NSE: COHANCE · BSE: 543064
COHANCE LIFESCIENCES LTD
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.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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) |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUN PHARMACEUTICAL IND L | 4,20,165 | 34.8 | 5.01 | 22.5 | 13.7 | 17.5 | 11.8 | 32.3 |
| DIVI S LABORATORIES LTD | 2,51,896 | 86.3 | 15.03 | 65.0 | 15.3 | 18.8 | 8.7 | 42.8 |
| TORRENT PHARMACEUTICALS L | 1,56,538 | 73.9 | 8.90 | 38.9 | 12.2 | 8.0 | 11.8 | 33.1 |
| ZYDUS LIFESCIENCES LTD | 1,17,055 | 26.1 | 3.96 | 15.1 | 17.3 | 18.0 | 12.4 | 25.2 |
| LAURUS LABS LIMITED | 1,15,722 | 105.7 | 21.31 | 64.4 | 16.4 | 17.2 | 7.2 | 32.0 |
| DR. REDDY S LABORATORIES | 1,09,385 | 33.9 | 2.86 | 14.6 | 10.9 | 13.0 | 12.1 | 15.0 |
| CIPLA LTD | 1,09,060 | 32.3 | 3.16 | 16.7 | 11.2 | 14.7 | 8.0 | 19.7 |
| MANKIND PHARMA LIMITED | 1,03,353 | 50.6 | 6.24 | 28.4 | 11.7 | 10.8 | — | 27.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 118.5 | 30.1 | 146 of 158 | 8% |
| P/B | 4.6 | 3.0 | 110 of 163 | 33% |
| ROCE | 4.1 | 10.8 | 135 of 183 | 26% |
| ROE | 3.7 | 9.8 | 125 of 166 | 25% |
| Debt / Equity | 0.0 | 0.2 | 63 of 166 | 62% |
| 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 | 18411 | 810 | 27 of 181 | 86% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Cohance to discuss Q2 and H1 FY27 results on 6 November 2026 | board shareholder meetings | low | — | — |
| 26 Oct 2026 · Board meeting set for 6 November to approve quarterly results | results | low | — | — |
| 12 Oct 2026 · Govt approves Umang Vohra as Chairman and Group CEO of Cohance | management changes | high | — | — |
| 9 Oct 2026 · Cohance grants 8.75 lakh ESOP options to eligible employees | capital market events | medium | — | — |
| 9 Oct 2026 · Cohance Lifesciences appoints Abhimanyu Ojha as CFO from October 12, 2026 | management changes | high | — | — |
| 7 Oct 2026 · Cohance files quarterly share dematerialisation compliance certificate | compliance | minimal | — | — |
| 6 Oct 2026 · Cohance Lifesciences gets Crisil ESG 61 Strong rating | business updates | medium | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 ahead of Q2/H1 FY26 results | compliance | minimal | — | — |
| 21 Sept 2026 · USFDA inspection at Jaggaiahpet API facility ends with Form 483, 5 observations | regulatory legal | high | — | — |
| 18 Sept 2026 · Cohance infuses USD 10 million into subsidiary NJ Bio via CCPS | strategic transactions | high | — | — |
How to read this document
| 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 | 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 |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.