OneSource Q1 FY27 Revenue Up 37% YoY

Revenue: ₹4,490 million for Q1 FY27, representing 37% year-on-year growth
EBITDA: ₹1,233 million for Q1 FY27, representing 39% year-on-year growth and 34% sequential growth from Q4 FY26
FY28 Guidance: Reiterated outlook of $400 million organic revenue with 40% EBITDA margins

Drug Device Combination (DDC) Business:

Successful commercial launch of semaglutide in Canada, described as the "largest off-patent market available today in the world"
All three approvals in the Canadian market are with OneSource partners, with two partners already launched
In India, more than 40% of generic pens market sold as of June 26, 2026, are manufactured at OneSource's site
Despite temporary disruption in supplies from Dr. Reddy's, available capacities remain full due to diverse customer base

Capacity Expansion:

Second cartridge line set for commercialization in Q2 FY27, which will double sterile days available for production
This additional capacity will support supplies to Dr. Reddy's upon resumption and multiple countries opening throughout the year
Third line to be installed within FY27, making OneSource "one of the very few global CDMOs offering this level of capacity"
First new GLP customer came on board last quarter, with more customers to be added as capacity constraints ease

Biologics Business:

Added marquee global biotech major Formycon as a customer, combining their biosimilar development expertise with OneSource's integrated manufacturing capabilities
RFP funnel is "almost 4x of what it was just over a year ago" spanning innovators, biosimilars, and animal health companies
Biologics described as a "long gestation business" but "very sticky" with significant contribution expected beyond FY28

Base Business Performance:

Injectables: Focused on scarcity play including penicillin manufacturing and products on FDA shortage list
Soft Gelatin: Capacity increased from 800 million to 2.4 billion capsules; transitioning from captive to CDMO services
Nine new launches and six new logos added during the quarter across businesses

Compliance Track Record:

12 successful inspections this quarter across regulatory inspections and customer audits
Included two surprise FDA audits across two sites

Soft gelatin business: Planning greenfield expansion as current site has "no possibility to increase capacity further"
Injectable business: Adding pre-filled syringes capability and significantly expanding lyophilization capacities
Shutdown planned for Q2 FY27 at one sterile injectable site to add new capacity
Biologics capacity expansion planned for both mammalian and microbial capabilities based on pipeline visibility

Previously announced $100 million capex program across sites, with 80% already committed
Most capex allocated to drug device combination business
Additional biologics expansion capex expected to be "significantly lower" than DDC investment

Weight loss drug market: Constraint is supply, not demand, with "demand significantly outpacing supply"
Geopolitical impact: Suez and Strait of Hormuz closures affecting freight times and costs, but muted impact due to ex-works contracts
US tariff announcements: Viewed as unlikely to cause "long-term harm" based on administration's history of changes and backdowns

Management expressed confidence in achieving FY28 guidance based on: