One Global Service Provider Limited

Healthcare — Pharmaceutical Retailers · NSE

₹548.00+₹4.10 (+0.75%)

DalalBaazaar Score

71 / 100

🟢 Good

Verdict

REASONABLE

Risk

Moderate

Driven by negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: Strong business and financial position, with both sales and profits growing well. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:10 pm

Mixed / neutral. No major red flags jump out, but nothing here screams "obviously cheap" either. This is a name that needs a peer comparison and a view on near-term earnings triggers before sizing a position.

Understanding the Business

Company site ↗

The 60-second version of One Global Service Provider Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

One Global Service Provider Limited engages in the provision of healthcare services worldwide.

IndustryPharmaceutical Retailers

SectorHealthcare

Employees89

Annual revenue₹498 Cr

How does it make money?

Turns over ₹498 Cr a year. Of every ₹100 of sales, about ₹14 reaches shareholders as profit, with ₹19 left at the operating level before interest, tax and depreciation. Each of its 89 employees supports ₹5.60 Cr of revenue a year, the signature of a capital- or asset-led business.

EBITDA margin18.8%

Net margin14.0%

Revenue / employee₹5.60 Cr

Who are its competitors?

The closest listed comparisons in its industry are SUN PHARMACEUTICAL IND L, DR. REDDY S LABORATORIES, CIPLA LTD, DIVI S LABORATORIES LTD. These are the companies its valuation and returns are measured against elsewhere in this report.

SUN PHARMACEUTICAL IND LP/E 34.9x · ROE 14.5%

DR. REDDY S LABORATORIESP/E 31.0x · ROE 8.8%

CIPLA LTDP/E 31.8x · ROE 9.8%

DIVI S LABORATORIES LTDP/E 83.0x · ROE 17.5%

What is its competitive advantage?The numbers suggest a real one

ROCE has stayed above 15% in every year available and stands at 65.7%. Returns that high normally get competed away; when they persist, something is protecting them, and its ROE of 49.2% against a peer median of 14.5% is consistent with that. What that something is — brand, scale, switching costs, regulation — the accounts cannot tell you.

ROCE65.7%

ROE49.2%

Peer median ROE14.5%

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +2650% while net margin moved +83% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+2650%

Margin effect+83%

DalalBaazaar Score

71/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of 0.20 — historically steadier than the index
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Profits have swung sharply from year to year — earnings are hard to forecast
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

77/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

76/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A good business currently available at an undemanding price — the combination this framework is built to look for.

Historical Valuation

Current P/E

14.5x

Sector Median

33.3x

median of 4 sector peers

🟢Against its sector it trades 57% below the peer median of 33.3x.

vs. its own history

Not enough price and earnings history

vs. sector peers

Cheap

33.3x median of 4 peers · -57%

vs. generic bands

Cheap

Below 15x

P/E (Trailing)

14.5x

P/B

7.58x

EV/EBITDA

11.7x

PEG

0.05

Dividend Yield

0.18%

What's Good / What's Bad

🟢 What's Going Well7

Margins are improving
EBITDA margin is up from 9.1% to 18.8% over 3 years.
Debt is being paid down
Total debt is down 91% over 3 years.
Return on equity is rising
ROE has improved from 18.9% to 49.2%.
Return on capital is rising
ROCE has improved from 17.8% to 65.7%.
High return on capital employed
ROCE of 65.7% is the mark of a business that converts capital into profit efficiently.
Very low debt
Debt/Equity of 0.02x leaves the balance sheet with plenty of headroom.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention1

Free cash flow is negative
The business is not currently covering its capital spending from operations.

Red Flags

3 items require attention · 1 high · 2 watch

🔴Profit up while operating cash flow fallsFinancial
Reported profit rose but cash generated by operations declined — worth checking whether earnings are being supported by non-cash items or working capital.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹11 Cr in the latest year.
🟡Shareholders have been dilutedOwnership
Shares outstanding are up 175% over 3 years — each existing share owns a smaller slice of the company.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 65.7% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Margin expansion has further to run
EBITDA margin has risen from 9.1% to 18.8%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Deleveraging frees up earnings
Debt is down 91% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.
Cheaper than its peers
It trades 57% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 151% a year✓ 201.8% CAGR
Latest reported year was 17.0%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 17%✓ 18.8%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✗ -₹11 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 0.0x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 63%✓ 65.7%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

