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Q2FY2026 NOVEMBER 2025
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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 distributed, in part or in whole, to any other person or to media or reproduced in any form, without prior written consent Cohance Lifesciences. This document is based on information obtained from public sources and sources believed to be reliable and information contained in this presentation concerning our industry, competitive position and the markets in which we operate is based on information from independent industry and research organizations, other third-party sources and management estimates. Under no circumstances shall Cohance Lifesciences or its employees, consultants, agents or representatives be liable for any costs, expenses, losses, claims, liabilities, or other damages (whether direct, indirect, special, incidental, consequential, or otherwise) that may arise from, or be incurred in connection with, the content or any use thereof. 2
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3 Executive Summary 04 08 Strengthening the foundation 10 Business Metrics 19 Business wise strategy 37 Financial Performance 1HFY26 41 ESG 16 Talent and Capability Expansion 43 Annexure
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4 EXECUTIVE SUMMARY
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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 at CPHI Frankfurt 2025 with multiple new European and Japanese leads under evaluation o Supply chain de-risking becoming the focus for all the large innovators o Niche modalities grabbing core attention for Innovators/ Bio-techs — reflecting growing recognition for our differentiated platform Year so far Strengthening the Foundation o FY26 remains a year of operational consolidation and capability enhancement with Cohance advancing toward a scalable, customer-centric, and science-led CDMO model o The company is executing a structured organization upgrade program focused on five capability pillars to support its 2030 $1B (INR 8500B) vision: • Technical & Capability Expansion: Enhancing expertise across high-potent synthesis, payload-linker chemistry, and oligonucleotide platforms • Organisation, Talent & Leadership Depth: Strengthening 3 SBU structure, each with experienced BU CEO, Expanding and upgrading talent and teams across BD, Ops and R&D • EAB Engagement: The External Advisory Board is actively steering capability investments in ADC payload diversification, oligo scale-up, complex small- molecule technology platforms and guiding the company’s customer centric strategy • Cultural Transformation: Embedding a performance-driven, customer-first, and science-led mindset across all BUs • R&D, Quality, Regulatory and ESG: A) Achieved 22 successful US FDA audits and initiated several new customer projects B) Received Eco Vadis Gold rating for Cohance. Challenges in FY26 o Pharma destocking in some key molecules and delayed reloads of a few Phase 2-3 molecules: affecting near term growth o Nacharam plant shutdown - awaiting audit clearance: to ensure best quality and regulatory practices; order shipment delays for FDF due to plant shutdown – production now resumed in phased manner o Slowdown in biotech funding: NJ Bio has seen project shipments pushed by 2-3 quarters due to extended CMC timelines from partners 5
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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 coverage Pipeline Breadth – Growing high-potent, ADC, and oligo programs across early- and late-phase portfolios RFQ Funnel Quality – Improved ratio of high-value late-stage RFQs New product validation, filings and customer qualification for API+ Capability Investments – Scale-up of OEB-6 block, GMP oligo lab, analytical infrastructure at Sapala, de-bottlenecking capacity Business & Financial Performance (1HFY26) CDMO: reported a decline of 4%YoY primarily driven by impact of de-stocking in two commercial molecules and delays in some Phase 2-3 reloads and Biotech funding impact in NJ Bio. o Small molecules: • Phase II contract executed from new customer with additional Phase I and advanced programs under finalization — evolving into a multi-workstream partnership • Continued inflow of RFQs in Q2, spanning early- to late-phase intermediates; ADC category doubled sequentially • 9 active Phase 3 programs; 4 progressing to commercial supply within 12–18 months, of which 2 are US FDA-approved and entering the launch phase o ADC / High-Potency: • Multiple payload classes in development; 2 new project conversions expected in 2H • Adjacent payload: received the order from a new partner and looking forward to higher engagement with the partner • ADC Platform: Visibility strengthened with new projects under negotiation from Innovators • Ongoing Capex execution for niche modalities like payload-linker • NJ Bio (U.S.) continues to scale its conjugation and discovery services, with 17 new biotech additions YTD CY25 and higher ADC project conversions. Audits from three large innovator companies are scheduled in 2H. Some shipments have been moved by 2-3 quarters due to CMC delays o Oligonucleotides: • Repeat orders from U.S., EU and Japan innovators; Awaiting faster progress readout on orphan drug status drug in the pipeline • cGMP lab inaugurated. First customer GMP audits scheduled (Oct–Nov 2025) from key innovators across US/EU/Japan 6
