Q1 FY27 Earnings Call: Revenue down 23% YoY, recovery expected from H2

Cohance Q1 FY27 revenue fell 23% YoY to INR4,223 million. Pharma CDMO dropped 38.7%, Specialty Chemicals fell 34.7%. EBITDA margin at 2.2% on negative operating leverage. Standalone EBITDA margin was 9.2%. Sapala grew 2.5x while NJ Bio posted an EBITDA loss of INR328 million. Management expects sequential improvement in Q2 and YoY growth from H2, backed by restocking orders, ADC payload deliveries, and 10 Phase 3 programs. CFO Himanshu Agarwal exits September 13. USFDA issued Form 483 with 5 observations at Pashamylaram, none on data integrity.