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Cohance INVESTOR PRESENTATION Q1 FY2027 5th AUGUST 2026
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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 06 16 Awards & Recognition and ESG 20 Business wise StrategyBusiness and Financial performance 13 Enhancing stake in sapala organics 31 Annexure
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4 EXECUTIVE SUMMARY
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Q1 FY27: PERFORMANCE IN LINE WITH COMMENTARY As guided, Q1 was weak on revenue and EBITDA, reflecting shipment and order phasing, an unfavourable product mix, negative operating leverage and subsidiary consolidation. The standalone business remained strong and the balance sheet net-cash positive Strategic initiatives: Management has acted on two immediate priorities—building one integrated nucleic-acid business with clear leadership and a defined path to full ownership of Sapala, and repositioning Agrochemicals towards a broader innovator-product-led portfolio Pharma CDMO: Scheduled commercial deliveries, a secured restocking order and progress across the 10-molecule Phase III portfolio support recovery in small molecules. The focus in ADCs is an integrated payload–linker–bioconjugation offering and improved utilisation at NJ Bio; nucleic-acid capabilities are being unified around Sapala with a defined path to full ownership API+: A resilient base supported by niche APIs, cost competitiveness, backward integration and a healthy order book. Priorities are disciplined execution, higher-value innovator lifecycle opportunities and progressive normalisation in Formulations Specialty Chemicals: Agrochemicals is being repositioned towards a broader innovator-product-led portfolio, while Performance Materials remains stable and electronic and semiconductor-linked opportunities are being developed as longer-term growth drivers The management focus remains on customer conversion, predictable delivery, quality, safety and better utilisation across the Cohance platform FY27 OUTLOOK: GROWTH YEAR, WEIGHTED TOWARDS H2 Sequential improvement is expected from Q2. Growth is expected to return during H2 FY27 Growth is expected to be supported by the recovery in Pharma CDMO, order-backed growth in Sapala, stability in API+ and normalisation in formulations ADC payloads and linkers, AgChem and emerging Performance Chemicals programmes will strengthen the late-stage pipeline and build a broader base for growth beyond FY27 EBITDA improvement is expected to be weighted towards the second half, supported by volume recovery, a better product mix and improved utilisation across the platform 5
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6 BUSINESS AND FINANCIAL PERFORMANCE
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Pharma CDMO 30% Speciality Chemicals 8% API + 62% Q1 FY27 performance: Q1 FY27 revenues stood at INR 4,223 Mn, a decline of 23.1% YoY. This was on the back of shipment phasing in Pharma CDMO, a softer contribution from Agrochemicals, lower Formulations revenue and the timing of execution across parts of the portfolio. It was partly offset by strong growth at Sapala and resilient API performance Our Niche technology share contributed 15.1% of revenues API+ segment declined 10.4% Yo Y, largely due to timing-related factors. Certain commercial orders and validation campaigns shifted into later quarters, while one program was affected by an operational event at a customer facility. Select parts of the portfolio saw lower volumes as well. Favorable pricing and an improved product mix offset the impact on API+ business. Underlying demand remains healthy with a robust API order book supporting our outlook for the year Specialty Chemicals revenue declined