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

Executive summary

• Achieved strong top-line growth with FY25 revenue reaching INR 14,449 million ($171.1 million), driven by new customer additions and robust performance across all business segments, especially in GLP-1 and DDC segments.

• EBITDA more than doubled to INR 4,665 million ($55.2 million), with Q4 EBITDA margin at 43% and full-year margin at 32%, supported by favorable product mix and operational efficiencies.

• Q4 and FY25 marked a turnaround to profitability, with Q4 PAT of INR 992 million ($11.7 million) and full-year adjusted PAT of INR 936 million ($11.1 million), reversing prior losses.

• Added 15 new customers, increasing total logos to over 70, including leading innovators, biotechs, and generics.

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

Financial highlights

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

• Q4 EBITDA: INR 1,825 million ($21.6 million), up 79% year-on-year; full-year EBITDA: INR 4,665 million ($55.2 million), more than double FY24.

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

• EBITDA margin: 43% for Q4, 32% for full year; net profit margin improved to -1.18% in FY25 from -207.61% in FY24.

• EPS (annualized): 48.9 for Q4, 21.4 for full year (fully diluted, excluding exceptional items); FY25 EPS $0.25.

Outlook and guidance

• Maintains FY28 revenue target of $400 million with 38%-40% EBITDA margin, supported by a strong order book and 30% revenue CAGR from FY25 to FY28.

• FY26 expected to be a transition year with lumpy performance due to regulatory approvals and market formation; stronger H2 anticipated.

• FY27 projected as first full year of steady commercial revenues from semaglutide and other DDCs.

• Majority of planned $100 million capex for capacity expansion to be completed within 12-18 months.

• Net debt-to-EBITDA to remain under 1.5x, targeting debt-free status in 2-4 years.