Cohance Lifesciences reported FY26 revenue of Rs 2,268.55 crore, down from Rs 2,608.50 crore, as the company balanced inventory normalization and US FDA remediation efforts. Despite bottom-line pressure with a profit of Rs 150.12 crore, the firm is doubling down on high-growth ADC and oligonucleotide platforms.
Cohance Lifesciences FY26 Results: Revenue dips to Rs 2,268.55 Cr, Profit stands at Rs 150.12 Cr
Reader Takeaway: Strong progress in ADC and oligonucleotide platforms is currently weighed down by US FDA remediation at the Nacharam facility.
What just happened
Cohance Lifesciences has released its FY26 annual report, detailing its first full year of operations post-merger. Consolidated revenue stood at Rs 2,268.55 crore, a decline from the previous year’s Rs 2,608.50 crore. The profit for the year was reported at Rs 150.12 crore, compared to Rs 484.24 crore in the prior period. Adjusted EBITDA for the year was recorded at Rs 477.5 crore.
Why this matters
The company is navigating a transition period marked by inventory destocking and regulatory hurdles. While core CDMO operations remain active with 10 Phase III molecules, the temporary shutdown of the Nacharam site for US FDA remediation has impacted financial outcomes. However, the company maintains a healthy net cash position of Rs 152.7 crore.
Business and Operations Update
Growth efforts are centered on specialized segments. The Antibody-Drug Conjugate (ADC) platform saw NJ Bio complete five GMP bioconjugation batches, while the oligonucleotide facility at Nacharam is nearing commercial readiness. Additionally, the company's Jaggaiahpet API site successfully cleared a US FDA audit with zero observations.
Risks to watch
The primary concern for investors remains the status of the Nacharam formulations site. Following an OAI classification and a Warning Letter from the US FDA in February 2026, the company initiated a voluntary shutdown for remediation. While non-US shipments have resumed, the timeline for full US supply restoration remains a key variable for near-term performance.
What to track next
Watch for updates on the remediation progress at Nacharam and the commercial scale-up of the oligonucleotide facility. Future revenue recovery will largely depend on normalizing supply chains and the successful scaling of high-growth modalities like ADCs.