Q2 FY27 Financial Performance

  • Revenue from operations: ₹4,767 million, representing a 12.9% sequential increase from Q1 FY27 but a 14.2% year-on-year decline compared to Q2 FY26
  • Gross margin: 70.8%, compared with 74.6% in Q2 FY26, reflecting an unfavourable business and product mix
  • Adjusted EBITDA: ₹458 million
  • Adjusted EBITDA margin: 10%, showing significant improvement from 2.2% in Q1 FY27

H1 FY27 Financial Performance

  • Revenue from operations: ₹8,989 million, down 18.6% year-on-year
  • Gross margin: 71.1%, compared with 73.8% in H1 FY26
  • Adjusted EBITDA: ₹551 million
  • Adjusted EBITDA margin: 6.1%

Key Business Highlights of H1FY27

Small Molecules Business:

  • Stronger Q3/Q4 order visibility with multiple commercial reload orders received
  • Improved delivery schedules supporting H2 recovery
  • Secured three significant programmes with large global pharma customers:
  • Two commercial programmes
  • One Phase III programme
  • Two molecules moved into commercial supply
  • Two additional molecules expected over the next 12-15 months, including one with US FDA approval

NJ Bio (ADC Business):

  • Successfully delivered two ADC GMP campaigns, including an end-to-end development programme
  • One customised payload programme progressing through scale-up
  • NJ Bio, Inc. was named Runner-Up in the Best Contract Research Organization (CRO) category at the 2026 World ADC Awards
  • Marked seven consecutive years of recognition at the World ADC Awards

Nucleic Acid Business:

  • Strong demand for specialised nucleosides and amidites
  • Increasing commercial opportunities
  • Larger-scale manufacturing programmes across the Cohance network

Customer Qualification:

  • Qualification programmes progressing with two Japanese customers
  • Opportunities with a European innovator
  • Potential manufacturing transfers

Management Commentary

Mr. Umang Vohra, Executive Chairman and Group CEO, stated: "Q2 reflects an improving business trajectory and the broader Cohance platform beginning to come together. We expect H2 to be materially stronger than H1, with year-on-year growth in both revenue and EBITDA, supported by improving visibility across our businesses. At the same time, we remain focused on progressing our regulatory commitments and maintaining the highest standards of quality and compliance across our facilities. We see significant value potential as we continue to integrate and scale the Cohance platform, and we are still at the beginning of that journey."

Outlook

H2 FY27 is expected to be materially stronger than H1 FY27, supported by:

  • Small Molecule deliveries and reloads
  • Continued resilience in API+
  • Nucleic-acid growth
  • Progressive improvement across the portfolio

Expected drivers of improvement:

  • Higher revenue conversion
  • Improved utilisation
  • Better business mix to support progressive margin recovery

The strategic direction remains unchanged.

Company Background

Cohance Lifesciences is an innovator-focused global CRDMO formed through the merger of Cohance Life Sciences into Suven Pharmaceuticals. Through its integrated platform and facilities in India and the US, Cohance provides solutions from early development through commercial supply for leading global pharmaceutical companies.