Sun Pharmaceutical Industries Ltd.
NSE: SUNPHARMA
Healthcare · Drug Manufacturers - Specialty & Generic
₹1,760.00 last close on 9 Oct 2026 +0.01%
Research updated
Cohance Lifesciences Limited
NSE: COHANCEHealthcareDrug Manufacturers - Specialty & Generic
- Last close
- ₹441.00
- Day change
- −₹1.40 (−0.32%)vs
- Market cap
- ₹17,005 crIndian rupees
- Research updated
- 1 report
About Cohance Lifesciences
Cohance Lifesciences Limited, established in 1989 and headquartered in Hyderabad, India, is a prominent contract development and manufacturing organization (CDMO) specializing in the pharmaceutical and chemical sectors. The company develops and manufactures new chemical entity (NCE) based intermediates, active pharmaceutical ingredients (APIs), specialty chemicals, and formulated drugs. Its product offerings include small molecule APIs, advanced intermediates, antibody drug conjugates, high-purity oligonucleotide building blocks, finished dosage forms, and specialty agrochemicals. Serving global pharmaceutical, biotechnology, and fine chemical companies, Cohance Lifesciences supports the entire drug development lifecycle from process research to late-stage clinical and commercial manufacturing. A subsidiary of Berhyanda Limited since its rebranding from Suven Pharmaceuticals Limited in May 2025, the company operates internationally, with significant markets in India, the United States, and Europe. It is recognized as one of the leading providers of high-end intermediates to innovators, contributing substantially to pharmaceutical innovation and manufacturing efficiency.
- Sector
- Healthcare
- Industry
- Drug Manufacturers - Specialty & Generic
- Listing
- NSE: COHANCE
- Chief executive
- Mr. Umang Vohra B.E., M.B.A.
- Employees
- 1,212
- Headquarters
- Hyderabad, India
- ISIN
- INE03QK01018
- Website
- cohance.com
Public research · Report of
Business model & financial foundation
Cohance (NSE: COHANCE), Pharmaceutical CDMO and specialty APIs: revenue of ₹2,269 crore in FY26 (-13.0% on FY25), an EBITDA margin of 18.8% and net profit of ₹179.2 crore.
- Revenue, FY26 (₹ crore)
- 2,269
- consolidated
- Revenue growth, FY26
- -13.0%
- on FY25
- EBITDA margin, FY26
- 18.8%
- EBITDA (ex other income) / revenue
- Net profit, FY26 (₹ crore)
- 179.2
- to owners
- Return on equity, FY26
- 6.1%
- on average equity
- Market capitalisation (₹ crore)
- 16,565
- at the close of 12 Oct 2026
Company profile
Cohance Lifesciences (formerly Suven Pharmaceuticals) is an Advent-controlled Indian CDMO serving innovator pharma and agrochemical companies. It runs small-molecule Pharma CDMO (intermediates and APIs for patented drugs), an API+ business of niche CNS and controlled-substance APIs with formulations, specialty chemicals (AgChem CDMO and performance materials), ADC payload-linkers and bioconjugation through NJ Bio in the US, and oligonucleotide building blocks through Sapala. It reports a single CDMO segment.
| Item | Value |
|---|---|
| Legal name | Cohance Lifesciences Limited (formerly Suven Pharmaceuticals Limited) |
| Exchange and ticker | NSE: COHANCE; BSE: 543064 |
| ISIN | INE03QK01018 |
| CIN | L24299MH2018PLC422236 |
| Sector | Healthcare |
| Industry | Pharmaceutical CDMO and specialty APIs |
| Headquarters | Hyderabad, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Walker Chandiok & Co LLP (since 2024-08-09) |
| Market capitalisation | ₹16,565 crore (12 Oct 2026) |
| Shares outstanding | 38.25 crore shares (FY26) |
| Price | ₹441.0 (close, 12 Oct 2026) |
| 52-week range | ₹266.7 - ₹917.8 (to 12 Oct 2026) |
| Website | https://www.cohance.com |
Corporate structure and shareholding
Parent: Jusmiral Holding Limited / Berhyanda (Advent International funds).
