Onesource Specialty Pharma
Onesource Specialty Pharma
HealthcareKey Fundamentals
SmallcapPharmaceuticalsHealthcareTapetide Score
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Key Insights
Weaknesses
5- Stock is trading at 2.96 times its book value
- Company has low interest coverage ratio.
- Company has a low return on equity of -2.63% over last 3 years.
- Promoters have pledged 37.2% of their holding.
- Company has high debtors of 177 days.
Growth Rate
AI Analysis — Bull vs Bear
OneSource Specialty Pharma has a market capitalisation of about ₹18,276 cr. Its sales grew at a 232% CAGR over 3 years, but TTM sales growth has slowed to 4% and TTM profit is down 142%, leaving it loss-making at a P/E of -374.4. It trades at 3.12x book value with a 3-year average ROE of -2.63%, while promoters have pledged 37.2% of their holding and debtor days are 177.
- Sales grew at a 232% CAGR over 3 years, showing a rapid scale-up of the revenue base as capacity was commercialised.
- The 5-year sales CAGR of 131% shows the high growth has lasted beyond a single year's jump.
- ROE has improved from a 5-year average of -10% to -1% in the last year, a trend toward breakeven returns.
- Profit grew at a 24% CAGR over 3 years (5-year: 8%), showing earlier operating leverage despite the recent TTM decline.
- A market capitalisation of about ₹18,276 cr gives the company scale and access to capital markets to fund capacity expansion.
- The stock has fallen 10% over the past year, so some of the recent earnings weakness may already be reflected in the price.
- A 0% dividend yield means internal cash flows are retained for reinvestment in a capital-intensive, growth-phase business.
- The company is loss-making on a trailing basis, with a P/E of -374.4, so current valuation has no support from earnings.
- TTM profit fell 142%, reversing the 3-year profit CAGR of 24% and pointing to worsening near-term profitability.
- Sales growth has slowed sharply to 4% TTM from a 232% 3-year CAGR, which raises questions about how durable the growth is.
- Promoters have pledged 37.2% of their holding, which adds governance risk and the possibility of forced selling if the share price falls.
- Debtor days of 177 mean nearly six months of sales are tied up in receivables, which strains working capital and cash conversion.
- Low interest coverage, combined with a last-year ROE of -1%, leaves little room to absorb higher financing costs or operational setbacks.
- The stock trades at 3.12x book value despite a 3-year average ROE of -2.63%, a premium not currently backed by returns on equity.
- The stock has returned -10% over 1 year and pays a 0% dividend yield, so shareholders have received no return over the period.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- 19th AGM concludes, FY26 adopted Sep 23
OneSource Specialty Pharma held its 19th AGM by video conference on September 23, 2026. Shareholders adopted the FY26 financial statements and approved the auditor appointments.
- RPT disclosures added for Strides Sep 11
An addendum to the September 23, 2026 AGM notice added disclosures on related party transactions with Strides Pharma Science Limited and its US subsidiary. The extra transparency is routine, but the ongoing links to the former parent group are a governance point to keep tracking.
TL;DR: Recent news flow for OneSource is purely procedural: the FY26 accounts and auditor appointments passed at the September 23, 2026 AGM without any reported shareholder pushback. The articles contain no operating, financial or order-book updates, so they offer no clear bullish or bearish signal. The main thing to watch is the related party dealings with Strides Pharma Science and its US unit, including their size and pricing terms. Direction from here will likely depend on upcoming quarterly results and CDMO contract wins, not on these governance filings.
