OneSource Specialty Pharma Ltd (BSE: 544292 / NSE: ONESOURCE) has emerged as a multi-modality contract development and manufacturing organisation (CDMO) following the integration of biologics, drug-device combinations, sterile injectables, and oral technologies businesses. While near-term financial performance in Q3 FY26 was affected by regulatory approval delays and revenue deferrals, disclosures indicate continued expansion in capacity, customer pipeline, and long-term growth ambitions supported by structural demand in the global CDMO market.
Business Profile and Strategic Positioning
OneSource operates as a pure-play specialty pharmaceutical CDMO with five manufacturing facilities and capabilities spanning biologics, drug-device combinations, sterile injectables, and soft gelatin capsules. The company serves a global customer base across pharmaceutical and biotechnology companies and employs more than 1,300 professionals.
The formation of OneSource through the consolidation of multiple specialty pharma assets has created an integrated platform with end-to-end development and manufacturing capabilities. Management has positioned the company as a multi-modality CDMO with scalability across therapeutic modalities and delivery formats.
Financial and Operating Performance
For Q3 FY26, OneSource reported revenue of ₹2,903 million, compared with ₹3,758 million in Q2 FY26 and ₹3,926 million in Q3 FY25. EBITDA declined to ₹173 million, with EBITDA margin at 6%, compared with 28% in the preceding quarter and 36% in the same quarter last year. The company reported an adjusted loss at the profit-after-tax level, reflecting lower revenue and a largely fixed cost base.
The company attributed the quarterly decline primarily to delayed customer approvals in Canada for semaglutide, which led to deferred revenue recognition.
At the operational level, OneSource reported continued expansion in its biologics pipeline, including onboarding of a global biosimilar customer and an increase in biologics projects at various stages of development. The company also reported ongoing momentum in customer engagements, repeat business, and request-for-proposal activity.
Structural Growth Drivers
Disclosures highlight multiple long-term drivers supporting OneSource’s business model, including rising demand for complex biologics, patent expiries of blockbuster molecules, supply chain diversification by global pharmaceutical companies, and increasing preference for integrated CDMO partners.
The company has outlined a medium-term ambition to reach $400 million in organic revenue and $500 million including a proposed acquisition by FY28, with an EBITDA margin outlook of around 40%, subject to approvals.
Governance, Capital and Execution Framework
OneSource’s governance structure includes an independent board with global pharmaceutical and financial expertise. The company has committed to significant capital expenditure to expand capacity in drug-device combinations and biologics, supported by a mix of equity, internal accruals, and borrowings.
Management disclosures emphasise execution, regulatory compliance, capacity expansion, and customer diversification as key operational priorities in the near to medium term.
Based on disclosures, OneSource exhibits a combination of near-term earnings volatility and longer-term structural expansion, with operational scale, customer pipeline depth, and capacity investments forming the core drivers of its business trajectory.