Sector Alpha Week of 2026-07-24
Sector Alpha — machine-written from the numbers · Data as of 2026-07-24

Cohance Lifesciences Ltd

COHANCE
Pharma - API & CRAMS

Cohance Lifesciences Ltd's three tracks disagree. Price, valuation and the earnings engine each tell a different story — the next quarter or two settles it.

The sharpest disagreement: Promoters moved +7.4 points over 8 quarters while the operating story went the other way — someone close to the numbers is not convinced.

The price is in a downtrend (56 weeks in) while the P/E sits at the 86th percentile of its own 6-year range. Underneath, the last four quarters read deteriorating — profit −92.9% year on year, and 142% of the last 3 years' profit arrived as cash. What settles it: whether the register turns back in the story’s favour.

Stage
Deteriorating
partial read
Price
₹442
−59.2% 1Y
P/E
80.9×
86th pctile
of its own 6-year range
Revenue (Mar 26)
₹619 Cr
−26.3% YoY
Profit (Mar 26)
₹8.3 Cr
−92.9% YoY
Operating margin
15.9%
−11.3 pp YoY
ROCE
8%
FY26
Cash conversion
142%
of profit, last 3 FY
Withheld from this page: Part of this page is deliberately not drawn: its two data sources disagree by up to 129% on reported income across 14 comparable periods, so nothing from the second source is placed here — the PEG ratio and its quarterly curve, the quarterly return curves, the annual return-on-invested-capital overlay, the total-debt and debt-to-equity series and the F-score and the return-on-invested-capital reading are absent for that reason. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data. The quarterly history also begins where the primary source begins: 6 earlier quarters the second source carries are not spliced in front of it. Extending a reported profit series is stricter than showing a ratio chart — it needs a source that has been checked.
01 · Price story

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Cohance Lifesciences Ltd trades at ₹442, in a downtrend and 56 weeks into that stage. That is −15.1% against its own 200-day average. It sits at 23% of a 52-week range of ₹280 to ₹980. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 2 straight weeks.

Today the stock is in a downtrend — week 56 of stage 4, confirmed. At ₹442 it trades −15.1% versus its 200-day average and sits at 23% of its 52-week range (₹280–₹980).

Jul 26: ₹442 Weekly closing price (₹) with 50- and 200-day averages; shaded bands mark the price stage (grey base, green advance, amber top, red decline). 3-year window.
−15.1% versus the 200-day line, week 56 of stage 4
Price50-day avg200-day avg
S2S4₹1,411₹1,107₹804₹500₹196₹442₹520Jul 23Apr 24Jan 25Oct 25Jul 26
S2S4₹1,411₹1,107₹804₹500₹196₹442₹520Jul 23Jan 25Jul 26
Beating or trailing, week by week since 2020 Each cell is one week from 2020 to now (335 weeks): the stock's trailing 13-week return minus the NIFTY 500's, green ahead / red behind (±25% ramp). Grey cells are the 13-week warm-up or weeks where the NIFTY 500 reading is not held.
trailing 13-week return vs the NIFTY 500
Mar 20Jul 26

Against the market, two honest reads. Cumulative: over the last 6.3 years the stock moved +203% while the NIFTY 500 moved +233% — behind the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 2 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 86th percentile of its own range.

02 · Valuation

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Cohance Lifesciences Ltd trades at 80.9× P/E, at the pricey end of its own range (86th percentile). Its long-run median P/E is 35.4×, measured across 6.1 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 80.9× is at the pricey end of its own range (86th percentile), against a long-run median of 35.4× measured over 6.1 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

P/E 80.9× vs a 35.4× long-run median P/E, weekly (left axis); earnings per share, trailing twelve months, weekly (right axis). 6.1-year window; loss-period spikes above 106× shown pinned at the top. The eps (ttm) bars are red where the reading is lower than the quarter before.
at the pricey end of its own range (86th percentile)
P/EMedianEPS (TTM) (quarterly)
113.4×₹21.287.3×₹15.961.1×₹10.634.9×₹5.38.8×₹0.0×80.80×₹5Jun 20Mar 22Sep 23Feb 25Jul 26
113.4×₹21.287.3×₹15.961.1×₹10.634.9×₹5.38.8×₹0.0×80.80×₹5Jun 20Sep 23Jul 26
P/E
80.9×
86th percentile of 6y

