Cohance Lifesciences: Can a recovery justify its valuation?

Cohance Lifesciences business numbers have been hard to stomach. FY26 revenue fell 13% and adjusted EBITDA nearly halved. Q1 FY27 revenue fell 23%, adjusted EBITDA margin dropped to 2.2%, and the company reported a net loss of Rs 45 crore. At around Rs 479 per share, Cohance’s market capitalisation is approximately Rs 17,000 crore, and […]

The easiest way to understand Cohance is to start with how it was put together. (File photo)

12 min readNov 4, 2026 07:30 AM IST First published on: Nov 4, 2026 at 07:30 AM IST

Cohance Lifesciences business numbers have been hard to stomach.

FY26 revenue fell 13% and adjusted EBITDA nearly halved. Q1 FY27 revenue fell 23%, adjusted EBITDA margin dropped to 2.2%, and the company reported a net loss of Rs 45 crore. At around Rs 479 per share, Cohance’s market capitalisation is approximately Rs 17,000 crore, and the trailing P/E is about 159x.

Even more unusual is the fact that the stock is up almost 80% from its March 2026 lows of Rs 268, even as earnings kept falling. Yet it still trades below Rs 495, the price Advent International paid Suven’s shareholders in its 2023 open offer.