by 34.7% Yo Y, primarily led by expected H2 dominated phasing of products in AgChem Gross margins contracted to 71.5%, down 150 basis points Yo Y, largely due to product mix and a lower contribution from the CDMO business. Other costs such as higher freight, logistics and raw-material costs were partially mitigated via selective price pass-throughs to customers across business segments Adjusted EBITDA for Q1 FY27 was INR 92 Mn, with margins at 2.2%. The sharp reduction reflects the lower revenue base, negative operating leverage and the impact of subsidiary consolidation from NJ Bio (made EBITDA loss of Rs. 328 Mn) Healthy cash generation in Q1FY27 Free cash flow of INR 1,063 Mn generated during the quarter. Cash on books stood at INR 4,589 Mn, maintaining a healthy liquidity position INR 598 Mn capex deployed, as we continued investing in capabilities required for future growth Revenue growth (YoY) (23.1%) API+ growth (YoY) (10.4%) Sapala revenue growth (YoY) 2.5x Total Revenue INR 4.22 Bn Adjusted EBITDA INR 92 mn* Adjusted Profit/(loss) after Tax INR (430) mn* EBITDA% excl. one time 2.2% Adjusted EBITDA standalone % 9.2% Q1 FY27 Financial Highlights Segmental Revenue (YoY) – CDMO# share at 38% Note: • Adjusted EBITDA is after One-time adjustment for ESOP, Merger and acquisition costs of Rs. 26 Mn in Q1FY27 Vs Rs. 171 Mn in Q1FY26 • Adjusted PAT is after One-time adjustment for ESOP, Merger and acquisition costs (Net of tax) 7 Niche Tech as % of revenue 15.1% #CDMO includes Pharma CDMO and Speciality Chemicals
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8 • In Q1, CDMO (Pharma CDMO + Specialty Chemicals) share was 38%, all the business segments witnessed revenue decline. Niche tech stood at 15.1% • Gross margins contracted by 150 bps YoY primarily due to increase in raw material cost and lower contribution from high margin CDMO segments offset by higher realisations and currency benefits • Adjusted EBITDA margins were at 2.2%, highlighting the impact of lower revenue base, negative operating leverage and subsidiary consolidation • Q2 will be better than Q1 and H2 will be better on a YOY basis Particulars Q1FY26 Q1FY27 YoY Revenue from Operations 5,493 4,223 -23.1% Material costs / COGS (1,481) (1,203) Material Margin 4,012 3,020 -24.7% Material Margin % 73.0% 71.5% Manufacturing Expenses (955) (934) Employee Cost (1,333) (1,330) Other Expenses (604) (744) Total Expenses (2,892) (3,008) EBIDTA (Reported) 1,120 12 -98.9% EBIDTA (Reported) % 20.4% 0.3% FX MTM gain 50 54 Onetime expenses 171 26 EBIDTA (Adjusted) 1,341 92 -93.2% EBIDTA (Adjusted) % 24.4% 2.2% Depreciation & Amortization (451) (495) Finance costs (101) (68) Other income 91 68 Profit/(loss) Before Tax (Adjusted) 880 (403) - Exceptional Items (81) 0 Adjusted Profit/(loss) before tax 799 (403) - Tax(Adjusted) (207) (27) Profit/(loss) After Tax (Adjusted) 592 (430) - PAT Margin % 10.8% -10.2% Profit/(loss) After Tax (Reported) 464 (452) PAT Margin % 8.5% -10.7% INR Mn Note: 1) Adjusted EBITDA is after One-time adjustment for ESOP, Merger and acquisition costs of Rs. 26 Mn in Q1 FY27 Vs Rs.171 Mn in Q1 FY26 2) Exceptional item for Q1FY26 Rs. 81 Mn represents one-time restructuring costs incurred due to merger of the Company with erstwhile Cohance Lifesciences Limited 3) Adjusted PAT is after One-time adjustment for ESOP, Merger and acquisition costs (Net of tax) 4) PAT (Reported) is after considering Profit /(Loss) attributable to NCI for Sapala& NJ Bio is of (Rs.211 Mn) in Q1FY27 Vs (Rs.25 Mn) in Q1FY26 Balance Sheet Highlights As on 30th June 2026 Shareholders' funds 38,948 Non-Controlling Interests 1,014 Net Fixed assets 35,636 Other net assets1 1,814 Net cash/(debt)2 2,512 Total Use of Funds 39,962 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.
