Cohance Lifesciences Ltd(COHANCE)

NSE: COHANCEBSE: 543064

₹ 454.25+1.25%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 17,379 crWebsite: www.suvenpharm.comUpdated: 24 Oct 2026

About

Cohance Lifesciences (formerly Suven Pharmaceuticals) is a science-led CDMO whose operations span Pharma CDMO, API+ and Speciality Chemicals, with specialised capabilities in small molecules, antibody-drug conjugates and oligonucleotides. It reported revenue of Rs 2,268.55 Cr in FY26 and runs 13 manufacturing facilities and 7 R&D facilities with 3,000+ KL of capacity. Exports made up 86% of revenue in FY26, and the company works with 19 of the top 20 global innovators.^[1][2][3]

Business segments

Pharma CDMO (small molecule) was the largest share of group revenue in FY26, with commercial products more than 70% of segment revenue; the segment supports over 140 active CDMO projects.^[4]
API+ reported revenue of INR 10.88 billion in FY26, down 8% YoY, covering complex APIs and finished formulations.^[4]
Specialty Chemicals reported revenue of INR 2.913 billion in FY26, down 2.1% YoY, spanning agrochemical CDMO and performance materials including OLED intermediates.^[4]
NJ Bio (Princeton, New Jersey), an ADC/XDC CRDMO in which a 56% stake was acquired in December 2024, recorded revenue of INR 350 million and an adjusted EBITDA loss of INR 328 million in Q1 FY27.^[5]
Subsidiaries: Avra brings specialised chemistry and advanced intermediates, Sapala oligonucleotide building blocks, and NJ Bio payload-linker science and bioconjugation (FY26).^[1]

Products and portfolio

CNS therapeutics are the core of the API+ portfolio, and Cohance holds a significant share of the global market in certain innovator products (FY26).^[1]
API+ portfolio spans nearly 50 product families; top-3 market share in 8 out of 10 top API molecules, with the top 15 products about 50% of API revenues in FY26.^[3]
ADC payload portfolio covers over 75% of the global ADC payload market, with a leading position in Camptothecin-based payloads and over 500 payload-linker constructs.^[3]
Commercial ADC payload manufacturing is fully back-integrated in India (FY26).^[1]
Cohance is the world's only commercial-scale supplier of Tricyclo-DNA (tcDNA) amidites; Sapala reported 2.5x revenue growth YoY in Q1 FY27.^[3]

Operations and facilities

13 manufacturing facilities (8 FDA audited) and 7 R&D facilities as of FY26: 7 API+, 5 Pharma CDMO and 1 Speciality Chemicals site, with 3,000+ KL of capacity.^[1]
Annual installed API capacity was 1,242 KL in FY26.^[1]
Annual installed formulation capacity: 5.3 billion tablets and capsules, 650 MT of pellets and 68 million liquid bottles and tubes (FY26).^[1]
A dedicated high-containment block handling compounds up to OEB 6 was commissioned for payload programmes (FY26).^[1]
Team size was 5,469 in FY26, with 640 scientists in R&D.^[1]
New amidites facility at Nacharam is complete and product qualification had commenced as of Q1 FY27.^[5]

USFDA site status

The Nacharam site received a US FDA Warning Letter in February 2026; US supply remains pending.^[1]
The Jaggaiahpet API site cleared its US FDA audit with zero observations (FY26).^[1]
Two customer molecules supported by Cohance received US FDA approval and 6 new API products were validated in FY26.^[1]

Key operating numbers

Phase III small-molecule CDMO pipeline stood at 10 molecules in Q1 FY27, up from 9 in Q3 FY26.^[5]
Two Phase III customer molecules entered commercial supply; two more are expected within 12 - 15 months (FY26 annual report).^[1]
Niche technology (ADC, oligonucleotide) share of consolidated revenue was 15.1% in Q1 FY27 vs 16.2% in FY26.^[5]
Pharma CDMO commercial-to-development revenue split was 57%:43% in Q1 FY27, versus more than 70% commercial in FY26.^[5]
API+ completed 10 new DMF/CEP filings and validated 6 new products in FY26.^[4]
Management says API+ is operating at 30 - 40% of its potential (FY26 annual report).^[1]
CDMO RFQ pipeline grew about 2x by Q1 FY27; reload conversion rate was above 90% in FY26.^[5]
NJ Bio had completed 5 cGMP bioconjugation batches cumulatively to Q1 FY27.^[5]

Customers and markets

Exports made up 86% of revenue in FY26.^[1]
Cohance works with 19 of the top 20 global innovators; the top three customer groups were 39.92% of operating revenues in FY25.^[3]
NJ Bio works with over 100 innovator and biotech accounts (FY26).^[1]
Won a commercial contract as second source for a Big Pharma customer's API, with full commercialisation expected in FY28.^[1]
Commercial supplies under a KSM opportunity won from a Western CDMO are expected to start in H2 FY27.^[1]
ADC payloads MMAE and Exatecan are gaining traction as China-alternative supply; one new customer audit was completed in Q1 FY27.^[5]
The company relies on imports for key starting materials and APIs (FY26).^[1]

Expansion and capex

FY27 capex is expected at about INR 3 billion, up from INR 2.15 billion deployed in FY26.^[4]
A US$10 million cGMP bioconjugation suite at NJ Bio Princeton will support ADC supply through Phase 2b, targeted by end of FY27.^[1][5]
Commercial flow reactor at the Jaggayyapet site is targeted to be ready in Q2 FY27.^[5]
Cohance plans to raise its Sapala ownership to 100% by FY30.^[5]

Recent developments

Q1 FY27 (ended June 2026) was described as the lowest-ever quarter, with consolidated revenue of INR 4,223 million, down 23.1% YoY; recovery guided from Q2 FY27.^[5]
Executive Chairman Vivek Sharma ceased on 30 Apr 2026; Umang Vohra became Chairman from 1 May 2026 and Group CEO from 20 May 2026.^[1]
The CFO and Whole-time Director resigned and will leave on 13 Sep 2026.^[1]
Credit ratings in FY26: IND AA/Stable assigned; CRISIL upgraded to AA-/Positive.^[1]
A restocking order for one previously destocked commercial molecule was received in Q1 FY27, giving delivery visibility for Q4 FY27 and FY28.^[5]
Two CEP approvals were received in Q1 FY27; seven API filings are targeted for FY27.^[5]
Employee Stock Option Plan 2026 approved; no dividend recommended for FY26.^[1]
Strategic blueprint and formal revenue guidance are expected by December 2026.^[5]

Market Cap

₹17,379 Cr

High / Low

₹908 / 268

Stock P/E

162.7

Price / Book

4.4

Book Value

₹102

EPS

₹4.7

No. of Shares

38.26 Cr

ROCE

7.1%

ROE

6.4%

OPM

11.9%

Debt / Equity

0.04

Sales

₹2,269 Cr

Net Profit

₹150 Cr

Promoter holding

57.5%

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