OneSource Specialty Pharma Limited is a biopharmaceutical company incorporated in 2007 and based in Bengaluru, India, specializing in the research, development, manufacture, and commercialization of biological drug products in various injectable formats. The company was formerly known as Stelis Biopharma Limited and changed its name to OneSource Specialty Pharma Limited in February 2024. As of June 27, 2025, the company has a market capitalization of ₹25,119 Crore and is classified as a Mid Cap company.
OneSource operates as a vertically integrated biopharma service company with capabilities to develop and manufacture complex biologics, biosimilars, and vaccines, functioning as a specialty pharma pure-play contract development and manufacturing organization (CDMO). The company provides end-to-end CDMO services across various phases of preclinical and clinical development and commercial supply of biologics. The company operates 5 globally compliant manufacturing facilities.
OneSource operates through multiple specialized platforms that serve diverse pharmaceutical needs. The company offers drug-devices including prefilled syringes, dial and push variable and fixed dose pen injectors, pull push fixed dose pens, and autoinjectors; sterile injectables; soft gelatin capsules; and biologics solutions for microbial and mammalian cell line biopharmaceuticals, cell and gene therapy, and RNA products. DAM Capital describes OneSource as a "differentiated multi-platform specialty CDMO company" with capabilities across Drug-Device Combinations, Soft Gelatin Capsules, Sterile Injectables, and Biologics.
The company has established a strong position in the growing biologics market, particularly in drug-device combinations where it enjoys a first-mover advantage. DAM Capital highlights OneSource's first-mover advantage in the Drug-Device Combinations space, supported by aggressive capacity expansion, a diversified client base, and high-quality execution, positioning it to benefit from multi-year volume growth in generic GLP-1 injectables globally. The company's customer list includes some of the top pharmaceutical generic companies, innovator pharmaceutical and biopharmaceutical companies, small biotechs, and dedicated R&D houses.
OneSource has demonstrated remarkable financial turnaround in recent quarters. On a consolidated basis, OneSource Specialty Pharma reported net profit of ₹98.50 Crore in Q4 March 2025 as against net loss of ₹40.17 Crore in Q4 March 2024, with net sales surging 482.38% YoY to ₹425.95 Crore in Q4 March 2025. For Q4 FY25, revenue stood at ₹4,260 million, up 22% YoY, while EBITDA grew 79% YoY to ₹1,825 million, achieving an EBITDA margin of 43%, an expansion of 1,362 basis points YoY.
For the full fiscal year 2025, the company showed strong performance metrics:
- Sales rose 740.42% to ₹1,444.85 Crore in FY25 as against ₹171.92 Crore in FY24.
- Net loss narrowed to ₹17.97 Crore in FY25 compared to net loss of ₹391.17 Crore in FY24.
- Revenue rose 33% to ₹1,445 Crore in FY25, with a net profit of ₹93 Crore.
The company has positioned itself well for future growth across multiple therapeutic areas. OneSource expects significant growth in its order book over the next three years, driven by rising demand for weight-loss drugs, having added 15 orders related to obesity and diabetes drugs in fiscal year 2025 and anticipating a 30% compound annual growth rate through fiscal year 2028.
DAM Capital projects strong growth for OneSource with a 33% compound annual growth rate (CAGR) in revenue, 42% CAGR in EBITDA, and 60% CAGR in adjusted profit after tax over FY25-28E, with approximately 40% adjusted return on capital employed. The company anticipates a CAGR of over 30% through FY28, supported by increased operational efficiency and expansion into high-value biologics and drug-device combinations.
OneSource has achieved several important regulatory milestones that strengthen its manufacturing capabilities. The company's facility received a Voluntary Action Indicated (VAI) classification from the USFDA following an inspection conducted between March 20 and March 28, 2025, and after reviewing the company's comprehensive response and commitments, the agency has officially closed the inspection.
The company has also expanded its strategic partnerships to enhance its global reach. OneSource Specialty Pharma and Xbrane Biopharma AB announced a partnership focused on the commercial manufacturing of Xbrane's biosimilar portfolio, with Xbrane tech transferring select products to OneSource's state-of-the-art integrated Drug Substance and Drug Product facility in Bangalore.
Promoter holding in OneSource Specialty Pharma Ltd has decreased to 34.25% as of March 2025 from 37.77% as of December 2024. The promoters of OneSource Specialty Pharma Ltd have pledged 6.87% of the total equity as of March 2025. The managing director of the company is Neeraj Sharma.
The company has received positive analyst coverage reflecting its strong market position and growth potential. DAM Capital has initiated coverage on OneSource Specialty Pharma Ltd with a Buy rating and a price target of INR2,529.00. 100% of analysts recommend a 'BUY' rating for OneSource Specialty Pharma Ltd with an average target price of ₹2,056.5.
OneSource Specialty Pharma represents a compelling investment opportunity in the rapidly growing biologics and specialty pharmaceuticals sector, with its diversified CDMO platform, strong regulatory compliance, and robust growth trajectory positioning it well to capitalize on the expanding global demand for complex biological products and drug-device combinations.