Why the multiple sits where it does: over the past year annual EPS moved −55.5% against a −59.2% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the −1.0%/yr price move, ~−18.4%/yr came from earnings growth and ~+17.4 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

The PEG ratio and its quarterly curve, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 129% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

03 · Stage: Deteriorating

Stage: Deteriorating Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Cohance Lifesciences Ltd reads as deteriorating on its fundamental arc. Deteriorating — revenue and profit growth are shrinking (revenue growth −26.3% latest (single-quarter readings) against +100.0% at its 12-quarter best), ROCE slipping at 8.0%. The read is built from 10 quarters across 3 curves, on partial evidence.

Three growth curves, twelve quarters Year-on-year growth of trailing-twelve-month revenue (left axis), profit and EPS (right axis — they swing far wider), % at each quarter-end. Where the trailing-twelve-month history is short, the curve falls back to single-quarter year-on-year growth — noisier, and the classifier smooths and caps base-effect spikes before reading. A missing point means that reading is not held for the quarter.
the trajectory the stage is read from
RevenueProfitEPS
254%254%176%161%97%68%19%−25%−60%−119%%%−26.3%−92.9%−75.5%Jun 23Sep 24Mar 26
254%254%176%161%97%68%19%−25%−60%−119%%%−26.3%−92.9%−75.5%Jun 23Sep 24Mar 26
ROCE Annual readings — the quarterly balance-sheet pieces this curve needs are not held for this stock, so the returns read moves once a year and carries less weight in the call.
the return curve, annual readings
ROCE
34%27%20%13%6.1%%8%FY23FY24FY26
34%27%20%13%6.1%%8%FY23FY24FY26
Revenue growth
Falling
latest −26.3% · span −37.9% to +100.0%
Profit growth
Falling
latest −92.9% · span −92.9% to +100.0%
ROCE
Falling
latest 8.0% · span 8.0%–32.0%

🚨 Why it matters: falling curves mean every cheap-looking ratio below needs a discount for direction.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

Growth, year by year: revenue +89.4% in FY26, profit −43.4% Year-over-year growth per fiscal year, %: revenue (left axis); net profit and EPS (right axis — profit growth swings far wider). Zero line drawn.
Revenue YoYProfit YoYEPS YoY
132%211%91%139%50%68%8.3%−3.8%−33%−75%%%89.4%−43.4%FY19FY22FY26
132%211%91%139%50%68%8.3%−3.8%−33%−75%%%89.4%−43.4%FY19FY22FY26
TTM growth by quarter Trailing-twelve-month growth versus the year-ago TTM, per quarter, %: revenue (left axis); profit and EPS (right axis). The acceleration read compares the last 4 quarters (−13.0%) with the last 8 annualized (+46.9%).
revenue rolling over, profit rolling over
Revenue TTM YoYProfit TTM YoYEPS TTM YoY
161%91%114%46%68%0.0%21%−43%−26%−88%%%−13%−69%Jun 23Sep 24Mar 26
161%91%114%46%68%0.0%21%−43%−26%−88%%%−13%−69%Jun 23Sep 24Mar 26
Compound annual growth rate (%) Compound annual growth rate over each window, %. Revenue, profit and EPS from fiscal-year figures; share price is the price CAGR over the same spans. A dash = that window is not held, or the base was a loss.
1yr3yr5yr10yr
Revenue+89.4%+19.2%+17.6%
Profit−43.4%−28.5%−16.2%
EPS−55.5%−33.8%−19.9%
Share price−59.2%−3.2%−1.0%
Revenue YoY (Mar 26)
−26.3%
latest quarter vs a year ago
Profit YoY (Mar 26)
−92.9%
latest quarter vs a year ago
Revenue 10y
29.2%
long-run compound pace