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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: 5 launches in FY26 expected with 11 additional pipeline projects under development o FDF Operations: Nacharam unit will need some time to normalise the order shipments Specialty Chemicals (Agro + Performance Chem): reported a growth of 84% YoY o Ag Chem: • Continuing to see macro recovery with more to come • Sustained focused on both existing and customer engagement; 4 RFP projects received from a large Ag Chem innovator • Active collaborations continue with existing customers and newly added Japanese customer o Performance Chem: • OLED engagements expanding with existing innovator customer and new global clients Revised Outlook for FY26 Given the current challenges, we’re expecting FY26 to deliver flattish revenue growth YoY However, given deferred shipments from 1H, new commercial project wins, and audit clearances, we expect 2H performance to be better vs 1H Mid-longer-term outlook Near term FY27: We expect growth to come back in FY27. We shall see growth on the back of new wins, existing business but also re-stocking and re-loads on the CDMO side of business, which has impacted negatively this year. Given higher visibility on the same should emerge in the next 1-2 quarters, we will provide a more informed guidance by Q3/Q4 FY26 Longer Term: Maintained our mid-longer guidance of US$1bn (INR 85bn) with mid 30’s EBITDA margins given investments and building blocks of the business. We believe that we will be able to recoup operating leverage from the upfront investments made over last 12-18 months. 7
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8 Strengthening the foundation
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Pharma CDMO Advancements ADC Platform & Bioconjugation Growth Oligonucleotide Platform Ag Chem and Performance Chemicals API+ & Formulation Updates 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 1HFY26 vs mid-teens in FY25; tracking to low-20s in FY26 9 Continued traction in late-phase and differentiated programs New CDAs/MSAs signed with major innovators and bio-techs Notable wins include: o High containment OEB4 project from a global innovator o A Life cycle management opportunity from a leading global innovator for a branded product API Dedicated OEB6 high- containment block customized payload programs at Nacharam Significant new order win for integrated ADC platform. Increased RFQs for linker synthesis First adjacent payload program received US subsidiary progressing, with cGMP suite expansion planned in Princeton Nacharam cGMP facility progressing toward operational readiness by end-CY25 Strong interest in early- stage oligo building block programs Scheduled customer audits and quality system ramp-up in the coming quarters Early-stage programs with a mix of large pharma, mid-sized innovators, and niche diagnostics companies Established as a separate Strategic Business unit (SBU) Ag Chem business gaining visibility; Performance Chemicals showing consistent engagement with global innovators Strategic partnerships in high-purity electronic chemicals such as OLED intermediates and niche - cosmetics and photochromic lenses; Differentiation through high-purity manufacturing, and backward integration 4 new API products validated; 10 more underway Deep partnerships in controlled substances and complex-niche APIs Multiple customers in regulated markets with sustained demand visibility and potential for multi-year supply contracts Formulation: Partnered products Modalities Expansion Developing next-gen modalities: PEGylated antibodies, siRNA, AOCs Advancing versatile payload-linker platform including siRNA and PBD constructs Enhanced analytical capabilities (bioassay, cytotoxicity testing) supporting IND studies
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10 BUSINESS METRICS
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Pharma CDMO 41% Spec Chem CDMO 13% API + 46% Q2FY26 performance: Q2FY26 marks our second quarter of consolidated reporting post-merger under the unified Cohance Lifesciences platform. The platform revenue growth was 14%Yo Y, adjusting for the large two commercial products de-stocking Pharma CDMO reported a decline by 8% YoY Niche technologies a significant contributor to CDMO growth, revenue share was at over 17%, expected to be in low 20s by end of FY26. Specialty Chemicals (including AgChem) posted 166% YoY growth, aided by a rebound in the AgChem cycle on a low base API+ segment reported decline of 22% Yo Y, due to shipment delays and demand cycles Gross margins expanded to 3.3%, benefiting from a favorable mix and increased contributions from niche technologies and recent acquisitions Adjusted EBITDA margin stood at 23.2%, reflecting platform-wide investments and consolidation of NJ Bio, both of which are currently in investment and high growth phases Key highlights of H1FY26 Free cash flow generated of INR 1.7 Bn. Cash on books stood at INR 3.91Bn, maintaining a healthy liquidity position Capex of INR 1.05Bn deployed, primarily towards Nacharam facility expansion for oligo and high-containment capabilities Revenue growth (YoY) -8% Revenue growth (YoY) excluding de-stocking 14% Total Revenue INR 5.56 bn Adjusted EBITDA INR 1.29 bn* Adjusted Profit after Tax INR 0.71 bn* EBITDA% excl. one time 23.2% Adjusted PAT % 12.8% Q2FY26 Financial Highlights Segmental Revenue Q2FY26 – CDMO share at 54% Notes: 1. Adjusted EBITDA is after One-time adjustment for ESOP, Merger and acquisition costs of Rs. 54 mn in Q2 FY26 Vs Rs.80 mn in Q2 FY25 2. Adjusted PAT is after One-time adjustment for ESOP, Merger and acquisition costs (Net of tax) 11 Niche Tech as % of revenue >17%