9 / 10 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high

Price history

Quick Metrics

7 good · 2 neutral · 2 weak

Market Cap

₹1,110 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

14.5x

Cheap

Cheap against the generic band

P/B Ratio

7.58x

Rich

Steep premium to book — needs high, durable returns to justify

EPS (TTM)

₹37.84

Profitable

Profitable on a per-share basis

ROE

49.2%

Strong

Strong capital efficiency

ROCE

65.7%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.02x

Low

Conservative leverage

Revenue Growth (YoY)

17.0%

Healthy

Healthy top-line growth

Profit Growth (YoY)

45.8%

Healthy

Profits growing at a healthy clip

Dividend Yield

0.18%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

-₹11 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

CMP

₹548

Operating Margin

18.5%

Good

Healthy core-business profitability

Net Margin

14.4%

Good

Strong bottom-line conversion

Current Ratio

2.07

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.20

Defensive

Steadier than the market

52W Range Position

48%

Mid-range

Technical Snapshot

RSI (14)

53.1

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹18 Cr	₹63 Cr	₹147 Cr	₹498 Cr	+201.8%
EBITDA	₹2 Cr	₹10 Cr	₹26 Cr	₹93 Cr	+283.9%
EBITDA Margin	9.1%	15.4%	17.4%	18.8%	—
PAT (Net Profit)	₹1 Cr	₹7 Cr	₹18 Cr	₹70 Cr	+269.4%
EPS	₹1.94	₹10.01	₹9.45	₹35.56	+163.7%
ROE	18.9%	49.4%	25.7%	49.2%	—
ROCE	17.8%	64.5%	34.4%	65.7%	—
Total Debt	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	-54.9%
Free Cash Flow	-₹0 Cr	₹1 Cr	₹14 Cr	-₹11 Cr	—

🟢 Revenue has grown at 201.8% a year over 3 years.

🟢 EBITDA has grown at 283.9% a year over 3 years.

🟢 EBITDA Margin has risen from 9.1% to 18.8% over 3 years (+9.6 pts).

🟢 PAT (Net Profit) has grown at 269.4% a year over 3 years.

🟢 EPS has grown at 163.7% a year over 3 years.

🟢 ROE has risen from 18.9% to 49.2% over 3 years (+30.3 pts).

🟢 ROCE has risen from 17.8% to 65.7% over 3 years (+47.9 pts).

🟢 Total Debt has shrunk at 54.9% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹254 Cr

Total Liabilities

₹113 Cr

Total Debt

₹0 Cr

Cash & Equivalents

₹16 Cr

Operating Cash Flow

-₹11 Cr

Capex

-₹0 Cr

Shareholding (proxy)

Institutional Holding

4.4%

Insider Holding

82.1%

Corporate Actions

Dividend Rate

₹1

Ex-Dividend Date

22 Sept 2026

Peer Comparison

Company	P/E	ROE
SUN PHARMACEUTICAL IND L	34.9x	14.5%
DR. REDDY S LABORATORIES	31.0x	8.8%
CIPLA LTD	31.8x	9.8%
DIVI S LABORATORIES LTD	83.0x	17.5%

Recent News

2 positive4 general

BSE grants in-principle approval for One Global's ₹558.93 share swap

scanx.trade, 16 Oct

ONEGLOBAL Stock Price and Chart — NSE:ONEGLOBAL

TradingView, 17 Aug

One Global Service Provider Ltd. Key Financial Ratios – Valuation, Profitability & More

Value Research, 29 Aug

One Global Service Provider (NSE: ONEGLOBAL): 201.82% 3-Year Sales Growth Explained

Kalkine India, 02 Oct

One Global Service Provider Limited: Dividend historical data and projections

marketscreener.com, 13 OctCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

One Global Service Provider standalone net profit rises 45.62% in the June 2026 quarter

Business Standard, 15 AugResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

🟢Business QualityStrong15.4/20

🟢Financial HealthStrong15/20

🟢GrowthStrong14.9/20

🟢ProfitabilityStrong12.9/15

🟡ValuationFair8.5/15

🔴RiskHigh4/10

Attractive on both counts

A good business currently available at an undemanding price — the combination this framework exists to look for. The work left is qualitative: whether the advantage the numbers imply is one you can identify and expect to last. 1 high-severity red flag sits above this conclusion and should be read first.

This thesis breaks if

✓Revenue growth stays above 151% a year201.8% CAGR
✓EBITDA margin holds above 17%18.8%
✗Free cash flow remains positive-₹11 Cr
✓Debt / EBITDA stays below 2x0.0x
✓ROCE stays above 63%65.7%