AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 3 Sep - Cohance to invest USD 18 million in NJ Bio and Aruka Bio, completing by September 2026.
Source: Bse
Cohance Lifesciences Limited (COHANCE)
Small CapPharma stocks · Small cap · NSE
Cohance Lifesciences is a CDMO, API, and Specialty Chemicals company. It focuses on small molecules, ADCs, oligonucleotides, and agrochemicals, aiming for integrated offerings and strategic customer relationships. The company supports programs from early development through commercial supply, emphasizing specialized chemistry and manufacturing capabilities.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result05 Aug, 11:31 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Pharma P/E 33.5 (n=187)
Technical timing lens
Trend score and candlestick chart
85Strong Bullfull bull SMA stack · MACD + · sector +3.8pp vs Nifty 500 (3M)
Stock trend: 76
Sector RS: 98
Sector 3M: -1.8% vs Nifty 500 -5.6%
Pharma FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but the sector index is below its 100-session average. View sector evidence
Technical chart
COHANCED candles · FIT view+27.1%Latest close ₹457.70 on 2026-10-19
Bar
-2.2%
RSI
54
MACD hist
1.12
52W pos
29%
2026-10-19O ₹468.00H ₹468.00L ₹456.00C ₹457.70Vol 3.5L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
COHANCENifty PharmaNifty 500
- COHANCE
- +1.6%
- Nifty 500
- -5.6%
- Nifty Pharma
- -1.5%
- Vs Nifty 500
- +7.1 pp
Chart stats
19 Oct 2026- From 52W high
- -50.1%
- 52W range position
- 29%
- ATR (14)
- 3.6%
- Volume vs 20D
- 0.29x
- Avg traded value
- ₹55.1 Cr
- 20D price channel
- ₹427.5 - ₹482.3
₹917.9
₹266.7 - ₹917.9
₹16.6
Latest completed session
20-session average
33.2% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Weak U-Score but strong trend: momentum may be ahead of fundamentals.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · OVERVALUED23
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue -23.1% · PAT -197.8% YoY
Technical
Strong Bull85
Price trend and sector-relative-strength timing.
Valuation
Legacy model-4672.2%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence51
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100Rev -23% YoY · PAT -198% YoY · margin compression
Filed 05 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹422 Cr | -23.1% | -31.8% |
| EBITDA | ₹1 Cr | -99.1% | -99.0% |
| Operating margin | 0.3% | -1970 bps | -1570 bps |
| PAT | ₹-45 Cr | -197.8% | -662.5% |
| PAT margin | -10.7% | -1904 bps | -1195 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 165.00
- P/B
- 4.55
- EV/EBITDA
- 35.75
- Market Cap
- 17762.00Cr
Profitability
- ROE
- 4.89%
- ROCE
- 5.81%
- ROA
- 1.03%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 18.00%
- EPS 5Y
- -12.00%
- Revenue 3Y
- 19.00%
- EPS 3Y
- -23.00%
Balance Sheet
- Debt/Equity
- 0.10
- Interest Coverage
- 9.29×
- Altman Z
- 7.62
- Book Value
- 102.00
Cash Flow
- FCF Yield
- 0.66%
- FCF Positive Y
- 5/5
- OCF
- 368.00 Cr
- EPS TTM
- 2.78
Shareholding
- Promoter Hold
- 57.48%
- Promoter Pledge
- 94.60%
- Momentum 52W
- 30%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 422-31.8% vs prev
Net Profit
₹ CrLatest: -45.0-662.5% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bullish setupTrend is constructive — long-term uptrend intact. RSI 54.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 54 — rising, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 50% off 52W high · 72% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
31
RS percentile
Stage 2 UptrendEstablished S2
1M return
+4.5%
3M return
+1.6%
6M return
+26.1%
1Y return
-46.8%
RS 1D
-4
RS 20D
+8
Sector rank
#1
Industry rank
#3
Stage evidence
- Price is 7.7% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +5.0%.
- Both 3-month and 6-month returns are positive.
50-DMA
price above
200-DMA
price above
S2 entered
28 Aug 2026
S2 age
35 trading sessions
Sector
leading
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 54.26-0.33%
RS vs Nifty 50054
Valuation & peers
U-Score 23 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 23 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation0/30
Growth7/25
Quality0/20
Balance Sheet7/15
Cash Flow4/10
Piotroski
7/9 (+5)
Penalties
0
Raw sum
23
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
23/100 · legacy band OVERVALUED
Positive drivers
- Piotroski is strong at 7/9.
