Indian CDMO

Research evidence excerpt

Indian CDMO

t fully paid ordinary weighted average number of

in 12 months Note: expected return is reflective of a Medium Volatility shares

Valuation – The company's estimated stock and should be assumed to adjust proportionately

All Reported numbers for Australian/NZ listed stocks are fair value share price based on the disclosed with volatility risk

modelled under IFRS (International Financial Reporting valuation methodology

Standards). Note: Quant recommendations may differ

from Fundamental Analyst recommendations

Recommendation proportions for quarter ending 31 Mar 2026

AU/NZ Asia USA

Outperform 66.90% 69.32% 67.14% (for global coverage by Macquarie, 1.93% of stocks followed are investment banking clients)

Neutral 27.18% 17.21% 32.86% (for global coverage by Macquarie, 0.40% of stocks followed are investment banking clients)

Underperform 5.92% 13.47% 0.00% (for global coverage by Macquarie, 0.00% of stocks followed are investment banking clients)

Company-Specific Disclosures

Company Name Disclosure

Cohance Lifesciences (COHANCE None

IN)

Outperform

12-month target:INR1,150.00 - EV/

EBITDA

Valuation: INR 1,150.00 - DCF

Price:INR430.60

Divi's Laboratories (DIVI IN) None

12-month target:INR7,500 - EV/EBITDA

Valuation: INR 7,500.00 - DCF

Price:INR6,755

Syngene International (SYNG IN) None

12-month target:INR835.00 - EV/

Valuation: INR 835.00 - DCF

Price:INR455.80

Target Price Risk Disclosures

Company Name Risk Disclosure

Inability to add more commercial projects on Pharma CDMO business Cohance Lifesciences (COHANCE •

Slower recovery in Specialty Agri chem business IN) •

Adverse plant issues •

Failure to upscale key custom synthesis projects Divi's Laboratories (DIVI IN) •

Continued price erosion in generic APIs •

Compliance issues at manufacturing plants •

09 June 2026 2