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

04 · 4-Factor Sector Score

4-Factor Sector Score

28.0/100 — rank 22 of 24 in Pharma - API & CRAMS · 73% evidence confidence

Cohance Lifesciences Ltd scores 28.0 out of 100 against the 24 companies it is compared with in Pharma - API & CRAMS, ranking 22. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 6.3 + 11.5 + 7.1 + 3.1 = 28. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

05 · Revenue

Revenue Revenue is the top line: everything the company billed its customers in the period.

Cohance Lifesciences Ltd reported ₹619 Cr of revenue in the Mar 26 quarter, −26.3% year on year. Over 7 years it has compounded at 29.2% a year. The last full year, FY26, came in at ₹2,269 Cr. The last four reported quarters add to ₹2,269 Cr.

Cohance Lifesciences Ltd reported ₹619 Cr of revenue in the Mar 26 quarter, −26.3% year on year. Over 7 years it has compounded at 29.2% a year. The last full year, FY26, came in at ₹2,269 Cr. The last four reported quarters add to ₹2,269 Cr.

FY26 revenue came in at ₹2,269 Cr (+89.4% on the year), capping 7 years at 29.2% compound. The latest quarter (Mar 26) printed ₹619 Cr, −26.3% year on year.

FY26 revenue ₹2,269 Cr (+89.4% YoY) Revenue bars, ₹ Cr (left); YoY growth-% line (right). 8-year window. A bar is red when it is lower than the year before.
29.2% a year over 7 years
RevenueYoY growth
2.5k132%1.8k91%1.2k50%6138.3%0−33%₹ Cr%₹2,26989.4%FY19FY22FY26
2.5k132%1.8k91%1.2k50%6138.3%0−33%₹ Cr%₹2,26989.4%FY19FY22FY26
Mar 26: ₹619 Cr (−26.3% YoY) Quarterly revenue bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
Revenue (quarterly)YoY growth
908254%681176%45497%22719%0−60%₹ Cr%₹619−26.3%Jun 23Sep 24Mar 26
908254%681176%45497%22719%0−60%₹ Cr%₹619−26.3%Jun 23Sep 24Mar 26

Pace check: the last four quarters averaged −10.3% growth against the decade's 29.2% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew −13.0% over the last 4 quarters against +46.9%/yr over the last 8 — rolling over; TTM profit −69.0% vs −29.3%/yr — rolling over.

→ Revenue slipped — did margins hold as it scaled? Next: 15.9% this quarter (−11.3 pp YoY).

06 · Operating margin

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Cohance Lifesciences Ltd's operating margin is 15.9% in the Mar 26 quarter, −11.3 percentage points against the same quarter a year ago. Across 8 fiscal years the operating margin has ranged 19.0% to 46.0%. The current quarter is running below every full year in that window.

Cohance Lifesciences Ltd's operating margin is 15.9% in the Mar 26 quarter, −11.3 percentage points against the same quarter a year ago. Across 8 fiscal years the operating margin has ranged 19.0% to 46.0%. The current quarter is running below every full year in that window.

The latest quarter's operating margin is 15.9%, −11.3 pp against the same quarter a year ago. Across 8 fiscal years the operating margin has ranged 19.0%–46.0%.

