Onesource Specialty Pharma
Onesource Specialty Pharma
HealthcareKey Fundamentals
SmallcapPharmaceuticalsHealthcareTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Weaknesses
5- Stock is trading at 3.13 times its book value
- Company has low interest coverage ratio.
- Company has a low return on equity of -2.39% over last 3 years.
- Promoters have pledged 37.2% of their holding.
- Company has high debtors of 177 days.
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoOneSource Specialty Pharma Ltd is a small-cap healthcare company with a market cap of ₹17,827 Cr that has delivered strong historical sales growth (3-year compounded sales CAGR of 232%) but remains unprofitable with a negative PE of -364.5 and negative ROE of -2.39% over 3 years. The company carries significant governance and financial risks including 37.2% promoter pledge and high debtor days of 177.
- Exceptional 3-year compounded sales CAGR of 232% indicates rapid top-line scaling in the specialty pharma segment
- 5-year compounded sales CAGR of 131% demonstrates sustained revenue momentum over a longer horizon
- TTM sales growth of 4% shows the company continues to grow revenue even as it reaches a larger base
- 3-year compounded profit growth of 24% suggests the company is making progress toward narrowing losses
- 5-year compounded profit growth of 8% indicates a long-term trajectory of improving profitability metrics
- Price-to-book ratio of 3.04x reflects market confidence in the company's asset base and future potential in the specialty pharma space
- Operating in the healthcare/specialty pharma sector which benefits from structural demand growth in India's expanding pharmaceutical market
- Negative PE ratio of -364.5 confirms the company is currently loss-making at the net profit level
- Negative ROE of -2.39% over the last 3 years and -10% over 5 years indicates persistent destruction of shareholder value
- Promoters have pledged 37.2% of their holding, creating significant governance risk and potential forced selling pressure
- High debtor days of 177 signals poor working capital management and potential collection issues with customers
- Low interest coverage ratio suggests the company's operating earnings are insufficient to comfortably service its debt obligations
- TTM compounded profit decline of -142% shows a sharp deterioration in profitability in the most recent period
- Zero dividend yield reflects inability to return capital to shareholders given ongoing losses
- Stock has declined 17% over 1 year, underperforming broader market indices
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- Rating upgraded to IND A Aug 18
India Ratings upgraded OSPL's long-term rating to 'IND A' from 'IND A-' with a positive outlook, reflecting successful commercialisation of its DDC platform and growing GLP-1 supplies. Agency expects leverage to decline below 2x by FY28.
- GLP-1 driving EBITDA improvement Aug 18
India Ratings observed significant EBITDA improvement in Q4 FY26–Q1 FY27 led by genericisation of the GLP-1 portfolio. Transition from development-led to commercial supply-led revenue model improves visibility and reduces execution risk.
- Investor meet at facility Sep 3 Aug 31
OneSource will host a physical group investor meeting at its Doddaballapura facility on September 3, 2026, covering business strategy and growth outlook.
- FY26 BRSR report filed Aug 31
OneSource submitted its FY26 Business Responsibility & Sustainability Report highlighting 100% renewable energy usage and zero liquid discharge across manufacturing facilities.
- AGM scheduled for Sep 23 Aug 29
OneSource's 19th AGM is scheduled for September 23, 2026 via VC/OAVM to transact business for FY25-26.
TL;DR: OneSource Specialty Pharma is in a strong momentum phase, anchored by a credit rating upgrade to IND A with positive outlook driven by successful GLP-1 commercialisation and a shift to supply-led revenue. No material headwinds are visible in recent news flow. The trend is clearly improving, with India Ratings expecting capacity utilisation ramp-up and deleveraging below 2x by FY28 — execution on GLP-1 scale-up remains the key monitorable.
