Sun Pharmaceutical Industries Ltd.
NSE: SUNPHARMA
Healthcare · Drug Manufacturers - Specialty & Generic
₹1,764.00 last close on 15 Oct 2026 +1.01%
Research updated
OneSource Specialty Pharma Inc.
NSE: ONESOURCEHealthcareBiotechnology
- Last close
- ₹1,433.20
- Day change
- −₹9.20 (−0.64%)vs
- Market cap
- ₹16,144 crIndian rupees
- Research updated
- 1 report
About OneSource Specialty Pharma Inc.
OneSource Specialty Pharma Inc. is a prominent player in the healthcare sector, primarily focusing on the development and distribution of specialty pharmaceuticals. This company is known for creating niche therapeutic solutions aimed at treating rare or chronic health conditions that require specialized management and medication. OneSource Specialty Pharma Inc. not only distributes these high-value products but also offers tailored patient support services designed to optimize treatment outcomes. Its operations significantly impact the biotechnology and pharmaceutical industries by addressing unmet medical needs and fostering innovation in drug delivery systems. Moreover, the company collaborates with healthcare providers and regulatory bodies to ensure the safe and effective use of its therapies. Based in a strategic location with robust logistical capabilities, OneSource Specialty Pharma Inc. is well-positioned to navigate the intricacies of the pharmaceutical supply chain, making it a key entity in the global specialty pharmaceuticals market.
- Sector
- Healthcare
- Industry
- Biotechnology
- Listing
- NSE: ONESOURCE
- Chief executive
- Mr. Neeraj Sharma
- Employees
- 1,674
- Headquarters
- Bengaluru, India
- ISIN
- INE013P01021
- Website
- onesourcecdmo.com
Public research · Report of
Business model & financial foundation
OneSource (NSE: ONESOURCE), Pharmaceutical CDMO (biologics, drug-device combinations, sterile injectables, softgels): revenue of ₹1,422 crore in FY26 (-1.6% on FY25), an EBITDA margin of 21.4%, net profit of ₹-73.8 crore and net debt of ₹1,176 crore.
- Revenue, FY26 (₹ crore)
- 1,422
- consolidated
- Revenue growth, FY26
- -1.6%
- on FY25
- EBITDA margin, FY26
- 21.4%
- EBITDA (Company EBITDA, excluding other income and exceptional items) / revenue
- Net profit, FY26 (₹ crore)
- -73.8
- to owners
- Return on equity, FY26
- -1.3%
- on average equity
- Net debt, FY26 (₹ crore)
- 1,176
- Borrowings less cash, bank balances and liquid mutual funds
- Market capitalisation (₹ crore)
- 18,309
- at the close of 16 Oct 2026
Company profile
| Item | Value |
|---|---|
| Legal name | OneSource Specialty Pharma Limited (formerly Stelis Biopharma Limited) |
| Exchange and ticker | NSE: ONESOURCE; BSE: 544292 |
| ISIN | INE013P01021 |
| CIN | L74140MH2007PLC432497 |
| Sector | Healthcare |
| Industry | Pharmaceutical CDMO (biologics, drug-device combinations, sterile injectables, softgels) |
| Headquarters | Bengaluru, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Deloitte Haskins & Sells (FY26); B S R & Co. LLP appointed 23 Sep 2026 on rotation |
| Market capitalisation | ₹18,309 crore (16 Oct 2026) |
| Shares outstanding | 11.46 crore shares (FY26) |
| Price | ₹1,433 (close, 16 Oct 2026) |
| 52-week range | ₹1,057 - ₹1,925 (to 16 Oct 2026) |
| Website | https://www.onesourcecdmo.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Strides Pharma Services Private Limited | 100% | Softgel and oral CDMO (India) |
| OneSource Softgels Pte. Ltd. | 100% | Step-down softgel holding (Singapore) |
| Biolexis Private Limited | 100% | Biologics (India) |
| Biolexis Pte. Ltd. | 100% | Biologics holding; Prestige SIAC arbitration respondent (Singapore) |
| OneSource Specialty Pte. Limited | 100% | Holding; absorbed Stelis Pte 1 Jan 2026 (Singapore) |
| OneSource Specialty Pharma Inc. | 100% | US entity, not yet operating |
