Near term outlook remains challenging, Downgrade to Underperform

研报英文原文证据摘录

Near term outlook remains challenging, Downgrade to Underperform

India | Pharmaceuticals

Cohance Lifesciences EquityMayResearch12, 2026

RATING | TARGET | ESTIMATE CHANGENear term outlook remains challenging,

RATING UNDERPERFORM (HOLD)Downgrade to Underperform

PRICE INR478.65^

Cohance Mar-Q numbers were significantly below our estimates as all

the business divisions continued to decline YoY, with sharpest decline in PRICE TARGET | % TO PT INR300 (INR340) | -37%

Spec Chem business. Cohance mgmt. churn continues to remain high with 52W HIGH-LOW INR1,179.95 - INR267.85

Umang Vohra being third company head in past 12m. FY27 outlook remains FLOAT (%) | ADV MM (USD) 35.2% | 3,258.34

tough with growth recovering only from 2HFY27 despite FY26 soft base. MARKET CAP INR187.7B | INR187.7B

We cut FY27-28 EPS estimates by 14-17% on near term challenges and TICKER COHANCE IN ^Prior trading day's closing price unless otherwise

downgrade to Underperform with PT of INR300. noted.

Cohance continues to face challenges: Cohance Mar-Q revenue INR6.2bn (-26% YoY/+14% FY (Mar) CHANGE TO JEFe JEF vs CONS

QoQ) was 6% below our estimates, EBITDA INR0.99bn (-57% YoY/+3% QoQ) was 38% below 2027 2028 2027 2028

our estimates and PAT INR196m was impacted by one-offs was also below our estimates of REV -2% <-1% NA NA

INR619m. The sharp miss on our muted estimates was due to 63% YoY decline in Agri & Spec

EPS -17% -14% NA NA

Chem business and was 38% below our estimates and Gx API which was down 18% YoY &

4% below our estimates while Pharma CDMO sales was down 19% YoY and was in-line with

2027 (INR) Q1 Q2 Q3 Q4 FY

our estimates.

EPS -- -- -- -- 6.27

FY27 outlook implies uncertainty still looms in near term: Cohance guided for sales and PREV 7.55