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12 • Revenue growth of 20% YoY adjusted for inventory destocking was driven by growth in Pharma CDMO and Spec Chem • Gross margins expanded from 70% to 73.8%, driven by a favorable business mix and contribution from recent acquisitions • Significant investments made towards onboarding teams to drive 2030 Vision. Concurrently we continue to invest in enhancing our scientific, technical, and commercial capabilities across the platform • These investments are strategic and aligned with our long-term goal of delivering sustainable, modality-led growth INR mn Balance Sheet Highlights As on 30th September 2025 Shareholders' funds 37,877 Non-Controlling Interests 1,369 Net Fixed assets 35,096 Other net assets 1 2,459 Net cash/(debt)2 1,691 Total Use of Funds 39,246 INR Mn 1) Other assets calculated as Inventories + Trade receivables + Non-current investments + Current tax assets + Other assets less Trade payables + deferred tax liabilities + Other liabilities +Forward liability at the end of the period . 2) Net cash/(debt) calculated as the cash & cash equivalents (cash and bank balances + current Investments) less Total debt (Short-term and Long-term borrowings) at the end of the period. Note: 1. 1HFY25 consolidated figures are restated pursuant to Merger and does not include NJ BIO 2. EBITDA(Adjusted) is after One-time adjustment for ESOP, Merger and acquisition costs of Rs.225 Mn in 1HFY26 Vs Rs.161 Mn in 1HFY25 3. Exceptional item for 1HFY26 Rs.81 Mn represents one -time restructuring costs incurred due to merger of the Company with erstwhil e Cohance Lifesciences Limited 4. PAT (Adjusted)is after One-time adjustment for ESOP, Merger and acquisition costs (Net of tax) 5. PAT(Reported) is after considering Loss attributable to NCI Rs.102 Mn in 1HFY26 Vs Rs.2 Mn in 1HFY25 for Sapala& NJ Bio Particulars 1HFY25 1HFY26 YoY Revenue from Operations 10,918 11,049 1.2% Material costs / COGS (3,276) (2,893) Material Margin 7,642 8,156 6.7% Material Margin % 70.0% 73.8% Manufacturing Expenses (1,399) (2,017) Employee Cost (1,980) (2,600) Other Expenses (959) (1,189) Total Expenses (4,338) (5,806) EBIDTA (Reported) 3,305 2,350 -28.9% EBIDTA (Reported) % 30.3% 21.3% FX MTM gain 63 56 Onetime expenses 161 225 EBIDTA (Adjusted) 3,529 2,630 -25.5% EBIDTA (Adjusted) % 32.3% 23.8% Depreciation & Amortization (691) (892) Finance costs (198) (189) Other income 293 222 PBT (Adjusted before exceptional items) 2,933 1,771 -39.6% Exceptional Items - (81) Adjusted PBT 2,933 1,690 Tax(Adjusted) (675) (388) PAT (Adjusted) 2,258 1,302 -42.3% PAT Margin % 20.7% 11.8% PAT (Reported) 2,140 1,230 PAT Margin % 19.6% 11.1%
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13 • Revenue grew by 14%YoY adjusting for inventory destocking was driven by Pharma CDMO and Spec Chem • Gross margins expanded from 71.3% to 74.6%, driven by a favorable business mix and contribution from recent acquisitions • API+ business underwent a plant shutdown to mitigate risk on the OAI status and will be resuming in phased manner, this drove certain shipment delays • We continue to invest in enhancing our scientific, technical, and commercial capabilities across the platform. These investments are strategic and aligned with our long-term goal of delivering sustainable, modality-led growth Note: 1. Q2 FY25 consolidated figures are restated pursuant to Merger and does not include NJ BIO 2. EBITDA(Adjusted) is after One-time adjustment for ESOP, Merger and acquisition costs of Rs. 54 mn in Q2 FY26 Vs Rs.80 mn in Q2 FY25 3. PAT(Adjusted) is after One-time adjustment for ESOP, Merger and acquisition costs (Net of tax) 4. PAT(Reported) is after consideringr Loss attributable to NCI Rs.77 Mn in Q2FY26 Vs Rs.2 Mn in Q2FY25 for Sapala & NJ Bio Particulars Q2FY25 Q2FY26 YoY Revenue from Operations 6,038 5,556 -8.0% Material costs / COGS (1,735) (1,411) Material Margin 4,303 4,144 -3.7% Material Margin % 71.3% 74.6% Manufacturing Expenses (746) (1,041) Employee Cost (1,021) (1,267) Other Expenses (483) (607) Total Expenses (2,249) (2,915) EBIDTA (Reported) 2,054 1,229 -40.2% EBIDTA (Reported) % 34.0% 22.1% FX MTM gain 29 6 Onetime expenses 80 54 EBIDTA (Adjusted) 2,163 1,289 -40.4% EBIDTA (Adjusted) % 35.8% 23.2% Depreciation & Amortization (378) (440) Finance costs (96) (88) Other income 133 130 PBT (Adjusted before exceptional items) 1,822 891 -51.1% Exceptional Items - - Adjusted PBT 1,822 891 Tax(Adjusted) (378) (181) PAT (Adjusted) 1,444 710 -50.8% PAT Margin % 23.9% 12.8% PAT (Reported) 1,386 741 PAT Margin % 23.0% 13.3% INR mn