- Balance sheet contributes 7/15 to the score.
- Cash flow contributes 4/10 to the score.
Main drags
- Promoter pledge is 94.6%.
- Fair-value margin of safety is negative at -4672.2%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Sector valuation model
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Primary lens
PE and EV/EBITDA adjusted for product mix and R&D/pipeline quality.
Secondary checks
USFDA risk, launch pipeline, margin trend, domestic vs export mix.
Main risk check
Regulatory setbacks or one-off product cycles can distort valuation.
PE
165.0
PB
4.5
EV/EBITDA
35.8
ROE
4.9%
ROCE
5.8%
FCF Yield
0.7%
Debt/Equity
0.1
MoS
-4672.2%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
23
Previous: 23
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-4672.2%
Previous: -4672.2%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
23
23
23
23
23
23
23
23
23
23
23
23
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹79.88
-473.0% MoS
Growth-justified P/E
3.5
Growth-justified Value
₹9.59
-4672.2% MoS
PEG
—
Comparable companies
Peers
Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
SYNGENE
Small
Syngene International Limited
Pharmaceuticals
match 166
29
52.7
7.8%
-1179%
OVERVALUED
HIKAL
Small
Hikal Limited
Pharmaceuticals
match 159
29
62.4
2.2%
-3367%
OVERVALUED
DCAL
Small
Dishman Carbogen Amcis Limited
Pharmaceuticals
match 158
41
131.0
1.6%
-215%
WATCHLIST
AKUMS
Large
Akums Drugs and Pharmaceuticals Limited
Pharmaceuticals
match 157
42
37.8
8.4%
+15%
WATCHLIST
AARTIPHARM
Micro
Aarti Pharmalabs Limited
Pharmaceuticals
match 156
31
37.3
8.6%
+21%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-10-14T07:15:51.992Z
Management commentary snapshot
Q1 FY27 was Cohance's "lowest quarter ever" with consolidated revenue down 23% YoY to INR4,223 million and adjusted EBITDA at a 2.2% margin, impacted by shipment phasing and lower contributions from key segments.
Q1 FY27 results were significantly below expectations, with revenue and EBITDA declining sharply YoY. While management projects sequential improvement and H2 FY27 YoY growth, the immediate performance indicates operational challenges and timing-related issues that need close monitoring for recovery.
Current business mix
Pharma CDMO Revenue by Type
Latest issuer-disclosed distribution across 2 reported categories.
Commercial57.0%
Development43.0%
Growth engines
Integrated Nucleic Acid Business
Sapala reported 2.5x revenue growth in Q1FY27, with shipments commenced for an orphan drug candidate program. Management is aligning capabilities into one integrated nucleic acid offering.
ADC Payload Business
New products MMAE and Exatecan are receiving good traction from a market welcoming alternatives to Chinese suppliers. An additional payload order is expected.
API+ Niche Assets
The API portfolio is increasingly focused on niche assets in CNS and controlled substances, targeting value maximization through value chain play and innovator life cycle management.
AgChem Innovator Programs
A confirmed active ingredient program with an existing global innovator entered registration. The company aims to qualify approximately two new products each year.
Capacity and execution
Commercial Flow Reactor
Invested in a commercial flow reactor at our Jaggayyapet site, expected to be ready by next quarter.
GMP Manufacturing Lab
NJ Bio operationalized an additional GMP manufacturing laboratory at Princeton, expanding support for Phase 1 and 2 clinical development.
Effluent Treatment Facility
Commissioned a new effluent treatment facility at Ankleshwar, enhancing compliance and supporting future growth.
Agrochemical Capacities
Started revamping our capacities for the next set of agrochemical programs.
Tailwinds
Customer Demand for Dependable Partners
Customers are seeking dependable partners who can combine innovation with supply chain resilience, a position Cohance aims to fill with its 'innovation plus one approach'.
Alternative to Chinese Suppliers
New ADC payload products (MMAE and Exatecan) are receiving good traction from a market welcoming alternatives to Chinese suppliers.
Robust API Order Book
The underlying demand for API remains healthy, with a robust API order book supporting the outlook for the year.
Headwinds
Shipment Phasing & Customer Approvals
Q1FY27 revenue shortfall was predominantly related to shipment timing and customer approvals, with certain deliveries moving into Q2FY27.
