AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 25 Sep - Allotment of 900 Equity shares of Re. 1 each under ONESOURCE ESOP 2021 on September 25, 2026
Source: Bse
Onesource Specialty Pharma Limited (ONESOURCE)
Large CapPharma stocks · Large cap · NSE
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.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result16 Aug, 12:36 am IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags04 Oct 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Pharma P/E 33.5 (n=187)
Technical timing lens
Trend score and candlestick chart
53Neutralfull bear SMA stack · SMA20 -2.4% / mo · RSI oversold · MACD − · sector +3.8pp vs Nifty 500 (3M)
Stock trend: 23
Sector RS: 98
Sector 3M: -1.8% vs Nifty 500 -5.6%
Pharma FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but the sector index is below its 100-session average. View sector evidence
Technical chart
ONESOURCED candles · FIT view-25.1%Latest close ₹1366.60 on 2026-10-19
Bar
-3.3%
RSI
26
MACD hist
-14.74
52W pos
36%
2026-10-19O ₹1412.90H ₹1413.30L ₹1352.30C ₹1366.60Vol 92,387 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
ONESOURCENifty PharmaNifty 500
- ONESOURCE
- -19.3%
- Nifty 500
- -5.6%
- Nifty Pharma
- -1.5%
- Vs Nifty 500
- -13.7 pp
Chart stats
19 Oct 2026- From 52W high
- -29.0%
- 52W range position
- 36%
- ATR (14)
- 3.9%
- Volume vs 20D
- 0.41x
- Avg traded value
- ₹32.8 Cr
- 20D price channel
- ₹1,352.3 - ₹1,643
₹1,925
₹1,057 - ₹1,925
₹53.4
Latest completed session
20-session average
26.2% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is weak.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · OVERVALUED27
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad22
Revenue +37.3% · PAT NDF YoY
Technical
Neutral53
Price trend and sector-relative-strength timing.
Valuation
Legacy model-631.8%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence51
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 22/100margin compression · Rev +37% YoY
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹449 Cr | +37.3% | +4.9% |
| EBITDA | ₹123 Cr | +39.8% | +33.7% |
| Operating margin | 27.0% | +0 bps | +600 bps |
| PAT | ₹25 Cr | NDF | +400.0% |
| PAT margin | 5.6% | +557 bps | +440 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 310.00
- P/B
- 2.76
- EV/EBITDA
- 40.49
- Market Cap
- 16431.00Cr
Profitability
- ROE
- 0.45%
- ROCE
- 2.05%
- ROA
- 0.57%
- 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
- 2.44×
- Altman Z
- 5.63
- Book Value
- 519.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- 55.00 Cr
- EPS TTM
- 4.15
Shareholding
- Promoter Hold
- 30.48%
- Promoter Pledge
- 37.20%
- Momentum 52W
- 44%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 1,422-1.6% vs prev
Net Profit
₹ CrLatest: -74.0-311.1% vs prev
Return on Equity
%Latest: -1.3-309.7% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 26.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~2.5% over last month) — short-term momentum negative.
- RSI(14) at 26 — oversold zone; bounce conditions.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 29% off 52W high · 29% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
19
RS percentile
Stage 1 Base / Transition
1M return
-14.3%
3M return
-19.3%
6M return
-15.2%
1Y return
-25.5%
RS 1D
-7
RS 20D
-26
Sector rank
#1
Industry rank
#12
Stage evidence
- Price is 15.1% below the 30-week proxy without full trend alignment.
- The 30-week proxy changed +0.9% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
leading
Industry
weakening
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 78.68-1.92%
RS vs Nifty 50079
Valuation & peers
U-Score 27 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 27 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation2/30
Growth15/25
Quality0/20
Balance Sheet4/15
Cash Flow1/10
Piotroski
7/9 (+5)
Penalties
0
Raw sum
27
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
27/100 · legacy band OVERVALUED
Positive drivers
- Piotroski is strong at 7/9.
- Growth contributes 15/25 to the score.
- Balance sheet contributes 4/15 to the score.
Main drags
- Promoter pledge is 37.2%.
- Fair-value margin of safety is negative at -631.8%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Sector valuation model
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Primary lens
PE and EV/EBITDA adjusted for product mix and R&D/pipeline quality.
Secondary checks
USFDA risk, launch pipeline, margin trend, domestic vs export mix.
Main risk check
Regulatory setbacks or one-off product cycles can distort valuation.
