One Global Service Provider: FY26 ₹70 Cr Net Profit on ₹498 Cr Revenue

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BSE:ONEGLOBAL on TradingView

1. At a Glance

The numbers landed with a thud. One Global Service Provider (OGSPL) reported FY26 revenue of ₹498 crore—up 239% from FY25’s ₹147 crore. Net profit hit ₹69.5 crore (₹70 Cr rounded), a 276% jump from ₹18.5 crore the prior year.

The merger with Plus Care Internationals went through in July 2025. That’s where most of the revenue and profit landed. Without it, this was still a small player hitting single-digit hundreds in revenue.

The stock itself trades at 17.8x earnings, against peers ranging from 16.9x to 97.7x. Trade receivables stand at 159 days—nearly six months of sales sitting in customer pockets. And cash cover at ₹15.7 crore against ₹1,239 crore market cap means the balance sheet gains a halo, but operationally, the money moves slow.

2. Introduction

OGSPL started as Overseas Synthetics Limited in 1992. By 2015, it was a shell with negative reserves and micro revenues. The company pivoted into healthcare services—diagnostics, lab work, consulting, IT solutions, and a grab-bag of medical devices and consumables sold through an online platform.

For years it stayed at the micro-cap tier: ₹6–7 crore revenue by FY22. Then the acceleration began. FY23 saw ₹63 crore revenue, FY24 brought ₹146.9 crore.

Then on 4 July 2025, the company allotted 12.44 million shares post-merger. Sona V. Dhawangale (the promoter) who’d held 14.7% suddenly moved to 66.2%, absorbing the merged entity shares. By December 2025, her stake had narrowed to 68.4% due to FII and public activity, but the founder’s thumb is firmly on the scale.

The company reported a typo in its filings: the Q3 FY26 column heading said “31.12.2024” instead of “31.12.2025”. Caught it, corrected it. Clerical noise, not material.

3. Business Model: WTF Do They Even Do?

After the merger, OGSPL became a health-tech aggregator with indigestion.

The company operates across diagnostics (mass screening, pathology, home collection), IT consulting for healthcare systems, and the 1gsp.in platform selling medical devices and consumables. Plus Care contributed scale: acquisition synergies haven’t been disclosed, but the revenue jump speaks.

The business is B2B and B2C hybrid. Hospitals, government bodies, corporate wellness programs order diagnostics. Individuals book home lab tests online. Healthcare professionals integrate the software stack.

Geography: the platform claims “global” reach, but evidence is thin. The earnings releases mention no export revenue breakout, no regional breakdown. Likely India-centric with ambitions on the slide deck.

Margins tell the story: OPM (Operating Profit Margin) was 9% in FY25, jumped to 18.6% in FY26. But quarterly volatility is wild—June 2025 showed 15% OPM, September hit 19%, March sagged to 18%. This isn’t a machine yet; it’s a growth play with uneven execution.

The merger brought headroom. But can the two operate as one, or are they burning the cost of integration? No clear narrative from management.

4. Financials Overview

Figures are consolidated, in ₹ crore, annual basis.

Profit & Loss: Last 3 Years

The PAT CAGR over three years is 269%. Revenue CAGR is 202%.

Quarterly Performance (Latest Q4 FY26)

Q4 revenue dipped 5.5% from Q3’s ₹141.3 crore (Dec 2025). But note: the Dec quarter (Q3) was the peak. Q4 seasonality, or pipeline volatility? Management hasn’t guided.

Operating profit margin in Q4 was 18.1%—below the annual 18.6%. So the full year benefited from the back half surge: Q3 alone