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Cohance Lifesciences Q2 FY27 results: net profit down 98.0% to ₹2.27 crore, revenue down 56.9%
Cohance Lifesciences Limited reported consolidated revenue of ₹476.65 crore in Q2 FY27, down 56.9% from Q2 FY26 but up 12.9% from Q1 FY27. EBITDA was ₹35.38 crore at a 7.4% margin, while the company moved from a net loss of ₹45.19 crore in Q1 FY27 to a net profit of ₹2.27 crore.
Key points
- Consolidated revenue was ₹476.65 crore in Q2 FY27, down 56.9% from ₹1,105 crore in Q2 FY26 and up 12.9% from ₹422.26 crore in Q1 FY27.
- EBITDA was ₹35.38 crore, down 84.8% from ₹232.96 crore in Q2 FY26 but up from ₹1.16 crore in Q1 FY27; the margin was 7.4%, compared with 21.1% and 0.3%, respectively.
- The company reported a net profit of ₹2.27 crore in Q2 FY27, against a net loss of ₹45.19 crore in Q1 FY27 and a net profit of ₹112.79 crore in Q2 FY26.
- Basic EPS was ₹0.40, compared with ₹3.22 in Q2 FY26 and a loss of ₹0.63 per share in Q1 FY27.
- On a standalone basis, revenue was ₹416.69 crore and net profit was ₹13.27 crore in Q2 FY27.
How did Cohance Lifesciences perform in Q2 FY27?
Cohance Lifesciences reported consolidated revenue of ₹476.65 crore in Q2 FY27, down 56.9% from ₹1,105 crore in Q2 FY26. Against Q1 FY27, revenue rose 12.9% from ₹422.26 crore. Total income was ₹489.06 crore, down 56.9% year on year and up 12.6% sequentially.
Consolidated EBITDA was ₹35.38 crore in Q2 FY27, with a margin of 7.4%. EBITDA fell 84.8% from ₹232.96 crore in Q2 FY26, when the margin was 21.1%, while it rose from ₹1.16 crore and a 0.3% margin in Q1 FY27.
Profit before tax was a loss of ₹10.75 crore in Q2 FY27, compared with a profit of ₹146.53 crore in Q2 FY26 and a loss of ₹42.87 crore in Q1 FY27. Net profit was ₹2.27 crore, against a net profit of ₹112.79 crore a year earlier and a net loss of ₹45.19 crore in the previous quarter. Basic EPS was ₹0.40. On a standalone basis, revenue was ₹416.69 crore and net profit was ₹13.27 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 476.65 | 422.26 | 1,105 | −56.9% | +12.9% |
| Other income | 12.41 | 12.25 | 29.77 | −58.3% | +1.3% |
| Total expenses | 499.81 | 477.38 | 980.02 | −49.0% | +4.7% |
| EBITDA | 35.38 | 1.16 | 232.96 | −84.8% | +2950.0% |
| EBITDA margin | 7.4% | 0.3% | 21.1% | −13.7 pp | +7.1 pp |
| Profit before tax | −10.75 | −42.87 | 146.53 | turned to loss | |
| Tax | −13.02 | 2.32 | 33.74 | ||
| Net profit | 2.27 | −45.19 | 112.79 | −98.0% | turned to profit |
| EPS (₹) | 0.40 | −0.63 | 3.22 | −87.6% | turned to profit |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Cohance Lifesciences' costs and profit?
Total expenses were ₹499.81 crore in Q2 FY27, down 49.0% from ₹980.02 crore in Q2 FY26 but up 4.7% from ₹477.38 crore in Q1 FY27. Year on year, cost of materials fell 36.0% to ₹236.64 crore, employee cost fell 41.0% to ₹153.54 crore, finance costs fell 55.8% to ₹8.37 crore, depreciation fell 43.7% to ₹50.17 crore and other expenses fell 53.9% to ₹148.64 crore.
Other income was ₹12.41 crore in Q2 FY27, down 58.3% from ₹29.77 crore in Q2 FY26 and up 1.3% from ₹12.25 crore in Q1 FY27. There was no exceptional item in Q2 FY27, compared with an exceptional charge of ₹8.10 crore in Q2 FY26. Tax was a net credit of ₹13.02 crore, compared with tax expense of ₹33.74 crore a year earlier and ₹2.32 crore in Q1 FY27.
Management said lower API volumes, shipment phasing and higher raw-material costs affected API+ margins. It also cited unfavourable mix, lower AgChem contribution and weaker Small Molecule revenue conversion for the year-on-year contraction in gross margin, while Sapala and Formulations partly offset those factors.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 236.64 | 369.93 | −133.29 | −36.0% |
| Employee cost | 153.54 | 260.04 | −106.50 | −41.0% |
| Finance costs | 8.37 | 18.94 | −10.57 | −55.8% |
| Depreciation | 50.17 | 89.16 | −38.99 | −43.7% |
| Other expenses | 148.64 | 322.61 | −173.97 | −53.9% |
| Total expenses | 499.81 | 980.02 | −480.21 | −49.0% |
| Other income | 12.41 | 29.77 | −17.36 | −58.3% |
| Tax | −13.02 | 33.74 | −46.76 | |
| Exceptional items | none | −8.10 (charge) |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets were ₹5,680.18 crore on 30 September 2026, compared with ₹5,729.64 crore on 31 March 2026. Total equity was ₹3,986.86 crore, compared with ₹4,033.83 crore, while borrowings rose to ₹227.7 crore from ₹169.67 crore and cash rose to ₹98.63 crore from ₹49.14 crore. Inventories increased to ₹734.34 crore from ₹562.23 crore, trade receivables fell to ₹469.02 crore from ₹681.01 crore and trade payables rose to ₹364.32 crore from ₹284.58 crore.
