Cohance Lifesciences is an integrated CDMO providing custom synthesis, process R&D, scale-up and contract manufacturing of intermediates, APIs, formulated drugs, ADC payloads and oligonucleotide building blocks for global pharma, biotech and specialty-chemical innovators, with manufacturing and R&D facilities across India and a presence in New Jersey supporting advanced modalities.

The company is in a transition phase with FY26 impacted by customer-led de-stocking and timing shifts, leading to an early-to-mid double-digit revenue decline guidance while management expects recovery and return to growth in FY27 as Phase III and commercial programmes convert for Cohance Lifesciences.

Advanced modality investments remain strategic: Cohance is the exclusive ADC payload intermediate supplier to a major innovator, has filed new ADC DMFs, and is commissioning a USD 10m US cGMP expansion to support Phase 2b supply, underscoring continued focus on high-value, differentiated technology platforms.

Operationally Cohance generated free cash flow and retained net cash of INR 1.76 billion in 9MFY26 despite capex of INR 1.61 billion towards oligo and capacity expansion, demonstrating resilient cash generation while absorbing integration and remediation costs.

Quality and governance actions are central: the company embedded senior quality leadership, engaged external advisors after an OAI→Warning Letter event at Nacharam FDF, and reports OTIF above 95%, positioning quality remediation and regulatory engagement as enablers for future scale at Cohance Lifesciences.