Cohance Lifesciences Limited has informed the Exchange about Transcript
COHANCE · price
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Cohance Lifesciences reported FY26 revenue of INR 22.68 billion (down ~13% YoY) with adjusted EBITDA of INR 4.77 billion and EBITDA margin of 21%. The company is navigating destocking headwinds in Pharma CDMO (INR 8.89bn) and API+ weakness (INR 10.88bn, down 8%) due to customer inventory adjustments and shipment delays at the Nacharam formulation site. New Executive Chairman Umang Vohra (Day 10 on the job) outlined focus on ADCs, oligonucleotides, and science differentiation while acknowledging customer concentration risks. The Phase 3 pipeline expanded to 10 programs with two new commercial launches. Management expects Q1 FY27 to be the low point with recovery from H2 FY27, driven by reloads, order conversion, and improved asset utilization. FY27 capex is guided at ~INR 3 billion vs INR 2.15 billion in FY26. Middle East geopolitical tensions are creating ~100-150 bps gross margin pressure in Q1. NJ Bio is on a path to return to profitability in over two years given Phase 1/2 bioconjugation investments. Customer concentration in CDMO is declining year-on-year as the project pipeline broadens.
The weak Q1 FY27 guidance and destocking overhang continue to weigh on near-term sentiment, but the expanding Phase 3 pipeline (10 programs), new commercial launches, and strategic focus on differentiated science (ADC/oligo) provide a credible multi-year recovery path. Management's refusal to provide specific FY27 guidance and specific product-level details suggests conservative positioning amid ongoing customer-level discussions.