No associates or joint ventures; no minorities. Promoter group (Arun Kumar) entities Tenshi, Pronomz, Karuna sit outside the listed group.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 29.93% | 30.48% | 30.48% | |
| Promoter holding pledged | 18.52% | 38.38% | 37.23% | |
| Foreign institutions | 19.24% | 17.50% | 19.19% | |
| Domestic institutions | 18.81% | 20.61% | 23.38% | |
| of which mutual funds | 9.02% | 10.13% | 12.98% | |
| Retail | 32.02% | 31.41% | 26.94% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
| Peer | Why the dossier compares them |
|---|---|
| Gland Pharma (GLAND) | Sterile injectables CDMO/B2B; closest on sterile fill-finish |
| Syngene International (SYNGENE) | Indian CRDMO with biologics manufacturing |
| Sai Life Sciences (SAILIFE) | |
| Piramal Pharma (PPLPHARMA) | Global CDMO incl. sterile and commercial manufacturing |
| Laurus Labs (LAURUSLABS) | CDMO plus generics; investor proxy for Indian CDMO growth |
| Divi's Laboratories (DIVISLAB) | Custom synthesis leader; GLP-1 peptide intermediates |
| Jubilant Pharmova (JUBLPHARMA) | Sterile injectables CMO (fill-finish) within a mixed group |
Financial databook
| Profit and loss (₹ crore) | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue from operations | 38.7 | 171.9 | 1,445 | 1,422 |
| Cost of revenue (vendor classification) * | 20.4 | 70.5 | 435.0 | 444.7 |
| Other operating costs (vendor classification) * | 91.2 | 98.6 | 305.6 | 445.1 |
| EBITDA (vendor classification) * | -116.7 | -63.9 | 470.8 | 308.4 |
| EBIT * | -375.5 | -280.3 | 87.1 | 19.5 |
| Finance costs | 40.1 | 89.4 | 166.3 | 122.2 |
| Profit before tax, continuing operations | -415.6 | -365.7 | -67.1 | -92.0 |
| Total income tax expense / (credit), continuing operations | 0.00 | 0.00 | -49.8 | -18.2 |
| Profit for year, including discontinued operations | -799.8 | -391.2 | -18.0 | -73.8 |
| Diluted EPS, total operations (₹) | -192.5 | -94.15 | -1.63 | -6.44 |
| Other income | 4.23 | 17.5 | 15.0 | |
| Materials plus purchases plus inventory change, excluding consumables | 0.00 | 358.3 | 256.0 | |
| Employee benefits expense | 79.4 | 215.3 | 242.3 | |
| Other expenses, excluding separately reported consumables | 110.3 | 328.0 | 430.5 | |
| Company EBITDA, excluding other income and exceptional items | 466.5 | 304.2 | ||
| Depreciation and amortisation expense | 76.3 | 273.9 | 279.1 | |
| Exceptional gain / (loss), expense negative | -115.9 | -110.8 | -9.93 | |
| Consumables (separately reported expense outside requested COGS) | 70.5 | 76.7 | 188.6 |
| Balance sheet (₹ crore) | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Total equity | 785.5 | 395.7 | 5,881 | 5,831 |
| Borrowings excluding lease liabilities | 864.2 | 571.2 | 771.6 | 1,276 |
| Cash plus other bank balances plus liquid mutual funds | 4.97 | 6.47 | 309.8 | 100.2 |
| Total current and non-current trade receivables | 3.82 | 55.2 | 472.8 | 690.2 |
| Inventories | 133.2 | 11.2 | 158.1 | 439.0 |
| Trade payables, MSME and other creditors | 94.8 | 81.0 | 175.5 | 374.6 |
| Net property, plant and equipment * | 0.00 | 0.00 | 897.4 | 925.9 |
| Capital work in progress * | 202.5 | 61.1 | 107.1 | 523.8 |
| Total assets * | 2,009 | 1,309 | 7,550 | 8,210 |
| Borrowings less cash, bank balances and liquid mutual funds | 461.8 | 1,176 | ||
| Current plus non-current lease liabilities (excluded from borrowings) | 170.9 | 227.6 |
| Cash flow (₹ crore) | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Net cash from operating activities after taxes | -670.4 | -107.2 | -67.9 | 8.52 |
| Cash capital expenditure, PPE including CWIP and capital advances | -63.8 | -128.1 | -569.1 | |
| Free cash flow (vendor definition) * | -206.8 | -171.0 | -196.0 | -560.6 |
| Other reported lines (₹ crore) | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Period-end shares (rounded paid-up capital / Re 1 face) | 4.15 | 11.44 | 11.44 | 11.46 |