Quarterly Results
| Particulars | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 34 | 56 | 73 | 292 | 334 | 393 | 426 | 327 | 376 | 290 | 428 | 449 |
| Expenses | 72 | 67 | 76 | 228 | 257 | 251 | 243 | 239 | 269 | 273 | 336 | 326 |
| Operating Profit | -39 | -10 | -3 | 64 | 77 | 142 | 183 | 88 | 106 | 17 | 92 | 123 |
| OPM % | -114% | -19% | -3.8% | 22% | 23% | 36% | 43% | 27% | 28% | 6% | 21% | 27% |
| Other Income | -32 | -74 | 3 | -1 | -1 | -94 | 2 | 2 | 3 | -2 | 2 | 0 |
| Interest | 25 | 26 | 20 | 42 | 45 | 46 | 33 | 27 | 34 | 38 | 23 | 31 |
| Depreciation | 18 | 20 | 20 | 68 | 68 | 69 | 68 | 68 | 70 | 70 | 72 | 72 |
| PBT | -114 | -130 | -40 | -47 | -37 | -67 | 83 | -4 | 6 | -93 | 0 | 20 |
| Tax % | 0% | 0% | 0% | -88% | 12% | 4% | -19% | -96% | -83% | -5% | -1630% | -23% |
| Net Profit | -114 | -130 | -40 | -6 | -42 | -69 | 98 | 0 | 10 | -89 | 5 | 25 |
| EPS in Rs | — | — | — | — | — | -6.02 | 8.61 | -0.02 | 0.92 | -7.74 | 0.4 | 2.18 |
Profit & Loss
| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|
| Sales | 21 | 132 | 39 | 172 | 1,445 | 1,422 | 1,543 |
| Expenses | 93 | 229 | 199 | 254 | 978 | 1,117 | 1,204 |
| Operating Profit | -71 | -97 | -161 | -82 | 467 | 304 | 339 |
| OPM % | -334% | -73% | -415% | -48% | 32% | 21% | 22% |
| Other Income | 1 | 4 | -526 | -143 | -94 | 5 | 2 |
| Interest | 16 | 68 | 48 | 89 | 166 | 122 | 126 |
| Depreciation | 34 | 70 | 66 | 76 | 274 | 279 | 283 |
| PBT | -121 | -231 | -800 | -391 | -68 | -92 | -67 |
| Tax % | 0% | 0% | 0% | 0% | -73% | -20% | — |
| Net Profit | -121 | -231 | -800 | -391 | -18 | -74 | -49 |
| EPS in Rs | — | — | — | — | -1.57 | -6.44 | -4.24 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity Capital | 2 | 3 | 4 | 4 | 11 | 11 |
| Reserves | 774 | 1,009 | 781 | 392 | 5,869 | 5,820 |
| Borrowings | 386 | 1,154 | 864 | 562 | 772 | 1,276 |
| Other Liabilities | 96 | 276 | 365 | 468 | 1,005 | 1,197 |
| Total Liabilities | 1,258 | 2,442 | 2,015 | 1,426 | 7,657 | 8,304 |
| Fixed Assets | 633 | 1,231 | 1,361 | 863 | 6,118 | 6,017 |
| CWIP | 431 | 490 | 334 | 188 | 218 | 529 |
| Investments | 0 | 0 | 4 | 20 | 16 | 16 |
| Other Assets | 195 | 722 | 314 | 356 | 1,305 | 1,742 |
| Total Assets | 1,258 | 2,442 | 2,015 | 1,426 | 7,657 | 8,304 |
Cash Flow
| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Operating | -118 | -416 | -163 | -107 | -68 | 9 |
| Investing | -207 | -692 | -68 | 511 | -201 | -495 |
| Financing | 381 | 1,162 | 118 | -391 | 412 | 359 |
| Net Cash Flow | 56 | 54 | -112 | 13 | 143 | -127 |
| Free Cash Flow | -325 | -1,071 | -207 | -171 | -196 | -561 |
| CFO/OP | 164 | 430 | 108 | 130 | -13 | 6 |
Ratios
| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor Days | 38 | 65 | 36 | 117 | 105 | 177 |
| Inventory Days | 87 | 1,805 | 615 | 258 | 222 | 438 |
| Days Payable | 762 | 410 | 420 | 163 | 147 | 307 |
| Cash Conversion Cycle | -637 | 1,461 | 232 | 212 | 180 | 308 |
| Working Capital Days | -2,392 | -1,291 | -6,745 | -877 | -58 | -6 |
| ROCE % | — | -10% | -12% | -12% | 6% | 1% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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Company Information
Incorporated in 2007, OneSource Specialty Pharma Ltd is in the research, development, manufacture and commercialisation of bio logical drug products in various injectable formats. It also offers end-to-end CDMO services across all phases of pre-clinical and clinical development and commercial supply of biologics[1]
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