OneSource Specialty Pharma (ONESOURCE) Q4 24/25 earnings summary

Executive summary

• Achieved strong top-line growth in FY25, with revenue reaching INR 14,449 million ($171.1 million), up 30% year-over-year, driven by robust customer additions and repeat business, especially in DDC and GLP segments, and supported by the merger of CDMO and Soft Gelatin businesses.

• EBITDA more than doubled to INR 4,665 million ($55.2 million), with Q4 EBITDA margin at 43%, reflecting favorable product mix and operational efficiencies.

• Achieved first profitable year with PAT of INR 936 million ($11.1 million) excluding one-time items, a significant turnaround from prior losses.

• Compliance record remained strong, with over 190 regulatory and customer audits, including successful FDA, Health Canada, and Anvisa inspections.

• Expanded leadership and operational teams, strengthened the board, and completed the merger and listing on BSE and NSE.

Financial highlights

• Q4 revenue reached INR 4,260 million ($50.4 million), up 22% year-over-year; full-year revenue was INR 14,449 million ($171.1 million), up 30%.

• Q4 EBITDA was INR 1,825 million ($21.6 million), up 79% year-over-year; full-year EBITDA margin expanded to 32%.

• Q4 PAT was INR 992 million ($11.7 million), reversing a prior-year loss; full-year adjusted PAT was INR 936 million ($11.1 million), excluding one-time items.

• Debt-equity ratio reduced to 0.16 as of March 31, 2025, from 1.44 a year earlier; net debt-to-EBITDA improved to 0.6x.

• Cash and cash equivalents at year-end stood at INR 1,564.76 million, up from INR 64.72 million.

Outlook and guidance

• Maintains FY28 revenue target of $400 million with 38%-40% EBITDA margin, supported by a strong order book and $100 million capex for capacity expansion.

• FY26 expected to be a transition year with lumpy performance, followed by consistent growth in FY27 as commercial launches ramp up.

• Revenue CAGR of 30% and steady 40% EBITDA margin guided for FY25–28.

• Net debt-to-EBITDA to remain under 1.5x, targeting debt-free status in 2–3 years.

• Growth in CDMO segment expected, with new MSAs converting to commercial supply contracts.