Cohance Lifesciences Limited (COHANCE)
₹464.05 +0.89% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Cohance Lifesciences' revenue was ₹422 Cr (-23.1% year on year, -31.8% on the previous quarter), and net profit ₹-45.2 Cr (against a profit a year earlier); the operating margin was 0.3%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹422 | -23.1% | -31.8% |
| Operating profit | ₹1.2 | -99.0% | -98.8% |
| Net profit | ₹-45.2 | to loss | to loss |
| EPS (₹) | -0.63 | to loss | to loss |
| Operating margin | 0.3% | — | — |
COHANCE delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 73.12% of the COHANCE shares traded on NSE were taken to delivery, against the stock's own 20-session average of 47.7%. Delivery was unusually high while the price barely moved (+0.89%).
Delivery in the last 5 sessions: 48.5% · 44.7% · 46.2% · 22.5% · 73.1%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Cohance Lifesciences Limited has received statutory approval from the Ministry of Corporate Affairs (Central Government) on October 12, 2026 (approval dated October 8, 2026) for the appointment of Mr. Umang Vohra as Chairman and Group CEO. This formalizes board decisions previously communicated on April 27, 2026, and June 26, 2026. Mr. Vohra takes charge of leading the consolidated entity following its platform mergers and expansions across ADCs and oligos.
- Ministry of Corporate Affairs approval letter dated 8 October 2026 received on 12 October 2026
- Confirms appointment of Mr. Umang Vohra (DIN: 02296740) as Chairman and Group CEO
- Follows earlier corporate intimations dated 27 April 2026 and 26 June 2026
Cohance Lifesciences has appointed Mr. Abhimanyu Ojha as its Chief Financial Officer and Key Managerial Personnel, effective October 12, 2026. Mr. Ojha brings over two decades of pharma finance experience, previously serving as Global CFO & President Finance at Intas Pharmaceuticals, with earlier stints at Viatris, Sun Pharma, and Ranbaxy. The appointment comes as the company navigates integration following its Casper Pharma merger, aiming to turnaround performance after reporting a net loss of Rs 45.19 crore in Q1 FY27 (ended June 2026). Mr. Ojha is also designated as an authorized KMP for materiality disclosures alongside CEO Umang Vohra.
- Appointment of Mr. Abhimanyu Ojha as CFO and KMP effective October 12, 2026
- Candidate brings over 20 years of experience across Intas Pharmaceuticals, Viatris, Sun Pharma, and Ranbaxy
- Board approved the appointment at its meeting held on October 9, 2026 (concluded in 15 minutes: 7:45 pm to 8:00 pm)
- Authorized as KMP for SEBI Regulation 30(5) materiality disclosures alongside Chairman & Group CEO Umang Vohra
Cohance Lifesciences completed a USFDA inspection at its Jaggaiahpet API manufacturing facility in Andhra Pradesh, conducted between 14 September and 19 September 2026. The audit ended with the issuance of Form FDA 483 containing 5 observations. The company stated that it has initiated Corrective and Preventive Actions (CAPA) and will reply within the mandated timeline. Given past regulatory challenges such as an Official Action Indicated (OAI) status at its Nacharam formulations plant, resolution of these observations remains key for export continuity.
- USFDA audit conducted from 14 September to 19 September 2026 at Jaggaiahpet API site
- Inspection concluded with 5 Form FDA 483 observations issued
- FEI number of the facility: 3005554260
- Company is initiating CAPA and preparing response within the stipulated deadline
Cohance Lifesciences has remitted $10 million (~Rs 83-85 cr) towards the subscription of 188,680 Compulsorily Convertible Preferred Stock (CCPS) of its US subsidiary, NJ Bio Inc., at $53.00 per share. The CCPS are convertible into equity shares after 3 years, funded via internal accruals. NJ Bio is an Antibody Drug Conjugate (ADC) focused CRDMO whose turnover stood at USD 23.5 million in CY2025 (down from USD 32.6 million in CY2024). The investment supports NJ Bio's capex and growth initiatives, aligning with Cohance's strategy to scale high-margin ADC capabilities.
- Remitted aggregate consideration of USD 10 million via internal accruals
- Subscribing to 188,680 CCPS of NJ Bio at USD 53.00 per share
- CCPS are convertible into equity shares of NJ Bio after 3 years
- Target entity NJ Bio posted CY2025 revenue of USD 23.5 million vs USD 32.6 million in CY2024
- Transaction expected to fully close before the end of September 2026
Cohance Lifesciences Limited concluded its 8th Annual General Meeting on September 17, 2026. Shareholders approved all three ordinary resolutions with overwhelming majorities (>99.97% votes in favor). The approved items included the adoption of standalone and consolidated financial statements for FY26 (revenue of Rs 1,649.43 cr) and the reappointment of Ms. Shweta Jalan as Director retiring by rotation. A total of 50 shareholders attended the meeting via video conference.
