Cohance Lifesciences Limited — Q1 FY26

Cohance Life Sciences reported Q1 FY26 revenue growth of 13% YoY, with pharma CDMO growing over 30% excluding inventory destocking. The niche technology revenue share rose to above 20% from mid-teens in FY25, driven by ADC and oligonucleotide platforms. Management reiterated its FY26 guidance and long-term target of $1 billion revenue by 2030 with mid-30s EBITDA margins. Key wins include a lifecycle management API mandate from a global innovator and a significant ADC order at NJ Bio, supported by a $10M bio-conjugation suite expansion. Risks include continued destocking in two commercial molecules and potential tariff exposure, though management noted FOB terms and customer willingness to absorb tariffs. The formation of an external advisory board and new CDMO CEO signal strategic depth.