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Revenue
₹428 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹91.9 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
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Quarter read
What the record says.
Onesource Specialty Pharma delivered a strong Q4 FY26 recovery with revenue of ₹428.2 crore (up 47% QoQ) and EBITDA of ₹91.9 crore (up >5x QoQ), driven by the start of commercial shipments of generic semaglutide drug-device combinations in India and Canada. The company reaffirmed its FY28 guidance of $400 million revenue with ~40% EBITDA margins, supported by capacity expansion (second line online in Q2, third by year-end) and a robust demand pipeline across regulated and emerging markets. Biologics funnel expanded 4x YoY, adding key partnerships. The related-party transaction with Ster Science was deferred due to valuation concerns from minority shareholders. Key risk: any delay in regulatory approvals or capacity ramp-up could temper the sequential growth trajectory.
Colored figures show movement against the previous available record.
Guidance to track
- Reaffirmed organic revenue guidance of $400 million for FY28, driven by semaglutide DDC and base business growth.
- Reaffirmed EBITDA margin guidance of approximately 40% for FY28, supported by operating leverage from capacity expansion.
- The second drug-device combination line is undergoing qualification and will be available for commercial manufacturing from Q2 FY27.
- A third DDC line will be installed and operational by the end of FY27, bringing total lines to three.
Risks flagged
- The proposed scheme to acquire Ster Science injectables business was deferred due to valuation concerns from a long tail of smaller investors, despite majority support.
- Revenue growth relies on customers obtaining regulatory approvals in various markets; delays could impact sequential improvement.
- New lines must be qualified and validated on time; any delays could constrain ability to meet robust demand.
- Oral GLP-1 formulations could capture up to a third of the market, potentially reducing demand for injectable formulations.
Key quotes
- We are the first and the only CDMO partner for the first three generic semaglutide approvals in all the highly regulated markets US and Canada.
- We decided to defer this transaction until such time both One Source delivers on its 400 million and the incoming assets deliver on its 40 million of EBIT.
- The biggest challenge actually for the customers is access to capacity... customers have done a capacity reservation with us including take or pay kind of contract.
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