Onesource Specialty Pharma Ltd

📈 OneSource Pharma's Credit Rating Upgraded to 'IND A' with Positive Outlook

- India Ratings & Research (IndRa) upgraded the long-term credit rating of OneSource Specialty Pharma Limited (OSPL) to 'IND A' from 'IND A-'.

- The rating outlook is 'Positive'.

- The upgrade applies to bank loan facilities totalling INR 11,250.51 million.

- An additional INR 4,287.08 million in bank loan facilities was assigned the 'IND A/Positive/IND A1' rating.

- The upgrade reflects a strengthened business profile due to successful commercialisation of its drug-device combination (DOC) platform.

- Increasing revenue contribution from commercial glucagon-like peptide-1 (GLP-1) supplies was a key factor.

- The company has transitioned from a development-led to a commercial supply-led revenue model.

- Improved revenue visibility, customer stickiness, and reduced execution risk supported the rating action.

- The Positive Outlook expects further improvement in business profile and credit metrics from GLP-1 opportunities, commercial supply agreement revenue, and better capacity utilisation.