H1 FY27 operating cash flow was ₹188.06 crore, compared with ₹261.14 crore in H1 FY26. Investing cash flow was a negative ₹46.69 crore, compared with a negative ₹194.12 crore, while financing cash flow was a negative ₹92.47 crore, compared with a negative ₹82.85 crore. Capital expenditure was ₹108.01 crore, compared with ₹89.71 crore in the earlier first half.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 5,680 | 5,730 |
| Total equity | 3,987 | 4,034 |
| Borrowings | 227.70 | 169.67 |
| Cash and equivalents | 98.63 | 49.14 |
| Inventories | 734.34 | 562.23 |
| Trade receivables | 469.02 | 681.01 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 188.06 | 261.14 |
| Cash from investing | −46.69 | −194.12 |
| Cash from financing | −92.47 | −82.85 |
| Capital expenditure | 108.01 | 89.71 |
Source: Company's results filing (XBRL).
How has Cohance Lifesciences done over the last 8 quarters?
Revenue reached its highest level in Q2 FY26 at ₹1,104.88 crore and its lowest in Q3 FY25 at ₹307.15 crore. It fell to ₹422.26 crore in Q1 FY27 before recovering to ₹476.65 crore in Q2 FY27, although the latest level remained below the year-ago peak.
Net profit was highest at ₹112.79 crore in Q2 FY26 and bottomed at a loss of ₹45.19 crore in Q1 FY27. Q2 FY27 returned to a net profit of ₹2.27 crore. The EBITDA margin peaked at 38.3% in Q3 FY25, fell to 0.3% in Q1 FY27 and recovered to 7.4% in Q2 FY27, remaining below 21.1% in Q2 FY26.
What else did the company announce?
On 6 November 2026, the board approved the unaudited standalone and consolidated financial results for the quarter and half-year ended 30 September 2026. It also approved the appointment of Dr. Kuber Jagdale as Additional Director, designated as Chief Technical Officer and Executive Director, for five years from 7 November 2026, subject to shareholder and other approvals.
The board proposed a 26% equity investment in an SPV being incorporated to generate solar power for captive consumption in the company’s plant operations. Separately, the Telangana Pollution Control Board ordered immediate closure of the Suryapet manufacturing site following an industrial accident. The company said the operational and financial impact could not be quantified with reasonable certainty and initiated corrective and preventive measures.
What did Cohance Lifesciences' management say?
Management expected H2 FY27 revenue and EBITDA to grow year on year and said H2 would be stronger than H1. It attributed the outlook to Small Molecule deliveries, API+ resilience and Sapala growth, with improved revenue mix and utilisation supporting EBITDA recovery.
Management said the stronger Q3 and Q4 order book and improved commercial reload visibility were expected to support a sequential recovery in Small Molecule deliveries. It planned to expand Flow Chemistry and Peptide capabilities organically and inorganically over the next 12–24 months.
Management said bioconjugation capacity expansion was on track for early FY28, with a focus on improving utilisation and moving towards break-even. H2 priorities for API+ included order-book conversion, new-product execution, pricing discipline and margin improvement through better product mix and cost optimisation.
Management identified revenue contraction, unfavourable mix, lower AgChem contribution, weaker Small Molecule revenue conversion and API+ raw-material inflation as risks. It also said the CDMO recovery depended on converting order and reload visibility into scheduled Q3 and Q4 deliveries, while AgChem faced lower volumes, pricing pressure and programme phasing.
How did other Pharmaceuticals companies do?
A total of 78 Pharmaceuticals companies that filed this quarter were compared, with a median revenue growth of 18.9%. Among them, 1 peer grew revenue more slowly than Cohance Lifesciences, while 77 grew faster. The company reported a year-on-year revenue decline of 56.9% in Q2 FY27.
Among the peers, 50 companies reported higher profit from the 74 peers for which profit was compared. The peer data was as of 6 November 2026.
| Cohance Lifesciences revenue growth (YoY) | −56.9% |
|---|---|
| Median of 78 other Pharmaceuticals companies | +18.9% |
| Companies with slower revenue growth than Cohance Lifesciences | 1 of 78 |
| Companies with faster revenue growth than Cohance Lifesciences | 77 of 78 |
| Companies whose net profit rose | 50 of 74 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Cohance Lifesciences' revenue in Q2 FY27?
Revenue from operations was ₹476.65 crore, down 56.9% from ₹1,105 crore in Q2 FY26 (consolidated).
Did Cohance Lifesciences make a profit in Q2 FY27?
Yes. Net profit was ₹2.27 crore, against a net profit of ₹112.79 crore in Q2 FY26.
What was Cohance Lifesciences' EPS in Q2 FY27?
Basic earnings per share were ₹0.40, against ₹3.22 in Q2 FY26.
When did Cohance Lifesciences announce its Q2 FY27 results?
On 6 November 2026, in a filing to the NSE.
Sources
- Board Meeting Intimation for Considering The Unaudited Financial Results (Standalone And Consolidated) Of The Company, For The Quarter And Half Year Ended 30 September 2026 (BSE, 26 October 2026) · PDF
- Outcome of Board Meeting (NSE, 6 November 2026) · PDF
- The investor presentation (6 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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