PE
310.0
PB
2.8
EV/EBITDA
40.5
ROE
0.5%
ROCE
2.0%
FCF Yield
—
Debt/Equity
0.3
MoS
-631.8%
Score movement
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.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
27
Previous: 26 (+1)
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-631.8%
Previous: -631.8%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
26
26
26
26
26
26
26
26
26
26
26
26
Factor attribution
Valuation
2+1
was 1
Modelled fair value
Graham Number
₹220.14
-520.8% MoS
Growth-justified P/E
45.0
Growth-justified Value
₹186.75
-631.8% MoS
PEG
14.76
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
JUBLPHARMA
Large
Jubilant Pharmova Limited
Healthcare Services
match 171
24
38.5
6.5%
-1190%
OVERVALUED
VIJAYA
Large
Vijaya Diagnostic Centre Limited
Healthcare Services
match 165
43
76.2
18.3%
-67%
WATCHLIST
SHILPAMED
Micro
Shilpa Medicare Limited
Healthcare Services
match 164
32
64.5
9.0%
-28%
WATCHLIST
RAINBOW
Large
Rainbow Childrens Medicare Limited
Healthcare Services
match 164
49
44.5
15.9%
+2%
FAIR VALUE
MARKSANS
Micro
Marksans Pharma Limited
Healthcare Services
match 162
53
27.3
15.2%
+41%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-03T18:17:57.970Z
Management commentary snapshot
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.
Growth engines
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.
Capacity and execution
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.
Tailwinds
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.
Headwinds
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.
Risk radar
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.
Management accountability
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.
Analyst reading lens
Compare BOTH
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.
Sector KPIs management disclosed
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.
Management forward view
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.
Thesis monitor
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
capex timelinenot yet verifiablequantified
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.
Timeframe: by end of calendar year '26Direction: increaseConfidence: rapidly expanding, fully ready
"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."
order inflownot yet verifiablequantified
The biologics funnel is almost 4x larger than it was in FY '25, indicating strong future order inflow and demand.
Timeframe: Compared to FY '25 (implies future potential)Direction: increaseConfidence: strong momentum
"today our biologics funnel is almost 4x of what it was in FY '25."
revenue outlookfailedquantified
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.
Timeframe: next year (FY27)Direction: increaseConfidence: great confidence
"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).
revenue outlookfailedquantified
OneSource reiterates its FY 2028 revenue guidance of INR400 million for the base business and INR500 million including inorganic businesses, subject to shareholder approvals.
Timeframe: FY 2028Direction: increaseConfidence: very confident, reiterate
"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).
Trust Score
51Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Management has 0% delivered/partly-delivered outcomes on 2 checked claims, with 2 adverse claim outcomes. It ranks around the 9th percentile of the scored universe and 6th percentile within Pharma. Main check: promoter alignment is weak at 35/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
33 docs text-extracted · 13 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
9th percentile
overall median 67 · Pharma: 6th pctile, median 70 · Large: 4th pctile, median 73
Evidence depth
Financial-only
33 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
0% delivered or partly delivered
2/4 claims checked · 2 contradicted/failed claims
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read 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.
Promoter
35
weak · holding, pledge, alignment
Cash flow
43
weak · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
48
watch · capital discipline
Results
50
watch · quarterly consistency
Trust positives
- ▸3/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Promoters have pledged 37.2% 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.
Continue researching Onesource Specialty Pharma Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Appointment of Statutory Auditor/s 23 Sep - Shareholders appointed B S R & Co LLP as statutory auditors for five years from September 23, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 3 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 1 Sep - Newspaper advertisement confirming the dispatch of the notice convening the 19th AGM of the Company and Remote e-voting
Source: Bse
Annual report
Reg. 34 (1) Annual Report. 31 Aug
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 18 Aug - Ind-Ra upgraded 11,250.51 million bank loans to IND A/Positive; assigned additional 4,287.08 million limits.
Source: Bse
Investor presentationJul 2026
Jul 2026 · PPT
Source: Company Ir
Concall transcriptJul 2026
Jul 2026 · Transcript
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Change in Management 27 Jul - Ravi Kumar resigned as Global Head; Preeti Kalra designated SMP effective July 24, 2026.
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 8 Jul - Allotment of 24,190 equity shares of Re. 1/- under ONESOURCE ESOP 2021 on July 08, 2026.
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 2d - Intimation of Earnings Call to be held on July 25, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 24 Jul - Intimation of allotment of 2,900 ESOPs of Re.1 each under ONESOURCE ESOP 2021
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.