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2,258 1,302 20.7% 11.8% 1HFY25 1HFY26 Adjusted PAT (INR mn) Margin (%) 14 Consolidated Financials 10,918 11,049 1HFY25 1HFY26 Operational Revenue (INR mn) 3,529 2,630 32.3% 23.8% 1HFY25 1HFY26 Adjusted EBITDA (INR mn) Margin (%) 4,515 4,345 1HFY25 1HFY26 Pharma CDMO (INR mn) 657 1,207 1HFY25 1HFY26 Agri & Spec Chem (INR mn) 5,746 5,497 1HFY25 1HFY26 API+ (INR mn) Due to the lumpy nature of the CDMO Industry, Quarterly comparisons are not reflective of consistent performance Note: 1. Segment revenue‘s are Restated 2. Adjusted EBITDA is after One-time adjustment for ESOP, Merger and acquisition costs of Rs.225 Mn in H1 FY26 Vs Rs.161 Mn in H1 FY25 3. Adjusted PAT is after One-time adjustment for ESOP, Merger and acquisition costs (Net of tax) 20% adjusting for de-stocking
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1,444 710 23.9% 12.8% Q2FY25 Q2FY26 Adjusted PAT (INR mn) Margin (%) 15 Consolidated Financials 6,038 5,556 Q2FY25 Q2FY26 Operational Revenue (INR mn) 2,163 1,289 35.8% 23.2% Q2FY25 Q2FY26 Adjusted EBITDA (INR mn) Margin (%) 2,500 2,310 Q2FY25 Q2FY26 Pharma CDMO (INR mn) 264 702 Q2FY25 Q2FY26 Agri & Spec Chem (INR mn) 3,273 2,543 Q2FY25 Q2FY26 API+ (INR mn) Due to the lumpy nature of the CDMO Industry, Quarterly comparisons are not reflective of consistent performance Note: 1. Segment revenue‘s are Restated. 2. Adjusted EBITDA is after One-time adjustment for ESOP, Merger and acquisition costs of Rs. 54 mn in Q2 FY26 Vs Rs.80 mn in Q2 FY25 3. Adjusted PAT is after One-time adjustment for ESOP, Merger and acquisition costs (Net of tax) 14% adjusting for de-stocking
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16 TALENT AND CAPABILITY EXPANSION
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17 Executive Chairman CDMO API+ SpecChem NJBioSapala R&D Operations Commercial QUALITY SCM ESG HR FINANCE Subsidiaries Established processes and systems to optimize decision making and opportunity identification All CXO positions in place R&D function bolstered with large number of PhD additions R&D Operations Commercial R&D Operations R&D Operations R&D Operations Expanded and strengthened Business Development, Quality & R&D functions Most new hires from leading Indian pharma companies Onboarded Plant Heads & Regional Business Managers M&A Strategy Commercial CommercialCommercial SHARED SERVICES BUSINESS PARTNERS
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18 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 chain de-risking remains a strong theme: China+1 still a focus, re-shoring emerging as an opportunity Very positive traction building among customers – Exciting discussions around our capabilities
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19 BUSINESS WISE STRATEGY
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20 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: Scale, Science & Sustainability – building a $1B (INR 85bn) niche-modalities leading global CDMO
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21 Strategic Business Unit to focus on growth acceleration by adding new customers and new products Dedicated site (Vizag), Available space for future expansion Relationships with innovators in AgChem, Electronic Chemicals and Performance coatings AgChem: relationship strengthening with strategic partner, getting better traction in AIs RFQ Good progress with new AgChem partners from Japan and EU Performance Chem: Relationship with existing partners advancing to next generation products Good progress in initiating discussion with other Innovators in similar electronics application Focused portfolio and market leadership in low-mid volume, specialty APIs with low competitive intensity Ongoing augmentation of new product pipeline Built deep cost position through backward integration Top 3 player in 8 out of 10 top molecules in the API portfolio Offering end to end vertically integrated solutions including pellets and formulations We have more nearly 50 product families in the APIs and formulation business has nearly 50 ANDAs as partnered and owned put together Small Molecules 16 Commercial Patented molecules 20/20 Top innovator relations; contributing >85% revenues 9 molecules in Phase-3 translating into 15 intermediates; RFQs growing 2x ADC* Payload –linker – Bioconjugation Two unique commercial ADCs payload supplies to Large Innovators Expanding payloads portfolio and Clinical Collaborations – working with other 3 Large Pharma Innovators. Developing new customized payloads and dedicated capacities. Received an adjacent payload RFPs from EU partner Drug Discovery to commercial full chain exposure added 17 new customers in CY25 in NJ Bio, including 2 large innovator pharma companies Oligonucleotides Amongst few CDMOs globally specialized in Oligonucleotide and mRNA building blocks including specific delivery systems and Tri-cyclo-DNA cGMP on track to be ready by end of CY25; aligned customer audits to validated the plant being scheduled Pharma CDMO 41% of Sales Specialty Chemicals 13% of Sales API++ 46% of Sales
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22 PHARMA CDMO
