OneSource swings to ₹25 Cr consolidated profit as semaglutide launch lifts revenue 37% YoY

OneSource Specialty Pharma (formerly Stelis Biopharma) turned its June quarter around on a consolidated basis, posting PAT of ₹25.0 Cr against a ₹0.19 Cr loss a year ago, on revenue from operations of ₹449.0 Cr, up 37.2% YoY and 4.9% sequentially. The swing is genuinely operational, not accounting-driven: profit before exceptional items and tax flipped to ₹24.6 Cr from a ₹1.5 Cr loss a year earlier, and operating EBITDA margin expanded to 27.5% (from 27.0% YoY and 21.5% in Q4 FY26). Management attributes the print to the commercial launch of semaglutide in Canada and India, new Master Services Agreement wins, and the addition of another global biosimilar customer to its biologics book.

Two items qualify the headline profit. Reported consolidated PBT of ₹20.3 Cr is struck after a ₹4.30 Cr exceptional legal charge tied to the ongoing Prestige/Sputnik Light manufacturing arbitration at the Singapore International Arbitration Centre (Biolexis subsidiary), and reported PAT of ₹25.0 Cr actually exceeds PBT because of a net ₹0.47 Cr deferred-tax credit — so the bottom line flatters the operating result slightly. Standalone tells a stronger story (PAT ₹51.2 Cr, no exceptional item, nil tax), and the >2x gap to consolidated reflects loss-making subsidiaries and the legal charge that only appear at the group level; readers seeing ₹51 Cr elsewhere should note consolidated ₹25 Cr is the primary basis.

The stock went into the print at ₹1,649, up 5.4% over the past month of trading.

For context: this is the second-highest quarterly PAT of the last 6 quarters; PAT has now risen for 2 consecutive quarters; revenue is at a 6-quarter high.

Against guidance, the quarter is on-track: on the Q4 concall management promised strengthening sequential revenue and EBITDA growth through FY27 on the semaglutide ramp, and Q1 delivered both (revenue +4.9% QoQ, margin +600 bps QoQ). Consensus had modelled a final loss for FY26 with breakeven only nearing, so a Q1 group profit lands ahead of the Street's timeline. The concurrent developments fit the narrative — a Formycon AG biosimilar manufacturing partnership and a clean USFDA cGMP inspection support the capacity/demand story, while the Ravi Kumar resignation (Preeti Kalra designated SMP) is a governance change rather than a numbers driver. The key watch is whether the second cartridge line, due commercial in Q2, sustains the sequential ramp management is guiding to.