- Adoption of Standalone and Consolidated Financial Statements passed with 99.9992% votes in favor (31,71,23,341 votes)
- Reappointment of Ms. Shweta Jalan as Director approved with 99.9731% approval (31,70,40,701 votes in favor)
- Total of 50 shareholders attended through VC out of 97,424 total shareholders on the cut-off date
- AGM commenced at 04:00 p.m. IST and concluded at 5:21 p.m. IST on September 17, 2026
Cohance Lifesciences Limited has scheduled interactions with institutional investors and analysts. The management will attend the JP Morgan India Conference in Mumbai on September 22, 2026, for group and one-on-one meetings. Additionally, the company will participate in a JP Morgan Roadshow in Hyderabad on September 24, 2026, in a group format. The company stated that no unpublished price-sensitive information will be discussed.
- Management participating in JP Morgan India Conference in Mumbai on 22 September 2026
- Scheduled JP Morgan Roadshow in Hyderabad on 24 September 2026
- Format includes both group and one-on-one sessions
- No unpublished price-sensitive information (UPSI) will be shared
Cohance Lifesciences completed a USFDA inspection of its finished dosage formulation (FDF) facility in Shamshabad, Telangana, conducted between 27 August and 4 September 2026. The inspection concluded with the issuance of a Form FDA 483 containing 4 observations. The company confirmed it has initiated Corrective and Preventive Actions (CAPA) and plans to submit its response within the stipulated regulatory timeline. This follows prior regulatory scrutiny across its manufacturing network, making the final classification critical.
- USFDA conducted inspection from 27 August to 4 September 2026
- Formulation (FDF) plant at Shamshabad, Telangana received Form FDA 483 with 4 observations
- CAPA initiated by the company to respond within the stipulated USFDA timeline
- Formulation compliance remains key for export revenue (export exposure ~85%)
Cohance Lifesciences has announced two transactions totaling USD 18 million funded entirely via internal accruals to strengthen its Antibody-drug Conjugate (ADC) capabilities. The company is investing USD 13 million to raise its stake in NJ Bio from 56.0% to 67.3%, acquiring shares from minority holders while founder Dr. Naresh Jain retains 32.7%. Additionally, Cohance is investing USD 5 million to acquire a controlling 65% direct stake in preclinical biotech Aruka Bio (with NJ Bio holding 25% and Dr. Jain holding 10%). The transactions are slated to close by the end of September 2026.
- Total capital outlay of USD 18 million funded entirely through internal accruals
- Increases equity stake in NJ Bio from 56.0% to 67.3% via a USD 13 million investment
- Acquires a 65% controlling stake in preclinical ADC biotech Aruka Bio for USD 5 million
- Target completion date set for end of September 2026, subject to definitive agreements and closing conditions
Cohance Lifesciences has approved an aggregate investment of USD 18 million (~Rs 150 cr) via internal accruals to consolidate its Antibody-Drug Conjugate (ADC) operations. The company will invest USD 13 million to raise its stake in NJ Bio from 56.0% to 67.3% by purchasing 244,587 shares at USD 53.00 per share. Additionally, it will invest USD 5 million to acquire a controlling 65% direct equity stake (57.8% fully diluted) in preclinical-stage platform Aruka Bio. Both transactions are targeted for completion by the end of September 2026.
- Investing USD 13 million (~Rs 108 cr) to increase stake in NJ Bio from 56.0% to 67.3% at USD 53.00 per share
- Investing USD 5 million (~Rs 42 cr) to acquire a 65% direct stake in Aruka Bio, Inc.
- Total investment of USD 18 million funded entirely through internal accruals
- NJ Bio reported turnover of USD 23.5 million in CY2025 (vs USD 32.6 million in CY2024)
- Target completion date for both acquisitions is set for end of September 2026
Cohance Lifesciences Limited has informed the exchanges that its management will participate in the 'Ashwamedh - Elara India Dialogue 2026' conference on September 1, 2026, in Mumbai. The interactions will include group and one-on-one meetings. The company confirmed that no unpublished price-sensitive information (UPSI) will be shared during the sessions.
- Management attending Ashwamedh - Elara India Dialogue 2026 in Mumbai
- Scheduled date of conference is September 1, 2026
- Format includes both Group and One-on-One interactions
- Company confirmed no unpublished price-sensitive information (UPSI) will be shared
Cohance Lifesciences Limited has submitted its Integrated Annual Report along with the Business Responsibility and Sustainability Report (BRSR) for FY 2025-26. The company also issued the notice convening its 8th Annual General Meeting (AGM). The BRSR disclosures highlight that 100% of company plants and offices underwent health and safety assessments with zero reported incidents, and 62% of value chain partners by business value were assessed. This is a routine annual statutory compliance filing.
