Cohance Lifesciences Limited — PPTs, 12-05-2026: Investor Presentation

**Business Performance:** Cohance Lifesciences reported FY26 revenue of 2,268 Cr (down 13% YoY) and Q4 revenue of 619 Cr (down 26.3%), impacted by portfolio shifts, inventory, and regulatory issues. CDMO businesses were 52% of FY26 sales. Gross margins improved to 70.8%, with niche technology contributing 18.8% of Q4 revenue, despite API+ and Specialty Chemicals revenue declines.

**Growth Drivers or Strategy:** The company is strengthening leadership for execution. Strategy involves expanding Pharma CDMO pipeline (10 Phase III Small Molecules, advanced ADCs with NJ Bio, growing Oligonucleotides). API+ targets niche leadership. Specialty Chemicals focuses on AgChem and electronic materials, emphasizing customer-centricity and advanced tech.

**Recent Developments:** Two products entered initial commercial supply, plus a Phase III lateral program. ADC initiatives saw 5 GMP bioconjugation batches, an end-to-end drug product delivery, and an AJICAP® collaboration. Nacharma formulation plant is operational. 215 Cr was invested in capacity expansions.

**Key Financial Metrics:** FY26 Adjusted EBITDA was 480 Cr (21% margin, down 45.6% YoY); Adjusted PAT 180 Cr (8.1% margin, down 65.4%). Q4 Adjusted EBITDA hit 130 Cr (21% margin) and PAT 33 Cr (5.3% margin). Generated 173 Cr free cash flow, with a net cash position of 152 Cr.

**Management Commentary / Outlook:** Management sees FY26 as a transition year. FY27 is anticipated as a growth year, weighted towards the second half. Q1FY27 will likely be the low point for revenue and EBITDA due to shipment phasing and higher costs. Recovery is expected from 2HFY27, driven by volume and improved utilization.