1. At a Glance
Welcome to the diagnostic miracle of Dalal Street — One Global Service Provider Ltd (OGSPL), a company that started with ₹3 crore sales in 2022 and now flexes ₹135 crore in Q2 FY26. From invisible to invincible in just three years — that’s a 45x sales growth. If this were a COVID test, the result would’ve read: “Strongly Positive for exponential growth.”
At a market cap of ₹1,046 crore and a price of ₹535 (as of 21 Nov 2025), OGSPL looks like that student who scored 99% after three years of bunking class. With a 114% return in the last six months and 216% in one year, the stock has turned early investors into diagnostic millionaires.
ROCE is a ridiculous 56.4%, ROE is 42.3%, and the company carries just ₹0.03 crore in debt — that’s not a typo; it’s literal financial oxygen. Add to that a P/E of 23.8 and profit growth of 364%, and suddenly the lab report screams: “Hypergrowth Detected.”
But wait — this isn’t just about blood tests and swabs. The company now plays in diagnostics, healthcare products, software development, and IT consulting. Basically, it’s the “Flipkart of Healthcare,” except it’s not burning cash — it’s printing it.
2. Introduction
Remember those healthcare companies that got famous during the pandemic and then ghosted their investors harder than a toxic ex? Well, One Global Service Provider Ltd clearly didn’t get that memo. Incorporated way back in 1992, it spent years lurking quietly in the background before pulling a full Bollywood comeback in FY24–FY25.
Imagine a company that started as a small-time healthcare services provider, and now it’s doing everything — diagnostics, life sciences, healthcare solutions, even IT consulting. You name it, they’ll probably sell you a test kit or design the software for it. From “blood test results” to “web app results,” this company handles all results.
And the best part? The company recently merged with Plus Care Internationals Pvt Ltd, which sounds like a cousin of Apollo Diagnostics and TCS had a baby. Approved by NCLT Mumbai in April 2025, this merger turbocharged their balance sheet — and apparently, their market reputation too.
Their quarterly sales jumped from ₹3 crore in 2022 to ₹135 crore in September 2025 — a rise of 595%. Net profit went from ₹0 to ₹20 crore. That’s like going from a clinic in Andheri East to a hospital chain in one fiscal year.
So what’s their secret formula? Maybe it’s diversification. Maybe it’s good management. Or maybe they’re just really good at giving blood tests to the market itself.
3. Business Model – WTF Do They Even Do?
Alright, let’s decode this medical mystery. One Global Service Provider Ltd — or as we like to call it, “Dr. Frankenstein of Healthcare” — operates in five verticals:
- Diagnostics Services – The company’s bread and butter. Think blood, urine, swabs, X-rays — the whole lab experience minus the waiting room queue.
- Healthcare Services – Consulting, mass screenings, and partnerships with hospitals and governments.
- Laboratory Services – Full-fledged labs that handle medical testing on a large scale.
- IT Services – Because every modern healthcare company apparently needs an app and some AI to sound cool.
- Healthcare Products & Solutions – A one-stop online platform
- that sells everything from medical devices to consumables.
In short: if it belongs in a hospital, OGSPL either sells it, tests it, or writes the code for it.
And now with the Plus Care merger, they’ve essentially plugged in more business verticals — giving them scalability that would make even Dr. Lal Pathlabs nervous.
But there’s also a curious twist: they’re expanding into software consultancy and development, meaning half their business runs on reagents and half on algorithms. The next time your blood report comes with a glitch, you know who to call.
4. Financials Overview
| Metric | Latest Qtr (Sep 2025) | Same Qtr Last Year (Sep 2024) | Previous Qtr (Jun 2025) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue (₹ Cr) | 135 | 19 | 88 | 595% | 53% |
| EBITDA (₹ Cr) | 26 | 3 | 13 | 767% | 100% |
| PAT (₹ Cr) | 19.8 | 2.3 | 10 | 772% | 98% |
| EPS (₹) | 10.13 | 1.5 | 13.82 | 575% | -27% |
(Figures from Screener, unit ₹ crore)
Commentary:
This is not just growth; this is growth on steroids. Revenue up 595%, profit up 772%, and margins holding near 19%. Someone please call SEBI to check if this company accidentally bought a money printer instead of lab equipment.
5. Valuation Discussion – Fair Value Range
Let’s pull out our financial stethoscope.
a) P/E Method
EPS (FY25 TTM): ₹44.3
Current P/E: 23.8
Industry P/E (Healthcare): 40
- If it trades at industry average → ₹44.3 × 40 = ₹1,772
- If it trades at current multiple → ₹44.3 × 23.8 = ₹1,055
✅ Fair Value Range (P/E method): ₹1,050 – ₹1,770
b) EV/EBITDA Method
EV = ₹1,035 Cr, EBITDA = ₹59 Cr
EV/EBITDA = 17.5
If re-rated to peer average of 25x (Dr. Lal, Metropolis range):
Fair EV = ₹59 × 25 = ₹1,475 Cr
After adjusting for net debt ≈ 0, equity value ≈ ₹1,475 Cr
✅ Fair Value Range (EV/EBITDA method): ₹1,000 – ₹1,475 Cr
c) DCF Method (simplified)
Assuming free cash flow grows 20% annually for 5 years, discount rate 12% — the present value comes near ₹1,200–₹1,400 Cr.
✅ Overall Educational Fair Value Range: ₹1,050 – ₹1,500 Cr.
Disclaimer: This fair value range is for educational purposes only and is not investment advice.
6. What’s Cooking – News, Triggers, Drama
The headline dish here is the merger with Plus Care Internationals Pvt Ltd, approved by NCLT Mumbai in April 2025. The board then allotted 12.44
