Cohance Lifesciences Ltd · NSE:COHANCE
Cohance Lifesciences — Q3 FY26 Earnings Presentation
32 slides from Cohance Lifesciences's earnings presentation, Feb 12, 2026
Slide 1: Stock exchange cover letter
CSD/BSE&NSE/BM/2025-26 February 12, 2026 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: Q3 and 9M FY26
Cuhance Q3 and 9M FY26 FEBRUARY 12, 2026
Slide 3: Disclaimer
DISCLAI MER CJ hance 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, transm
Slide 4: Table of Contents
TABLE OF CONTENTS C hance Executive summary Business wise Strategy 04 15 Business and Financial Annexure performance 07 26 3
Slide 5: Executive Summary
Cohance EXECUTIVE SUMMARY
Slide 6: Key Highlights 9MFY26
EXECUTIVE SUMMARY CJ hance Key Highlights 9MFY26 FY26 represents a transition and bottoming phase, driven by portfolio mix changes, customer-led inventory normalisation, and timing shifts across select programmes FY26 revenue guidance is revised to an early-to-mid double-digit decline, reflectin
Slide 7: Business Performance Overview
BUSIN ESS PERFORMANCE OVERVIEW C hance PHARMA CDMO: NAVIGATING NEAR TERM CHALLENGES Conversion slower than expected due to customer-led reload delays and payload-intermediate offtake timing, driven by elevated inventories and launch reprioritisation Beyond the two de-stocking molecules, some mat
Slide 8: Business and Financial Performance
BUSINESS AND FINANCIAL PERFORMANCE 7
Slide 9: 9MFY26 Financial Highlights
SNAPSHOT-9MFY26 FREE CASH GENERATION OF INR 1.75BN C hance 9MFY26 performance: 9MFY26 Financial Highlights The Revenue increased by 9.3% YoY in 9M adjusting for the de-stocking of the large two commercial products (6.7%) 31.6% 9.3% Pharma CDMO decline by 12.7% YoY while adjusting for the de-stoc
Slide 10: 9MFY26 Consolidated Financial Results
9MFY26 CONSOLIDATED FINANCIAL RESULTS - GROSS MARGINS at 72.8% C hance INR mn Particulars 9MFY25 9MFY26 YoY Revenue from Operations 17,681 16,494 -6.7% • Adjusting for inventory de-stocking, revenue growth was 9.3% Material costs / COGS (5,165) (4,482) YoY driven by Spec chem and subsidiary consolid
Slide 11: Q3FY26 Consolidated Financial Results
Q3FY26 CONSOLIDATED FINANCIAL RESULTS - GROSS MARGINS at 70.8% C hance INR mn Particulars Q3FY25 Q3FY26 YoY Revenue from Operations 6,762 5,446 -19.5% • Adjusting for inventory de-stocking, revenue declined by 7.0% Material costs / COGS (1,888) (1,589) QoQ reflecting the lumpy nature of commercial d
Slide 12: Q3FY26 Business Performance Overview
Q3FY26 -BUSINESS PERFORMANCE OVERVIEW C hance Consolidated Financials Operational Revenue (INR mn) 6,762 5,446 - Adjusted EBITDA (INR mn) 38.7% Margin (%) - Adjusted PAT (INR mn) 24.6% Margin (%) 15.6% 3.9% 2,620 847 1,661 211 Q3FY25 Q3FY26 Q3FY25 Q3FY26 Q3FY25 Q3FY26 •••••••••••••••••••••••••••••••
Slide 13: 9M FY26 Business Performance Overview
9M FY26 -BUSINESS PERFORMANCE OVERVIEW C hance Consolidated Financials Operational Revenue (INR mn) 17,681 _,,_-6.7% ➔ 16,494 - Adjusted EBITDA (INR mn) 34.8% Margin (%) - Adjusted PAT (INR mn) 22.2% Margin (%) 21.1% 9.2% 6,148 3,477 3,917 1,513 T 9MFY25 9MFY26 9MFY25 9MFY26 9MFY25 9MFY26 ••••••••••
Slide 14: Balance Sheet as on December 31, 2025
BALAN CE SH EET AS ON DECEMBER 31, 2025 C hance INR mn Balance Sheet Snapshot1 FY24 FY25 9MFY26 Property, plant and equipment (PPE) 3 10,649 15,583 17,814 Right of use asset (RoU) 762 2,418 2,307 • The combined balance sheet remained net cash positive at INR 1.75 bn as of Q3FY26, despite capex and r
Slide 15: Financial Ratios 9M FY26
FINANCIAL RATI OS 9M FY26 C hance Key Ratios(Adjusted)# FY24 FY25 9MFY26 Basis Net Working Capital (as days of sales) 153 136 128 NWC / Revenue * 365 days PPE (as % of sales) 42.9% 57.2% 69.0% PPE / Revenue Capex spend during the year (INR mn) 2,607 3,147 1,611 _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _! - - -
