Cohance Lifesciences Ltd · NSE:COHANCE
Cohance Lifesciences — Q2 FY2026 Earnings Presentation
51 slides from Cohance Lifesciences's earnings presentation, Nov 12, 2025
Slide 1: Stock exchange cover letter: Investor Presentation
CSD/BSE&NSE/BM/2025-26 November 12, 2025 To To The Manager The Manager Department of Corporate Services Listing Department BSE Limited National Stock Exchange of India Limited 25th Floor, P. J. Towers, Exchange Plaza, Bandra Kurla Complex Dalal Street, Mumbai - 400 001 Bandra (E), Mumbai – 400 051 S
Slide 2: Investor Presentation Q2FY2026 November 2025
Cohance INVESTOR PRESENTATION Q2FY2026 NOVEMBER 2025
Slide 3: Disclaimer
This document and information herein is solely for information purposes and must not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments. This document may not be altered in any way, transmitted to, copied or d
Slide 4: Agenda
Executive Summary Business wise strategy 04 19 Strengthening the Financial Performance foundation 1HFY26 08 37 Business Metrics ESG 10 41 Talent and Capability Annexure Expansion 16 43 3
Slide 5: Executive Summary
Cohance EXECUTIVE SUMMARY
Slide 6: Macro and Customer Sentiment
Macro and Customer Sentiment Global CDMO demand remains positive especially from an India perspective: both on RFQ flow but also intent from customers to diversify supply chains.. Pricing environment remains rational, with emphasis on reliability and technical depth over cost Strong BD traction
Slide 7: Mid- to Long-Term Growth Drivers and 1HFY26 Performance
Mid- to Long-Term Growth Drivers: Given the lumpy nature of the business, we are focused on Input Metrics stated below. Mid-longer term success will be a function of driving success on the below metrics Customer Base Expansion – Deepening engagement with global innovators and broadening biotech co
Slide 8: API+ and Specialty Chemicals Update
API+: declined by 4% YoY; lower growth primarily on Nacharam plant shutdown o Steady innovator demand and new validation momentum o Pipeline: • API: Focused on faster and higher new product development – targeting 10 molecules in FY26 (vs ~7 historically); 5 regulatory filings completed YTD • FDF:
Slide 9: Strengthening the foundation
Strengthening the foundation 8
Slide 10: Building blocks in place on tech-led capability
Right building bocks in place on tech-led capability as we scale Q2 performance impacted given lumpy nature of business but healthy progress across all businesses Strong customer engagements, now working with 20 of the top 20 global innovators Niche technologies revenue share crossed 17% in
Slide 11: Business Metrics
Cohance BUSINESS METRICS
Slide 12: Q2FY26 Financial Highlights
Q2FY26 performance: Q2FY26 Financial Highlights Q2FY26 marks our second quarter of consolidated reporting post-merger under the unified Cohance Lifesciences platform. -8% 14% The platform revenue growth was 14%YoY, adjusting for the large two commercial products de-stocking Revenue growth (YoY) Re
Slide 13: 1HFY26 Financial Performance
INR mn Particulars 1HFY25 1HFY26 YoY • Revenue growth of 20% YoY adjusted for inventory destocking was driven by growth in Pharma CDMO and Spec Chem Revenue from Operations 10,918 11,049 1.2% • Gross margins expanded from 70% to 73.8%, driven by a favorable Material costs / COGS (3,276) (2,893) Mate
Slide 14: Q2FY26 Financial Performance
INR mn Particulars Q2FY25 Q2FY26 YoY • Revenue grew by 14%YoY adjusting for inventory destocking was Revenue from Operations 6,038 5,556 -8.0% driven by Pharma CDMO and Spec Chem Material costs / COGS (1,735) (1,411) • Gross margins expanded from 71.3% to 74.6%, driven by a Material Margin 4,303 4,1
Slide 15: Consolidated Financials 1HFY26
Consolidated Financials Operational Revenue (INR mn) Adjusted EBITDA (INR mn) Margin (%) Adjusted PAT (INR mn) Margin (%) 10,918 11,049 32.3% 20.7% 23.8% 11.8% 20% adjusting for de-stocking 3,529 2,630 2,258 1,302 1HFY25 1HFY26 1HFY25 1HFY26 1HFY25 1HFY26 Pharma CDMO (INR mn) Agri & Spec Chem (INR m
Slide 16: Consolidated Financials Q2FY26
Consolidated Financials Operational Revenue (INR mn) Adjusted EBITDA (INR mn) Margin (%) Adjusted PAT (INR mn) Margin (%) 35.8% 6,038 23.9% 5,556 23.2% 14% 12.8% adjusting for de-stocking 2,163 1,289 1,444 710 Q2FY25 Q2FY26 Q2FY25 Q2FY26 Q2FY25 Q2FY26 Pharma CDMO (INR mn) Agri & Spec Chem (INR mn) A
Slide 17: Talent and Capability Expansion
TALENT AND CAPABILITY EXPANSION 16
Slide 18: Expanded and strengthened leadership and functions