| Entity | Holding | Business |
|---|---|---|
| Cohance Lifesciences, Inc. (formerly Suven Pharma, Inc.) | 100% | US CDMO sales and business development arm |
| Sapala Organics Private Limited | n.d. | Hyderabad CDMO for oligonucleotide building blocks (phosphoramidites, nucleosides, GalNAc); path to full ownership by FY30 |
| NJ Bio Inc | n.d. | Princeton NJ CRDMO for antibody-drug conjugates and XDCs; loss-making, carries non-controlling interest |
| NJBIO India Pharmaceutical Private Limited | n.d. | Step-down WOS of NJ Bio |
| NJ Biotherapeutics, LLC | n.d. | Step-down WOS of NJ Bio; not yet operating |
| Aruka Bio Inc | n.d. | Associate of NJ Bio |
Suven Pharmaceuticals amalgamated the Advent-owned Cohance Lifesciences (NCLT order 27 Mar 2025, effective 1 May 2025) under common-control accounting; FY25 comparatives restated. Holding percentages in Sapala and NJ Bio not stated in the annual report extract read.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 57.49% | 57.49% | 57.49% | 57.49% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 94.56% |
| Foreign institutions | 6.51% | 6.01% | 5.59% | 6.50% |
| Domestic institutions | 20.82% | 21.57% | 21.79% | 20.09% |
| of which mutual funds | 16.49% | 17.36% | 18.57% | 18.21% |
| Retail | 15.17% | 14.92% | 15.12% | 15.92% |
| Other | 0.01% | 0.01% | 0.01% | 0.01% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Cohance Lifesciences (formerly Suven Pharmaceuticals; NSE: COHANCE) is an Advent-controlled CDMO formed by amalgamating the old Cohance into Suven from 1 May 2025 under common-control accounting, with FY25 restated. It earns from three disclosed verticals: Pharma CDMO (intermediates and APIs for innovators' patented molecules; FY26 889 cr), API+ (niche CNS and controlled-substance APIs, formulations at Nacharam, plus Sapala oligonucleotide building blocks; FY26 1,088 cr) and Specialty Chemicals (AgChem CDMO and performance materials; FY26 291 cr). NJ Bio (US ADC CRDMO, 56% then 67.3% after Sep 2026) and Sapala (67.5%) are consolidated with minorities. It reports a single CDMO segment. Revenue is concentrated in a few commercial molecules whose customers' inventory cycles drive quarters: FY26 lost ~260 cr to destocking of two molecules. It controls chemistry and plants; it does not control customer ordering, patent life or FDA outcomes.
| Peer | Why the dossier compares them |
|---|---|
| Divi's Laboratories (DIVISLAB) | |
| Sai Life Sciences (SAILIFE) | Pure-play innovator small-molecule CRDMO; similar customer base |
| Syngene International (SYNGENE) | Integrated CRDMO incl biologics; peer for contract research and development services |
| Laurus Labs (LAURUSLABS) | API plus CDMO synthesis business; peer for API+ and CDMO mix |
| Neuland Laboratories (NEULANDLAB) | Niche API and custom manufacturing solutions for innovators; closest in scale and lumpiness |
| Piramal Pharma (PPLPHARMA) | CDMO with ADC capabilities; peer for the NJ Bio ADC piece |
| Anthem Biosciences (ANTHEM) | Recently listed Indian CRDMO with high margins; same investor peer set |
Financial databook
| Profit and loss (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | 1,036 | 2,609 | 2,269 |
| Cost of revenue (vendor classification) * | 448.5 | 306.8 | 744.7 |
| Other operating costs (vendor classification) * | 56.7 | 233.4 | 579.2 |
| EBITDA (vendor classification) * | 420.4 | 419.1 | 445.2 |
| EBIT * | 413.1 | 355.4 | 241.7 |
| Finance costs | 7.45 | 41.1 | 37.2 |
| Profit before tax | 405.7 | 642.6 | 207.0 |
| Total tax expense | 105.4 | 158.4 | 56.9 |
| Profit for the period | 300.3 | 484.2 | 150.1 |
| Diluted EPS (₹) | 11.80 | 12.68 | 4.68 |
| Other income | 69.2 | 34.1 | |
| Cost of materials consumed | 710.1 | 705.4 | |
| Purchases of stock-in-trade | n.d. | n.d. | |
| Changes in inventories of FG and WIP | 106.4 | -42.8 | |
| Employee benefits expense | 447.8 | 507.7 | |
| Other expenses | 547.2 | 671.2 | |
| Depreciation and amortisation | 166.8 | 187.3 | |
| Exceptional items (charge positive) | 15.8 | 29.5 | |
| Profit attributable to owners | 487.3 | 179.2 | |
| Non-controlling interest share | -3.10 | -29.1 | |
| Share of profit of associate | 0.00 | 0.00 | |
