Cohance Lifesciences faced a challenging FY'26, revising its revenue outlook to an early-to-mid double-digit decline due to destocking (INR260 Cr impact) and Nacharam facility issues (INR55 Cr impact). Despite this, management expressed confidence for FY'27 to be a year of growth, driven by a strong pipeline. Nine-month FY'26 revenue declined 6.7% to INR1,650 Cr, with adjusted EBITDA margins at 21%. Strategic initiatives include progressing nine Phase 3 programs (four commercializing in FY'27), securing new CDMO programs, and strengthening the API pipeline. The company is committed to its long-term growth trajectory and expects margin recovery as business mix normalizes.