Cohance Lifesciences
Cohance Lifesciences
HealthcareKey Fundamentals
SmallcapPharmaceuticalsHealthcareTapetide Score
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Key Insights
Weaknesses
4- Though the company is reporting repeated profits, it is not paying out dividend
- Company has a low return on equity of 10.6% over last 3 years.
- Promoters have pledged 94.6% of their holding.
- Debtor days have increased from 88.0 to 110 days.
Growth Rate
AI Analysis — Bull vs Bear
Cohance Lifesciences (market cap about ₹17,332 Cr) grew sales at a 19% CAGR over 3 years and 18% over 5 years, but TTM sales are down 20% and TTM profit is down 77%. Because earnings have fallen so sharply, the stock trades at a P/E of 298.5 and a P/B of 4.47. ROE fell to 5% last year from a 15% 5-year average, promoters have pledged 94.6% of their holding, and the stock is down 48% over 1 year.
- Sales grew at a 19% CAGR over 3 years and 18% over 5 years, so the business has scaled up over time even after the recent slowdown.
- The 5-year average ROE of 15% is well above last year's 5%. If the current weakness is cyclical or tied to the merger, returns have room to recover toward past levels.
- Public reports put FY25 EBITDA margin at about 34%, with management guiding to a low-30% range for FY26. That points to a high-margin CDMO/API business model.
- Q4FY25 revenue reportedly grew 19.9% YoY and 24.4% QoQ, with gross margin at 64.0%. This shows the business was growing shortly before the TTM decline.
- The stock is down 48% over 1 year. Much of the earnings decline may already be in the price, compared with a P/B of 4.47.
- The dataset shows a dividend yield of 1.31%, which would give shareholders some cash return. However, this conflicts with the listed con that the company is not paying dividends.
- At a market cap of about ₹17,332 Cr, the company has the scale to keep investing in capacity and technology, which management says is ongoing.
- Promoters have pledged 94.6% of their holding. That creates a real overhang: forced selling could follow if the share price falls further.
- TTM profit is down 77% and TTM sales are down 20%, a sharp reversal from the 3-year sales CAGR of 19%.
- The P/E of 298.5 is very high after the earnings collapse, so the valuation depends heavily on a strong profit recovery.
- Profits have fallen at a 23% CAGR over 3 years and a 12% CAGR over 5 years, even while sales grew. Profitability has worsened over time.
- ROE was only 5% last year and averaged about 10.6–11% over 3 years, which is low for a pharma/CDMO business trading at 4.47x book.
- Debtor days rose from 88 to 110. This could mean slower customer payments and more working capital tied up.
- The stock has returned -48% over 1 year, -7% CAGR over 3 years, and -3% CAGR over 5 years, so shareholders have lost value over several periods.
- Reported quarterly data includes a net loss of about ₹45 Cr in one recent quarter, compared with a ₹8.31 Cr profit the quarter before. Earnings have been volatile.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Five USFDA observations at Jaggaiahpet API Sep 21
The USFDA inspection of the Jaggaiahpet API facility ended with five observations, and Cohance has to send the agency a written response. The headline calls it a clearance, but the number of observations makes this a regulatory overhang.
- Four Form 483 observations at formulation plant Sep 7
The USFDA issued four Form 483 observations after inspecting Cohance's formulation plant. The company plans corrective actions and a timely response, and the observations are not a final regulatory action.
- $10M infusion into NJ Bio Sep 18
Cohance sent USD 10 million to its US subsidiary NJ Bio Inc through compulsorily convertible preferred stock. The money backs growth in the high-value ADC CRDMO business.
- Investor meets in Mumbai, Hyderabad Sep 17
Cohance will hold analyst and institutional investor meetings in Mumbai on September 22 and in Hyderabad on September 24, 2026. Management may use them to address the recent USFDA observations.
- All 8th AGM resolutions passed Sep 17
Shareholders passed all three resolutions at the 8th AGM on September 17, 2026, including the financial statements and the reappointment of director Shweta Jalan, with overwhelming support.
