1) At a Glance
If you blinked during FY24, you probably missedOne Global Service Provider Ltd (OGSPL)tripling its revenue from goods sales (+248% YoY), filing for a merger with Plus Care Internationals Pvt. Ltd., and watching its CFO peace out in March 2024. Fast-forward to Q1 FY26: revenue clocked ₹87.8 crore, PAT at ₹9.8 crore — not exactly Apollo Hospitals, but impressive for a company whose name sounds like a telecom operator. Promoters have quietly diluted, FIIs crept in, and the NCLT merger proceedings are the real Netflix drama.
2) Introduction
What do you get when you cross diagnostics, IT consultancy, consumable sales, and a merger sub-plot? A healthcare service provider that looks less like a focused hospital chain and more like a corporate buffet. OGSPL started life in 1992 as a humble healthcare services entity, but today it offers everything frommass screening & lab servicestosoftware developmentand anonline platform hawking medical devices. It’s basically Amazon for hospitals, with a side hustle in consulting.
FY24 saw an insane 248% revenue boost from goods sales — clearly, someone found the accelerator pedal. But stability? Not so much. The CFO bailed in March 2024, promoters trimmed their holding to ~15% by FY25, and FIIs now hold 15%. It’s like watching a band where the lead guitarist walked out but foreign DJs joined the remix.
3) Business Model (WTF Do They Even Do?)
OGSPL’s offerings are a kaleidoscope:
- Diagnostics & Healthcare Services:Mass screenings, diagnostics, hospital solutions.
- Lab Services:Pathology, testing, and behind-the-scenes healthcare grunt work.
- IT Consultancy:Software & tech development for healthcare institutions.
- Platform Business:E-commerce style sales of medical devices and consumables.
- Healthcare Solutions:Advisory + integrated offerings for hospitals and government bodies.
On paper, this looks like a healthcare super-app. In practice, it’s a bit of a corporate identity crisis: is OGSPL a hospital consultant, an IT firm, or a medical Amazon? The merger with Plus Care Internationals might answer that — or make it even more confusing.
4) Financials Overview
| Metric | Q1 FY26 | Q1 FY25 | Q4 FY25 | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue (₹ Cr) | 87.8 | 28.3 | 66.5 | +210% | +32% |
| EBITDA (₹ Cr) | 14.2 | 4.5 | 9.3 | +216% | +53% |
| PAT (₹ Cr) | 9.8 | 3.2 | 6.0 | +206% | +63% |
| EPS (₹) | 5.0 | 1.6 | 3.1 | +212% | +61% |
Commentary:Q1 FY26 is a glow-up compared to last year — 3x revenue, 3x profits. EPS annualised at ~₹20. P/E cannot be calculated as CMP is missing, but if the market notices these numbers, expect speculators to line up.
5) Valuation (Fair Value RANGE Only)
Assumptions: EPS ~₹20, EBITDA annualised ~₹57 Cr.
- P/E Method:Sector band ~20–25x → FV: ₹400–₹500.
- EV/EBITDA Method:8–10x multiple → ₹456–₹570 Cr EV. Divide by shares (est. 1.94 Cr) → ₹235–₹295.
- DCF Lite:20% CAGR for 5 years, discount 12% → ₹300–₹360.
Educational FV Range:₹235 – ₹500.(Not investment advice.)
6) What’s Cooking – News, Triggers, Drama
- Merger with Plus Care Internationals:Filed with NCLT Mumbai in May 2024. The soap opera continues. If approved, expect scale and confusion both.
- CFO Resignation:March 2024 exit of Hitarth Kadia — timing raised eyebrows.
- Revenue Explosion:FY24 goods sales ballooned 248% — somebody found a distribution pipeline.
- Reclassification:August 2025, BSE approved shifting some promoters to “public.” This looks less like transparency and more like escape.
- New Auditors:Q1 FY26 board meeting also shuffled