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9 • Standalone gross margins contracted by 50 bps YoY reflecting the product mix primarily led by higher raw material cost offset by higher realisations and currency benefits • Standalone Adjusted EBITDA margins were at 9.2%, highlighting its materially stronger operating position versus consolidated business Particulars Q1FY26 Q1FY27 YoY Revenue from Operations 4,836 3,599 -25.6% Material costs / COGS (1,460) (1,106) Material Margin 3,376 2,493 -26.1% Material Margin % 69.8% 69.3% Manufacturing Expenses (794) (732) Employee Cost (1,034) (963) Other Expenses (506) (533) Total Expenses (2,334) (2,228) EBIDTA (Reported) 1,042 265 -74.5% EBIDTA (Reported) % 21.6% 7.4% FX MTM gain 50 50 Onetime expenses (171) (17) EBIDTA (Adjusted) 1,263 332 -73.7% EBIDTA (Adjusted) % 26.1% 9.2% Depreciation & Amortization (314) (343) Finance costs (68) (22) Other income 81 72 PBT (Adjusted before exceptional items) 962 39 -95.9% Exceptional Items (81) - Adjusted PBT 881 39 -95.5% Tax(Adjusted) (228) (12) PAT (Adjusted) 653 27 -95.9% PAT Margin % 13.5% 0.8% PAT(Reported) 526 14 -97.3% PAT Margin % 10.9% 0.4% INR Mn Note: 1) Adjusted EBITDA is after One-time adjustment for ESOP, Merger and acquisition costs of Rs. 17 Mn in Q1 FY27 Vs Rs.171 Mn in Q1 FY26 2) Exceptional item for Q1FY26 Rs.81 Mn represents one-time restructuring costs incurred due to merger of the Company with erstwhile Cohance Lifesciences Limited 3) Adjusted PAT is after One-time adjustment for ESOP, Merger and acquisition costs (Net of tax)
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592 (430) Q1FY26 Q1FY27 Adjusted PAT (INR Mn) Q1FY26 Q1FY27 10 Consolidated Financials 5,493 4,223 Q1FY26 Q1FY27 Operational Revenue (INR Mn) 1,341 92 24.4% 2.2% Q1FY26 Q1FY27 Adjusted EBITDA (INR Mn) Margin (%) 2,035 1,248 Q1FY26 Q1FY27 Pharma CDMO (INR Mn) 505 330 Q1FY26 Q1FY27 Spec Chem (INR Mn) 2,953 2,645 Q1FY26 Q1FY27 API + (INR Mn) Due to the lumpy nature of the CDMO Industry, Quarterly comparisons are not reflective of consistent performance Note: 1) Adjusted EBITDA is after One-time adjustment for ESOP, Merger and acquisition costs of Rs. 26 Mn in Q1 FY27 Vs Rs.171 Mn in Q1 FY26 2) Adjusted PAT is after One-time adjustment for ESOP, Merger and acquisition costs (Net of tax)
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11 INR Mn Balance Sheet Snapshot1 FY25 FY26 Q1 FY27 Property, plant and equipment (PPE) 15,583 17,907 17,655 Right of use asset (RoU) 2,418 2,311 2,224 Capital work-in-progress 3,316 1,732 1,963 Intangible Assets 13,453 13,832 13,794 Fixed Assets 34,770 35,782 35,636 Inventories 4,674 5,622 6,315 Trade receivables 7,721 6,810 4,862 Trade payables (2,685) (2,845) (2,929) Core Net Working Capital (Core NWC) 9,710 9,587 8,248 Other net assets (432) 397 518 Forward liability (6,519) (6,955) (6,952) Borrowings (2,583) (1,697) (2,077) Cash and Cash equivalents (including liquid investments) 2,983 3,224 4,589 Net (debt) / cash 400 1,527 2,512 Net assets 37,929 40,338 39,962 Shareholder's funds 36,488 39,113 38,948 Non Controlling interests 1,441 1,225 1,014 Note: 1) FY25 consolidated figures are restated pursuant to Merger 2) PPE includes assets held for sale -As per SPA of Sapala Rs. 308 Mn as on Q1FY27 • The balance sheet remains resilient and net cash positive as on 30 June 2026, despite integration and capacity expansion across key growth platforms including previous acquisitions. • Free cash flow of INR 1,063 Mn generated during the quarter. Cash on books stood at INR 4,589 Mn, maintaining a healthy liquidity position. • Gross borrowings increased to INR 2,077 Mn, however, healthy liquidity and financial flexibility was maintained. Balance sheet remained steady, with total shareholders’ funds at INR 38,948 Mn and net cash position of INR 2,512 Mn as on 30 June 2026 • The Company continues to maintain a disciplined capital allocation approach, supported by strong internal accruals and a steady balance sheet position.
