COHANCE
Small CapCohance Lifesciences Limited
Pharma
Cohance Lifesciences Limited (formerly Suven Pharmaceuticals Limited) is a science-anchored platform with capabilities in ADCs, oligonucleotides, small molecules, API+, and specialty chemicals. It focuses on predictability of delivery, quality systems, talent, and a pipeline that matters to partners and patients.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust needs verification, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 0/100Rev -26% YoY · PAT -93% YoY · margin compression · +14% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹619.1 Cr | -26.3% | +13.7% |
| EBITDA | ₹98.7 Cr | -56.9% | +3.5% |
| Operating margin | 15.9% | -1133 bps | -157 bps |
| PAT | ₹8.3 Cr | -92.9% | -71.4% |
| PAT margin | 1.3% | -1260 bps | -399 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
FY26 revenue declined 13% YoY to INR22.68 billion, with adjusted EBITDA at 21%. Q1 FY27 is expected to be weak due to revenue schedules and cost escalation, with recovery anticipated from H2 FY27.
FY26 performance was impacted by destocking, shipment delays, and site disruptions. Management expects Q1 FY27 to be the low point, with recovery in H2 FY27 driven by execution, order conversion, and improving utilization. The new CEO aims to build on differentiated capabilities and operational rigor.
Revenue by Business Segment (FY26)
Latest issuer-disclosed distribution across 3 reported categories.
ADCs and Oligonucleotides
Capabilities such as ADCs and oligonucleotides, which are well-differentiated and hard to replicate. Customer interest continues in payload linker programs.
Late-Stage Pipeline
Total Phase 3 pipeline now stands at 10 programs, with two programs recently entering commercialization and one under priority review.
API+ Portfolio Expansion
Strengthened development pipeline and diversified revenue base, with 10 new filings and six new product validations in FY26.
Integrated API and FDF Play
Few very interesting and differentiated opportunities in our formulation business that are shaping up, leveraging our integrated API and FDF play.
NJ Bio US Facility Expansion
Expansion work of $10 million capex at the NJ Bio US facility is progressing to support future scale-up, Phase 2 requirements, and validation readiness.
Oligonucleotide Facility
The cGMP oligonucleotide building block facility is under validation.
FY27 Capex Spend
We expect capex spend of nearly INR3 billion in FY27.
Diversified Customer Base
Less concentration in FY26 than in FY25, and expected less in FY27, as we continue to develop our customer project pipeline.
Strong Funnel
Strong funnel that has been multiplied by two essentially in the last six months with regard to small molecule.
INR Depreciation Benefit
Gross margin was supported by product mix, backward integration, cost actions, and benefit of INR depreciation.
Destocking and Order Phasing
FY26 revenues were impacted by destocking, customer inventory adjustment, and delayed reloads in the Pharma CDMO business.
Nacharam Site Disruption
Revenues were impacted by approximately INR610 million during FY26 due to temporary disruptions at our Nacharam site.
Geopolitical Cost Escalation
Uncertainties in the Middle East region led to escalation in logistics and freight cost, along with selective inflation in certain raw materials.
Product-Specific Factors and Pricing Pressure
Softer API+ performance was due to product-specific factors, shipment delays, and select mature molecules experienced pricing pressure.
Customer Concentration
Historical reliance on a few molecules and customers, especially on the small molecule side of the CDMO business, led to the current situation.
Subsidiary Performance
Operating margins were impacted by weak performance by subsidies. NJ Bio needs time to return to profitability.
Regulatory/Quality Issues
Temporary disruptions at Nacharam site required remediation actions to strengthen quality and operating systems.
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.
FY26 results are compared YoY, but management emphasizes sequential improvement in H2 FY26 for API+ and projects a sequential bottoming out in Q1 FY27 before H2 FY27 recovery.
Pharma CDMO Revenue (FY26)
The Pharma CDMO business reported revenue of INR8.89 billion for FY26.
API+ Business Revenue (FY26)
The API+ business reported revenues of INR10.88 billion in FY26.
Specialty Chemicals Revenue (FY26)
Specialty chemicals reported revenue of INR2.913 billion in FY26.
Total Phase 3 Pipeline
The total Phase 3 pipeline now stands at 10 programs.
Strategic Blueprint for Growth
By the end of this fiscal year, the intent is to create a strategic blueprint for growth and sustainable value creation.
Focus for FY27
The focus for FY27 is execution, order conversion, and delivery visibility, accelerating volume growth, improving asset utilization, and expanding customer engagement.
Recovery Timeline
Q1 FY27 is to be low on both revenue and EBITDA. Growth will return from second half of FY27 onwards, with recovery becoming more visible.
Operational Rigor and Science Engine
Operational rigor, strong quality systems, deepening customer relationships, and continuously progressing the science engine are key priorities.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| H2 FY27 Revenue Growth | Q1 FY27 expected to be low, Q2 stable. | Visible recovery and growth from H2 FY27 onwards, supported by execution and order conversion. |
| NJ Bio Profitability | Weak performance, significant investment for bioconjugation expansion. | Progress in bringing the business back to profitability, expected in more than two years. |
| Nacharam Site Normalization | Utilization levels are still normalizing after temporary disruptions. | Further normalization over coming quarters as execution stabilizes and order book converts. |
| Geopolitical Cost Impact | Q1 FY27 expected to see 100-150 bps impact on gross margin. | Success in discussions with customers to share part of the cost inflation. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
53NeutralSMA20 +3.1% / mo
Technical chart
COHANCEweekly · 5Y-60.3%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 47.
- SMA20 rising (~3.0% over last month) — short-term momentum positive.
- RSI(14) at 47 — sideways, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 61% off 52W high · 62% 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.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 7/9.
- Balance sheet contributes 10/15 to the score.
- Cash flow contributes 6/10 to the score.
Main drags
- Fair-value margin of safety is negative at -2350.7%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 1/30; verify the latest quarterly trend.
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 24th percentile of the scored universe and 18th percentile within Pharma. Main check: results consistency is weak at 5/100.
Mixed Trust Lite: Promoter holding is 57.5%. Key concern: Promoter holding fell 8.9%.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Pharma: 18th pctile, median 70 · Small: 28th pctile, median 65
119 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead 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.
Trust positives
- ▸Promoter holding is 57.5%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.7%.
- ▸5 years of positive FCF.
Trust risks
- ▸Promoter holding fell 8.9%.
- ▸4 latest quarters had PAT decline worse than 25% YoY.
- ▸ROE is low at 7%.
- ▸ROCE trend is -5.6%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 82.30
- P/B
- 4.16
- EV/EBITDA
- 27.10
- Market Cap
- 16238.00Cr
Profitability
- ROE
- 7.04%
- ROCE
- 8.35%
- ROA
- 2.62%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 18.00%
- EPS 5Y
- -11.00%
- Revenue 3Y
- 19.00%
- EPS 3Y
- -21.00%
Balance Sheet
- Debt/Equity
- 0.10
- Interest Coverage
- 11.54×
- Altman Z
- 7.19
- Book Value
- 102.00
Cash Flow
- FCF Yield
- 0.70%
- FCF Positive Y
- 5/5
- OCF
- 368.00 Cr
- EPS TTM
- 4.68
Shareholding
- Promoter Hold
- 57.49%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 18%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%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.