5%

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