Transcript of Con call

11 November 2026 To To 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 Code: 543064 Symbol: COHANCE Dear Sir/Madam, Sub: Transcript of the conference call held on 06 November 2026 Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and with reference to our conference call intimation dated 3 November 2026 on the financial results of the Company for the quarter and half year ended 30 September 2026, please find enclosed the transcript of the call held on 06 November 2026. Kindly take the same on record. Thanking you. Yours faithfully, For Cohance Lifesciences Limited (formerly, Suven Pharmaceuticals Limited) Sisir K. Mishra Company Secretary & Compliance Officer Encl: as above Cohance Lifesciences Limited Q2 FY27 Earnings Conference Call November 06, 2026 Moderator: Ladies and gentlemen, good day and welcome to the Q2 FY27 Earnings Conference Call of Cohance Lifesciences. Before we begin, I would like to remind you that today’s discussion may include forward-looking statements that are subject to risk and uncertainties. Actual results may differ materially from those expressed or implied. We encourage you to review the disclosures filed by the company. I now hand the conference over to Ms. Cyndrella Carvalho. Thank you, and over to you. Cyndrella Carvalho: Thank you, Yash. Good evening, ladies and gentlemen, and thank you for joining the Cohance Lifesciences earnings conference call to discuss our financial results the second quarter and the first half of FY27. Today, we have with us: Umang Vohra, Executive Chairman and Group CEO; Yann D'Herve, CEO Pharma CDMO; Gunjan Singh, CEO API+; Amrit Singh, CEO Specialty Chemicals; and our new member, Abhimanyu Ojha, CFO. I will now hand over to Umang for his opening remarks. Umang Vohra: Thank you, Cyndrella. Good evening and good morning to everyone. Before I move to the speech, I would like to say that we are deeply saddened by the loss of our colleague following the incident at our Suryapet facility, and our thoughts are with his family and loved ones. We take this incident extremely seriously and have initiated the necessary corrective and preventive action. Safety and compliance will remain an absolute priority across all our operations. When we spoke at the end ofQ1, we had said that Q1would represent the low point for the quarter. We expected performance to improve sequentially fromQ2, followed by a return to year-on-year growth in the second half. Q2 has progressed in line with that trajectory. Revenue increased 13% sequentially to INR4767 million, while adjusted EBITDA increased to INR458 million, with the adjusted EBITDA margin improving to 10%. As we enterH2, our operating visibility is stronger. In small molecules, the order and reload position for Q3and Q4has improved. We have also secured two new commercial programs and one late-stage program with large global pharmaceutical customers, strengthening our relationships with these customers and broadening the medium-term opportunity base. In ADCs, we are seeing encouraging signs of development funnel, with improving order activity and visibility, particularly towards the second half. The reorganization at NJ Bio is sharpening our commercial focus and bringing our bioconjugation capabilities closer to Cohance is payload linker, and manufacturing capabilities in India. Our bioconjugation capacity expansion remains on track for commercial availability by early FY2028, further strengthening our end-to-end ADC offering. Page 1 of 11 With the broader funding environment improving, alongside better momentum in the development pipeline and order activity, our focus is on improving utilization and operating performance at NJ Bio, with a clear objective of moving the business to breakeven. In nucleic acids, Sapala continues to perform strongly. We are increasingly integrating its specialized chemistry and customer relationships with Cohance’s development and manufacturing network. This is one of the clearest examples of how the capabilities we have brought together can create a broader proposition for our customers. Our API+ business continues to provide resilience to our portfolio, while in Spec Chem, we are progressively repositioning the business towards a broader innovator-led portfolio. Taken all together, we are beginning to see the different parts of Cohance operate more effectively as one platform. Capital allocation and capability building are an important part of our strategy. We also have a broader capital program directed towards growth capabilities as well as quality, safety, sustainability, and maintenance. We are planning to supplement the capabilities we already have and build the adjacencies required to unlock the full integration potential of the Cohance platform. This includes strengthening bioconjugation, building a more integrated ADC payload linker capability, and enhancing our R&D infrastructure across payload linkers, APIs, and specialty chemicals. While we remain disciplined in deploying capital, with investments phased against customer visibility, the objective is to address a larger part of our customer value chain, improve program conversion, and create a more integrated development to manufacturing proposition. On quality and compliance, we have completed USFDA inspections at Pashamylaram, Shamshabad, and Jaggayyapeta and submitted our comprehensive responses. We are progressing the required CAPA actions within the committed timelines, with regulatory compliance remaining an absolute priority across all our facilities. At this stage, we are also assessing any further impact from the Suryapet closure order. Based on the visibility we have today, we continue to expect H2of FY 2027 to deliver year-on-year growth on both revenue and EBITDA. This represents an important transition for us, from sequential recovery in Q2to year-on-year growth in theH2. As I look ahead, I believe there is significant value yet to be unlocked from the Cohance platform. There is a long way to go as we integrate our capabilities and realize the full potential of our platform. With that, let me hand over to Yann. Yann D'Herve: Thank you, Umang. I will build on Umang’s comments and focus on the operating progress across small molecules, ADCs, and nucleic acids. Pharma CDMO led our sequential recovery in Q2, with revenues growth of 34.5% quarter-on-quarter, primarily driven by a higher contribution from small molecules. ADCs continue to see inventory destocking in commercial programs during the H1. Also, improving orders visibility gives us greater confidence in the H2 trajectory. While Pharma CDMO revenues remain lower by 27% year-on-year in Q2 and 32% in H1, we expect the sequential momentum to sustain through the H2. Niche technologies contributed 13.7% of revenue in Q2 and 14.4% in H1. At Cohance standalone, commercial revenues remained healthy at around 78% of sales. Also, the quarter had an adverse product mix. The forward position has strengthened considerably. We have received multiple reload orders across existing commercial programs, providing better visibility into Q3 and Q4, as well as next year. Page 2 of 11 During Q2, we also secured three significant lateral programmes from large global pharmaceutical customers, two commercial programs, and one phase III program. These awards are important because they deepen our participation with strategic customers. Our late-stage and commercial RFP activity has also strengthened. Our phase III programs stood at net 11, and our commercial products moved to 19. On quality, the improvement program continues to progress. Turning to ADCs, H1 performance was affected by continued customer destocking across two established commercial programs. While this has affected near-term payload demand, the development funnel is moving in the [Showing first 8,000 characters — download PDF for full document]