Cohance Lifesciences Ltd — Q4 FY26
Cohance Lifesciences reported FY26 revenue of ₹22.68B, down 13% YoY, with adjusted EBITDA margin of 21% (standalone 24.6%).
bearish
high
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Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
42%Questions answered5Evaded / deflected12Questions audited
Partial answer
High priority
Split CDMO revenues into ADCs, small molecules, Sapala, NJ; outlook for FY27 and beyond.
Asked by Karthi, Suesh Advisers
Gave one number but did not provide the requested revenue split or outlook.
no split provideddeferred to later
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Question
if you could for FI26 that is split the CDMO revenues into ADCs small molecules Sapala and NJ and give an outlook for 27 and beyond
Himanshu (management)
From the contribution of the two large molecules commercial molecules that we've seen dalking as communicated earlier the impact is around 260 crores.
Evasive
High priority
How much of the 260 cr impact will return in FY27 and contribution from two new products.
Asked by Karthi, Suesh Advisers
Confirmed return but refused to quantify, saying conversations are ongoing.
no value givendeferred to later
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Question
how much of that is likely to return in FI27 and the two new products what could be the likely contribution
Himanshu (management)
we are expecting these material both these molecules to return back to us in FI27.
Declined
High priority
Contribution of ADC to CDMO revenue in FY26 and likely growth in FY27.
Asked by Karthi, Suesh Advisers
Explicitly declined to provide the requested breakdown and growth outlook.
refused to provide
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Question
would you be able to call out the contribution of ADC to your CDMO revenue this year FI26 that is? And what is the likely growth in FI27?
Himanshu (management)
I think we are not providing that color right now but as we reassess the strategy maybe a few months later we could consider that.
Partial answer
Medium priority
Breakdown of one-time expenses over last two years, roughly 109 cr.
Asked by Karthi, Suesh Advisers
Provided breakdown for current year only, not the two-year cumulative asked.
only current year given
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Question
would you be able to provide the breakup of the onetime expenses over the last two years roughly about 109 cr rupes. Can you break that down
Himanshu (management)
this year on one time expenses there are two large elements. One is that we have taken a one-off inventory provision which is around 195 million and we've also provided for certain customer adjustments that's in the range of around 126 million.
Partial answer
High priority
Qualitative color on H2 recovery beyond base effect, across three segments.
Asked by Sham Shinasan, Goldman Sachs
Repeated H2 recovery but gave no tangible or segment-specific color.
no segment-level detailvague timeline
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Question
if you could share u other than the base effect is there uh anything tangible or qualitative that you could add um and if you could also give color across the three segments
Himanshu (management)
the second half would be when we would uh see the growth returning right and uh the first half is weak with quarter one in particular weak with both revenue and AIDA
Answered
Medium priority
Is H2 growth measured YoY vs FY25 or vs FY26 base?
Asked by Sajal Kapoor, Antifragile Thinking
Clearly answered that growth is YoY.
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Question
Will we be measuring ourselves against the previous YI basis or the FI25 which was the last growth um Q3 and Q4 of fiscal 25?
Himanshu (management)
the growth would be on a year-on-year basis.
Answered
Medium priority
Hardest decision for team in next 12-18 months to rebuild confidence.
Asked by Sajal Kapoor, Antifragile Thinking
Provided three concrete areas of focus without dodging.
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Question
what is likely to be the hardest decision for you as a team you will need to make at Cohens in the next 18 to 12 months?
Omang (management)
one is the operational rigor... second point is customer relationships have to deepen... third is just the science engine.
Declined
High priority
Customer and program concentration in revenue for each segment.
Asked by Siddhhat Nandhi, CWC
Explicitly refused to provide the requested concentration details.
refused to provide
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Question
could you share your customer concentration for uh the CDMO segment uh by program or molecule and by customer?
Himanshu (management)
we don't give these uh level of details.
Declined
High priority
FY27 guidance and AI implementation examples.
Asked by Siddhhat Nandhi, CWC
Declined to give FY27 guidance; AI answer was generic.
refused guidancevague AI answer
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Question
any FI27 guidance and any specific AI implementation that is helping you either get uh through programs faster
Himanshu (management)
we really appreciate uh the lead to give a guidance but I think you would have to allow us some time to come back and give guidance.
Evasive
High priority
Timeline for consolidated margins to return to historical 30% benchmark.
Asked by Ashish, UTI
Did not provide any timeline for margin recovery.
no timeline givendeferred
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Question
what is the projected timeline for consolidated margins to return to the historical benchmark of 30%.
Himanshu (management)
we do need some time to kind of come back to all of you on how this would shape up in the coming year
Partial answer
High priority
Confirmation of four commercial molecule launches in FY27 and expected revenue from new launches in H2.
Asked by Shria Chhattaji, ageless capital
Confirmed launches but refused to provide revenue expectations.
no revenue estimate given
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Question
just confirming the fact that you had mentioned that there would be four commercial molecule launch in FI27.
Yan (management)
I confirm right two have launches and we expect of launch right when we expect two others to to launch
Answered
Medium priority
What is being done to avoid future vacuum from loss of two molecules?
Asked by Chiag Sha, White Pine Investment Management Private Limited
Provided specific actions: customer expansion and later-phase projects.
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Question
what is being done right now to ensure this kind of vacuum doesn't get created in future.
Yan (management)
expansion in term of number of customers and uh uh being able to get um uh projects that are later phase in the customer project pipeline to accelerate recovery.