OneSource Q2 FY27: consol. PAT leaps 448% YoY to ₹57.5 Cr, NPM triples to 11.1%

OneSource Specialty Pharma's consolidated Q2 FY27 (quarter ended Sept 30, 2026) revenue rose 37.4% YoY to ₹516.2 Cr (+15.0% QoQ from ₹449.0 Cr), while consolidated PAT surged to ₹57.5 Cr, up 448% YoY from ₹10.5 Cr and up 130% QoQ from ₹25.0 Cr. The jump is flattered by a thin year-ago base — Q2 FY26 NPM was just 2.8% — but the trajectory is real: NPM has expanded for three straight quarters (2.8% → 5.5% → 11.1%). Consolidated EPS was ₹5.01 against ₹0.92 a year ago. Standalone PAT, by contrast, was ₹86.2 Cr — markedly higher than consolidated, since the standalone entity carries nil tax expense and no exceptional charges; the gap is explained below. Consolidated is the primary read per our convention. The quarter's one-off was a ₹1.8 Cr exceptional legal charge at subsidiary Biolexis, tied to the ongoing Prestige Biopharma arbitration over the terminated Sputnik vaccine manufacturing contract (now before the Singapore International Arbitration Centre, where Prestige's ~$136.3 Cr/₹1,308 Cr claim is pending); excluding it, adjusted PAT was ~₹59.3 Cr and adjusted YoY growth ~465% — barely different from the reported 448%, so this one-off is not what's driving the headline. The real swing factor was margins: EBITDA (ex-other income) was ~₹163 Cr, a ~31.6% margin, up from ~28.3% a year ago and ~27.5% last quarter, helped by operating leverage as semaglutide volumes scale and the ₹4.6 Cr net tax credit that lifted PAT above a PBT of ₹52.9 Cr. The standalone-vs-consolidated PAT gap (₹86.2 Cr vs ₹57.5 Cr) stems from subsidiary-level costs and the exceptional litigation charge sitting only at the consolidated level, plus zero standalone tax versus a net tax credit at the group level — a >30% divergence that reflects entity-level accounting, not a discrepancy. Our pre-result preview had flagged that margins and guidance — not the raw print — would decide the quarter, and that read held. Revenue of ₹516.2 Cr came in below the ₹550–600 Cr range flagged going in, but EBITDA of ~₹163 Cr landed inside the ₹150–170 Cr band, and that profitability beat is what's driving the print; a same-day web check found no independent published Q2 consensus beyond this range. Against the only outlook on record — management's July-call guidance reaffirming the FY28 target of $400M organic revenue and 40% EBITDA margins, with "sequential quarterly revenue/EBITDA growth through FY27" — this quarter delivered on the sequential-growth piece (both revenue and EBITDA grew QoQ for a second straight quarter) but margins at ~31.6% still trail the 40% FY28 target, so guidance reads as on-track rather than beaten. The filing is silent on the new DDC/cartridge line's commissioning status that management had flagged for "Q2 FY27," so that marker is unconfirmed from this result, and no management press-release commentary was available in our records to cross-check against the numbers. Corporate housekeeping this quarter — the BSR & Co LLP auditor appointment (Sep 24), trading-window closure ahead of earnings (Sep 25) and the 19th AGM (Sep 23) — was procedural and doesn't bear on the operating numbers. With Street coverage thin (4 analysts, 3 Buy/1 Sell, ~27% upside to a ₹2,074 median target per our pre-result read) and the bull case resting on semaglutide momentum and capacity expansion, this print's margin beat against a revenue miss is likely to be read as validating the profitability thesis while leaving the growth/capacity questions — cartridge-line ramp, DDC line status, the Formycon biosimilar partnership and DRL supply clarity flagged pre-result — still open for next quarter.