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Swing Capital

Cohance Lifesciences Ltd

NSE: COHANCE BSE: 543064Pharma

Hyderabad based CDMO company that offers services to leading global pharmaceutical and fine chemical majors in their NCE development endeavours. From process research & development to late-stage clinical and commercial manufacturing we are committed to provide customers with products fulfilling customer needs and expectations.[1]

₹417
52W: ₹267 — ₹1180
PE 63.7 · Book ₹117 · +256% vs book
Market Cap₹15,942 Cr
Stock P/E63.7Price to Earnings
ROCE10.4%Return on Capital
ROE7.36%Return on Equity
Div. Yield0%Face Value ₹1

Strengths

  • +Company is almost debt free.

Weaknesses

  • −Though the company is reporting repeated profits, it is not paying out dividend
  • −Company has a low return on equity of 11.0% over last 3 years.
  • −Debtor days have increased from 80.9 to 115 days.
  • −Working capital days have increased from 136 days to 206 days

Shareholding Pattern

Promoters57.49%
FIIs5.59%
DIIs21.79%
Public15.11%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters50.1%50.1%50.1%50.1%66.41%▲16.357.49%▼8.957.49%57.49%
FIIs9.8%10.7%▲0.910.84%▲0.111.05%▲0.27.23%▼3.86.51%▼0.76.01%▼0.55.59%▼0.4
DIIs17.42%16.95%▼0.516.67%▼0.316.6%▼0.111.4%▼5.220.81%▲9.421.57%▲0.821.79%▲0.2
Public22.67%22.26%▼0.422.37%▲0.122.24%▼0.114.95%▼7.315.16%▲0.214.91%▼0.315.11%▲0.2

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales213253488594653769484498482568
Expenses144180363391421546379367379451
Operating Profit6973125204233223104131103117
OPM %32%29%26%34%36%29%22%26%21%21%
Net Profit52537513915412353944735
EPS ₹2.062.092.965.466.044.821.372.461.240.9

AI Insights

Revenue Trend

Mar 2026 revenue at ₹2,030Cr, up 85.6% YoY. OPM at 22%.

Debt Position

Borrowings at ₹146Cr. Debt-to-equity ratio: 0.03x. Healthy balance sheet.

Capex Cycle

CWIP at ₹144Cr (6% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 21.79% (+11.16pp change). FIIs: 5.59% (-3.91pp change). Promoters hold 57.49%.

Margin & Efficiency

ROCE improving from 0% (Mar 2019) to 10% (Mar 2026). Working capital days: 206.

Valuation

PE 63.7x with 10.4% ROCE. Price is 256% above book value of ₹117. Dividend yield: 0%.

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