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Onesource Specialty Pharma Limited Earnings Release 2026
59072_rns_2026-05-13_f212d168-f478-49a4-97f6-556be1ead12e.pdf
Earnings Release
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onesource
Corporate Office:
Star 1, Opp IIM Bangalore, Bilekahalli,
Bannerghatta Road, Bengaluru –
560076, India
T: +91 80 6784 0738
Registered Office:
Cyber One, Unit No. 902, Sector 30A,
Plot No - 4 & 6, Vashi,
Navi Mumbai - 400703, India
T: +91 22 2789 2924
Date: May 13, 2026
| BSE Limited Phiroze Jeejeebhoy Towers Dalal Street, Mumbai- 400001 Scrip Code: 544292 | National Stock Exchange of India Limited Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Bandra (E), Mumbai – 400 051 Symbol: ONESOURCE |
|---|---|
Sub: Press Release:
Dear Madam/ Sir,
Please find enclosed herewith Press Release (along with Earnings presentation) issued by the Company titled:
OneSource Q4FY26 Results: OneSource Announces FY26 Results with Strong Q4 Performance; Reaffirms FY28 Guidance
You are requested to kindly take the same on record.
For and on behalf of
OneSource Specialty Pharma Limited
Trisha A
Digitally signed by Trisha A
Date: 2026.05.13 13:00:37
+95'30'
Trisha A
Company Secretary and Compliance Officer
Membership Number: A47635
Encl. as above
OneSource Specialty Pharma Limited
[email protected] | www.onesourcecdmo.com
CIN: L74140MH2007PLC432497
onesource
Press Release May 13, 2026
OneSource Announces FY26 Results with Strong Q4 Performance; Reaffirms FY28 Guidance
Revenue up 47% QoQ and EBITDA expanding more than 5x, supported by broad business momentum and India semaglutide launches
Performance Highlights
- Revenues at ₹4,282 million, up 47% QoQ, driven by growth across all service offerings supported by India semaglutide commercial launch
- EBITDA at ₹919 million, 5x+ quarter-on-quarter, reflecting operating leverage on higher CSA revenues during the quarter
- Adjusted PAT stood at ₹390 million with adjusted EPS of ₹3.4
FY28 Guidance Reaffirmation
- ~$400 million in organic revenue with ~40% EBITDA margin
Bangalore, India, May 13, 2026 – OneSource Specialty Pharma Limited (BSE:544292, NSE: ONESOURCE) today announced its consolidated financial results for the quarter (Q4FY26) and full year ended March 31, 2026.
Financial Highlights (In ₹ million)
| Particulars | Q4FY26 | Q3FY26 | QoQ | FY26 | FY25 | YoY |
|---|---|---|---|---|---|---|
| Revenues | 4,282 | 2,903 | 47% | 14,216 | 14,449 | (2%) |
| EBITDA | 919 | 173 | 5x+ | 3,042 | 4,665 | (35%) |
| EBITDA % | 21% | 6% | 1550bps | 21% | 32% | (1089bps) |
| Adjusted PAT^{1} | 390 | (472) | Loss to profit | 739 | 2,314 | (68%) |
| Adjusted EPS^{1} | 3.4 | (4.1) | Loss to profit | 6.5 | 21.0 | (69%) |
Note: Adjusted PAT and Adjusted EPS excludes exceptional items (Q4FY26: ₹0.3m, Q3FY26: ₹71m, FY26: ₹99m, FY25: ₹1,108m) and scheme related intangible amortisation (Q4FY26: ₹344m, Q3FY26: ₹344m, FY26: ₹1,378, FY25: ₹1,413m).
Mr. Neeraj Sharma, CEO & MD, OneSource Specialty Pharma Limited speaking on the performance said, "We saw a strong recovery in Q4 driven by broad-based business performance. The quarter was marked by successful semaglutide launches in India across multiple customer brands, alongside new launches in the US injectables and soft-gelatin businesses. With the recent back-to-back semaglutide approvals in Canada and continued expansion of our biologics pipeline, we are well positioned to sustain growth momentum into FY27."