Quarterly Results
| Particulars | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 34 | 56 | 73 | 292 | 334 | 393 | 426 | 327 | 376 | 290 | 428 | 449 |
| Expenses | 72 | 67 | 76 | 228 | 257 | 251 | 243 | 239 | 269 | 273 | 336 | 326 |
| Operating Profit | -39 | -10 | -3 | 64 | 77 | 142 | 183 | 88 | 106 | 17 | 92 | 123 |
| OPM % | -114% | -19% | -3.8% | 22% | 23% | 36% | 43% | 27% | 28% | 6% | 21% | 27% |
| Other Income | -32 | -74 | 3 | -1 | -1 | -94 | 2 | 2 | 3 | -2 | 2 | 0 |
| Interest | 25 | 26 | 20 | 42 | 45 | 46 | 33 | 27 | 34 | 38 | 23 | 31 |
| Depreciation | 18 | 20 | 20 | 68 | 68 | 69 | 68 | 68 | 70 | 70 | 72 | 72 |
| PBT | -114 | -130 | -40 | -47 | -37 | -67 | 83 | -4 | 6 | -93 | 0 | 20 |
| Tax % | 0% | 0% | 0% | -88% | 12% | 4% | -19% | -96% | -83% | -5% | -1630% | -23% |
| Net Profit | -114 | -130 | -40 | -6 | -42 | -69 | 98 | 0 | 10 | -89 | 5 | 25 |
| EPS in Rs | — | — | — | — | — | -6.02 | 8.61 | -0.02 | 0.92 | -7.74 | 0.4 | 2.18 |
Profit & Loss
| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|
| Sales | 21 | 132 | 39 | 172 | 1,445 | 1,422 | 1,543 |
| Expenses | 93 | 229 | 199 | 254 | 978 | 1,117 | 1,204 |
| Operating Profit | -71 | -97 | -161 | -82 | 467 | 304 | 339 |
| OPM % | -334% | -73% | -415% | -48% | 32% | 21% | 22% |
| Other Income | 1 | 4 | -526 | -143 | -94 | 5 | 2 |
| Interest | 16 | 68 | 48 | 89 | 166 | 122 | 126 |
| Depreciation | 34 | 70 | 66 | 76 | 274 | 279 | 283 |
| PBT | -121 | -231 | -800 | -391 | -68 | -92 | -67 |
| Tax % | 0% | 0% | 0% | 0% | -73% | -20% | — |
| Net Profit | -121 | -231 | -800 | -391 | -18 | -74 | -49 |
| EPS in Rs | — | — | — | — | -1.57 | -6.44 | -4.24 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity Capital | 2 | 3 | 4 | 4 | 11 | 11 |
| Reserves | 774 | 1,009 | 781 | 392 | 5,869 | 5,820 |
| Borrowings | 386 | 1,154 | 864 | 562 | 772 | 1,504 |
| Other Liabilities | 96 | 276 | 365 | 468 | 1,005 | 875 |
| Total Liabilities | 1,258 | 2,442 | 2,015 | 1,426 | 7,657 | 8,210 |
| Fixed Assets | 633 | 1,231 | 1,361 | 863 | 6,118 | 6,233 |
| CWIP | 431 | 490 | 334 | 188 | 218 | 314 |
| Investments | 0 | 0 | 4 | 20 | 16 | 16 |
| Other Assets | 195 | 722 | 314 | 356 | 1,305 | 1,648 |
| Total Assets | 1,258 | 2,442 | 2,015 | 1,426 | 7,657 | 8,210 |
Cash Flow
| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Operating | -118 | -416 | -163 | -107 | -68 | 9 |
| Investing | -207 | -692 | -68 | 511 | -201 | -495 |
| Financing | 381 | 1,162 | 118 | -391 | 412 | 359 |
| Net Cash Flow | 56 | 54 | -112 | 13 | 143 | -127 |
| Free Cash Flow | -325 | -1,071 | -207 | -171 | -196 | -561 |
| CFO/OP | 164 | 430 | 108 | 130 | -13 | 6 |
Ratios
| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor Days | 38 | 65 | 36 | 117 | 105 | 177 |
| Inventory Days | 87 | 1,805 | 615 | 258 | 222 | 360 |
| Days Payable | 762 | 410 | 420 | 163 | 147 | 307 |
| Cash Conversion Cycle | -637 | 1,461 | 232 | 212 | 180 | 230 |
| Working Capital Days | -2,392 | -1,291 | -6,745 | -877 | -58 | -29 |
| ROCE % | — | -10% | -12% | -12% | 6% | 1% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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39 extracted metrics + investor summaries across FY21–FY27.
Documents
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Company Information
Incorporated in 2007, OneSource Specialty Pharma Ltd is in the research, development, manufacture and commercialisation of bio logical drug products in various injectable formats. It also offers end-to-end CDMO services across all phases of pre-clinical and clinical development and commercial supply of biologics[1]
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