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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, speed, and quality o Expanded technology base, both organically and inorganically, to support customer programs in complex chemistries (e.g., Flow Chemistry) o Deepening strategic partnerships with large pharma; leveraging existing networks and the EAB to accelerate growth in the next 12–18 months o Partnering with select biotech innovators on emerging modalities to stay ahead of technological advancements Strengthening our tech modalities o ADC & Oligo: Cross-sell within existing customer base and acquire new customers through niche modalities o Expand Flow Chemistry and Peptide capabilities organically and inorganically over the next 12–24 months Quality of RFP and conversions o Continue to diversify the customer base from our strategic relationship to get high quality RFPs and improve conversions (specifically laterals) Strong Process R&D capability for speed, Quality and continuous improvement Execution & Capacity Expansion to deliver on time o Strong Quality track record in US FDA approved sites o Expand capacities and improve assets for our customers (e.g. new capacity) 23
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Commercial pipeline continues to be strong – 2 molecule moving to commercial o Active pipeline of 100+ projects spanning Phase I to Phase III o Performance impacted by customer destocking of two key molecules, and some delays in reloads. Phase III pipeline steady o Our Phase III pipeline has remained sturdy comprising 9 molecules with 15 intermediates o Our innovator partner to whom we supply four intermediates for a Phase III drug has recently secured US FDA approval for this drug. o Now 2 products from phase III pipeline has secured US FDA approval. We anticipate 2 more products to receive approval over coming 8-12 months. o Successfully executed a large Phase II order for a leading global innovator, engagement increasing with further discussion on many fronts including long term agreements. Growing confidence reposed by global innovators in our integrated model o RFQs numbers and quality continue to improve, strengthening our position as a strategic partner for developments of laterals o Continued ramp-up of payload-linker programs across both in-house and customised payload platforms. Oligo and new modalities gaining higher innovator attention o Lateral share has doubled in the last quarter, and continued increased demand for complex chemistry projects. 1HFY25 1HFY26 RFQs Inflow x 2.5x 2 9 6 15 FY23 1HFY26 Phase III pipeline Phase III molecules Phase III intermediate 24
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25 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 originators customers of complex modalities for commercial drugs and development are encouraging. Programs are progressing and involvement secured. Oligonucleotides o INR230mn oligonucleotide building blocks (cGMP and non cGMP) facility started up in Nacharam. US Operations (NJ Bio) o Secured a significant early-phase contract for full ADC supply — from payload-linker synthesis to bioconjugation with potential to progress into next phase o USD 10 mn cGMP bioconjugation suite expansion underway at Princeton to scale U.S. bioconjugation capabilities up to phase II. New Modalities & Capabilities o Expanding into PEGylated antibody conjugates, siRNA conjugates, and Antibody- Oligonucleotide Conjugates (AOCs)
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26 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 to phase II IND enabling capabilities in USA attract many clients (>100) = unique know how! o Global capabilities enable us to continue with the drug development through clinicals and commercialization OLOGONUCLEOTIDES – An emerging Modality Platform Expand portfolio of customers by developing Oligo and AOC with NJ Bio and Sapala Development of a portfolio of complex building blocks for Oligo Ability to accompany customers from Pre clinical to Commercial with differentiated offering Capabilities expansion to accompany the customers in development and commercial production o Already expanded capabilities in India (Commercial production of Building blocks) o Upcoming Bioconjugations AOC up to phase II
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Discovery Preclinical Early Clinical Late clinical + Commercial US$1.5-1.7bn ~185mn ~260mn ~200mn ~370mn ~510mn ~600mn ~1.0bn ~220mn ~310mn US$1.2-1.5bnUS$700-800mnUS$150-180mn Payload Linker Bioconjugation 2029E ~60mn ~85mn ~80mn Addressable market size(US $3.88 bn) Expanded ADC offerings to become an integrated End to End CRDMO End-to-end CRDMO Partner from Drug Discovery to Commercialization Integrated Service Offerings: across variety of standard and custom Payloads, Linkers, Analytical and Bioconjugation Uniquely positioned as a Pureplay Payload Supplier: covering +80% of Payload market Extensive Library of Payload-Linkers for Discovery based on biology of the ADC target from a library of 500+ Payload- Linkers Global leadership in Camptothecin payloads; supplying to 2 commercial ADCs; leadership in S-Trione - a key intermediate in camptothecin derivatives Capacity augmentation in US & India; Portfolio expansion in new payloads and linker Our unique capabilities in ADCs and XDCs Source: : Industry data Cohance Future Addressable Market for the platform 27 < $50 bn 0 10 20 30 40 50 60 2020 2021 2022 2023 2024 2030 Market Sales (In bn Dollars) Sales of commercial ADCs GLOBAL LEADER IN TOPOISOMERASE-I PAYLOADS Source: Beacon Intelligence Database, Jan 2025 Total ADCs in Topoisomerase (Preclinical / Clinical) Expected failure rate by 2030** 247 <5%
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S-Trione SN-38 Exatecan DXd Other known CPT derivatives Novel CPT derivatives 104+ Clinically Active Compounds Jan 2025 MARKET LEADERS 28
