OneSource Specialty Pharma (ONESOURCE) Q4 25/26 earnings summary

Executive summary

• Q4 FY 2026 saw a strong recovery with revenue of $48 million (INR 4.282 billion), up 47% sequentially, driven by semaglutide launches in India and Canada and broad-based growth.

• FY26 was a transition year with full-year revenue down 2% YoY, impacted by delayed approvals and higher ramp-up costs, but offset by new commercial launches.

• The company reaffirmed its FY 2028 guidance of $400 million organic revenue and 40% EBITDA margin.

• Major restructuring included amalgamation of subsidiaries and a Composite Scheme of Arrangement.

• The planned related party injectables business acquisition was deferred due to valuation concerns and shareholder feedback.

Financial highlights

• Q4 FY 2026 revenue was INR 4.282 billion ($47.6m), up 47% sequentially; full-year revenue was INR 14.216 billion ($158.1m), down 2% YoY.

• Q4 EBITDA was INR 919 million ($10.2m), over 5x sequentially, with margin expanding by 1,550 bps quarter-over-quarter.

• Full-year EBITDA declined 35% YoY, reflecting delayed approvals and higher costs.

• Adjusted PAT for Q4 was INR 390 million ($4.3m); full-year adjusted PAT was INR 739 million ($8.2m), both down YoY.

• EPS for Q4 was INR 3.4 ($0.04); full-year EPS was INR 6.5 ($0.07), both down YoY.

Outlook and guidance

• Sequential improvement in revenue and EBITDA is expected as commercial launches ramp up and new capacity comes online.

• FY 2028 guidance of $400 million revenue and 40% EBITDA margin reiterated, with >50% targeted ROCE.

• Biologics business expected to contribute meaningfully by FY 2028, with commercial manufacturing starting post-2028.

• The group continues to focus on CDMO operations and has received in-principle approval for further facility acquisitions.