🚨 Why the margin moved: operating margin went −11.3 pp year on year while gross margin went +1.1 pp — the loss came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

FY26: 19.0% Operating margin by fiscal year, %, line (left); year-on-year change in the margin, in percentage points, line (right). 8-year window.
within a 19.0–46.0% band over 8 years
operating marginYoY change (pp)
48%2.0%40%−1.7%33%−5.5%25%−9.3%17%−13%%%19%−12%FY19FY22FY26
48%2.0%40%−1.7%33%−5.5%25%−9.3%17%−13%%%19%−12%FY19FY22FY26
Mar 26: 15.9% operating margin (−11.3 pp YoY) Quarterly operating margin, %, line (left); year-on-year change in the margin, in percentage points, line (right). Last 12 quarters. Operating profit as a share of revenue, per quarter.
Operating marginYoY change (pp)
51%7.2%41%−0.8%32%−8.7%23%−17%13%−25%%%15.9%−11.3%Jun 23Sep 24Mar 26
51%7.2%41%−0.8%32%−8.7%23%−17%13%−25%%%15.9%−11.3%Jun 23Sep 24Mar 26

→ Margins slipped — did that reach the bottom line? Next: profit −92.9% in the latest quarter.

07 · Net profit

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Cohance Lifesciences Ltd earned ₹8.3 Cr of net profit in the Mar 26 quarter, −92.9% year on year. Full-year FY26 profit was ₹150 Cr. The 7-year compound rate is 4.7%. That is 1.3% of the quarter's revenue. The same quarter a year earlier earned ₹117 Cr.

Cohance Lifesciences Ltd earned ₹8.3 Cr of net profit in the Mar 26 quarter, −92.9% year on year. Full-year FY26 profit was ₹150 Cr. The 7-year compound rate is 4.7%. That is 1.3% of the quarter's revenue. The same quarter a year earlier earned ₹117 Cr.

Mar 26 profit was ₹8.3 Cr, −92.9% year on year. On the full year, FY26 printed ₹150 Cr (−43.4%), and the 7-year compound rate is 4.7%.

FY26 profit ₹150 Cr (−43.4% YoY) Net profit bars, ₹ Cr (left); YoY growth-% line (right). 8-year window. A bar is red when it is lower than the year before.
4.7% a year over 7 years
Net profitYoY growth
490210%368142%24574%1235.8%0−62%₹ Cr%₹150−43.4%FY19FY22FY26
490210%368142%24574%1235.8%0−62%₹ Cr%₹150−43.4%FY19FY22FY26
Mar 26: ₹8.3 Cr (−92.9% YoY) Quarterly net profit bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
Net profit (quarterly)YoY growth
166254%124161%8368%41−25%0−119%₹ Cr%₹8−92.9%Jun 23Sep 24Mar 26
166254%124161%8368%41−25%0−119%₹ Cr%₹8−92.9%Jun 23Sep 24Mar 26

🚨 Why profit moved: revenue contributed −26.3% and the margin −11.3 pp — the quarter was revenue-led despite a thinner margin.

Pace comparison, last four quarters: profit −66.1% vs revenue −10.3%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

→ Profit rose — but did the cash follow? Next: 142% of the last 3 years' profit arrived as cash.

08 · Cash flow — the router

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 142% of Cohance Lifesciences Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹368 Cr of operating cash against ₹150 Cr of profit. After ₹1,764 Cr of capital spending, ₹−1,396 Cr was left as free cash.

FY26: operating cash of ₹368 Cr against reported profit of ₹150 Cr, leaving free cash of ₹−1,396 Cr after ₹1,764 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 142% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

FY26: CFO ₹368 Cr vs profit ₹150 Cr Operating cash flow and net profit by fiscal year, ₹ Cr; the line is free cash flow (CFO minus capital spending). 8-year window, annual resolution. FY25/FY26 reflects an acquisition year — point shown clipped.
142% of 3-year profit arrived as cash
Operating cashNet profitFree cash
4943702471230₹ Cr₹368₹150₹282FY19FY22FY26
4943702471230₹ Cr₹368₹150₹282FY19FY22FY26
FY26: CFO = 245% of profit (three-year rate 142%) Operating cash as a share of net profit, per fiscal year, % (line). Dashed line = 100% — every unit of profit arriving as cash.
Conversion100%
261%203%146%88%30%%245%FY19FY22FY26
261%203%146%88%30%%245%FY19FY22FY26

Why conversion sits at 142%: the cash cycle stretched 83 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving.