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Amongst the few CDMOs globally, supplying complex building blocks for Oligonucleotides Nucleic acids & oligos vital for R&D in therapeutics, diagnostics, and synthetic biology. Market Growth: Moving from rare diseases to high prevalence chronic indications. Rising use in molecular diagnostics and clinical applications Increased Investments: Pharma and Biotech driving expansion Oligonucleotides market to grow at 25%+ CAGR Source: : Industry data $1B $4B FY24 FY29E Market Size ($ bn) 29 Capable of synthesizing a spectrum of modified amidites and nucleosides with excellent purity with high level of backward integration (15+ steps) Only supplier of Tricyclo-DNA Amidites in the world Mastered the chemistry of conformationally constrained nucleic acids and supply to innovators Diversified innovator customer (CDMO and Diagnostic) base with a strong Japan presence Multi-kilo scale synthesis of wide variety of GalNAc compounds supplied to Innovators with highest purity profile. Capacity augmentation: Investing in a cGMP facility to enhance capacity and drive R&D growth Our Niche in Oligonucleotide segment Forward integrating to oligonucleotide drug substance manufacturing Amidite and Galnac segments to grow significantly faster than oligonucleotides market itself
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0 5,000 10,000 15,000 20,000 25,000 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD Global Clinical Active Pipeline Small Molecules Biologics: Proteins/Antibodies Cell and Gene Therapy Vaccines and Viral Vectors ADC Nucleic Acids: Oligos and mRNA Peptides R&D pipeline growth (CAGR) 2019-25 YTD Peptides 3% Nucleic Acids (Oligos/mRNA) 14% Antibody-Drug Conjugates (ADC) 23% Vaccines and Viral Vectors 7% Cell and Gene Therapy 13% Biologics- Proteins/Antibodies 6% Small Molecules - General 4% Overall Clinical Pipeline 7% Pharmaceutical Drug R&D Trends Surging Interest in Targeted Therapies and Genetic Treatment leading to uptake in ADCs, Nucleic Acids and Cell/Gene Therapies Source: Industry data Presence in small molecules, contributing >50% of total addressable R&D pipeline (incl. Oligos, ADCs) 30
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31 AGRI & SPEC CHEM
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32 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 new Japanese customer; while small today, expanding Asian footprint o Four new RFPs from a leading global Ag Chem major in progress Focus on OLEDs amongst other areas in Spec Chem o Leverage our expertise on niche and complex chemistry capabilities; Highest purity levels Actively work on scale-up and asset optimization to accommodate upcoming commercial opportunities. Strengthening internal R&D and process intensification to handle more value-added, complex chemistries and improve throughput.
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33 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 in China & extended generics pressure; cost leadership would be key to win in this space Performance Chem – OLED & Photochromatic coatings application o Relationships with Originators in Electronic Chemicals & Photochromatic coatings o Successfully delivered innovator projects from gram to multi kilo scale o Amongst India’s leading manufacturers of high purity electronic chemicals o Highly backward integrated; Specialty Chemicals showing consistent engagement o Initiatives in progress to offer similar electronic chemical solution to other Innovators in this space
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34 API+
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• 10 filings planned in FY26; 5 formulation launches this year – further strengthening backward integration and customer stickiness • Leverage value chain presence to increase coverage. Add more Lifecycle management opportunities • Focused geographic market expansion beyond the US and EU markets • Focus on backward integration and efficiencies to sustainably be a cost leader in all existing molecules and drive-up market share Move up the value chain Add new customers; deepen the pipeline Cost leadership 35 Expand product validations • Proactive approach on Regulatory, Quality and focused capacity expansion ahead of product validations and customer approaches Regulatory, Quality and capacity
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36 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 10 DMFs filing in FY26 across US and Europe. Building pipeline of new customers’ business Nacharam OAI led plat shutdown impacted production growth to normalize in 2H o However, recent OAI on Nacharam formulations plant led to a month shutdown, impacting production schedules, which is expected to normalize in 2H o Commercialization of new product pipeline – 5 new to be commercialized in FY26 Market externalities continue to pose business risks: o Market uncertainties due to geo-political risks and evolving trade policies o Increasing competition in merchant API segment, with divestiture of API business by large integrated pharma companies
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37 FINANCIAL PERFORMANCE 1HFY26
