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Revenue
₹549.31 Cr
verified against source
Revenue YoY
13%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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.
Colored figures show movement against the previous available record.
Guidance to track
- Management reaffirmed FY26 guidance and long-term target of $1 billion revenue by 2030 with mid-30s EBITDA margins.
- Niche technology revenue share is expected to approach mid-20s by the end of FY26, up from above 20% in Q1.
- The cGMP oligonucleotide building block facility at Nacharam (₹230M investment) is expected to be fully operational by end of calendar year 2025.
- A $10 million investment for a dedicated cGMP bio-conjugation suite at NJ Bio's Princeton facility is underway, expected to be operational by early CY26.
Risks flagged
- Two large commercial molecules are experiencing destocking, impacting pharma CDMO revenue growth. The destocking is expected to last the full year.
- Potential US tariffs on pharma intermediates could impact exports, though management noted current FOB terms and customer willingness to absorb tariffs.
- Ongoing one-time expenses (ESOP, professional fees) are distorting EBITDA margins, with no clear timeline for normalization.
- The oligonucleotide and bio-conjugation expansions are on schedule but any delays could impact revenue contribution from niche technologies.
Key quotes
- Our three-pillar structure, Pharma CDMO, specialty chemicals, and API plus continues to provide a resilient foundation for growth.
- We remain firm on our 2030 guidance of a billion dollar as well as mid AITA which we have called out.
- Our niche technology revenue share has risen from the high teens in FY25 to above 20% in Q1 FY26 and is on track to approach the mid-20s by the end of FY26.
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