Cohance Lifesciences (COHANCE) investor relations material

Executive summary

• Completed first full quarter as a unified platform post-integration and rebranding, with strong internal and external alignment and leadership strengthened by a new CEO for CDMO and an external advisory board.

• Revenue grew 13% YoY to INR 5,493 million, with gross margin expanding to 73% from 68.4% YoY, driven by niche technologies and acquisitions.

• Niche technology revenues exceeded 20% of sales, with strong traction in ADC payload-linkers, oligonucleotides, and high-containment APIs.

• Free cash flow of INR 2.32 billion generated; cash on books at INR 4.41 billion; capex of INR 559 million focused on facility expansion.

• Integration of Sapala and NJ Bio platforms; first consolidated reporting post-merger and name change to Cohance Lifesciences Limited.

Financial highlights

• Q1FY26 revenue: INR 5,493 million (+13% YoY); adjusted for inventory destocking, Pharma CDMO growth exceeded 30% YoY.

• Gross margin rose to 73% (from 68.4% YoY); adjusted EBITDA margin at 23.9%; adjusted PAT at INR 629 million (11.4% margin).

• Segmental revenue: Pharma CDMO 37%, API+ 54%, Specialty Chemicals 9%.

• Free cash flow of INR 2.3 billion and cash balance of INR 4.4 billion at quarter-end.

• CapEx investment of INR 559 million during the quarter, mainly for Nacharam and oligonucleotide facility expansion.

Outlook and guidance

• Reiterated long-term revenue guidance of INR 85 billion ($1 billion) by FY30 and mid-30% EBITDA margins.

• Niche technology share expected to reach mid-20s percent by end of FY26.

• Oligonucleotide and US bioconjugation suite expansions on track for end-CY25 readiness.

• Specialty Chemicals and API+ segments expected to continue double-digit growth, with new product launches and OLED shipments ramping up.

• Guidance for FY26 remains intact despite Q1 margin pressures and destocking in two commercial molecules.