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 million), up 47% sequentially, driven by semaglutide launches in India and approvals in Canada, and broad-based growth across service offerings.

• FY26 was a transition year with full-year revenue of INR 14,216 million ($158.1 million), down 2% year-over-year, and EBITDA down 35% YoY, impacted by delayed approvals and higher ramp-up costs, but offset by new launches.

• The group completed major restructuring, including amalgamation of subsidiaries, and deferred the planned acquisition of Steriscience injectables business due to valuation concerns and lack of shareholder support.

• Expanded customer base with over 75 customers, 70+ active RFPs, and new MSAs and licensing agreements.

• Net loss for FY26 was Rs. 738.03 million, compared to a net profit of Rs. 991.92 million in the previous year.

Financial highlights

• Q4 FY 2026 revenue was INR 4,282 million ($47.6 million), a 47% sequential increase; full-year revenue was INR 14,216 million ($158.1 million), down 2% YoY due to earlier delays in semaglutide approvals.

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

• Full-year EBITDA declined 35% YoY to $33.8 million, reflecting the impact of delayed approvals.

• Adjusted PAT for Q4 was INR 390 million ($4.3 million); full-year adjusted PAT was INR 739 million ($8.2 million), with EPS for Q4 at INR 3.4 ($0.04) and INR 6.5 ($0.07) for the full year.

• Cash and cash equivalents at year-end stood at Rs. 356.76 million, down from Rs. 1,564.76 million in FY25.

Outlook and guidance

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

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

• 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.

• Robust demand anticipated in India, Canada, Brazil, and other emerging markets as regulatory approvals expand.