COHANCE LIFESCIENCES LTD

Operates a pharmaceutical services and manufacturing platform across three segments: Pharma CDMO, API+, and Specialty Chemicals. Pharma CDMO provides contract development and manufacturing services for innovator pharma and biotech customers, with specialisation in antibody-drug conjugates (ADCs) and oligonucleotides, supported by more than 140 active projects and a Phase 3 pipeline of 10 programs in FY26. API+ manufactures active pharmaceutical ingredients and finished formulations, generating INR10.88bn in FY26 (down 8% YoY on product-specific factors and a Nacharam plant disruption of about INR610 million), with 10 new regulatory filings and 6 validations completed during the year. Specialty Chemicals generated INR2.913bn in FY26, with early-stage engagement in electronic materials and semiconductor-linked chemistries. Materials at 31.1% and employee costs at 22.4% of revenue are the largest cost lines, with depreciation at 8.3% and capex at 9.7% reflecting the asset-heavy manufacturing base. FY27 capex is guided at ~INR3 billion, focused on ADC and oligonucleotide capacity and a $10mn US facility at NJ Bio, which completed its first cGMP bioconjugation campaign in FY26.