Detailed investor communication on the performance of the Company is attached.
onesource
Press Release
May 13, 2026
About OneSource Specialty Pharma Limited
OneSource Specialty Pharma Limited (BSE: 544292, NSE: ONESOURCE) is a pure-play specialty pharmaceutical CDMO. The company focuses on the development and manufacturing of complex pharmaceutical products including biologics, drug-device combinations, sterile injectables, and oral technologies (soft gelatine capsules). It has five state-of-the-art manufacturing facilities approved by global regulatory authorities and a dedicated team of over 1,600 professionals.
OneSource with its development capabilities, industry leading manufacturing capacities, and strong compliance track record, has won trust of global pharmaceutical companies seeking efficient, end-to-end solutions. For more information, please visit www.onesourcecdmo.com.
For further information, please contact:
| Institutional Investors
Anurag Bhagania CFO
Tejaswani Fotedar +91 9004331391
Email: [email protected] | Corporate Communication
Pallavi Panchmatia: +91 8951939181
Email: [email protected]
Abhilash Mukherjee: +91 89044 28907
Email: [email protected]
Harsh Sheth: +91 9870631557
Email: [email protected] |
| --- | --- |
Onesource
THE NEW WAY TO CDMO
Investor Presentation | Q4 & FY26
May 13th, 2026
Safe Harbor Statement
O
Except for the historical information contained herein, statements in this presentation and the subsequent discussions, which include words or phrases such as "will", "aim", "will likely result", "would", "believe", "may", "expect", "will continue", "anticipate", "estimate", "intend", "plan", "contemplate", "seek to", "future", "objective", "goal", "likely", "project", "should", "potential", "will pursue", and similar expressions of such expressions may constitute "forward-looking statements". These forward-looking statements involve a number of risks, uncertainties, and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include but are not limited to our ability to successfully implement our strategy, growth and expansion plans, obtain regulatory approvals, our provisioning policies, technological changes, investment and business income, cash flow projections, our exposure to market risks as well as other risks. The Company does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date thereof.
onesource
Financial Performance
FY26
Onesource
Strong revenue and EBITDA recovery in Q4 driven by growth across all service offerings and semaglutide India launches; Canada semaglutide approvals in place, supporting continued momentum into FY27
(Q4FY26 Performance Snapshot)
₹4,282m
$47.6m
Revenue
▲ 47% QoQ
₹919m
$10.2m
EBITDA
5x+ QoQ
21%
EBITDA margin
▲ 1550 bps QoQ
₹390m
$4.3m
Adjusted PAT¹
Loss to Profit QoQ
> “We saw a strong recovery in Q4 driven by broad-based business performance. The quarter was marked by successful semaglutide launches in India across multiple customer brands, alongside new launches in the US injectables and soft-gelatin businesses. With the recent back-to-back semaglutide approvals in Canada and continued expansion of our biologics pipeline, we are well positioned to sustain growth momentum into FY27.”
Neeraj Sharma
CEO & MD
Notes: All figures presented in $ have been converted using average exchange rate of USD = ₹89.898
- Adjusted PAT excludes exceptional items (Q4FY26: ₹0.3m) and scheme related intangible amortisation (Q4FY26: ₹344m)
onesource
Q4FY26 delivers sequential revenue and EBITDA growth as commercialisation gains momentum
| In $ m | Q4FY26 | Q3FY26 | QoQ | Q4FY25 |
|---|---|---|---|---|
| Revenue | 47.6 | 32.3 | 47% | 47.4 |
| EBITDA | 10.2 | 1.9 | 5x+ | 20.3 |
| EBITDA margin (%) | 21% | 6% | 1550bps | 43% |
| Reported PAT | 0.5 | (9.9) | Loss to Profit | 11.0 |
| Adjusted PAT¹ | 4.3 | (5.2) | Loss to Profit | 15.0 |