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12 Key Ratios(Adjusted)# FY25 FY26 Q1 FY27 Basis Net Working Capital (as days of sales) 136 154 141 NWC / Revenue * 365 days PPE (as % of sales) 57.2% 81.7% 79.5% PPE / Revenue Capex spend during the year/period (INR Mn) 3,147 2,154 598 Capex spend (as % of sales) 12.1% 9.5% 14.2% Capex spend / Revenue (Net Debt)/ Net Cash to adjusted EBITDA (x times) 0.05x 0.32x 0.71x Net Debt / Adjusted EBITDA ROCE (%) 26.9% 10.8% 6.3% Adjusted EBIT / Avg. Capital employed ROE (%) 19.1% 7.0% 3.3% Adjusted PAT / Avg Shareholder's funds Note: 1) The above ratios for FY25,FY26 & Q1FY27 are after considering Sapala and NJBIO consolidation 2) 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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13 ENHANCING STAKE IN SAPALA ORGANICS
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14 In July 2024, Cohance Lifesciences acquired a 67.5% stake in Sapala Organics for Rs. 258 crore o This transaction enabled Cohance to leverage Sapala’s expertise in the high- growth oligonucleotide and Nucleic Acid building blocks sector, particularly in advanced oligo technologies and complex Amidite and nucleoside building blocks o Sapala’s unique capabilities and proven track record in complex synthesis make it a strategic fit for Cohance vision of expanding in niche technology platforms Sapala Organics, founded by Dr. P. Y. Reddy, is focused on nucleic acid chemistry, namely oligonucleotide building blocks, mRNA compounds) o The Sapala Organics team that possesses over a century of combined experience across 18 labs, began as a trusted partner for Japan’s pharma industry o It hold ISO 9001, ISO 27001, ISO 27701 accreditations
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15 Customer feedback indicates that they would prefer to engage with Cohance through a more end- to-end integrated nucleic-acid offering—bringing together chemistry, development, manufacturing and commercial supply rather than just a supplier of individual nucleic-acid building blocks Cohance proposes to increase its ownership in Sapala, unifying R&D, business development, manufacturing and commercial execution across the platform. It is also proposed to selectively deploy capital to commercialise the new amidites facility at Nacharam and expand our oligonucleotide capabilities in line with customer demand Dr. P . Y . Reddy has consented to assume responsibility and lead the unlocking potential of the combined nucleic-acid business through FY29, in addition to continuing as CEO of Sapala The transaction gives the entity clear leadership, operating accountability and the ability to participate in a larger part of the customer value chain Sapala’s FY27 growth outlook is extremely strong with confirmed orders in hand from global innovators Bringing together chemistry, development, manufacturing and commercial supply
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16 AWARDS & RECOGNITION AND ESG
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17 Independent recognition of Cohance's safety culture and sustainability performance Cohance's sustainability assessment score progressed from Silver to Gold, reflecting the strength of our environmental, social and governance performance. CDP: B rating (Climate Change A- rating (Water Security) NEXT: RETAIN GOLD RATING AND CDP MANAGEMENT LEVEL FOR 2027 EcoVadis Gold Rating and CDP rating Awarded to our two API sites and two CDMO sites, recognising excellence in health, safety and wellbeing management NEXT: FIVE-STAR CERTIFICATION & SWORD OF HONOUR FOR 2027 British Safety Council International Safety Award 2026 (Merit) Near-term and net-zero emissions targets formally validated by SBTi Services SBTi Services has validated that Cohance Lifesciences' greenhouse gas emissions reduction targets conform with the SBTi Criteria and Recommendations (Near-Term Criteria V5.3 and Net-Zero Criteria V1.3). APPROVED 24 JULY 2026 NET-ZERO By FY2050 Net-zero greenhouse gas emissions committed across the full value chain NEAR-TERM — FY2035 LONG-TERM — FY2050 Science-Based Targets: SBTi Validation 58.8% Scope 1 & 2 35.0% Scope 3 Absolute reduction from a FY2025 base year. Scope 3 emissions reduced 35.0% within the same timeframe Absolute reduction from a FY2025 base year. Scope 3 emissions reduced 90.0% within the same timeframe 90.0% Scope 1,2 & 3
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18 Projects Status: Renewable Energy Solar Group Captive implementation and usage of green fuels — advancing our path to Net-Zero by 2050 7 MWp Solar Power Plant Ankleshwar, Gujarat Installed and commissioned under the Group Captive (GC) ownership model, ~10.85 million clean energy units generated annually from the recently commissioned 7 MWp solar plant, resulting in 7,703 tCO₂e emission reduction • Up to 57.8% of site energy demand met through renewable sources OPERATIONAL ROADMAP COMPLETED 7 MWp solar plant commissioned at Ankleshwar under the Group Captive model and around 3 MWp solar panels are installed across all sites. We have transitioned coal/diesel fired boilers to briquettes fire boilers except 5 sites IN PROGRESS Signing third-party power purchase agreements (PPAs) for renewable power across all facilities to reduce scope-2 emissions We are working to transit from coal to Bio briquettes as green fuel to use remaining 5 units to reduce majority portion of Scope-1 emissions 2050 GOAL Transition to 90%+ renewable energy of total energy use, supporting Net-Zero emissions by 2050
