Operates a pharmaceutical services and manufacturing platform across three segments: Pharma CDMO, API+, and Specialty Chemicals. Pharma CDMO provides contract development and manufacturing services for innovator pharma and biotech customers, with specialisation in antibody-drug conjugates (ADCs) and oligonucleotides, supported by more than 140 active projects and a Phase 3 pipeline of 10 programs in FY26. API+ manufactures active pharmaceutical ingredients and finished formulations, generating INR10.88bn in FY26 (down 8% YoY on product-specific factors and a Nacharam plant disruption of about INR610 million), with 10 new regulatory filings and 6 validations completed during the year. Specialty Chemicals generated INR2.913bn in FY26, with early-stage engagement in electronic materials and semiconductor-linked chemistries. Materials at 31.1% and employee costs at 22.4% of revenue are the largest cost lines, with depreciation at 8.3% and capex at 9.7% reflecting the asset-heavy manufacturing base. FY27 capex is guided at ~INR3 billion, focused on ADC and oligonucleotide capacity and a $10mn US facility at NJ Bio, which completed its first cGMP bioconjugation campaign in FY26. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. API+, Pharma CDMO, Specialty Chemicals. Cyclical, asset-heavy pharmaceutical manufacturing and contract services platform with CDMO, API and specialty chemicals exposure.
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,320 | 1,340 | 1,051 | 1,198 | 2,269 |
| EBITDA (ex other income) | 579 | 567 | 406 | 375 | 398 |
| margin % | 43.9 | 42.3 | 38.6 | 31.3 | 17.5 |
| Owners' profit | 0 | 411 | 0 | 268 | 179 |
| EPS, as reported (₹) | 17.83 | 16.16 | 11.80 | 10.52 | 4.69 |
| ROE % · ROCE % | 29.7 · 39.1 | 23.7 · 31.3 | 14.6 · 19.2 | 14.4 · 13.4 | 3.7 · 4.8 |
| Debt / equity (x) | 0.06 | 0.04 | 0.02 | 0.04 | 0.04 |
| Cash from operations | 330 | 451 | 358 | 288 | 368 |
| Capex | (75) | (286) | (52) | (156) | (220) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 258 | 307 | 402 | 549 | 1,105 | 545 | 619 | 422 |
| Profit before tax | 100 | 110 | 52 | 63 | 147 | 41 | 20 | (43) |
| Net profit | 82 | 83 | 39 | 46 | 113 | 29 | 8 | (45) |
| EPS (₹) | 3.23 | 3.26 | 1.65 | 1.28 | 3.22 | 0.96 | 0.51 | (0.63) |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUN PHARMACEUTICAL IND L | 4,41,471 | 36.5 | 5.26 | 23.7 | 13.7 | 17.5 | 11.8 | 32.3 |
| DIVI S LABORATORIES LTD | 2,47,033 | 84.6 | 14.74 | 63.7 | 15.3 | 18.8 | 8.7 | 42.8 |
| TORRENT PHARMACEUTICALS L | 1,68,062 | 79.3 | 9.56 | 41.5 | 12.2 | 8.0 | 11.8 | 33.1 |
| ZYDUS LIFESCIENCES LTD | 1,11,686 | 24.9 | 3.78 | 14.5 | 17.3 | 18.0 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 4 Sept 2026 · USFDA inspection at Shamshabad plant ends with four observations | regulatory legal | high | — | — |
| 3 Sept 2026 · Cohance Lifesciences invests USD 18 million to advance ADC strategy | strategic transactions | high | — | — |
| 3 Sept 2026 · Cohance to invest USD 18 million in NJ Bio and Aruka Bio for ADC growth | fund raising | medium | — | — |
| 27 Aug 2026 · Management to attend Elara India Dialogue 2026 on 1 September | board shareholder meetings | low | — | — |
| 27 Aug 2026 · Newspaper notice of 8th AGM and e-voting details | compliance | minimal | — | — |
| 26 Aug 2026 · Cohance Lifesciences files BRSR for FY2025-26 with ESG targets | compliance | low | — | — |
| 26 Aug 2026 · Cohance Lifesciences files FY26 Integrated Annual Report | compliance | medium | — | — |
| 26 Aug 2026 · Cohance Lifesciences 8th AGM notice for September 17, 2026 | board shareholder meetings | low | — | — |
| 13 Aug 2026 · Credit rating update from Cohance Lifesciences | credit debt | medium | — | — |
| 12 Aug 2026 · DSP MF sells 29 lakh shares of Cohance Lifesciences, stake falls to 3.53% | ownership changes | high | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions |
| 12.4 |
| 25.2 |
| CIPLA LTD | 1,10,352 | 32.7 | 3.20 | 16.9 | 11.2 | 14.7 | 8.0 | 19.7 |
| LAURUS LABS LIMITED | 1,06,375 | 97.2 | 19.59 | 59.3 | 16.4 | 17.2 | 7.2 | 32.0 |
| DR. REDDY S LABORATORIES | 97,319 | 30.1 | 2.55 | 13.1 | 10.9 | 13.0 | 12.1 | 15.0 |
| AUROBINDO PHARMA LTD | 96,656 | 26.3 | 2.55 | 13.4 | 9.2 | 12.6 | 6.3 | 23.0 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 108.3 | 28.9 | 160 of 169 | 5% |
| P/B | 4.2 | 3.3 | 100 of 163 | 39% |
| ROCE | 4.1 | 10.8 | 135 of 183 | 26% |
| ROE | 3.7 | 10.4 | 130 of 171 | 24% |
| Debt / Equity | 0.0 | 0.1 | 68 of 171 | 61% |
| EBITDA margin | 3.2 | 17.5 | 146 of 165 | 12% |
| Revenue growth | (23.1) | 16.3 | 142 of 161 | 12% |
| Profit growth | (197.4) | 30.9 | 147 of 158 | 7% |
| Market cap | 16817 | 839 | 34 of 182 | 82% |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
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