Executive Expanded and Chairman All CXO positions in strengthened SHARED place Business SERVICES Development, Quality BUSINESS & R&D functions PARTNERS CDMO API+ SpecChem QUALITY Most new hires from leading Operations Operations Operations Indian pharma SCM companies R&D function R&D R&D R&D bolster
Slide 19: Celebrating Transformation and Building Connections at CPHI
Celebrating Transformation and Building Connections at CPHI CDMO: 70+ meetings with innovators and potential partners; encouraging feedbacks ; strong intent to expand collaborations API+: 220+ scheduled meetings and 50+ walk-ins, significant interest in Cohance’s API+ integrated offering Supply chai
Slide 20: Business Wise Strategy
BUSINESS WISE STRATEGY 19
Slide 21: Deepen – Diversify – Derisk: Core framework driving growth
Deepen – Diversify – Derisk: Core framework driving growth Deepen: Strengthen innovator & customer relationships Diversify: Expand across ADCs, Oligos, and niche APIs Derisk: Balance modalities & geographies via India–US integration Transition from trusted supplier → strategic CRDMO partner Vision:
Slide 22: Pharma CDMO, Specialty Chemicals and API+ strategy
Pharma CDMO Specialty Chemicals API++ 41% of Sales 13% of Sales 46% of Sales Small Molecules Strategic Business Unit to focus on Focused portfolio and market 16 Commercial Patented molecules growth acceleration by adding new leadership in low-mid volume, customers and new products specialty AP
Slide 23: Pharma CDMO
Cohance PHARMA CDMO
Slide 24: Customer centricity and strengthening technology modalities
Our 30+ year relationships with global innovators and proven expertise in scaling up hazardous chemistry, complex chiral and multi step synthesis offer us a significant and unique advantage. Customer Centricity and Readiness: o Customer at the core of all initiatives — delivering reliability, spee
Slide 25: Pharma CDMO pipeline and Phase III progress
Commercial pipeline continues to be strong – 2 molecule moving to commercial o Active pipeline of 100+ projects spanning Phase I to Phase III Phase III pipeline o Performance impacted by customer destocking of two key molecules, and some delays in Phase III molecules Phase III intermediate reloads
Slide 26: Niche technology and customer engagement
Niche Technology & Customer Engagement o Added 17 new customers to the ADC platform this calendar year, including two large global innovators o OEB6 high-containment block ready at Nacharam already partly booked for a customized payload program with a major U.S. innovator o Recent visits of large
Slide 27: ADC Platform and Oligonucleotides Platform
ADC PLATFORM – Commercial Payloads to Bioconjugation Expand portfolio of commercial payloads with back integration in India to ensure supply security Customize payloads, linkers, payload-linkers with or without IP enabling pharmaceutical companies to innovate Offer Bioconjugations services up
Slide 28: Expanded ADC offerings: integrated end-to-end CRDMO
Expanded ADC offerings to become an integrated End to End CRDMO Our unique capabilities in ADCs and XDCs End-to-end CRDMO Extensive Library of Integrated Service Global leadership in Uniquely positioned as Capacity augmentation Partner from Drug Payload-Linkers for Offerings: across variety Camptoth
Slide 29: Market leaders in camptothecin payloads
MARKET LEADERS SN-38 Exatecan 104+ DXd Clinically Active Compounds S-Trione Other known Jan 2025 CPT derivatives Novel CPT derivatives 28
Slide 30: Niche in Oligonucleotide building blocks
Amongst the few CDMOs globally, supplying complex building blocks for Oligonucleotides Our Niche in Oligonucleotide segment Capable of Diversified innovator Only supplier of Multi-kilo scale Mastered the Capacity Forward integrating synthesizing customer (CDMO and Tricyclo-DNA synthesis of wide chem
Slide 31: Global Clinical Active Pipeline
Global Clinical Active Pipeline R&D pipeline growth (CAGR) 2019-25 YTD 25,000 Peptides 3% Nucleic Acids (Oligos/mRNA) 14% 20,000 Antibody-Drug Conjugates (ADC) 23% Vaccines and Viral Vectors 7% 15,000 Cell and Gene Therapy 13% Biologics- Proteins/Antibodies 6% 10,000 Small Molecules - General 4% Ove
Slide 32: Agri & Spec Chem
Cohance AGRI & SPEC CHEM
Slide 33: Agri & Spec Chem as separate business unit
Empowered as separate BU; emphasis on high-value Agro & Performance Chemicals o Customer-Chemistry-Products mapped to our current strengths; focus on expand relationships Add 3 New high-quality customers on Ag Chem while continue to strengthen our relationship with existing customer base o Added
Slide 34: Ag Chem and Performance Chem engagement