| Adjusted EPS¹ ($) | 0.04 | (0.05) | Loss to Profit | 0.14 |
| In ₹ m | Q4FY26 | Q3FY26 | QoQ | Q4FY25 |
| --- | --- | --- | --- | --- |
| Revenue | 4,282 | 2,903 | 47% | 4,260 |
| EBITDA | 919 | 173 | 5x+ | 1,825 |
| EBITDA margin (%) | 21% | 6% | 1550bps | 43% |
| Reported PAT | 46 | (887) | Loss to Profit | 992 |
| Adjusted PAT¹ | 390 | (472) | Loss to Profit | 1,350 |
| Adjusted EPS¹ (₹) | 3.4 | (4.1) | Loss to Profit | 12.2 |
Financial Snapshot
- Revenue of $47.6m/₹4,282m, up 47% QoQ reflects a strong recovery driven by growth across all businesses supported by India semaglutide commercial launch
- EBITDA of $10.2m/₹919m, 5x+ QoQ, with margins expanding ~1550bps sequentially, driven by operating leverage on higher CSA revenue during the quarter
Notes: All figures presented in $m have been converted using average exchange rate of USD = ₹89.898 and accordingly the prior period figures have been restated
- Adjusted PAT and Adjusted EPS excludes exceptional items (Q4FY26: ₹0.3m, Q3FY26: ₹71m, Q4FY25: Nil) and scheme related intangible amortisation (Q4FY26: ₹344m, Q3FY26: ₹344m, Q4FY25: ₹358m)
onesource
FY26 a transition year; expanding capability and capacity to deliver FY27 growth driven by commercial launches
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| In $ m | FY26 | FY25 | YoY |
|---|---|---|---|
| Revenue | 158.1 | 160.7 | (2%) |
| EBITDA | 33.8 | 51.9 | (35%) |
| EBITDA margin (%) | 21% | 32% | (1089bps) |
| Reported PAT | (8.2) | (1.9) | -- |
| Adjusted PAT¹ | 8.2 | 25.7 | (68%) |
| Adjusted EPS¹ ($) | 0.07 | 0.23 | (69%) |
| In ₹ m | FY26 | FY25 | YoY |
| --- | --- | --- | --- |
| Revenue | 14,216 | 14,449 | (2%) |
| EBITDA | 3,042 | 4,665 | (35%) |
| EBITDA margin (%) | 21% | 32% | (1089bps) |
| Reported PAT | (738) | (173) | -- |
| Adjusted PAT¹ | 739 | 2,314 | (68%) |
| Adjusted EPS¹ (₹) | 6.5 | 21.0 | (69%) |
Financial Snapshot
- Full-year revenue declined marginally by 2% YoY, reflecting a softer second half impacted by delayed semaglutide approvals in Canada
- Full year EBITDA declined 35% YoY, reflecting a high MSA base in prior year and an elevated cost base in FY26 as the DDC facility ramped up, partially offset by the semaglutide commercial launch
- Impact of New Labour code fully provided in FY26 financials
Notes: All figures presented in $m have been converted using average exchange rate of USD = ₹89.898 and accordingly the prior period figures have been restated
- Adjusted PAT and Adjusted EPS excludes exceptional items (FY26: ₹99m, FY25: ₹1,108m) and scheme related intangible amortisation (FY26: ₹1,378m, FY25: ₹1,413m)
Onesouice
Business & Operational Updates
FY26
onesource
Added new customers, deepened existing relationships, and expanded market reach across all service offerings
O
FY26 at a Glance
| 31
New MSAs and Licensing agreements signed | 18
Injectable and softgel product launches | 5
New logos added, bringing total customers to 75+ | 10
NBE (1) / NCE-1 (9) Programs on track | 70+
Active RFPs across modalities | 49
Successful Regulatory inspections & Customer audits |
| --- | --- | --- | --- | --- | --- |
- CDMO partner for the first 3 generic semaglutide approvals in G7 countries; 2 in Canada and 1 in US¹
- Day-1 India semaglutide launches through multiple partners with strong presence and field force in diabetes
- Multiple customers completed NCE-1 filing for Tirzepatide
- 50+ customers are partners on 2 or more projects/ products
- Biologics funnel at all time high driven by regulatory landscape, targeted outreach, increased presence and participation in trade fairs and seminars
-
Injectables and softgels business continues to see strong traction with 10+ new contract/ licensing deals and 15+ commercial launches
-
Tentative approval granted to front end partner of our customer
onesource