Router verdict: the bigger cash user is investment — capital spending ran 9.5× depreciation over three years, so the next section's job is to check what that build-out is buying.

→ So follow the cash to where it goes. Next: ₹3,037 Cr of building over 3 years.

09 · Where the cash goes

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Cohance Lifesciences Ltd's cash conversion cycle runs 263 days in FY26, up from 180 days in FY21. Capital spending ran ₹3,037 Cr over the last 3 years. At FY26 sales of ₹2,269 Cr each day of that cycle holds about ₹6.2 Cr, so roughly ₹1,635 Cr sits inside the business at any moment.

FY26: debtors at 110 days, inventory at 310 days — roughly 10.2 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 263 days, looser than FY21's 180.

The full loop: cash goes out to suppliers and production on day 0; stock waits 310 days to sell; customers pay about 110 days after that; and suppliers themselves are paid at 157 days — netting out to the 263-day cycle.

In money terms: at FY26 sales of ₹2,269 Cr, each day of the cycle holds about ₹6.2 Cr — so the 263-day loop keeps roughly ₹1,635 Cr sitting inside the business at any moment.

FY26: a 263-day cash cycle Debtor days, inventory days, payable days and the cash conversion cycle by fiscal year. 8-year window.
+83 days vs FY21
Cash cycleInventory daysDebtor daysPayable days
598446293140−12days263d310d110d157dFY19FY20FY22FY24FY26
598446293140−12days263d310d110d157dFY19FY22FY26

On the investment side: capital spending of ₹3,037 Cr over the last 3 fiscal years against ₹319 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹173 Cr (FY26) — capacity paid for but not yet earning.

FY26: capex ₹1,764 Cr, work-in-progress ₹173 Cr Capital spending per fiscal year, ₹ Cr (bars); capital work-in-progress, ₹ Cr (line). Quarterly capital-spending history is not held for India — annual is the honest resolution.
a build-out
CapexWork-in-progress
1.9k1.4k9534760₹ Cr₹1,764₹173FY20FY21FY23FY24FY26
1.9k1.4k9534760₹ Cr₹1,764₹173FY20FY23FY26

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 8%.

10 · Return on capital

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Cohance Lifesciences Ltd earns a ROCE of 8% in FY26. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 6.6% net margin on 0.40× asset turns.

FY26 ROCE is 8%.

Why the return is what it is — the wiring (FY26): 6.6% net margin × 0.40× asset turns × 1.47× balance-sheet leverage ≈ 3.9% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.

FY26: ROCE 8% Return on capital employed by fiscal year, % (line). 7-year window, dips included. Dashed line = the 12.0% cost of capital used on this page.
the full ladder
ROCEWACC
53%41%29%17%4.6%%8%FY20FY21FY23FY24FY26
53%41%29%17%4.6%%8%FY20FY23FY26

The quarterly return curves and the return-on-invested-capital overlay, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 129% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.10.

11 · Debt

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Cohance Lifesciences Ltd carries ₹400 Cr of borrowings against ₹3,911 Cr of equity in FY26, a debt-to-equity of 0.10. Operating profit covers the interest bill 12×. Over 5 years borrowings went from ₹143 Cr to ₹400 Cr. Capital spending ran ₹3,037 Cr across the last 3 of those years.

FY26: borrowings of ₹400 Cr against equity of ₹3,911 Cr — a debt-to-equity of 0.10. Operating profit covers the interest bill 12×. Over 5 years borrowings went from ₹143 Cr to ₹400 Cr while capital spending ran ₹3,037 Cr in just the last 3 — part of the build-out is riding on borrowed money.

FY26: borrowings ₹400 Cr at 0.10× equity Borrowings by fiscal year, ₹ Cr (bars); debt-to-equity, × (line). 8-year window. Quarterly balance-sheet history is not held for India — annual is the honest resolution.
the debt trajectory
BorrowingsDebt-to-equity
4320.24×3240.18×2160.13×1080.07×00.01×₹ Cr×₹4000.10×FY19FY20FY22FY24FY26
4320.24×3240.18×2160.13×1080.07×00.01×₹ Cr×₹4000.10×FY19FY22FY26

The total-debt and debt-to-equity series, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 129% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

→ Who owns this, and are they adding or leaving? Next: Promoters added 7.4 points over 8 quarters.