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We have set multi-dimensional ESG goals 19 ESG Profile Achieved B rating in Climate Change and A- Water in 2025 British Safety Council’s International Safety Awards (ISA) 2026. (Merit) Gold in EcoVadis Sustainability assessment for Cohance. *Targets have been approved by SBTi for Combine entity 97% score in TFS audit Up coming milestonesOur achievement Retention of Eco Vadis Gold in Sustainability assessment Signing third party purchase agreement for renewable power for all the facilities Pharmaceutical Supply Chain Initiative (PSCI) Supplier Partner – 2025 *Baseline Year FY 2024-25 Environment Reduce absolute Scope 1,2 and 3 emissions from current level (2035) Transition to renewable energy sources of total energy use and Reduce absolute Scope 1,2 and 3 emissions from current level (2050) Reduce, reuse and recycle specific water consumption by 2030 co2 58+% 35+% 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 injuryZero 15% Reduction in hazardous waste going to landfill by 15% by 2030 British safety council five-star certification and sword of honor- 2026 UNGC - Yearly CEO commitments given to implement universal sustainability principles All facilities are certified with ISO 14001, ISO 45001, ISO 37001, ISO 27001, ISO 20400, ISO 50001, ISO 22307. ISO 9001. Installation of 7 MWp solar power plant under Group Captive (GC) model is completed for Ankleswar site. Combined SBTi targets are approved on 24th July 2026 Near-Term: Cohance Lifesciences aims to cut Scope 1 & 2 GHG emissions by 58.8% and Scope 3 emissions by 35.0% by FY2035 from a FY2025 baseline Long-Term: Cohance Lifesciences targets a 90.0% reduction in Scope 1, 2, and 3 GHG emissions by FY2050 compared to FY2025 levels 90+% co2 Reduce absolute Scope 3 emissions from current level (2035)
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20 BUSINESS WISE STRATEGY
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Specialty Chemicals* 21 Thrust on adding anchor relationships and identifying new growth drivers 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 Continuing progress in initiating discussion with other Innovators in similar electronics application Expanding selectively into adjacent, higher-value opportunities and innovator lifecycle-management programmes Focused portfolio and market leadership in low-mid volume, specialty APIs with low competitive intensity Augmentation of new product pipeline continuing 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 18 Commercial Patented molecules 20/20 Top innovator relations; contributing >85% revenues 10 molecules in Phase-3; RFQs growing 2x ADC* Payload –linker – Bioconjugation Building an increasingly integrated offering across payloads, linkers and 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. Supplied an adjacent payload order 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 Focus is on operationalising cGMP facility and progressively commercialising selected product families Pharma CDMO* API+*39% of Sales 13% of Sales 48% of Sales * FY26 Numbers
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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 (eg new capacity) o Emphasis on scheduled commercial programme deliveries, execution of the commercial restocking order, progressive normalisation in the affected operations and improving utilisation across the platform 23
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Small Molecules Quality of the portfolio remains strong, with commercial sales continuing to contribute ~57% of the standalone business, providing a stable base of repeat and late-lifecycle revenues Q1 was affected by customer shipment phasing, resulting in revenues being softer than anticipated. Some deliveries moved from Q1 into Q2 and are now on track for delivery in Q2 Our priority is to deepen strategic customer relationships and pursue opportunities for forward integration 140+ active projects across the Pharma CDMO portfolio spanning both development-stage and commercial programmes, offer a strong platform for future growth Strong customer engagement: o Progressive discussions with several large & mid-pharma; along with positive feedback post biotech audits/visits by high level delegations o CAPA review for a strategic customer progressed positively, with potential new awards linked to the planned audit later in the year Commercial pipeline progressing: o Two molecules have moved into commercial supply, with deliveries scheduled across Q2 and Q3 FY27. Two more expected to enter commercial supply over next 12–15 months, one has received US FDA approval o Progress in moving up the value chain with an existing biotech customer, expanding our participation in a Phase II programme from the supply of a KSM to an API order o We also added one new Phase III programme and increased our participation in an existing fast- track Phase III molecule through an additional intermediate FY25 FY26 RFQs Inflow x 2.x 2 10 6 10 FY23 FY26 Phase III pipeline Phase III molecules Phase III intermediate 24
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25Source: : Industry data $1B $4B FY24 FY29E Market Size ($ Bn) Oligonucleotides ADC cGMP oligonucleotide building-block facility at Nacharam operational Platform positioned to scale as customer programmes advance into later stages Oligonucleotides market to grow at 25%+ CAGR Continued repeat engagement from U.S. and European biotech customers, including specialised and orphan-disease-linked programmes. Near-term demand influenced by biotech funding cycles, though customer programs remain active RFP inflows showing good traction post recent DMF filings for newer payload platforms, including Exatecan-based payloads One new ADC payload DMF filed; three additional payload filings progressing as planned USD 10m US- based cGMP expansion underway, enabling ADC supply up to Phase 2b by FY27 Completion of GMP bioconjugation batches and delivery of an end-to-end ADC product for a clinical-stage programme, further validates our integrated ADC capability Source: : Industry data