Ag Chem: o Improving visibility in line with prior period commentary o Active engagement with existing Partner and new Partners in Japan and EU o Positive traction in moving up in the value chain to AIs RFPs o 4 new potential projects with AgChem Innovators from EU and Japan o Due to excess capacity
Slide 35: API+
Cohance API+
Slide 36: API+ strategic priorities
Expand product • 10 filings planned in FY26; 5 formulation launches this year – further strengthening backward validations integration and customer stickiness Move up the • Leverage value chain presence to increase coverage. Add more Lifecycle management value chain opportunities Add new customers;
Slide 37: API+ product validations and Nacharam shutdown
Focus on increasing new product validations and launches o Key portfolio segment (CNS) continues to grow o Two new products validated; on track for nearly new product validations Increased traction in new business commercialization from new products and customers. o Business expansion: targeting 1
Slide 38: Financial Performance 1HFY26
FINANCIAL PERFORMANCE 1HFY26 37
Slide 39: P&L Snapshot
INR mn YoY YoY P&L Snapshot FY24 FY25 Q2FY25 Q2FY26 1HFY25 1HFY26 Q2 1H Revenue 23,922 26,083 6,038 5,556 10,918 11,049 -8.0% 1.2% • Q2FY26 marks our second quarter of COGS (8,140) (8,163) (1,735) (1,411) (3,276) (2,893) consolidated reporting post-merger, with Material Margin 15,782 17,920 4,303 4,
Slide 40: Balance Sheet Snapshot
INR mn Balance Sheet Snapshot1 FY24 FY25 1HFY26 • The combined balance sheet remained net Property, plant and equipment (PPE) 3 10,649 15,583 15,624 cash positive at INR 3.9 bn as of 1HFY26, Right of use asset (RoU) 762 2,418 2,369 despite capex and recent acquisitions— underscoring strong internal
Slide 41: Key Ratios (Adjusted)
Key Ratios (Adjusted) FY24 FY25 1HFY26 Basis Net Working Capital (as days of sales) 153 136 121 NWC / Revenue * 365 days PPE (as % of sales) 42.9% 57.2% 57.1% PPE / Revenue Capex spend during the year (INR mn) 2,607 3,147 1,048 Capex spend (as % of sales) 10.9% 12.1% 4.0% Capex spend / Revenue (Net
Slide 42: ESG
Cohance
Slide 43: ESG Profile
We have set multi-dimensional ESG goals Our achievement Environment Social Governance Up coming milestones Achieved B rating in Climate Platinum in Eco Vadis Reduce absolute Change and Water in 2024, Scope 1,2 and 3 Employees undergo Ethical non- Sustainability assessment – Awaiting results for 2025
Slide 44: Annexures
ANNEXURES 43
Slide 45: Manufacturing sites and facilities
Lab & Kilo scale Pilot and Commercial scale (~3,000+ kL capacity) Pharma CDMO Genome valley, Nacharam, Hyderabad Princeton, Suryapet, Pashamylaram, Vizag, Nacharam, Jeedimetla, Hyderabad Hyderabad (Oligo CoE) New Jersey Telangana Hyderabad Andhra Pradesh Hyderabad API+ Atchutapuram, Jaggaiahpet, Ank
Slide 46: Moving up the capability curve
Building a technology-led CDMO - Augmenting scale organically and inorganically AIML Our niche technology mix to double in Horizon 2 Mfg Horizon 3 Horizon 2 Horizon 1 Enzymatic synthesis Moving up the capability curve End to end integrated Flow CRDMO in ADC with NJ Bio Chemistry Peptides Niche tech
Slide 47: CDMO Market by Technology and Projected Growth
CDMO Market by Technology – Market Size and Projected Growth (2023-29) 40.00% Suven High-Growth Technology Platforms 35.00% Protein Degraders (~$100 mn) 30.00% Cell and Gene Therapy ADC ($2.7 bn) Expected Market Growth (2023-29) Oligonucleotides and Nucleic Acid 25.00% ($1.5 bn) 20.00% Biologics 15.
Slide 48: Strong expertise in high growth segments vs peers
We have built strong expertise in high growth segments and will continue to invest in these segments organically and inorganically Indian CDMOs Global CDMOs Cohance Peer 1 Peer 2 Peer 3 EU Peer 1 EU Peer 2 Chinese Peer Specialized Technologies – Small Molecules HPAPI – Cytotoxic Drugs
Slide 49: Leading technology-led innovator focused global CDMO
Established a Leading Technology-led innovator focused Global CDMO in short period of time Today 2030 2035 Revenue* = $ 335 mn+ Revenue = $ 1 bn+ Revenue = $ 2 bn+ (INR 85 bn) 58%+ CDMO 90%+ CDMO 80%+ CDMO Professionally managed team Scale acquired in short span via business combinations Global Pres
Slide 50: Investor Relations contacts
Cyndrella Carvalho, Head - Investor Relations Cohance Lifesciences Ltd Email: cyndrella.carvalho@suvenpharm.com Gavin Desa / Rishab Barar CDR - India Tel: +91 98206 37649/ +91 77770 35061 Email: gavin@cdr-india.com / rishab@cdr-india.com 49
Slide 51: Thank You
Conhance THANK YOU
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