Cohance Lifesciences Q4 Results Review: ICICI Securities Maintains 'Buy', Revises Target Price

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ICICI Securities Report

Cohance Lifesciences Ltd.’s Q4 FY25 pro forma financial performance was below our expectation. Momentum across its pharma CDMO (+31% YoY) was strong, while specialty chemical CDMO business growth (+75%) is beginning to recover.

Pharma CDMO business could benefit from the commercialisation of one new molecule (supplying four intermediates), while a recovery in specialty chemical segment may continue in FY26.

Management has guided for double-digit revenue growth driven by traction in all the three verticals. However, change in business mix may restrict Ebitda margin between 30-32% in FY26 (adjusted margin in Q4 FY25 at 31.3%) and a recovery could flow in thereafter. Maintain Buy with a DCF-based revised target price of Rs 1,365.

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