With a strong and diverse customer base, well positioned to ride the semaglutide wave across available markets
First semaglutide approvals secured in Canada; products already marketed in India
O
Top off-patent semaglutide markets (by size)¹
OneSource customers (#)
| Global Leaders | Regional Players | Country Champions | |
|---|---|---|---|
| 1. Canada | 2 | ||
| (1 Approved) | 1 | 1 | |
| (Approved) | |||
| 2. Brazil | 3 | 1 | 1 |
| 3. LatAM | |||
| (Ex-Brazil) | 2 | 2 | |
| 4. Select | |||
| RoW Mkts | 2 | 1 | |
| 5. Saudi Arabia | 1 | 1 | |
| (Approved) | |||
| 6. Turkey | 1 | ||
| 7. India | Multiple top-tier partners, collectively commanding ~2/3² of generic injectable semaglutide market |
- Source: IQVIA; Amongst markets going off patent by H1'26. 2. Based on sales market share data for April 2026
Onesource
DDC momentum driven by early mover advantage, multi-market presence, and growing partner network
O
First & only CDMO
GLP-1s
Semaglutide
| India | Multiple partners approved; Product in market from Day 1 | LAUNCHED |
|---|---|---|
| Canada | 1stapproval in market – Partners: Dr. Reddy's, Orbicular | LAUNCHING |
| MENA | Hikma (largest MENA² pharma) with first approval | LAUNCHING |
| US | Secured USFDA approval – Partner: Orbicular | LAUNCH ON PATENT EXPIRY |
Tirzepatide: Multiple NCE-1 filings completed
Liraglutide: Commercially launched during the year with one of the partners; more launches scheduled in FY27
Small molecule DDC
- 2 commercial approval and launches in US in Q4FY26
- 7 molecules in pipeline with launches in next few years
Biologics DDC
-
Recombinant peptide product developed internally (end to end) approved and being launched in Europe
-
7 variants partnered: Generics of Liraglutide (Saxenda, Victoza), Semaglutide (Ozempic, Wegovy flextouch, Wegovy), and Tirzepatide (Mounjaro, Zepbound). 2. Based on Hikma analysis using data from the following source: IQVIA MIDAS® Monthly Value Sales data for Algeria, Egypt, Jordan, Kuwait, Lebanon, Morocco, Saudi Arabia, Tunisia and UAE, for the period: MAY November 2025, reflecting estimates of real-world activity. Copyright IQVIA. All rights reserved.
Onesource
Capacity build-out progressing on track to support upcoming commercial supply
2nd line at flagship site under qualification with commercial readiness by Q2FY27
10
- Cartridge capacity expansion in full swing at our flagship site
- ~$80m committed to date against a total announced capex of $100m; 380+ hires added during FY26 to support the ramp-up
- Two additional lines planned under the ongoing Capex programme targeted for commissioning by FY27 in line with medium-term capacity build-out roadmap
onesource
Biologics business emerging as next growth engine with strong industry tailwinds and growing customer funnel
O
FY26 at a Glance
4x
Increase in Biologics funnel
2nd
Project signed with Top 3 global animal health company
1
of the few integrated DS-DP site globally
1KL
Installed microbial capacity (planned addition of 5 KL capacity)
4KL
Installed mammalian capacity (20 KL reactor available on site)
Biosimilars
- Partnership with leading European biosimilar company strengthens drug substance capability via technology transfer and pipeline access
- US based global biosimilar player onboarded with a pipeline of 5+ biosimilars
- Strong Biologics funnel driven by regulatory landscape, targeted outreach, and increased presence and participation in trade fairs
Animal Health
- 2nd project secured with Top 3 global animal health company
- Rising biologics adoption in animal health driven by protein-based therapeutics creating sustained CDMO demand
Capacities and Capabilities
- Actively scouting US/EU beachhead to be in proximity with innovators/ early-stage Bio-techs
onesource
Injectables and Softgels continue to witness strong traction driven by licensing deals as well as CDMO opportunities
