OneSource Specialty Pharma Limited (OSPL) announced the withdrawal of its credit ratings previously assigned by CareEdge Ratings (CARE). This decision was made at the company’s request, following a periodic review and rationalization process. The ratings being withdrawn pertain to long-term/short-term bank facilities and non-convertible debentures, which have either been reaffirmed and withdrawn or fully repaid. OSPL maintains a separate rating of “IND A- ; Positive” from India Ratings & Research.
Rating Action: Credit Rating Withdrawal
OneSource Specialty Pharma Limited (OSPL) has formally informed the stock exchanges regarding the withdrawal of its existing credit ratings by CareEdge Ratings (CARE), effective March 05, 2026. This action follows a request made by the company as part of its routine review and rationalization of external credit ratings.
Instruments Subject to Withdrawal
The rating withdrawal impacts several debt instruments and facilities. For the bank facilities (long-term/short-term), the rating was last reaffirmed at CARE BBB+; Stable / CARE A3+ before withdrawal. Long-term bank facilities were similarly reaffirmed at CARE BBB+; Stable and withdrawn. Furthermore, the outstanding non-convertible debentures (NCDs) were Withdrawn, as these instruments have been fully repaid by the company.
Existing Credit Standing
It is noted that the company currently maintains a credit rating of “IND A- ; Positive” from India Ratings & Research, which was reaffirmed in December 2025. This separate rating remains in effect.
CareEdge Rationale for Action
The press release from CareEdge Ratings confirmed that the action was taken following a request from OSPL and the receipt of a ‘No Objection Certificate / No Dues Certificate’ from lenders. The NCD of ₹100 crore (ISIN: INE013P07010) was withdrawn because it has been fully repaid.
Key Financial and Operational Highlights
CareEdge noted that OSPL’s ratings strength derived from significant growth following the merger of Strides’ soft gel business and Steriscience Specialties Private Limited’s sterile injectable business. Key financial milestones mentioned include:
- Total operating income reached ₹1,445 crore in FY25, up from ₹173 crore in FY24.
- PBILDT (Profit before interest, lease rentals, depreciation, and tax) stood at ₹467 crore in FY25, compared to -₹81 crore in FY24.
- Overall gearing improved significantly to 0.46x as of March 31, 2025.
Outlook and Future Drivers
The stable outlook reflects CareEdge’s expectation that the company will continue to benefit from experienced promoters and a positive outlook for the GLP-1 segment, which is anticipated to yield revenue starting from FY27 onwards. Key risks noted included the capital-intensive nature of the CDMO business and significant leverage taken for capacity expansion plans.
Consolidated Structure
The analysis adopted a consolidated approach across OSPL and its subsidiaries, including Biolexis Private Limited, Steriscience Pte Ltd, and others. The proposed multi-entity merger, aimed at consolidating CDMO operations, is not expected to materially impact the credit profile as no cash consideration is involved.
Instrument Details Summary
The withdrawn instruments included:
- Debentures-Non-convertible Debentures (Maturity Date: 28-Aug-2026, Coupon Rate: 12.50%).
- Fund-based – LT-Term loan / Working Capital Facility.
- Fund-based/Non-fund-based-LT/ST facilities.
The NCDs were prepaid by the company in January 2026.
Source: BSE
