OneSource Specialty Pharma reported a weak performance in the third quarter of FY26, posting a net loss of INR 47 crore for the quarter ended December 31, 2025. The company’s revenue declined 26 percent year on year to INR 290 crore, largely due to delays in converting a key service agreement into a commercial supply contract.

EBITDA declined sharply during the quarter, with margins compressing significantly compared to the same period last year. The company attributed the decline to regulatory approval delays faced by a major customer in Canada, which slowed the transition from a master service agreement to a full-scale supply arrangement and impacted revenues.

OneSource is a manufacturing partner for a semaglutide formulation for Dr. Reddy’s Laboratories that is awaiting regulatory approval in Canada. The approval process has been delayed following a regulatory notice of non-compliance. Despite the challenging quarter, the company reiterated its medium-term outlook, maintaining guidance for revenue growth and improved profitability by FY28, supported by a strong order pipeline.