Net Profit Jumps 109%: Amansa Holdings and Authum Investment Portfolio Pharma Stock; Management Guides for USD 400 Million Revenue and USD 160 Million EBITDA by FY28

OneSource Specialty Pharma is expanding its contract development and manufacturing organisation platform across biologics, sterile injectables, softgels and drug-device combinations. After its EBITDA margin fell to 21 per cent in FY26 amid capacity-ramp costs, the company has reported a sharp improvement in profitability for the quarter ended September 30, 2026, led by newly commercialised drug-device combination capacity.

Consolidated revenue rose 37 per cent YoY to Rs 516.2 crore in Q2 FY27 and was 15 per cent higher QoQ. Earnings before interest, Tax, depreciation and amortisation, or EBITDA, increased 53 per cent YoY to Rs 163.3 crore, lifting the EBITDA margin to 31.6 per cent from 28.3 per cent a year earlier and 27.5 per cent in the preceding quarter.

Adjusted profit after tax, or PAT, more than doubled to Rs 93.7 crore from Rs 44.9 crore in Q2 FY26. The adjusted figure excludes Rs 34.4 crore of scheme-related intangible amortisation and Rs 1.8 crore of exceptional items. Reported PAT stood at Rs 57.5 crore, compared with Rs 25 crore in Q1 FY27.

The company attributed the revenue growth to additional drug-device combination, or DDC, capacity, execution of master service agreements and launches across its platforms. It commercialised its second cartridge line during the quarter, while its third line completed factory acceptance testing. OneSource said DDC capacity is set to triple by FY28, with higher volumes beginning to generate operating leverage.

Operationally, the company recorded six new wins, including two biologics programmes, and added two new customer logos, taking the total to more than 82. It launched 12 products across North America, the Middle East and North Africa, and Latin America. New biologics engagements included a US biopharma partner for integrated drug-substance and drug-product work and a European biosimilar company, Formycon.

Management retained its FY28 outlook of USD 400 million in organic revenue and USD 160 million in EBITDA, implying a steady-state EBITDA margin of 40 per cent. The outlook depends on sustained commercial volumes from DDC capacity, continued customer launches and the conversion of biologics programmes from development work into larger commercial assignments.

As of 11:52 am on October 27, 2026, OneSource shares were trading at Rs 1,581.00, up 13.23 per cent from the previous close of Rs 1,396.30. The price was still about 15.7 per cent below its 52-week high of Rs 1,875.40, while remaining above the Rs 1,111.10 low. The company’s market capitalisation stood at Rs 16,011.9 crore.

What This Means for Investors

The quarter offers tangible evidence that OneSource’s DDC investment is moving from capacity build-out to commercial monetisation. The 31.6 per cent EBITDA margin, compared with the 21 per cent recorded in FY26, indicates that higher DDC volumes and fixed-cost absorption are improving the earnings profile. The second cartridge line’s commercialisation and the third line’s testing milestone also support the company’s FY28 growth framework.

The central issue is execution rather than demand visibility alone. New lines must ramp on schedule, customer launches must translate into repeat commercial volumes, and biologics contracts will need to progress through their longer development cycles. This is important because FY26 capital expenditure reached Rs 569 crore, net debt to EBITDA stood at 2.5 times and operating cash flow was Rs 8.5 crore. At 48.75 times enterprise value to trailing 12-month EBITDA, the valuation reflects expectations of sustained margin expansion, making cash conversion and capacity utilisation important measures to track.

Disclaimer: The article is for informational purposes only and not investment advice.