Shares of Onesource Specialty Pharma and Shaily Engineering Plastics saw heightened investor interest in Friday’s trade, driven by renewed optimism around the fast-growing global GLP-1 drug ecosystem, particularly semaglutide-based therapies and India’s emerging role in the supply chain for injectable drugs and delivery devices.
Onesource Specialty Pharma: Betting on semaglutide scale-up and Canada opportunity
Onesource Specialty Pharma is primarily a fill-and-finish manufacturer for semaglutide injections, meaning it undertakes the final stage of production before the drug is shipped to pharmaceutical companies. Importantly, the company operates as a backend supplier and is largely agnostic to pricing and geography, supplying products at the factory gate to its clients.
The stock is closely tracked because it is the sole fill-and-finish partner for Dr Reddy’s semaglutide injectable programme, placing it directly in the global GLP-1 opportunity cycle.
However, the company recently reported a weak quarter. In Q3, revenues fell 26%, EBITDA dropped 88%, and the company slipped into a loss. The management attributed this to a deferred delay in Canada-related volumes.
Despite this setback, the Canada opportunity remains the key trigger. Canada is considered the second-largest market for GLP-1 drugs after the United States, and Dr Reddy’s is expected to enter with a limited-competition window of around six to nine months. Analysts estimate that this launch alone could generate $80–$100 million in first-year revenues for Dr Reddy’s, indirectly strengthening demand visibility for Onesource.
Adding to the sentiment, Onesource recently announced a partnership with Orbicular Tech, which has received tentative approval for an Ozempic generic. Onesource is expected to play a role in the manufacturing and fill-finish ecosystem across multiple partners, not just Dr Reddy’s.
The company also maintains partnerships beyond this programme, including with Hikma in the Middle East and North Africa, reinforcing its positioning as a multi-client contract manufacturer in semaglutide-related products.
Management has reiterated its FY28 guidance of $400 million in revenue and $160 million EBITDA, signalling confidence in long-term demand.
Shaily Engineering: Strong momentum in injector pens business
Shaily Engineering has emerged as another key beneficiary of the global GLP-1 supply chain build-out, but from a different angle—it supplies drug delivery devices such as injector pens and auto-injectors.
The stock has already delivered strong long-term returns, rising over 400% in five years, and continued to draw attention after reporting robust operational performance. In the first nine months of the year, its healthcare revenue grew 158% year-on-year, driven by rising demand for injectable drug delivery systems.
A key growth driver is its exposure to first-filer semaglutide players in Canada, many of whom are reportedly tied up with Shaily. The company has also begun supplying pens in Q2 for commercial launches, indicating early execution on contracted demand.
Capacity expansion is another trigger. Shaily is scaling up its pen injector capacity from 80 million units to 150 million units, reflecting expectations of sustained global demand. It is also setting up a new manufacturing facility in Abu Dhabi with an investment of around ₹150 crore.
On the order book front, the company has signed a contract worth over ₹400 crore with a large pharmaceutical player for pen injectors, reinforcing visibility in its device business.
Also Read | Dr. Reddy’s gets one step closer to Semaglutide approval in Canada but Goldman downgradesWhy both stocks are linked
While operating in different segments, both companies sit at critical points in the same value chain:
Onesource Specialty Pharma: manufactures the finished injectable drug (fill-and-finish)
Shaily Engineering: supplies the delivery mechanism (injector pens)
Together, they represent India’s growing backend participation in the global semaglutide and GLP-1 drug ecosystem, where pharmaceutical companies assemble components from multiple specialised suppliers and distribute finished products across markets.
Market reaction
In Friday’s trade:
Onesource Specialty Pharma rose around 0.25% and has gained nearly 34% over the past month.
Shaily Engineering jumped about 10% on the day, though its one-month gains stand at around 4%.