Cohance Lifesciences reported Q2 FY26 revenue of 555.6 Cr (-8% YoY, +14% adjusted) and EBITDA margin of 23.2%. H1 revenue stood at 1104.9 Cr (+1% YoY, +20% adjusted) with 23.8% EBITDA margin. FY26 revenue guidance is revised to broadly flattish YoY, with H2 expected to be stronger. FY26 EBITDA margin is now guided in the high 20s. Management anticipates growth to return in FY27. Operational highlights include a US regulatory approval for a late-phase molecule, a strengthening CDMO pipeline, new ADC payloads, and a zero-observation US FDA audit for the Jaggaiahpet API site. Challenges include shipment deferrals, biotech funding impacting NJ Bio, and Nacharam plant disruptions. Management remains confident in its mid-term US$1 billion vision.