12 · Ownership

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Promoters added 7.4 points of Cohance Lifesciences Ltd over 8 quarters, the biggest move on the register. That takes promoters to 57.5% of the company. Foreign institutions moved −3.3 points over the same window, to 6.5%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: +7.4 points over 8 quarters to 57.5%; Foreign institutions: −3.3 points over 8 quarters to 6.5%; Domestic institutions: +2.7 points over 8 quarters to 20.1%.

Why the register moved: rotation — foreign institutions −3.3 points against domestic institutions +2.7 points over 8 quarters, with promoters +7.4 points — one class of institutions handing the register to the other, not a verdict change by the people closest to the numbers.

Fiscal-year ends: promoters +7.4 pts from Mar 24 to Mar 26 Shareholding at each fiscal-year end (March quarter), % of the company. 3 year-ends held.
PromotersForeign inst.Domestic inst.Public
62%47%32%16%1.4%%57.5%5.6%21.8%15.1%Mar 24Mar 25Mar 26
62%47%32%16%1.4%%57.5%5.6%21.8%15.1%Mar 24Mar 25Mar 26
Promoters added 7.4 points over 8 quarters Shareholding by holder class, % of the company, quarterly, last 13 quarters.
PromotersForeign inst.Domestic inst.Public
71%54%36%18%0.7%%57.5%6.5%20.1%15.9%Jun 23Dec 24Jun 26
71%54%36%18%0.7%%57.5%6.5%20.1%15.9%Jun 23Dec 24Jun 26

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

13 · Safety line

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Cohance Lifesciences Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

Related companies · same sector · Pharma - API & CRAMS Every company is compared on the shape of its own curves, not static ratios. The Revenue, EPS and ROCE columns each draw that company's last 12 quarters as a mini line of the ACTUAL level (trailing-twelve-month revenue and EPS, and the ROCE itself) — so a line that climbs is a business getting bigger, a line that sinks is one shrinking. The colour tracks the same line: green when it is rising or steadily healthy, amber when it is rolling over from a high (still elevated but turning down), red when it is falling, grey when flat or stuck. Colour and direction always agree — a green line never points down. The ROCE curve is the return on capital (annual readings for peers, so a slightly coarser line than the quarterly one at the top of this page). The Stage column then runs the same 12-quarter trajectory classifier used at the top of the page on each company and names where it sits. What lands a company in each bucket: CONSISTENT — growth stays positive across the window and returns are healthy (ROCE ≥ 15%, or ROE ≥ 12% for lenders); IMPROVING — profit or EPS fell into real decline, bottomed a few quarters back, and has climbed back to positive and held there; TURNING AROUND — the same kind of trough but more recent, with the latest quarters just lifting off it (an early, unconfirmed turn); TOPPING OUT — growth is still positive but decelerating hard from its own peak while returns have stopped rising; DETERIORATING — two or more growth curves are shrinking (latest below zero) and staying there, not one soft quarter; MIXED — the curves genuinely disagree, or no clean majority, so no single word fits; NO READ — fewer than eight usable quarters. It is a like-for-like read of every company against its own past, not a ranking against the group.
CompanyP/EMkt capRevenueEPSROCEStage
Cohance Lifesciences Ltd this page80.9×₹15,957 CrDeteriorating
Divis Laboratories Ltd73.4×₹1.9L CrMixed
Laurus Labs Ltd79.1×₹86,505 CrMixed
Anthem Biosciences Ltd73.1×₹43,360 CrNo read
Gland Pharma Ltd37.6×₹39,257 CrImproving
Acutaas Chemicals Ltd75.2×₹26,785 CrImproving
Acutaas Chemicals Ltd69.1×₹26,686 CrMixed
Sai Life Sciences Ltd73.8×₹26,174 CrNo read
Piramal Pharma Ltd₹24,133 CrNo read
Neuland Laboratories Ltd65.9×₹23,794 CrTurning around
Granules India Ltd31.8×₹20,655 CrConsistent
OneSource Specialty Pharma Ltd₹18,961 CrNo read
Syngene International Ltd44.9×₹16,708 CrTurning around
Syngene International Ltd44.1×₹16,415 CrTurning around
Jubilant Pharmova Ltd35.2×₹15,378 CrNo read
Concord Biotech Ltd54.8×₹13,061 CrDeteriorating
Shilpa Medicare Ltd50.8×₹11,856 CrNo read
Blue Jet Healthcare Ltd43.3×₹10,730 CrDeteriorating
Supriya Lifescience Ltd32.3×₹6,765 CrConsistent
IOL Chemicals & Pharmaceuticals Ltd30.0×₹4,380 CrImproving
SMS Pharmaceuticals Ltd35.0×₹3,569 CrMixed
Morepen Laboratories Ltd39.6×₹2,948 CrMixed
Dishman Carbogen Amcis Ltd29.0×₹2,878 CrNo read
Hikal Ltd73.8×₹2,681 CrDeteriorating
Solara Active Pharma Sciences Ltd551.0×₹2,351 CrNo read
Windlas Biotech Ltd26.6×₹1,770 CrMixed
12 · Frequently asked questions