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• Q2FY26 marks our second quarter of consolidated reporting post-merger, with revenue decline of 8% Yo Y, adjusting for de-stocking growth was 14% for Q2 and 20% for 1HFY26. • Gross margins expanded to 74% in 1HFY26, benefitting from business mix, and contribution from recent acquisitions. EBITDA margins reflects continued investments in modality- focused infrastructure and talent, alongside NJ Bio and Sapala integration • Despite inventory de-stocking in Pharma CDMO, platform fundamentals remain strong with healthy RFQ momentum, continued customer additions, and multiple near-term scale-up triggers across modalities 38 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% COGS (8,140) (8,163) (1,735) (1,411) (3,276) (2,893) Material Margin 15,782 17,920 4,303 4,144 7,642 8,156 -3.7% 6.7% Material Margin% 66.0% 68.7% 71.3% 74.6% 70.0% 73.8% Manufacturing Expenses (2,506) (3,100) (746) (1,041) (1,399) (2,017) Employee cost (3,806) (4,478) (1,021) (1,267) (1,980) (2,600) Other expenses (2,001) (2,374) (483) (607) (959) (1,189) Adjusted EBITDA (pre Fx) 7,468 7,968 2,054 1,229 3,305 2,350 -40.2% -28.9% Operating Forex gain / (loss) 102 154 29 6 63 56 One time Expenses 963 632 80 54 161 225 Adjusted EBITDA (post Fx) 8,533 8,753 2,163 1,289 3,529 2,630 -40.4% -25.5% EBITDA% 35.7% 33.6% 35.8% 23.2% 32.3% 23.8% Depreciation & Amortization (1,241) (1,669) (378) (440) (691) (892) Finance costs (721) (411) (96) (88) (198) (189) Other income 731 542 133 130 293 222 Adjusted PBT before exceptional items 7,302 7,215 1,822 891 2,933 1,771 -51.1 -39.6% Exceptional Items - (158) - - - (81) Adjusted PBT 7,302 7,057 1,822 891 2,933 1,690 Tax (1,884) (1,743) (378) (181) (675) (388) Adjusted PAT 5,418 5,315 1,444 710 2,258 1,302 -50.8% -42.3% PAT% 22.6% 20.4% 23.9% 12.8% 20.7% 11.8% Note: 1) FY24 Numbers are Pro-forma numbers for merged entity 2) Q2 FY25 , 1HFY25 and FY25 consolidated figures are restated pursuant to Merger and FY25 includes consolidation of Sapala and NJ BIO. 3) Adjusted EBITDA is after One-time adjustment for ESOP, Merger and acquisition costs of Rs. 54 mn in Q2 FY26 Vs Rs.80 mn in Q2 FY25 and Rs.225 Mn in H1 FY26 Vs Rs.161 Mn in 1HFY25 4) Exceptional item for 1HFY26 Rs.81 Mn represents one-time restructuring costs incurred due to merger of the Company with erstwhile Cohance Lifesciences Limited. Exceptional item for FY25 represents compounding fees imposed by the Reserve Bank of India on the erstwhile Cohance Lifesciences Limited. 5) Adjusted PAT is after One-time adjustment for ESOP, Merger and acquisition costs (Net of tax) 6) Loss attributable to NCI in for Sapala& NJ Bio is of Rs.77 Mn in Q2FY26 Vs Rs.2 Mn in Q2FY25 and Rs.102 Mn in 1HFY26 Vs Rs.2 Mn in 1HFY25 .
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39 • The combined balance sheet remained net cash positive at INR 3.9 bn as of 1HFY26, despite capex and recent acquisitions— underscoring strong internal accruals and disciplined capital deployment • Strategic investments in capacity expansion across key growth segments and the integration of acquired platforms • Core Net Working Capital declined to INR 8.7 Bn, driven by tighter receivables management and balanced inventory-payables cycle— reflecting improved working capital efficiency across the platform with working capital days now at 121. • Total borrowings reduced to INR 2.22 Bn, while cash and equivalents stood at INR 3.9 Bn, maintaining healthy liquidity to fund future growth • Our adjusted ROCE for 1HFY26 stands at 21.7% reflecting our consolidation of recent acquisitions assets which are under investment phase. INR mn Balance Sheet Snapshot1 FY24 FY25 1HFY26 Property, plant and equipment (PPE) 3 10,649 15,583 15,624 Right of use asset (RoU) 762 2,418 2,369 Capital work-in-progress 4,082 3,316 3,569 Intangible Assets 6,982 13,453 13,534 Net Fixed Assets4 22,474 34,770 35,096 Inventories 5,986 4,674 5,929 Trade receivables 6,469 7,721 5,897 Trade payables (2,418) (2,684) (3,134) Core Net Working Capital (Core NWC) 10,037 9,710 8,692 Other net assets 1,002 (433) 327 Forward Liability - (6,519) (6,560) Borrowings (5,274) (2,584) (2,215) Cash and Cash equivalents (including liquid investments) 9,440 2,983 3,906 Net (debt) / cash 4,167 400 1,691 Net assets 37,680 37,929 39,246 Shareholder's funds4 37,680 36,488 37,877 Non Controlling Interests 1,441 1,369 Note: 1) FY24 Numbers are Pro-forma numbers for merged entity 2) 1HFY26 & FY25 consolidated figures are restated pursuant to Merger 3) PPE includes assets held for sale -As per SPA of SapalaRs.362Mn
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40 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 Debt)/ Net Cash to adjusted EBITDA (x times) 0.49x 0.05x 0.22x Net Debt / Adjusted EBITDA Adjusted EBIT (INR mn) 7,292 7,084 5,985 Adjusted EBITDA - Depreciation and Amortization ROCE (%) 30.8% 26.9% 21.7% Adjusted EBIT / Avg. Capital employed ROE (%) 21.0% 19.1% 15.0% Adjusted PAT / Avg Shareholder's funds Note: 1) FY24 Numbers are Pro-forma numbers for merged entity 2) The above ratios for FY25 and 1HFY26 are after considering Sapala and NJBIO consolidation 3) Key ratios (Adjusted) are computed on LTM basis considering Net fixed assets, Other net assets and shareholders funds excluding goodwill and fair value changes in assets & liabilities on account of mergers/acquisitions
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41 ESG