12
FY26 at a Glance
| 10+
New licensing and CDMO deals | 15+
New commercial launches | 35+
Approved and on market product in US (Own IP) | Top 5
Sterile Penicillin manufacturer for US market | 2.4
billion installed softgel capsules capacity/ year |
| --- | --- | --- | --- | --- |
Business Updates
- 4 new logos added in the Injectable and Softgel capsules business
- 80% project wins/ licensing deals from existing customer base demonstrating strong trust in OneSource established capabilities in this space
Product and Project Portfolio
- First oncology softgel NDA approval secured in partnership with a Top 10 US generics player
- 30+ products/ projects under development/ filed/ awaiting approvals
Capacities and Capabilities
- Expanding sterile injectable capabilities with enhanced long-acting injectable and lyophilisation capacity, building momentum towards FY28
- EU-GMP approval of SPD (sterile injectable) plant enables pathway for commercialisation of molecules in Europe
onesource
Continued exemplary quality and compliance track record across all sites
13
OVERALL TRACK RECORD
210+
Successful audits since inception
100%
GMP inspection success rate
KEY REGULATORY APPROVALS
FDA
ANVISA
TGA Health Safety Regulation
Health Canada
Medicines & Healthcare products Regulatory Agency
EUROPEAN MEDICINES AGENCY
EUROPEAN UNION
EURORA
EURORA UNION GMP
Taiwan Food and Drug Administration
TJDA
South East Asia
Saudi Food & Drug Authority
ISO 140001 certification across all facilities
Dual FDA approval — CDER & CDRH at flagship site
FY26 HIGHLIGHTS
USFDA EIR Received — Flagship site
Establishment Inspection Report (EIR) received following Mar 2025 inspection, validating continued compliance ahead of commercial launches
EU GMP renewed — SPD and Flagship site
Sustained compliance and European market access reinforced across both sites
ANVISA approval secured — Flagship site
Approval positions OneSource to commercially supply to Brazil as generic semaglutide approvals flow in
49
Successful regulatory inspections and customer audits with zero critical observations raised across all sites
onesource
ESG progress validated with ratings and recognition
14
Latest Rating Updates
NSE Sustainability Ratings & Analytics
"Leader" category among NSE-listed peers
73/100
SES ESG
65.7/100
EcoVadis 64/100 ▲7 in FY25 vs FY24 | Bronze | Top 35%
Environment
67▲7
Labour & Human Rights
66▲6
Ethics
62▲12
Sustainable Procurement
55▲5
CDP Maintained the score consecutively for 2 years
Climate Change
B
Water Security
B
Rewards & Recognition
Sustainability Excellence Award
Received the Sustainability Excellence Award at the 5th National Bharat CSR & Sustainability Awards 2025
Workplace & Contractor Safety Management
Selected for Prestigious Safety Awards by the National Safety Council, Karnataka Chapter for outstanding performance in Workplace Safety and Contractor Safety Management (FY24 and FY25)
Our Sustainability Efforts are aligned to Global Frameworks, Certifications, and Standards
SUSTAINABLE DEVELOPMENT GOALS
BRSR
United Nations Global Compact
INTEGRATED REPORTING
CDP
ecovadis
onesource
Updates on Announced Acquisition and Business Outlook
FY26
onesource
Proposed acquisition of two USFDA-approved specialty injectable assets from Steriscience paused – to re-engage post FY28
16
- Scheme of arrangement announced in September 2025. Swap ratios based on independent valuation by PwC and independent fairness opinion from ICICI Securities
- On 26 February 2026, Indian stock exchanges issued NOC for the scheme, validating the process and board's independent committee's decision
- Since the announcement, both companies have been actively engaging with various stakeholders; however, some have raised concerns on valuation
