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Revenue
₹619 Cr
verified against source
Revenue YoY
-13%
reported change
EBITDA
₹477 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Cohance Lifesciences reported FY26 revenue of ₹22.68B, down 13% YoY, with adjusted EBITDA margin of 21% (standalone 24.6%). The CDMO segment was hit by destocking of two large commercial molecules (~₹260Cr impact) and delayed reloads, while API Plus declined 8% due to shipment delays and Nacharam site disruption. Specialty Chemicals fell 2.1% on program phasing. Management guided Q1 FY27 as the low point, with recovery from H2 driven by order conversion, new commercial launches (two molecules already commercialized, two more expected), and a strengthened phase 3 pipeline of 10 programs. Key risks include Middle East logistics cost inflation (100-150bps gross margin impact in Q1), delayed recovery of destocked molecules, and execution at NJ Bio (breakeven >2 years away). New CEO Omar Gora is focused on strategic blueprint, operational rigor, and deepening customer relationships.
Colored figures show movement against the previous available record.
Guidance to track
- Revenue and EBITDA in Q1 FY27 expected to be weak due to revenue schedules skewed to H2, logistics cost inflation, and higher operating costs.
- Recovery expected in second half of FY27, driven by order conversion, reloads, and improving utilization across the platform.
- Capital expenditure focused on ADC and oligonucleotide manufacturing infrastructure and quality systems.
- Escalation in logistics and input costs due to Middle East geopolitical situation will impact gross margins, mainly in API Plus business.
Risks flagged
- Two large commercial molecules under destocking may not return as expected; management declined to quantify value, creating uncertainty.
- Geopolitical tensions have increased freight and raw material costs, expected to impact gross margins by 100-150 bps in Q1 FY27.
- NJ Bio's US facility expansion and bio conjugation capabilities will take >2 years to reach breakeven, delaying consolidated margin recovery.
- Historical reliance on a few molecules led to revenue volatility; diversification is improving but still a risk.
Key quotes
- My immediate priority over the next few months will be to spend time with our teams, customers and sites. By the end of this fiscal year, the intent is to create a strategic blueprint for growth and sustainable value creation.
- We believe the business is moving towards a bottoming out phase with quarter 1 FY27 to be the low point.
- The challenges during FY26 were concentrated around a limited set of products and customer specific situations rather than reflecting any structural weakness in the portfolio.
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