Frequently asked questions

What is Cohance Lifesciences Ltd's share price today?

Cohance Lifesciences Ltd trades at ₹442, −59.2% over the past year. The company is valued at ₹15,957 Cr. The stock sits at 23% of its 52-week range of ₹280–₹980, −15.1% versus its 200-day average. On the tape, the price is in a downtrend, 56 weeks in. — as of 24 July 2026.

What were Cohance Lifesciences Ltd's latest quarterly results?

Cohance Lifesciences Ltd reported revenue of ₹619 Cr and net profit of ₹8.3 Cr for the Mar 26 quarter. Revenue fell 26.3% and profit fell 92.9% year on year. Earnings per share were ₹0.51. The operating margin was 15.9%, 11.3 pp lower than a year earlier. — as of 24 July 2026.

What is Cohance Lifesciences Ltd's revenue?

Cohance Lifesciences Ltd reported revenue of ₹619 Cr in the Mar 26 quarter, −26.3% year on year. For the full FY26 fiscal year, revenue was ₹2,269 Cr (+89.4%). Over the last 7 years revenue compounded at 29.2% a year. — as of 24 July 2026.

What is Cohance Lifesciences Ltd's profit?

Cohance Lifesciences Ltd earned ₹8.3 Cr of net profit in the Mar 26 quarter, −92.9% year on year. Full-year FY26 profit was ₹150 Cr. The operating margin ran 15.9% in the latest quarter. — as of 24 July 2026.

What is Cohance Lifesciences Ltd's market cap?

Cohance Lifesciences Ltd's market capitalisation is ₹15,957 Cr at a share price of ₹442. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 24 July 2026.

What is Cohance Lifesciences Ltd's P/E ratio?

Cohance Lifesciences Ltd trades at a P/E of 80.9×, at the 86th percentile of its own 6-year range, against a long-run median of 35.4×. This is a comparison with the stock's own history, not a value call — as of 24 July 2026.

Does Cohance Lifesciences Ltd pay a dividend?

Not in its latest year — Cohance Lifesciences Ltd's dividend payout was 0% of profit in FY26. It did record a payout in 4 of its last 8 reported fiscal years, so there is a history but no current dividend. This page holds the payout ratio, not a per-share amount. — as of 24 July 2026.

Is Cohance Lifesciences Ltd overvalued?

On its own history, Cohance Lifesciences Ltd looks expensive against its own history: its P/E of 80.9× sits at the 86th percentile of its 6-year range (long-run median 35.4×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 24 July 2026.

