Cohance Lifesciences Ltd

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 ₹440, in a downtrend and 64 weeks into that stage. That is −11.2% against its own 200-day average. It sits at 27% of a 52-week range of ₹280 to ₹876. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (1 week and counting).

Today the stock is in a downtrend — week 64 of stage 4, confirmed. At ₹440 it trades −11.2% versus its 200-day average and sits at 27% of its 52-week range (₹280–₹876).

Against the market, two honest reads. Cumulative: over the last 6.5 years the stock moved +202% while the NIFTY 500 moved +226% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (1 week and counting; last ahead the week of 2026-09-04) — 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.

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 156.0× P/E, about the priciest it has ever traded. Its long-run median P/E is 35.6×, measured across 6.2 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 156.0× is about the priciest it has ever traded, against a long-run median of 35.6× measured over 6.2 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved −75.5% against a −55.1% price move — the price outran earnings, pushing the multiple UP its own range.

The price move, decomposed: over 5y, of the −3.8%/yr price move, ~−28.2%/yr came from earnings growth and ~+24.4 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 138% 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.

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, profit and EPS growth are shrinking (revenue growth −19.7% latest against +147.9% at its 12-quarter best), ROCE slipping at 6.0%. The read is built from 8 quarters across 4 curves, on partial evidence.

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

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.

4-Factor Sector Score

20.6/100 — rank 24 of 24 in Pharma - API & CRAMS · 82% evidence confidence

Cohance Lifesciences Ltd scores 20.6 out of 100 against the 24 companies it is compared with in Pharma - API & CRAMS, ranking 24. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 3 + 6.8 + 5.5 + 5.3 = 20.6. 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.

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

Cohance Lifesciences Ltd reported ₹422 Cr of revenue in the Jun 26 quarter, −23.1% 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 ₹2,142 Cr.

FY26 revenue came in at ₹2,269 Cr (−13.0% on the year), capping 7 years at 29.2% compound. The latest quarter (Jun 26) printed ₹422 Cr, −23.1% year on year.

Pace check: the last four quarters averaged −19.2% 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 −19.7% over the last 4 quarters against +34.1%/yr over the last 8 — rolling over; TTM profit −87.2% vs −52.3%/yr — rolling over.

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 0.3% in the Jun 26 quarter, −19.7 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 0.3%, −19.7 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 −20.1 pp year on year while gross margin went −1.5 pp — the loss came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

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 posted a net loss of ₹45.0 Cr in the Jun 26 quarter. Full-year FY26 profit was ₹150 Cr. The 7-year compound rate is 4.7%. That loss is 10.7% of the quarter's revenue. The same quarter a year earlier earned ₹46.0 Cr. 1 of the last 12 reported quarters were loss-making.

Jun 26 profit was ₹−45.0 Cr, −197.8% year on year. On the full year, FY26 printed ₹150 Cr (−69.0%), and the 7-year compound rate is 4.7%.

🚨 Why profit moved: revenue contributed −23.1% and the margin −19.7 pp — the quarter was revenue-led despite a thinner margin.

Pace comparison, last four quarters: profit −106.0% vs revenue −19.2%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

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 150% 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 ₹293 Cr of capital spending, ₹75.0 Cr was left as free cash.

FY26: operating cash of ₹368 Cr against reported profit of ₹150 Cr, leaving free cash of ₹75.0 Cr after ₹293 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 150% of profit.

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

Why conversion sits at 150%: 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 7.6× depreciation over three years, so the next section's job is to check what that build-out is buying.

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 ₹3,128 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.

On the investment side: capital spending of ₹3,128 Cr over the last 3 fiscal years against ₹409 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹178 Cr (FY26) — capacity paid for but not yet earning.

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

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 6% 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 6%.

Why the return is what it is — the wiring (FY26): 6.6% net margin × 0.40× asset turns × 1.46× balance-sheet leverage ≈ 3.9% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.

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 138% 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.

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 ₹3,128 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 ₹3,128 Cr in just the last 3 — part of the build-out is riding on borrowed money.

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 138% 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.

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.

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.

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