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26 ADC Payloads and Linkers — India Platform The India-based ADC business continues to expand its capabilities across customised payloads, linkers and highly potent intermediates Three payload-related Drug Master Files were filed during FY26. Customer engagement is progressing across established payloads and newer platforms, including exatecan-based opportunities Positive customer feedback on a commercial KSM programme. Another customer audit was completed successfully, expected to support an additional payload order The FY27 focus is to convert development programmes into larger clinical and late-stage opportunities, supported by stronger programme management NJ Bio — US Bioconjugation Platform NJ Bio has completed five GMP bioconjugation batches and delivered an end-to-end ADC drug product for a Phase I programme Expansion of the US facility is progressing to support larger clinical requirements, validation readiness and future scale-up The FY27 priority is to secure repeat business, convert the existing project pipeline and progressively improve facility utilisation Revenue has some FTE’s contract risk this year. However, we expect to build order book for next year as the upcoming facility becomes operational, while profitability remains a medium-term objective Sapala — Nucleic-Acid Platform Sapala has entered FY27 with meaningful order visibility from global pharmaceutical and biotechnology customers across specialised nucleic-acid building blocks, modified nucleosides and amidites A significant order has been executed for a European clinical-stage biotechnology company. Repeat business and deeper engagement with existing customers are expected to make Sapala an important contributor to FY27 growth The new amidites facility is complete and product qualification has commenced. Capabilities across other Cohance sites are also being used to support larger batch sizes and improve manufacturing flexibility The FTE programme with a global pharmaceutical customer continues to perform well. The strategic focus is to expand the FTE base, convert selected research engagements into higher-value project work and progressively build capabilities towards final oligonucleotides
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27 API+
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28 API+ continues to benefit from leadership in niche APIs, cost competitiveness, backward integration and a diversified customer base Purchase order received for the commercial product previously affected by destocking provides improved revenue visibility for FY27 The business is expected to provide stability during the first half and support consolidated growth through the execution of existing orders and selected portfolio opportunities Targeting seven API filings in FY27 API+ Operations at the Nacharam formulation facility have resumed and supplies to the United States have restarted. Full operational normalisation is expected to progress during the year Customer engagement, order intake and the new-product pipeline are improving. FY27 recovery will be supported by the normalisation of existing supplies and the progression of new launches Quality and consistent execution remain the immediate priorities, alongside the timely completion of the corrective and preventive action programme Formulations
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29 SPECIALTY CHEMICALS
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30 Specialty Chemicals — AgChem A key active- ingredient programme is expected to become a more meaningful growth contributor from FY28 onwards FY27 will primarily be a year of customer qualification and manufacturing readiness Additional programmes with customers in Japan, Europe and the United States are progressing through registration, sampling and qualification AgChem has started FY27 broadly in line with plan Commercial production for an anchor global innovator is underway Specialty Chemicals Performance Chemicals The first deuterated-material programme with a global OLED customer has commenced. FY27 priorities include customer qualification, repeat orders and strengthening the supporting technology platform Customer engagements are progressing across electronic materials, semiconductor-linked chemistry and deuterated compounds Performance Chemicals remains stable, with performance coatings expected to be the principal near-term growth driver
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31 ANNEXURES
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32 Executive Chairman and CEO 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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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 33 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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Cyndrella Carvalho, Head - Investor Relations Cohance Lifesciences Ltd Email: cyndrella.carvalho@cohance.com Gavin Desa, Konpal Pali CDR - India Tel: +91 98206 37649; +91 76619 08341 Email: gavin@cdr-india.com; konpal@cdr-india.com 34