Cohance Lifesciences, a leading global CDMO, has announced its audited financial results for the fiscal year 2026. The company reported a total revenue of INR 22.68 billion, with an Adjusted EBITDA of INR 4.8 billion. Despite navigating a year of transition due to subsidiary consolidation and inventory de-stocking, the company continues to see strong momentum in its Pharma CDMO, API+, and Specialty Chemicals segments, with growth expected to return from 2HFY27 onwards.
Financial Performance Overview
For the fiscal year ending March 31, 2026, Cohance Lifesciences reported total revenue from operations of INR 22.68 billion. The company achieved an Adjusted EBITDA of INR 4.8 billion, representing an EBITDA margin of 21%. Standalone results were stronger, with adjusted EBITDA margins at 24.6%, reflecting the company’s underlying core strength despite the impact of subsidiary integration and muted operating leverage at the consolidated level.
Segmental Highlights
The company’s operations are divided into three core pillars:
- Pharma CDMO: This strategic growth engine accounted for 39% of sales. The business stabilized in Q4 with improved execution in Small Molecules and ADC segments. The pipeline remains robust, now boasting 10 Phase III molecules.
- API+: Contributing 48% of sales, this segment remains a leader in niche, low-competition specialty APIs. Despite temporary disruptions, the business continues to focus on cost competitiveness and vertical integration.
- Specialty Chemicals: Representing 13% of sales, this diversification platform is seeing significant engagement across AgChem and electronic materials, with FY27 identified as a key qualification year.
Strategic Outlook
Under the leadership of Mr. Umang Vohra, the company has adopted an owner-manager mindset to sharpen execution. Looking ahead, Cohance believes it is moving toward a bottoming-out phase. Growth is anticipated to return from 2HFY27, supported by customer conversions, reloads, and improved utilization of its integrated platforms. The company maintains a healthy liquidity position, with INR 3.22 billion in cash and a disciplined approach to capital allocation.
Expanding Capabilities
Cohance continues to invest in high-growth areas. Recent milestones include the successful completion of 5 GMP bioconjugation batches at its NJ Bio facility and a strategic collaboration with Ajinomoto for AJICAP® technology. With operational readiness in its cGMP block for oligonucleotides and ongoing capacity expansions in its Hyderabad and Vizag facilities, the company is well-positioned for long-term growth.
Source: BSE