- Published Integrated Annual Report and BRSR for financial year 2025-26
- Issued notice convening the 8th Annual General Meeting (AGM)
- Reported 100% health, safety, and working condition assessments across all owned plants and offices with 0 work-related injuries or fatalities
- Completed health and safety assessments for 62% of value chain partners by value of business
Cohance Lifesciences Limited has submitted its Integrated Annual Report and Business Responsibility and Sustainability Report (BRSR) for FY 2025-26 along with the Notice of the 8th Annual General Meeting. The report highlights FY26 as a transition year marked by integration of distinct scientific platforms including ADCs and Oligonucleotides amidst customer inventory normalisation. The filing also reports 100% assessment of plants for safety practices and 62% value-chain partner assessments by spend.
- Published Integrated Annual Report and BRSR for FY 2025-26 along with 8th AGM Notice
- Assessed 100% of plants and offices for health, safety, and working conditions with 0 fatalities or high-consequence injuries
- Assessed 62% of value chain partners by business value for safety and working condition practices
- Noted integration of specialized capabilities including antibody-drug conjugates (ADCs) and oligo platforms
Cohance Lifesciences Limited has issued the notice for its 8th Annual General Meeting scheduled for Thursday, September 17, 2026, via video conferencing. The cut-off date for determining shareholder voting rights is September 10, 2026, with remote e-voting open from September 14 to September 16, 2026. The ordinary business includes adopting standalone and consolidated financial statements for FY26 and the reappointment of Ms. Shweta Jalan, who retires by rotation. No special or non-routine resolutions are proposed in this notice.
- 8th Annual General Meeting scheduled for September 17, 2026, at 4:00 PM IST via Video Conference
- Shareholder voting eligibility cut-off date fixed for September 10, 2026
- Remote e-voting window open from 9:00 AM on September 14, 2026, to 5:00 PM on September 16, 2026
- Ordinary business includes adoption of FY26 financial statements and reappointment of Director Ms. Shweta Jalan
Cohance Lifesciences has requested the withdrawal of CRISIL ratings for Rs 72.5 crore in bank facilities, citing coverage by India Ratings. However, CRISIL migrated the ratings to 'Issuer Not Cooperating' (BB/Stable) prior to withdrawal because the company failed to provide requisite information and No Default Statements for three months. This development coincides with a weak Q1 FY27 performance, where the company reported a net loss of Rs 45.19 crore, and the receipt of five USFDA observations at its Pashamylaram facility. While the company maintains that borrowing arrangements are unaffected, the lack of cooperation with a major rating agency is a red flag for transparency.
- CRISIL migrated long-term ratings from 'AA-/Positive' to 'BB/Stable (Issuer Not Cooperating)' before final withdrawal.
- The withdrawal affects bank loan facilities totaling Rs 72.5 crore, representing ~3.5% of TTM revenue.
- Company reported a consolidated net loss of Rs 45.19 crore in Q1 FY27 versus a profit of Rs 46.40 crore in the previous year's quarter.
- USFDA issued 5 observations in Form 483 following an inspection of the Pashamylaram, Hyderabad facility.
- CRISIL noted the company failed to provide No Default Statements (NDS) for the last three consecutive months.
Cohance Lifesciences reported that Q1 FY27 was its lowest-ever quarter, with Pharma CDMO revenue declining 38.7% YoY due to shipment phasing. Management expects a return to year-on-year growth starting in H2 FY27, supported by restocking orders and the delivery of a customized ADC payload order in Q2 FY27. The company is integrating its nucleic acid business (Sapala) with a defined path to full ownership by FY30. Additionally, CFO Himanshu Agarwal is set to depart on September 13, 2026, with a succession process underway.
- Pharma CDMO revenue declined by 38.7% YoY in Q1 FY27 due to customer shipment phasing.
- Management expects a return to year-on-year growth from the second half (H2) of FY27.
- Company plans to file 7 new products in the API+ segment during FY27, following 9 filings in the previous year.
- A clear path to 100% ownership of the Sapala (nucleic acid) business has been established for completion by FY30.
- CFO Himanshu Agarwal will step down effective September 13, 2026, after supporting the merger integration.
Financial Performance
Revenue Growth by Segment
Pharma CDMO accounts for 62% of revenue (INR 736.9 Cr in FY25) but saw an 8% YoY decline in Q2 FY26 due to destocking; Specialty Chemicals grew 166% YoY in H1 FY26 on a low base; API+ segment declined 22% YoY in H1 FY26 due to shipment delays.