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We have set multi-dimensional ESG goals 42 ESG Profile Achieved B rating in Climate Change and Water in 2024, Awaiting results for 2025. Social Accountability SA8000 British Safety Council’s International Safety Awards (ISA) 2025. Gold in EcoVadis Sustainability assessment for Cohance. * Targets have been approved by SBTi for Suven sites 97% score in TFS audit Up coming milestonesOur achievement Platinum in Eco Vadis Sustainability assessment – 2026 Signing third party purchase agreement for renewable power for all the facilities Pharmaceutical Supply Chain Initiative (PSCI) Supplier Partner – 2025 *Baseline Year FY 2022-23 All facilities are certified with ISO 14001, ISO 45001 , ISO 27001, ISO 37001, ISO20400, ISO 50001, ISO 22307 Environment Reduce absolute Scope 1,2 and 3 emissions from current level (2033) Transition to renewable energy sources of total energy use by 2033 Reduce, reuse and recycle specific water consumption by 2030 co254+% 54+% 30% Social Employees undergo Health and Safety training Representation of Women workforce by 2030 Reduce Attrition by FY28 Promote public health education and disease prevention 100% 20+% <10% CSR Governance Ethical non- compliance Regulatory non- compliance or fines Employees and Board Members to acknowledge the Code Of Conduct ZERO ZERO 100% Reportable Loss time injuryZero15% Reduction in hazardous waste going to landfill by 15% by 2030 Transition to renewable energy sources of total energy use by 2040 100% Cohance Lifesciences Limited (Group) commits to reach net-zero greenhouse gas emissions across the value chain by FY2050 * Note: The current targets are based on Cohance (erstwhile Suven’s) approved SBTi targets and combined ESG report. These will be revised once the consolidated ESG report is published and SBTi targets for the merged entity are app roved. ISO 50001, ISO 22307 scope enhancement across all sites (old Cohance sites)- 2026 SA 8000 scope enhancement across all sites – 2026. SBTi combined entity targets to be submitted for approval-2026. British safety council five-star certification and sword of honor- 2026
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43 ANNEXURES
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Genome valley, Hyderabad Nacharam, Hyderabad (Oligo CoE) Suryapet, Telangana Jeedimetla, Hyderabad Pashamylaram, Hyderabad Vizag, Andhra Pradesh Pilot and Commercial scale (~3,000+ kL capacity) Lab & Kilo scale Pharma CDMOAPI+Spec ChemFDF US FDA Audited site 44 Nacharam, Hyderabad Nacharam, Hyderabad Pashamylaram-R&D, Hyderabad Pashamylaram, Hyderabad Casper Pharma, Hyderabad Nacharam, Hyderabad Patancheru, Hyderabad Atchutapuram, Andhra Pradesh Jaggaiahpet, Andhra Pradesh Ankleshwar, Gujarat Jadcherla, Telangana Genome valley, Hyderabad Vizag, Andhra Pradesh Vizag, Andhra Pradesh Princeton, New Jersey
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PROTACs 45 Building a technology-led CDMO - Augmenting scale organically and inorganically 2020 2030 Our niche technology mix to double in Horizon 2 HPAPI ADC Flow Chemistry Peptides Horizon 1 Horizon 3 2025 Oligo and Amidites Horizon 2 Niche tech mix Large commercial manufacturing capacities and regulatory supplies Niche capabilities added via M&A AIML Mfg Discovery to commercial Moving up the capability curve End to end integrated CRDMO in ADC with NJ Bio Enzymatic synthesis mRNA
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-5.00% 0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00% 35.00% 40.00% Expected Market Growth (2023-29) CDMO Market by Technology – Market Size and Projected Growth (2023-29) 46 Cell and Gene TherapyADC ($2.7 bn) Oligonucleotides and Nucleic Acid ($1.5 bn) Biologics Peptides Fermentation HPAPI Vaccines Controlled Substances Hormones, Steroids, Prostaglandins Overall Small Molecules – Originators and Gx Protein Degraders (~$100 mn) Suven High-Growth Technology Platforms Cohance Platform presenceSource: Industry data
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Cohance Peer 1 Peer 2 Peer 3 EU Peer 1 EU Peer 2 Chinese Peer Specialized Technologies – Small Molecules HPAPI – Cytotoxic Drugs Controlled Substance Flow Chemistry Antibody-Drug Conjugates PROTACs (Protein Degraders) Oligonucleotides and Amidites Peptides Fermentation Standard Small Molecules Discovery Development Manufacturing Biologics/Large Molecules Monoclonal Antibodies and Recombinant Technology Cell and Gene Therapy High growth small molecule segments Indian CDMOs Global CDMOs Very Strong Capability Strong Capability Emerging/Less Established Capability Negligible or Non-existent Capability We have built strong expertise in high growth segments and will continue to invest in these segments organically and inorganically 47
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Professionally managed team ….. Set to deliver long term sustainable secular growth Established a Leading Technology-led innovator focused Global CDMO in short period of time Scale acquired in short span via business combinations Global Presence added with NJ Bio Niche capabilities in ADC and Oligo. NJ Bio acquisition -integrated End to End CRDMO in ADC Today Revenue* = $ 335 mn+ 58%+ CDMO 2030 Revenue = $ 1 bn+ (INR 85 bn) 80%+ CDMO 2035 Revenue = $ 2 bn+ 90%+ CDMO *FY’25 Suven & Cohance combined + Sapala proforma FY25 + CY24 NJ Bio proforma 48
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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