OneSource Specialty Pharma Limited reported consolidated revenue of ₹4,490 million for the quarter ended June 30, 2026 (Q1FY27), a 37% increase year-on-year from ₹3,273 million. The company’s EBITDA rose 39% to ₹1,233 million, with margins expanding to 27.5% from 27.0% in the prior-year period. Adjusted profit after tax (PAT) surged 72% to ₹637 million, reflecting strong operational leverage from the commercialisation of semaglutide products in Canada and India, alongside new customer wins in its biologics business. This performance underscores the company’s transition into a high-growth phase driven by drug-device combination (DDC) scalability.

The Board of Directors approved the unaudited financial results on July 24, 2026, following a limited review by statutory auditors Deloitte Haskins & Sells. Reported PAT stood at ₹250 million, marking a turnaround from a loss of ₹2 million in Q1FY26, after adjusting for exceptional items of ₹43 million related to legacy litigation and scheme-related intangible amortisation of ₹344 million. Standalone revenue was recorded at ₹4,465 million, with standalone PAT at ₹512 million, demonstrating robust core profitability before group-level adjustments.

Financial Performance: Consolidated vs Standalone

The consolidated results highlight significant growth drivers, particularly in the DDC segment. While standalone operations generated strong cash flows with no tax expense, the consolidated bottom line was impacted by non-operational charges. The divergence between standalone PAT (₹512 million) and adjusted consolidated PAT (₹637 million) illustrates the impact of inter-company eliminations and specific accounting treatments for scheme-related intangibles.

Note: Adjusted PAT excludes exceptional items and scheme-related intangible amortisation.

Operational Drivers and Capacity Expansion

Growth was primarily fuelled by the launch of semaglutide products, where OneSource holds three G7 approvals. The company supplied 10 out of 21 generic pen brands in India on day-one launch and secured approvals in Canada. As of June 26, more than 40% of the generic pens market sold in India are manufactured at its site. CEO Neeraj Sharma noted that despite temporary supply disruptions by Dr. Reddy’s, OneSource’s capacities remain full due to a diverse customer base across multiple markets.

Capacity expansion remains on track, with the second cartridge line scheduled for commercial operations in Q2FY27, which will double total sterile production days. Phase 2 of the capacity expansion, involving Line 1 installation, is planned for FY27 to triple sterile production days by FY28. The company has committed 80% of its announced $100 million capex program. Management confirmed that all new lines are fungible across customers and products, allowing flexibility to shift batch sizes from 200 liters to 500 liters to increase output.

Biologics and Base Business Updates

The biologics business gained momentum with the addition of Formycon, a leading global biosimilar customer, reinforcing its integrated CDMO capabilities. The company’s RFP funnel is now four times larger than a year ago, spanning innovators, biosimilars, and animal health companies. In the soft gelatin segment, capacity has increased from 800 million to 2.4 billion units, with management expecting full utilization over the next 12–15 months as tech transfers for CDMO clients complete. A greenfield site process has been initiated to address future capacity constraints.

In injectables, the company maintains a focused portfolio on scarcity plays like penicillin, holding one of the few FDA-approved plants globally. A planned shutdown of one sterile injectable site in Q2FY27 will add lyophilization and pre-filled syringe capabilities, contributing significantly to FY28 numbers. Compliance remained exemplary with 12 successful inspections, including two surprise FDA audits.

What the Numbers Show

The 39% surge in EBITDA outpacing the 37% revenue growth indicates improving operating leverage as higher-margin semaglutide sales scale. The expansion of EBITDA margins by 43 basis points year-on-year suggests effective cost management and product mix optimisation. Management reaffirmed its FY28 outlook of $400 million organic revenue and 40% EBITDA margins, citing strong order book visibility across DDC, biologics, and base businesses. The turnaround in reported PAT from a loss to a profit of ₹250 million highlights the successful navigation of legacy litigation costs, while the adjusted PAT metric provides a clearer view of underlying operational health.

OneSource Specialty Pharma has restructured its Senior Management Personnel (SMP) with immediate effect from July 24, 2026. The company accepted the resignation of Ravi Kumar, who served as Global Head – Injectables and Head of Corporate Strategy, Portfolio & SPO. Simultaneously, Preeti Kalra was designated as an SMP, assuming the role of Head – Human Resources. These changes reflect a shift in leadership focus, replacing a strategic and operational head with a senior human resources executive. The update was formally communicated to stock exchanges on July 27, 2026, attaching Ravi Kumar’s resignation letter as required under Part A (A) (7C) of Schedule III to the Listing Regulations.

The disclosures were made pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The filing referenced SEBI Master Circular No. HO/49/14/14(7) 2025-CFD-POD2/I/3762/2026, last updated on January 30, 2026. Company Secretary and Compliance Officer Trisha A authenticated the submission on July 27, 2026. Both annexures confirmed that there were no relationships between directors requiring disclosure for these specific personnel changes.

Leadership Changes

Ravi Kumar ceased to be an SMP consequent to his resignation, effective close of business hours on July 24, 2026. He held dual responsibilities overseeing injectables operations and corporate strategy, portfolio management, and shared procurement organization (SPO). His departure marks a significant change in the company’s strategic and operational leadership structure. The resignation letter cited personal reasons for his exit.

Preeti Kalra was designated as an SMP effective July 24, 2026. Her appointment brings extensive cross-sector experience to the company’s senior management team. The company enclosed Annexure 1 detailing her designation and Annexure 2 confirming Ravi Kumar’s cessation.

New Appointee Profile

Preeti Kalra brings more than 25 years of experience across biopharma, global development, public services, insurance, global capability centers (GCC), and IT sectors. Her professional background includes leadership roles at Stelis Biopharma, Biocon Biologics, the Bill & Melinda Gates Foundation, Serco, and Ernst & Young.

Kalra’s expertise lies in organizational transformation, culture building, and change management. She has a proven track record of enabling business growth by building high-performing teams and strengthening leadership capabilities across multiple global regions.