Is Cohance Lifesciences Ltd growing?

Not right now — Cohance Lifesciences Ltd's latest numbers are shrinking: latest-quarter revenue −26.3% year on year, profit −92.9%, and the margin −11.3 pp at 15.9%. The 7-year compound rates are 29.2% (revenue) and 4.7% (profit). The earnings engine currently reads: deteriorating — as of 24 July 2026.

How is Cohance Lifesciences Ltd performing?

Cohance Lifesciences Ltd is in a downtrend, 56 weeks in. Its latest quarter's revenue fell 26.3% and profit fell 92.9% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 2 weeks. This describes what the data did, not a rating. — as of 24 July 2026.

What stage is Cohance Lifesciences Ltd in?

Deteriorating — revenue and profit growth are shrinking (revenue growth −26.3% latest (single-quarter readings) against +100.0% at its 12-quarter best), ROCE slipping at 8.0%. The read comes from the last 12 quarters of growth (revenue growth −26.3% latest, profit growth −92.9% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 24 July 2026.

Is Cohance Lifesciences Ltd in an uptrend?

No — the price is in a downtrend (week 56 of stage 4), trading −15.1% versus its 200-day average and at 23% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 24 July 2026.

Is Cohance Lifesciences Ltd beating the market?

On recent form, yes — Cohance Lifesciences Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 2 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 6.3 years the stock moved +203% against the NIFTY 500's +233% — behind the index over the full window. — as of 24 July 2026.

Will Cohance Lifesciences Ltd's share price go up?

This page publishes no price forecast for Cohance Lifesciences Ltd. What it measures instead: the share price is ₹442, the price is in a downtrend 56 weeks in. Its P/E of 80.9× sits at the 86th percentile of its own 6-year range. — as of 24 July 2026.

Who owns Cohance Lifesciences Ltd?

Promoters hold 57.5% of Cohance Lifesciences Ltd, foreign institutions 6.5%, domestic institutions 20.1% and the public 15.9% (latest quarter). The biggest move on the register over the last two years: Promoters added 7.4 points over 8 quarters. — as of 24 July 2026.

Does Cohance Lifesciences Ltd have too much debt?

No — Cohance Lifesciences Ltd's debt-to-equity is 0.10, and operating profit covers the interest bill 12×. FY26 borrowings were ₹400 Cr against equity of ₹3,911 Cr. The returns on this page are earned, not borrowed — as of 24 July 2026.

What is Cohance Lifesciences Ltd's capex?

Cohance Lifesciences Ltd spent ₹3,037 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹1,764 Cr, with ₹173 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 24 July 2026.

What is Cohance Lifesciences Ltd's cash flow?

Cohance Lifesciences Ltd generated ₹368 Cr of operating cash flow in FY26 and ₹−1,396 Cr of free cash flow after ₹1,764 Cr of capital spending. Reported profit that year was ₹150 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 24 July 2026.

Is Cohance Lifesciences Ltd's profit real cash?

Yes — over the last 3 fiscal years, 142% of Cohance Lifesciences Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹368 Cr against reported profit of ₹150 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 24 July 2026.

Where is Cohance Lifesciences Ltd in its business cycle?

Cohance Lifesciences Ltd's FY26 operating margin was 19.0%, against a 8-year band of 19.0%–46.0%: the low end of its own band, which is where recoveries start when they come. The latest quarter ran 15.9%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 24 July 2026.

What could break the Cohance Lifesciences Ltd story?

The sharpest disagreement: Promoters moved +7.4 points over 8 quarters while the operating story went the other way — someone close to the numbers is not convinced. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 24 July 2026.

Is Cohance Lifesciences Ltd a stock worth studying right now?

This is not investment advice. The machine read: Cohance Lifesciences Ltd's three tracks disagree. Price, valuation and the earnings engine each tell a different story — the next quarter or two settles it. The sharpest open question: whether the register turns back in the story’s favour. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 24 July 2026.

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