OneSource Specialty Pharma has consolidated Strides, SteriScience and Stelis assets into India's first pure-play specialty pharmaceutical CDMO, now staking a claim in GLP-1 drug-device manufacturing.
Formed via a composite scheme merging Strides' softgel business, SteriScience's sterile injectables, and Stelis Biopharma's biologics platform. It completed regulatory clearances in February 2026 and appointed April 1, 2026 as merger date.
Semaglutide and tirzepatide demand has overwhelmed global aseptic fill-finish and pen-assembly capacity. OneSource runs Bausch & Strobel lines, with 50+ active drug-device projects and about 20 global partners.
Dr. Reddy's Canada setback moved semaglutide from development to commercial supply slower than expected. Revenue fell 26% to ₹290.3 crore; EBITDA margin compressed to 6%; net loss was ₹88.7 crore.
Q4 FY26 revenue rebounded 47% sequentially to ₹428.2 crore; EBITDA jumped to ₹91.9 crore and margin to 21.5%. Then Q1 FY27 revenue hit ₹449 crore, up 37% year-over-year with EBITDA margin of 27.5%.
OneSource's fill-finish capacity is expanding from 40 million installed cartridges to a projected 100 million in FY26, 140 million in FY27 and 220 million by FY28. DDC steady-state EBITDA margins approach 50%.
Management reiterated guidance for $400 million organic revenue and roughly 40% steady-state EBITDA margin by FY28, supported by over $100 million capex.
After generic semaglutide launched in India in March 2026, OneSource supplied 10 of 21 generic pen brands and captured over 40% of the domestic generic pen market. Saudi approval and a US first-to-file with Natco extend the pipeline.
High-containment CDMO facilities carry heavy fixed costs. When regulatory approvals shift, revenue can stall while cleanroom, labor and QA costs continue. Q3 FY26 showed how quickly margins can compress, with 281 delayed MSME payments during the strain.
OneSource has the first-mover position, global approvals and capex underway. Whether it reaches $400 million and 40% margin depends on executing capacity expansion without compromising its 220-audit compliance record. Read the full deep dive.
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