| EBITDA (ex other income) | 797.1 | 427.0 |
| Balance sheet (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Total equity * | 2,051 | 1,841 | 4,034 |
| Borrowings * | 65.0 | 279.1 | 400.5 |
| Cash and cash equivalents * | 47.2 | 85.4 | 49.1 |
| Trade receivables * | 133.7 | 284.4 | 681.0 |
| Inventories * | 231.2 | 166.6 | 562.2 |
| Trade payables * | 42.4 | 80.2 | 284.6 |
| Net property, plant and equipment * | 93.7 | 995.2 | 1,990 |
| Capital work in progress * | 181.0 | 257.7 | 179.8 |
| Total assets * | 2,254 | 3,032 | 5,730 |
| Cash flow (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Cash from operations | 358.0 | 673.0 | 368.0 |
| Free cash flow (vendor definition) * | 306.7 | 132.5 | 148.4 |
| Capital expenditure | -52.0 | -315.0 | -215.4 |
| Other reported lines (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Shares outstanding * | 25.46 | 25.46 | 38.25 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 603.8 | 676.2 | 840.4 | 549.3 | 555.6 | 544.6 | 619.1 | 422.3 |
| Cost of revenue (vendor classification) * | 141.1 | 158.9 | 214.5 | 120.3 | ||||
| Other operating costs (vendor classification) * | 166.8 | 171.6 | 177.0 | 167.9 | ||||
| EBITDA (vendor classification) * | 136.6 | 101.5 | 96.8 | 13.4 | ||||
| EBIT * | 92.5 | 49.7 | 29.1 | -36.1 | ||||
| Finance costs | 9.61 | 10.8 | 10.5 | 10.2 | 8.76 | 9.11 | 9.19 | 6.74 |
| Profit before tax | 174.2 | 204.6 | 160.9 | 62.8 | 83.8 | 40.6 | 19.9 | -42.9 |
| Total tax expense | 35.9 | 51.1 | 43.7 | 16.4 | 17.4 | 11.6 | 11.6 | 2.32 |
| Profit for the period | 138.2 | 153.5 | 117.2 | 46.4 | 66.4 | 29.0 | 8.31 | -45.2 |
| Diluted EPS (₹) | 3.61 | 4.01 | 3.12 | 1.27 | 1.93 | 0.96 | 0.50 | -0.65 |
| Other income | 16.2 | 21.6 | 12.1 | 14.2 | 15.6 | 6.16 | -1.84 | 12.3 |
| Cost of materials consumed | 165.6 | 188.9 | 202.2 | 178.3 | 191.6 | 196.5 | 139.0 | 158.7 |
| Changes in inventories of FG and WIP | 7.85 | -0.07 | 97.8 | -30.2 | -50.5 | -37.6 | 75.5 | -38.4 |
| Employee benefits expense | 102.1 | 111.3 | 138.5 | 133.3 | 126.7 | 118.7 | 129.0 | 133.0 |
| Depreciation and amortisation | 37.8 | 43.6 | 54.2 | 45.1 | 44.0 | 46.9 | 51.2 | 49.5 |
| Other expenses | 122.9 | 138.7 | 172.7 | 155.8 | 166.8 | 171.6 | 177.0 | 167.9 |
| Exceptional items (charge positive) | 0.00 | 0.00 | 15.8 | 8.10 | 0.00 | 4.86 | 16.5 | 0.00 |
| Profit attributable to owners | 138.5 | 153.1 | 120.4 | 48.9 | 74.1 | 36.7 | 19.6 | -24.1 |
| Non-controlling interest share | -0.23 | 0.41 | -3.28 | -2.48 | -7.69 | -7.70 | -11.2 | -21.1 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue growth | 151.8% | -13.0% | |
| EBITDA margin | 30.6% | 18.8% | |
| Net margin | 18.7% | 7.9% | |
| Return on equity | 25.0% | 6.1% | |
| Return on capital employed | 19.5% | 16.8% | 7.4% |
| Return on assets | 18.4% | 4.1% | |
| Borrowings less cash (₹ crore) | 17.8 | 193.7 | 351.4 |
| Borrowings less cash / EBITDA | 0.24x | 0.82x | |
| Interest cover | 55.5x | 8.66x | 6.49x |
| Asset turnover | 0.46x | 0.99x | 0.52x |
| Receivable days | 47 | 40 | 110 |
| Inventory days (on revenue) | 81 | 23 | 90 |
| Payable days (on revenue) | 15 | 11 | 46 |
| Cash conversion | 1.38x | 2.05x | |
| Capex intensity | 5.0% | 12.1% | 9.5% |
| Free cash flow (₹ crore) | 306.0 | 358.0 | 152.6 |
| EPS, diluted (₹) | 11.80 | 12.68 | 4.68 |
| Book value per share (₹) | 80.56 | 72.31 | 105.5 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (ex other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Borrowings less cash (₹ crore): borrowings less cash and cash equivalents, with no investments netted; negative is cash beyond borrowings.
- Borrowings less cash / EBITDA: borrowings less cash / EBITDA (ex other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 12 Oct 2026); market data at the close of 12 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Cohance Lifesciences includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Cohance Lifesciences
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Prices are the last close on the NSE, 9 Oct 2026. Research from Mool’s report of 12 Oct 2026; page updated 12 Oct 2026.
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