1. Opening Hook
So, just when GLP-1 drugs were supposed to mint money faster than bankers mint optimism, Canada said: “Hold my approval.”
OneSource walked into Q3FY26 knowing it would be ugly — and still managed to surprise on the downside. Revenues slipped, EBITDA collapsed, and profits didn’t just fall, they reversed into losses. All this while demand, apparently, is “very strong” and funnels are “historic highs.”
Classic transitional quarter storytelling: “Not bad business, just bad timing.” Management insists this is a paperwork problem, not a product problem. Semaglutide approvals are delayed, not denied, and revenues are merely postponed, not lost.
Sounds reassuring. Also sounds exactly like what every CDMO says before approvals land… or don’t.
Read on — because the numbers hurt, but the promises are loud. And somewhere between the two lies the truth.
2. At a Glance
- Revenue down 26% – Canada blinked, approvals stalled, invoices stayed imaginary.
- EBITDA down 88% – Fixed costs showed up fully dressed; revenues ghosted them.
- EBITDA margin at 6% – From 36% to diet mode in one year.
- Adjusted PAT at ₹(472)m – Profits didn’t just fall; they rage-quit.
- Interest rate <9% – At least lenders are cheaper than excuses.
3. Management’s Key Commentary
“This has been a subdued quarter due to delays in customer approvals in Canada.”
(We knew this would hurt, but