Geographic Revenue Split
85% of total revenue is derived from exports to global markets, providing a broad international footprint but high exposure to global trade dynamics.
Profitability Margins
Gross margins expanded to 73.8% in H1 FY26 from 70% YoY due to a favorable product mix; Adjusted PAT margin stood at 11.8% for H1 FY26 (INR 130.2 Cr) compared to 20.7% in the previous year.
EBITDA Margin
Adjusted EBITDA margin was 23.8% in H1 FY26 (INR 263 Cr), a decrease from 32.3% YoY, reflecting upfront investments in employee costs and transition expenses; FY25 adjusted EBITDA margin was 37%.
Capital Expenditure
INR 106 Cr (INR 1.06 billion) was deployed in H1 FY26, primarily targeted at the Nacharam facility expansion for oligo and high-containment capabilities.
Credit Rating & Borrowing
Maintains a 'Positive' outlook from CRISIL with minimal reliance on external debt; consolidated repayment obligations are less than INR 40 Cr against projected accruals of over INR 600 Cr in FY26.
Operational Drivers
Raw Materials
Not specifically disclosed; referred to generally as materials for semi-finished and finished goods inventory.
Capacity Expansion
Expanding Nacharam facility for oligo and high-containment capabilities; targeting 10 DMF filings in FY26 across US and Europe to build a new customer pipeline.
Raw Material Costs
Material costs were INR 289.3 Cr in H1 FY26, representing approximately 26.2% of revenue; material margins improved to 74.6% in Q2 FY26 due to yield improvements.
Manufacturing Efficiency
Material margin improved from 71.3% to 74.6% YoY in Q2 FY26, driven by business mix and ongoing yield efficiencies.
Strategic Growth
Expected Growth Rate
20-25%
Growth Strategy
Achieving growth through the amalgamation of Casper Pharma to double operating income; integration of high-growth platforms NJ Bio (ADCs) and Sapala Organics (Oligos); and commercializing 5 new products in FY26.
Products & Services
Pharma CDMO services, Specialty Chemicals, AgChem intermediates, APIs, Antibody Drug Conjugates (ADC), and Oligo drugs.
Brand Portfolio
Cohance Lifesciences, NJ Bio, Sapala Organics.
New Products/Services
5 new products to be commercialized in FY26; Niche technologies (ADCs/Oligos) expected to reach low 20s % of CDMO revenue by end of FY26.
Market Expansion
Targeting 10 DMF filings in US and Europe; active business development in Japan and Europe following CPHI Frankfurt 2025.
Strategic Alliances
Acquisition of majority stakes in NJ Bio Inc and Sapala Organics; merger with Casper Pharma Private Limited.
External Factors
Industry Trends
Industry shifting toward India for CDMO services; increasing demand for complex modalities like Antibody Drug Conjugates (ADCs) and Oligonucleotides.
Competitive Landscape
Facing increased competition in the merchant API segment as large integrated pharma companies divest their API businesses.
Competitive Moat
Moat built on technical depth in niche technologies (>17% of revenue) and high-containment manufacturing which are difficult to replicate.
Macro Economic Sensitivity
Highly sensitive to global pharmaceutical R&D spending and the 'China+1' sourcing strategy adopted by global innovators.
Consumer Behavior
Global innovators are increasingly seeking to diversify supply chains away from China, benefiting Indian CDMOs with strong compliance records.
Geopolitical Risks
Exposed to evolving trade policies and geopolitical uncertainties that could disrupt the global pharma supply chain.
Regulatory & Governance
Industry Regulations
Subject to stringent USFDA and global regulatory standards; currently managing an OAI status at the Nacharam formulations plant.
Taxation Policy Impact
Effective tax rate for H1 FY26 was approximately 23% (INR 38.8 Cr tax on INR 169 Cr adjusted PBT).
Legal Contingencies
Incurred INR 41.4 Cr in FY25 towards legal and merger-related costs linked to the integration of Cohance Lifesciences.
Risk Analysis
Key Uncertainties
Regulatory risks associated with plant audits (OAI impact); volatility in CDMO revenue due to client destocking cycles (14% impact in Q2).
Geographic Concentration Risk
High geographic concentration with 85% of revenue coming from export markets.
Technology Obsolescence Risk
Risk of failure in clinical trials for ADCs using the company's specific payload technology, which could impact long-term pipeline revenue.
Credit & Counterparty Risk
Low risk given the strong liquidity position with INR 391 Cr in cash and liquid investments as of June 2025.
