20% Lower Circuit: Mukul Agrawal stock crashes after announcing its Q3 results

Synopsis:- The stock plunged nearly 20% after Q3FY26 losses widened and delayed semaglutide approvals in Canada hit volumes. Revenue fell 26% YoY to ₹290 crore, while margins dropped to 6%. Despite near-term pressure, FY28 guidance remains intact with ~$500 million scale ambitions and strong long-term CDMO fundamentals.

The shares of the prominent pharmaceutical companies hit 20 percent lower circuit in today’s trading session after the company reported negative Q3FY26 earning followed by pending customer approvals for Semaglutide in Canada.

With a market capitalization of Rs 13,343.44 crore, the shares of Onesource Specialty Pharma Ltd were trading at Rs 1,164.50 per share, decreasing around 18.72 percent as compared to the previous closing price of Rs 1,432.65 apiece. A Prominent ace investor, Mukul Mahavir Agrawal hold 1,200,000 equity share which is equivalent to 1.05 percent in the company as of December 2025.

Q3FY26 Highlights

The shares of Onesource Specialty Pharma Ltd have seen significant movement after announcing its financial performance in Q3FY26, in which revenue decreased by 26 percent on a year-on-year basis from Rs 393 crore in Q3FY25 to Rs 290 crore in Q3FY26. However, on a Quarter-on-Quarter basis, revenue decreased by 23 percent from Rs 376 crore in Q2FY26 to Rs 290 crore in Q3FY26.

Moreover, the company’s financial performance weakened in Q3FY26, with net loss widening to  Rs 89 crore from  Rs 69 crore a year earlier. On a sequential basis, results swung from a  Rs 10 crore profit in Q2FY26 to a loss. The sharp deterioration was largely due to delayed regulatory approval for semaglutide in Canada, which caused a significant revenue shortfall during the quarter.

Additionally, the company reaffirmed its FY28 guidance, targeting $400 million in organic revenue and $500 million including the proposed acquisition, subject to approvals. It expects healthy EBITDA margins of around 40%, while maintaining strong capital efficiency with ROCE above 50% and a conservative balance sheet, keeping net debt to EBITDA below 1.5x, highlighting disciplined growth and financial strength.

Mr. Neeraj Sharma, CEO & MD, OneSource Specialty Pharma Limited, speaking on the performance, said, “As previously anticipated, this has been a subdued quarter due to delays in customer approvals in Canada that have prolonged the transition from the MSA to the CSA phase. The inherent demand, however, remains intact withthe order book continuing to trend upwards. In our nascent biologics segment, we continue to witness strong interest, with another global biosimilar player onboarded and the funnel at a historic high.” 

Other Business update

The company reported strong business momentum with 20 new MSAs and licensing deals signed during the year, supported by repeat business from existing clients. Its biologics pipeline expanded to over 10 active projects, while organisational capabilities strengthened through ongoing capacity expansion, $100 million capex commitments, 36 successful regulatory inspections, and the addition of more than 300 employees, reinforcing long-term growth and compliance readiness.

The company is building a pure-play CDMO platform with strong scale and execution depth. It operates India’s only multi-modality CDMO platform, backed by five state-of-the-art facilities and over 210 successful audits. With more than 70 global customers, a 1,400+ workforce, and steady 40% EBITDA margins, the business combines robust capabilities with an attractive financial profile and experienced leadership.

Onesource Specialty Pharma is a pure-play contract development and manufacturing organization (CDMO) focused on complex and specialty pharmaceuticals. The company offers end-to-end capabilities across injectables, biologics, drug-device combinations, and sterile manufacturing, serving global clients with strong regulatory compliance, advanced facilities, and a growing pipeline of high-value products.

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