- In the best interest of all stakeholders, the Board approved to not pursue the transaction in the current form and revisit it following successful delivery of respective companies' FY28 guidance
Onesouice
Reaffirming FY28 outlook of $400 million organic revenue, ~40% EBITDA margin supported by strong execution and business levers
O
400M USD
Revenue (organic)
40%
Steady state EBITDA margin
>50%
Targeted ROCE¹
All businesses to contribute to FY28 delivery, with operating leverage amplifying the financial impact as we build scale
- GLP-1 scaling across markets and customers, supported by capacity expansion
- Biologics funnel expanding with continued pipeline growth and execution of MSAs
-
Enhancing sterile injectable and softgel platforms through ongoing capability expansion
-
Goodwill and Scheme Intangibles arising from the business combination is excluded from the ROCE calculation as it is not reflective of operating performance in the absence of common control. Capital employed excludes new capital investment in progress
onesource
O
nesource
(Q4FY26)
earnings
call
May 13
Schedule:
Day: Wednesday
Date: 13th May 2026
Time: 03:00 PM IST
Speakers:
Arun Kumar, Founder & Non-Executive Chairperson
Neeraj Sharma, CEO & MD
Anurag Bhagania, CFO
Dial In:
+91 22 6280 1372
+91 22 7115 8193
Diamond Pass:
Click here for early registration
Onesource
THE NEW WAY TO CDMO
OneSource at a glance
Building a pure-play CDMO platform, distinguished by extensive capabilities and robust financial metrics
O
onesource
| ONE-OF-ITS-KIND | ROBUST MANUFACTURING & COMPLIANCE TRACK RECORD | PRESENCE ACROSS MODALITIES INCLUDING GLP-1 | HIGHLY ATTRACTIVE FINANCIAL PROFILE | EXPERT PROFESSIONALS AND SEASONED BOARD |
|---|---|---|---|---|
| #1 | ||||
| Multi Modality CDMO Platform from India | 5 | |||
| State-of-the-Art Facilities | Multiple | |||
| Ongoing/Completed DDC Projects | >30% | |||
| FY 2025 – FY2028 | ||||
| Revenue CAGR | 1,600+ | |||
| Workforce | ||||
| 4 | ||||
| Solid Offerings – DDC¹, Biologics, SGC, and Sterile Fill-finish | 210+ | |||
| Successful Audits | 75+ | |||
| Global Customers | ~40% | |||
| Steady State EBITDA margins | Accomplished | |||
| Board of Directors |
- DDC: Drug-Device Combinations
onesource
Industry-leading capacities backed by stellar compliance record
O
| | Drug-device combinations
Integrated Biologics and Drug Products site | Biologics development centre | Sterile Injectables | Soft gelatin capsules¹ | Penicillin fill-finish |
| --- | --- | --- | --- | --- | --- |
| Area
(Sq ft) | 450,000 | 100,000 | 70,000 | 60,000 | 42,000 |
| Capability
& Capacity | Microbial: 1x1KL SS | Cartridges: 40 million | Microbial: 1x 50L | PFS: 10 million | Capsules: 2.4 billion |
| | Mammalian: 2x 2KL SUB | PFS: 28 million | Fill-finish: Clinical supplies | Vials: 16 million | |
| | | Vials: 12 million | | | |
| Major
accreditations | EUROPEAN MEDICINES AGENCY
EUROPEAN OBSERVER AGENCY | FDA
ANVISA
EUROPEAN MEDICINES AGENCY
EUROPEAN OBSERVER AGENCY | ANVISA
EUROPEAN MEDICINES AGENCY
EUROPEAN OBSERVER AGENCY | FDA
Health Canada
TGA
Health Canada
EUROPEAN MEDICINES AGENCY
EUROPEAN OBSERVER AGENCY | ANVISA
TGA
Health Canada
EUROPEAN OBSERVER AGENCY |
| | Taiwan Food and Drug Administration
TGA
EUROPEAN OBSERVER AGENCY | AgroFig, Hailall, Radloff, Ragdoll
Saudi Food & Drug Authority | | | |
- Tolling agreement between OneSource and site operators
onesource
onesource
THE NEW WAY TO CDMO
Get in touch with us
REGISTERED AND CORPORATE OFFICE
OneSource Specialty Pharma Ltd
Registered Office:
Unit No. 902, Cyber One, Plot No - 4 & 6, Sector 30A,
Vashi, Navi Mumbai, Sanpada, Thane,
Maharashtra, India, 400703
T: +91 22 2789 2924
F: +91 22 2789 2942
Corporate Office:
OneSource Specialty Pharma Limited
Star 1, Opp IIM Bangalore, Bilekahalli, Bannerghatta Road,
Bengaluru, India, 560076
T: +91 80 6784 0738
www.onesourcecdmo.com
INVESTOR RELATIONS
[email protected]