TL;DR: Cohance keeps investing in its ADC CRDMO growth strategy, shown by the USD 10 million infusion into NJ Bio, and shareholders backed management at the AGM. The main risk is regulatory: two USFDA inspections in September produced nine observations in total (four at the formulation plant, five at the Jaggaiahpet API site). Neither inspection has led to escalated action so far, so the near-term trend is mixed rather than getting worse. Investors should watch how the company responds to the USFDA and what management says at the September 22 and 24 investor meetings.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 348 | 231 | 220 | 253 | 488 | 604 | 676 | 840 | 549 | 556 | 545 | 619 | 422 |
| Expenses | 181 | 133 | 154 | 180 | 363 | 398 | 439 | 611 | 437 | 435 | 449 | 520 | 421 |
| Operating Profit | 167 | 98 | 66 | 73 | 125 | 205 | 237 | 229 | 112 | 121 | 95 | 99 | 1 |
| OPM % | 48% | 42% | 30% | 29% | 26% | 34% | 35% | 27% | 20% | 22% | 18% | 16% | 0.3% |
| Other Income | 11 | 20 | 14 | 17 | 19 | 16 | 22 | -4 | 6 | 16 | 1 | -18 | 12 |
| Interest | 1 | 0 | 2 | 2 | 10 | 10 | 11 | 10 | 10 | 9 | 9 | 9 | 7 |
| Depreciation | 13 | 12 | 13 | 17 | 31 | 38 | 44 | 54 | 45 | 44 | 47 | 51 | 50 |
| PBT | 164 | 105 | 65 | 71 | 103 | 174 | 205 | 161 | 63 | 84 | 41 | 20 | -43 |
| Tax % | 26% | 25% | 29% | 25% | 27% | 21% | 25% | 27% | 26% | 21% | 29% | 58% | 5% |
| Net Profit | 121 | 80 | 47 | 53 | 75 | 138 | 153 | 117 | 46 | 66 | 29 | 8 | -45 |
| EPS in Rs | 4.74 | 3.13 | 1.84 | 2.1 | 2.96 | 5.44 | 6.01 | 4.73 | 1.28 | 1.94 | 0.96 | 0.51 | -0.63 |
Profit & Loss
| Particulars | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Sales | 378 | 834 | 1,010 | 1,320 | 1,340 | 1,051 | 2,608 | 2,269 | 2,142 |
| Expenses | 206 | 449 | 567 | 738 | 766 | 645 | 1,811 | 1,841 | 1,825 |
| Operating Profit | 172 | 385 | 443 | 582 | 574 | 406 | 797 | 427 | 316 |
| OPM % | 45% | 46% | 44% | 44% | 43% | 39% | 31% | 19% | 15% |
| Other Income | 1 | 66 | 68 | 133 | 46 | 62 | 53 | 4 | 11 |
| Interest | 3 | 23 | 12 | 9 | 13 | 7 | 41 | 37 | 34 |
| Depreciation | 12 | 24 | 32 | 39 | 48 | 55 | 167 | 187 | 192 |
| PBT | 158 | 405 | 468 | 668 | 560 | 406 | 643 | 207 | 101 |
| Tax % | 31% | 22% | 23% | 32% | 27% | 26% | 25% | 27% | — |
| Net Profit | 109 | 317 | 362 | 454 | 411 | 300 | 484 | 150 | 59 |
| EPS in Rs | — | 12.45 | 14.23 | 17.83 | 16.16 | 11.8 | 19.14 | 4.68 | 2.78 |
| Div. Payout % | 0% | 20% | 14% | 28% | 37% | 0% | 0% | 0% | — |
Balance Sheet
| Particulars | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 0 | 13 | 25 | 25 | 25 | 25 | 25 | 38 |
| Reserves | 578 | 832 | 1,155 | 1,502 | 1,710 | 2,025 | 3,623 | 3,873 |
| Borrowings | 83 | 186 | 143 | 97 | 70 | 65 | 486 | 400 |
| Other Liabilities | 123 | 142 | 151 | 205 | 160 | 138 | 1,346 | 1,415 |
| Total Liabilities | 783 | 1,173 | 1,474 | 1,830 | 1,966 | 2,254 | 5,480 | 5,727 |
| Fixed Assets | 271 | 357 | 441 | 534 | 663 | 670 | 3,107 | 3,369 |
| CWIP | 111 | 102 | 96 | 30 | 165 | 179 | 334 | 178 |
| Investments | 7 | 338 | 542 | 598 | 536 | 904 | 337 | 529 |
| Other Assets | 394 | 376 | 395 | 667 | 601 | 501 | 1,702 | 1,652 |
| Total Assets | 783 | 1,173 | 1,474 | 1,830 | 1,966 | 2,254 | 5,480 | 5,727 |
Cash Flow
| Particulars | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Operating | 50 | 407 | 383 | 330 | 457 | 358 | 673 | 368 |
| Investing | -65 | -413 | -311 | -136 | -195 | -362 | -388 | -251 |
| Financing | 26 | 7 | -76 | -156 | -242 | -14 | -327 | -165 |
| Net Cash Flow | 11 | 1 | -5 | 37 | 20 | -18 | -42 | -48 |
| Free Cash Flow | -6 | 304 | 272 | 255 | 171 | 307 | 357 | 169 |
| CFO/OP | 49 | 128 | 111 | 88 | 105 | 115 | 107 | 102 |
Ratios
| Particulars | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Debtor Days | 142 | 51 | 37 | 65 | 30 | 46 | 108 | 110 |
| Inventory Days | 556 | 278 | 243 | 259 | 279 | 268 | 209 | 310 |
| Days Payable | 190 | 113 | 100 | 97 | 63 | 49 | 120 | 157 |
| Cash Conversion Cycle | 509 | 217 | 180 | 228 | 247 | 265 | 197 | 263 |
| Working Capital Days | 205 | 64 | 56 | 108 | 99 | 115 | 106 | 133 |
| ROCE % | — | 50% | 40% | 41% | 32% | 19% | 21% | 6% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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69 extracted metrics + investor summaries across FY18–FY27.
Documents
Frequently Asked Questions about Cohance Lifesciences
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Company Information
Cohance Lifesciences is a Hyderabad-based CDMO operating across pharmaceutical development, manufacturing, APIs, formulations and specialty chemicals. The company states that it features among the Top 20 CDMOs globally; its Pharma CDMO business works with 19 of the top 20 global innovators, while the API portfolio ranks among the top three suppliers in 8 of its top 10 molecules.[1][2]
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