Earnings Call Transcript
COHANCE · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Cohance Lifesciences reported FY26 revenue of INR22.68 billion, down ~13% YoY, with adjusted EBITDA of INR4.77 billion and EBITDA margin of 21%. The decline was driven by destocking of two large commercial molecules (INR260 crore impact), customer inventory adjustments, and temporary disruption at the Nacharam formulation site. Pharma CDMO reported INR8.89 billion, API+ reported INR10.88 billion (down 8%), and Specialty Chemicals reported INR2.913 billion. New Executive Chairman Umang Vohra outlined three strategic priorities: operational rigor, deepening customer relationships, and advancing the science engine. The Phase 3 pipeline has grown to 10 programs with two recently commercialized. Management expects Q1 FY27 to be weak on both revenue and EBITDA, with recovery beginning in H2 FY27.
The stock is near a bottom after significant destocking and operational challenges. Q1 FY27 will be the low point, with growth expected to return from H2 FY27 driven by reloads, customer conversions, and the commercial ramp-up of new molecules. Management is focused on reducing customer and product concentration while building differentiated capabilities in ADCs and oligonucleotides.