Biotech Funding Environment
The biotech funding environment continues to influence the timing of customer decisions and FTE renewals, particularly affecting NJ Bio.
Formulations Operational Issues
Formulation revenue was impacted by an API production delay, lower demand for a mature product, and a customer-led change in pack configuration.
Chinese Generic Pressure
FY27 AgChem segment is expected to be affected by Chinese generic pressure.
Risk radar
Biotech Funding Environment
The biotech funding environment continues to influence the timing of customer decisions and FTE renewals, which could impact NJ Bio's performance.
Regulatory & Qualification Timelines
Specialty Chemicals' projected double-digit growth from FY28 onwards is subject to customer qualification and regulatory timelines.
CFO Succession
The current CFO, Himanshu Agarwal, will remain in his role until September 13, 2026, with the succession process update pending.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
Q1 was seasonally low and impacted by shipment timing, making QoQ important for assessing sequential recovery and momentum. YoY comparison is crucial to evaluate the underlying business health against previous periods, especially given the significant decline.
Sector KPIs management disclosed
Domestic Formulations Growth
Formulation business performance was slightly below our expectations for the quarter, impacted by API production delay, lower demand for a mature product, and a customer-led change in pack configuration.
US/Export Growth
Supported the launch of a new topical product for the US market through a partner. Finalized a supply agreement covering selected Middle Eastern markets.
Launch Pipeline
Formulations: Two further product launches are scheduled during Q2FY27, and around 10 launches in this fiscal year. API: Continue to target seven new API filings for FY27.
Approvals
API business secured two CEP approvals and filed two Korean DMFs during the quarter.
Management forward view
Q1 FY27 Lowest Quarter & Outlook
Management indicated Q1 FY27 would be the lowest quarter ever, with expected improvement in Q2 and a return to year-on-year growth from the second half.
Integrated Nucleic Acid Business
Management is building one integrated nucleic acid offering, aligning capabilities, and has a defined path to full ownership of Sapala by FY30.
Agrochemical Capacity Revamp
Management has started revamping capacities for the next set of agrochemical programs to improve the business's relevance to partners.
Sustainable Double-Digit Growth
Management remains confident in the outlook for API+, believing initiatives create a strong foundation for sustainable double-digit growth over the medium term.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Revenue Growth | Consolidated revenue declined 23% YoY in Q1 FY27. | Sequential growth in Q2 FY27 and a return to YoY growth from H2 FY27, as guided by management. |
| Nucleic Acid Business Progress | Supply commenced for specialized nucleic acid building blocks; Sapala reported 2.5x revenue growth in Q1. | Progress on GMP operationalization and validation of priority amidites, and new program awards. |
| AgChem Product Qualification | First qualification campaign with two Japanese innovators scheduled in FY27. | Successful qualification of approximately two new products each year, combining existing and new customers. |
| Nacharam Remediation | Operational performance is steadily improving, and product supplies have resumed. | Full normalization of operations and continued progress on CAPA implementation. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
51Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 9th percentile of the scored universe and 6th percentile within Pharma. Main check: results consistency is weak at 5/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
129 docs text-extracted · 54 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
9th percentile
overall median 67 · Pharma: 6th pctile, median 70 · Small: 10th pctile, median 66
Evidence depth
Financial-only
129 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
43
weak · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
18
weak · capital discipline
Results
5
weak · quarterly consistency
Trust positives
- ▸Promoter holding is 57.5%.
- ▸FCF yield is positive at 0.7%.
- ▸5 years of positive FCF.
- ▸Debt/equity is 0.10.
Trust risks
- ▸Promoters have pledged 94.6% of holding.
- ▸4 latest quarters had PAT decline worse than 25% YoY.
- ▸ROCE is low at 5.8%.
- ▸ROE is low at 4.9%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Cohance Lifesciences Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 27 Aug - Management will attend Ashwamedh - Elara India Dialogue 2026 in Mumbai on 1 September 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 17 Sep
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Company Ir
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Credit ratingAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Credit Rating 13 Aug - CRISIL withdrew ratings on lower-limit facilities on 12 August 2026; India Ratings remain valid.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 27 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 6 Aug
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 25 May - Management to attend investor conferences on May 29, June 4 and June 11, 2026; May 27 meeting shifted to May 29.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 26 Jun
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 2 Jun
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 15 May
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.