OneSource Specialty Pharma Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

OneSource Specialty Pharma Ltd trades at ₹1,592, in a downtrend and 4 weeks into that stage. That is −1.8% against its own 200-day average. It sits at 64% of a 52-week range of ₹1,120 to ₹1,854. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 1 straight week.

Today the stock is in a downtrend — week 4 of stage 4, confirmed. At ₹1,592 it trades −1.8% versus its 200-day average and sits at 64% of its 52-week range (₹1,120–₹1,854).

Against the market, two honest reads. Cumulative: over the last 1.6 years the stock moved −7% while the NIFTY 500 moved +8% — behind the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 1 straight week — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

OneSource Specialty Pharma Ltd trades at 684.8× P/E, about the priciest it has ever traded. Its long-run median P/E is 415.7×, measured across 0.5 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 684.8× is about the priciest it has ever traded, against a long-run median of 415.7× measured over 0.5 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

OneSource Specialty Pharma Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 9 quarters across 2 curves, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

4-Factor Sector Score

27.5/100 — rank 21 of 24 in Pharma - API & CRAMS · 71% evidence confidence

OneSource Specialty Pharma Ltd scores 27.5 out of 100 against the 24 companies it is compared with in Pharma - API & CRAMS, ranking 21. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 11.3 + 3.3 + 10 + 2.9 = 27.5. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

OneSource Specialty Pharma Ltd reported ₹449 Cr of revenue in the Jun 26 quarter, +37.3% year on year. That is the 2nd straight quarter of year-on-year growth. Over 5 years it has compounded at 132.3% a year. The last full year, FY26, came in at ₹1,422 Cr. The last four reported quarters add to ₹1,543 Cr.

FY26 revenue came in at ₹1,422 Cr (−1.6% on the year), capping 5 years at 132.3% compound. The latest quarter (Jun 26) printed ₹449 Cr, +37.3% year on year — the 2nd consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +6.0% growth against the decade's 132.3% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +4.3% over the last 4 quarters against +84.2%/yr over the last 8 — rolling over.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

OneSource Specialty Pharma Ltd's operating margin is 27.0% in the Jun 26 quarter, +0.0 percentage points against the same quarter a year ago. Across 6 fiscal years the operating margin has ranged −415.0% to 32.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 27.0%, +0.0 pp against the same quarter a year ago. Across 6 fiscal years the operating margin has ranged −415.0%–32.0%.

Why the margin moved: operating margin went +0.4 pp year on year while gross margin went −3.3 pp — the gain came mostly from the gross line: input costs and pricing.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

OneSource Specialty Pharma Ltd earned ₹25.0 Cr of net profit in the Jun 26 quarter. The full FY26 year was a loss of ₹74.0 Cr. That is 5.6% of the quarter's revenue. The same quarter a year earlier earned ₹0.0 Cr. 7 of the last 12 reported quarters were loss-making.

Jun 26 profit was ₹25.0 Cr, null year on year. On the full year, FY26 printed ₹−74.0 Cr (null).

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

OneSource Specialty Pharma Ltd's cash-flow history is too thin to judge how much reported profit converts into cash. In FY26 that was ₹9.0 Cr of operating cash against ₹−74.0 Cr of profit. After ₹490 Cr of capital spending, ₹−481 Cr was left as free cash. Cash resolution here is annual, because quarterly cash statements are not published.

FY26: operating cash of ₹9.0 Cr against reported profit of ₹−74.0 Cr, leaving free cash of ₹−481 Cr after ₹490 Cr of capital spending.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Router verdict: the bigger cash user is investment — capital spending ran 8.7× depreciation over three years, so the next section's job is to check what that build-out is buying.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

OneSource Specialty Pharma Ltd's cash conversion cycle runs 230 days in FY26, up from −637 days in FY21. Capital spending ran ₹5,481 Cr over the last 3 years. At FY26 sales of ₹1,422 Cr each day of that cycle holds about ₹3.9 Cr, so roughly ₹896 Cr sits inside the business at any moment.

FY26: debtors at 177 days, inventory at 360 days — roughly 11.8 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 230 days, looser than FY21's −637.

The full loop: cash goes out to suppliers and production on day 0; stock waits 360 days to sell; customers pay about 177 days after that; and suppliers themselves are paid at 307 days — netting out to the 230-day cycle.

In money terms: at FY26 sales of ₹1,422 Cr, each day of the cycle holds about ₹3.9 Cr — so the 230-day loop keeps roughly ₹896 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹5,481 Cr over the last 3 fiscal years against ₹629 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹314 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

OneSource Specialty Pharma Ltd earns a ROCE of 1% in FY26. That is up from a trough of −12% in FY23. Return on invested capital clears the cost of that capital by −11.5 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is −5.2% net margin on 0.17× asset turns.

FY26 ROCE is 1%, recovered from a FY23 trough of −12% — the full ladder below shows the fall and the climb, undoctored.

🚨 Why the return is what it is — the wiring (FY26): −5.2% net margin × 0.17× asset turns × 1.41× balance-sheet leverage ≈ −1.2% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: 0.5% − 12.0% = a −11.5 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

OneSource Specialty Pharma Ltd carries total debt of ₹1,504 Cr against shareholder equity of ₹5,831 Cr as of Mar 26, a debt-to-equity of 0.26 — effectively unlevered. On the annual view that ratio went from 1.44 in FY24 to 0.26 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Mar 26: total debt of ₹1,504 Cr against shareholder equity of ₹5,831 Cr — a debt-to-equity of 0.26. On the annual view, debt-to-equity went from 1.44 (FY24) to 0.26 (FY26). The returns on this page are earned, not borrowed.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Domestic institutions added 10.8 points of OneSource Specialty Pharma Ltd over 6 quarters, the biggest move on the register. That takes domestic institutions to 23.4% of the company. Promoters moved −7.3 points over the same window, to 30.5%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Domestic institutions: +10.8 points over 6 quarters to 23.4%; Promoters: −7.3 points over 6 quarters to 30.5%; Foreign institutions: +1.8 points over 6 quarters to 19.2%.

Why the register moved: domestic institutions drove it (+10.8 points), absorbed on the other side by promoters (−7.3 points) — steady accumulation by institutions reading the same numbers this page reads.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

OneSource Specialty Pharma Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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