| Scheme-intangible amortisation (company rounded) | 141.3 | 137.8 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 334.0 | 392.6 | 426.0 | 327.3 | 375.8 | 290.3 | 428.2 | 449.0 |
| Cost of revenue (vendor classification) * | 123.9 | 113.5 | 94.4 | 146.3 | 142.3 | |||
| Other operating costs (vendor classification) * | 78.3 | 93.0 | 114.5 | 127.3 | 114.7 | |||
| EBITDA (vendor classification) * | 81.7 | 109.5 | 22.0 | 94.0 | 127.2 | |||
| EBIT * | 7.60 | 39.7 | -54.8 | 22.2 | 51.1 | |||
| Finance costs | 45.0 | 45.8 | 33.4 | 27.5 | 34.0 | 38.2 | 22.5 | 30.8 |
| Profit before tax, continuing operations | -37.5 | -66.5 | 83.5 | -4.40 | 5.74 | -93.0 | -0.29 | 20.3 |
| Total income tax expense / (credit), continuing operations | 4.63 | 2.35 | -15.7 | -4.21 | -4.74 | -4.31 | -4.89 | -4.70 |
| Profit for period, including discontinued operations | -42.1 | -68.8 | 98.5 | -0.19 | 10.5 | -88.7 | 4.60 | 25.0 |
| Diluted EPS, total operations (₹) | -3.89 | -6.31 | 8.59 | -0.02 | 0.91 | -7.74 | 0.40 | 2.18 |
| Other income | 3.88 | 6.72 | 2.89 | 5.27 | 3.04 | 4.63 | 2.09 | 3.80 |
| Materials plus purchases plus inventory change, excluding consumables | 110.1 | 90.3 | 83.0 | 55.8 | 55.3 | 55.6 | 89.4 | 43.4 |
| Employee benefits expense | 54.0 | 57.3 | 51.1 | 58.4 | 62.8 | 61.7 | 59.3 | 68.7 |
| Other expenses, excluding separately disclosed consumables | 78.3 | 91.8 | 81.5 | 87.4 | 95.3 | 116.9 | 130.8 | 114.7 |
| Company EBITDA (excludes other income and exceptional items) | 77.8 | 141.9 | 182.5 | 88.5 | 106.5 | 17.3 | 91.9 | 123.3 |
| Depreciation and amortisation expense | 68.3 | 68.8 | 68.5 | 67.8 | 69.8 | 69.6 | 71.8 | 71.7 |
| Exceptional gain / (loss), expense negative | -5.82 | -100.5 | 0.00 | -2.87 | 0.00 | -7.09 | 0.03 | -4.30 |
| Consumables (separately reported expense outside requested COGS) | 13.8 | 11.2 | 27.9 | 37.1 | 55.8 | 38.8 | 56.8 | 98.9 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue growth | 344.1% | 740.4% | -1.6% | |
| EBITDA margin | 32.3% | 21.4% | ||
| Net margin | -2,066.2% | -227.5% | -1.2% | -5.2% |
| Return on equity | -101.8% | -66.2% | -0.6% | -1.3% |
| Return on capital employed | -22.8% | -21.4% | 2.3% | 0.3% |
| Return on assets | -39.8% | -23.6% | -0.4% | -0.9% |
| Net debt (₹ crore) | 461.8 | 1,176 | ||
| Net debt / EBITDA | 0.99x | 3.87x | ||
| Interest cover | -9.36x | -3.13x | 0.52x | 0.16x |
| Asset turnover | 0.02x | 0.10x | 0.33x | 0.18x |
| Receivable days | 36 | 117 | 119 | 177 |
| Inventory days (on revenue) | 1,256 | 24 | 40 | 113 |
| Payable days (on revenue) | 894 | 172 | 44 | 96 |
| Cash conversion | 0.84x | 0.27x | 3.78x | -0.12x |
| Capex intensity | 37.1% | 8.9% | 40.0% | |
| Free cash flow (₹ crore) | -171.0 | -196.0 | -560.5 | |
| EPS, diluted (₹) | -192.5 | -94.15 | -1.63 | -6.44 |
| Book value per share (₹) | 189.1 | 34.58 | 513.9 | 508.7 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Company EBITDA, excluding other income and exceptional items) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Borrowings less cash, bank balances and liquid mutual funds; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Company EBITDA, excluding other income and exceptional items).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- EPS, diluted (₹): as reported (Diluted EPS, total operations).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 16 Oct 2026); market data at the close of 16 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on OneSource Specialty Pharma Inc. includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on OneSource Specialty Pharma Inc.
- Research reportLatest
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Prices are the last close on the NSE, 15 Oct 2026. Research from Mool’s report of 16 Oct 2026; page updated 16 Oct 2026.
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