Slide 16: Business Wise Strategy
BUSINESS WISE STRATEGY 15
Slide 17: Our Growth Engines
OUR GROWTH ENGINES - PHARMA CDMO KEY DRIVER C hance Pharma CDMO Specialty Chemicals API++ 39% of Sales 12% of Sales 49% of Sales Small Molecules Strategic Business Unit to focus on Focused portfolio and market 00 16 Commercial Patented molecules growth acceleration by adding new leadership in
Slide 18: Pharma CDMO
Cohance PHARMA CDMO
Slide 19: Medium to Long Term Strategic Approach
MEDIUM TO LONG TERM STRATEGIC APPROACH 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 ini
Slide 20: Pharma CDMO Additional US FDA Approval from Pipeline
PHARMA CDMO ADDITIONAL US FDA APPROVAL FROM PIPELINE C hance Small Molecules Near-term revenues impacted by customer-led delays in reloads and payload-intermediate Phase III pipeline offtake, driven by high inventories and launch reprioritisation ■ Phase III molecules • Phase III intermediate Ad
Slide 21: ADC and Oligos: Longer Term Outlook Intact
ADC AND OLIGOS: LONGER TERM OUTLOOK C hance INTACT ADC Near-term demand influenced by biotech funding cycles, though customer programme remain active Exclusive payload intermediate supplier to a major innovator One new ADC payload DMF filed; three additional payload filings progressing as planned US
Slide 22: Addressable Market for Cohance as a CRDMO
AD DRESSABLE MARKET FOR COHAN CE AS A C RDMO C hance MARKET LEADERS ♦c SN-38 J Addressable market size(US $3.88bn) 2029E US$150-180mn US$700-800mn US$1.2-1.5bn US$1.5-1.7bn r---------- ►( ~220mn Payload Exatecan _ _) ~60mn ~185mn ~370mn Linker ~310mn ►( DXd ) ~85mn C) ~260mn ~510mn Bioconjugation ~1
Slide 23: API+
Cohance API+
Slide 24: API+ Continues to Track Growth
API+ CONTIN UES TO TRACK GROWTH C hance Near-term moderation driven by shipment timing adjustments and pricing normalisation in select mature products Core products and newer filings continue to provide diversification and sustainable growth pipeline DMF & CEP filings on track: 8 filings completed
Slide 25: Specialty Chemical
Cohance SPECIALTY CHEMICAL
Slide 26: Spec/Ag Chem Progress in Line with Plan
SPEC/Ag CHEM PROGRESS IN LINE WITH PLAN C hance Continued engagement FY26 impacted by with a large EU-based regulatory timing and agrochemical longer qualification customer, supporting cycles, inherent to medium-term pipeline the business model visibility Strengthening R&D and Two new customers proc
Slide 27: Annexures
ANNEXURES 26
Slide 28: ESG Aspirations
ESG ASPIRATIONS C hance We have set multi-dimensional ESG goals Our achievement Environment Social Governance Up coming milestones Platinum in Eco Vadis ■ ./ Reduce absolute ...lmll: Achieved B rating in Climate PLATINUM Employees undergo Sustainability assessment – Scope 1,2 and 3 cv 100% ZERO Ethi
Slide 29: Platform Organization
PLATFORM ORGANIZATION C hance Executive Expanded and Chairman All CXO positions in strengthened SHARED place Business SERVICES Development, Quality & R&D functions i i i BUSINESS PARTNERS CDMO API+ SpecChem ( QUALITY ) Most new hires from leading R&D function Operations R&D Operations Operations ( S
Slide 30: R&D and Manufacturing Facilities
R&D AN D MANUFACTURING FACILITIES C hance Lab & Kilo scale Pilot and Commercial scale (~3,000+ kL capacity) ,_____ _1_ _ _ _ ______.I I___ _lilt_ _ _ _ _ _ _ _ _ __ Pharma CDMO Genome valley, Nacharam, Hyderabad Princeton, Suryapet, Pashamylaram, Vizag, Nacharam, Jeedimetla, Hyderabad Hyderabad (Oli
Slide 31: Contact Information
CONTACT INFORMATION C hance 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 30
Slide 32: Thank You
Cuhance THANK YOU