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Pharma CDMO / APIs Historical case study · data as of 24 Jul 2026 · published 29 Oct 2026 (97 days later)

Cohance Lifesciences — 100-point case study

How Cohance Lifesciences looked on 50 technical and 50 fundamental measures on 24 Jul 2026 — and what happened over the next three months. Education only; not a current view.

Codes	NSE: COHANCE
Close on 24 Jul 2026	₹417.10
Market cap then	₹16,001 crore
Valuation	P/E 107.4× · P/B 4.09×
Momentum	RSI (14) 39 · 1-year return -59.7%
Next 3 months	+14.1% vs Nifty 50 -4.5% (to 28 Oct 2026)

Scorecard

Technical — 50 points

7 bullish · 19 neutral · 4 caution · 19 bearish — the picture leaned negative.

Fundamental — 50 points

6 bullish · 31 neutral · 2 caution · 10 bearish — the picture leaned negative.

Price chart

Close (to snapshot) Close (after) 50-day avg 200-day avg Support Resistance

Data note: Suven Pharmaceuticals merged with Cohance Lifesciences (effective 1 May 2025) and was renamed. Financials from FY25 include the merged business, so FY24-to-FY25 growth is not like-for-like, and the share count changed. Screener's current (Oct 2026) cons list says promoters have pledged 94.6% of their holding; the date of that figure is not shown, so the pledge point is left as n/a.

Technical analysis — 50 points

Calculated by code from daily prices up to 24 Jul 2026. Standard formulas (RSI, MACD, ADX use Wilder smoothing).

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Trend

#	Point	Reading	Tag	Commentary
1	Short-term trend (20 days)	slope -0.28%/day	Bearish	Over the last 20 sessions the regression line of closing prices was falling about 0.28% a day — a short-term downtrend. Bullish slope above +0.10% a day (short-term uptrend) · Bearish slope below –0.10% a day (short-term downtrend) · Neutral between the two: a flat, sideways phase.
2	Medium-term trend (~5 months)	3M return +14.6%	Bullish	The 100-session trend line was up (+0.45%/day) and the stock was +14.6% over three months, so the medium-term picture was bullish. Bullish slope above +0.05% a day · Bearish slope below –0.05% a day · Neutral in between.
3	Long-term trend (1 year)	1Y return -59.7%	Bearish	Compared with a year earlier the price was -59.7%. A weak year for the stock. Bullish up more than 10% in a year · Bearish down more than 10% in a year · Neutral between –10% and +10%.
4	Weekly chart trend	10W 433.74 / 30W 393.31	Neutral	On the weekly chart the stock showed a weekly close tangled between the 10-week and 30-week averages. Bullish weekly close above the 10-week average, which is above the 30-week · Bearish weekly close below the 10-week average, which is below the 30-week · Neutral when they are tangled.
5	Swing structure (highs/lows)	last highs 486.30→473.70; lows 403.40→417.25	Neutral	The two most recent swing points showed a lower high but a higher low — mixed structure. Bullish higher highs and higher lows (uptrend structure) · Bearish lower highs and lower lows (downtrend structure) · Neutral when one is higher and the other lower.
6	ADX (14) — trend strength	25.8	Bearish	ADX at 25.8 shows a trend of moderate strength. ADX measures strength only, not direction. Bullish ADX 20 or more with +DI above –DI (a real trend, pointing up) · Bearish ADX 20 or more with –DI above +DI (a real trend, pointing down) · Neutral below 20: no clear trend. 20–30 is a moderate trend, above 30 a strong one.
7	+DI vs –DI	+DI 22.6 / –DI 23.0	Bearish	–DI was above +DI: sellers had the upper hand in directional movement. Bullish +DI above –DI · Bearish –DI above +DI · No neutral zone for this point.

B. Moving averages

#	Point	Reading	Tag	Commentary
8	Price vs 20-day SMA	443.16 (-5.9%)	Bearish	Close of 417.10 was 5.9% below the 20-day SMA — the short-term trend filter was negative. Bullish close above the average · Bearish close below the average · No neutral zone.
9	Price vs 50-day SMA	434.82 (-4.1%)	Bearish	Close of 417.10 was 4.1% below the 50-day SMA — the medium-term trend filter was negative. Bullish close above the average · Bearish close below the average · No neutral zone.
10	Price vs 200-day SMA	484.19 (-13.9%)	Bearish	Close of 417.10 was 13.9% below the 200-day SMA — the long-term trend filter was negative. Bullish close above the average · Bearish close below the average · No neutral zone.
11	9 / 21 EMA crossover	9E 434.55 / 21E 438.18	Bearish	The 9-day EMA was below the 21-day EMA; the last crossover happened on 23 Jul 2026. Bullish 9-day above 21-day · Bearish 9-day below 21-day · No neutral zone.
12	Golden / death cross (50 vs 200)	no cross in data window	Bearish	The 50-day average was 10.2% below the 200-day. No 50/200 crossover occurred in the data window. Bullish 50-day above 200-day (after a “golden cross”) · Bearish 50-day below 200-day (after a “death cross”) · No neutral zone.
13	50-day SMA slope	+1.2% in 20 sessions	Bullish	The 50-day average rose 1.2% over the past month — rising. Bullish rose more than 0.5% · Bearish fell more than 0.5% · Neutral in between: flattening.
14	MA ribbon alignment	443 / 435 / 395 / 484	Neutral	The 20/50/100/200-day averages were tangled — no clean order, typical of a transition or range. Bullish neatly stacked 20 > 50 > 100 > 200 · Bearish neatly stacked 20 < 50 < 100 < 200 · Neutral when tangled (a transition or range).
15	Monthly anchored VWAP	444.32 (-6.1%)	Bearish	Anchored to the start of July, the volume-weighted average price was 444.32; the close was below it — buyers that month were on average under water. Bullish close above VWAP (that month’s buyers on average in profit) · Bearish close below VWAP · No neutral zone.

C. Momentum

#	Point	Reading	Tag	Commentary
16	RSI (14)	39.4	Bearish	RSI at 39.4 reflected soft, below-average momentum. Bullish RSI 55–70 (positive momentum, not stretched) · Bearish RSI 30–45 (soft momentum) · Neutral 45–55. Caution at 70 or above (overbought) or 30 or below (oversold).
17	RSI divergence (last 40 days)	none	Neutral	Comparing the last 20 sessions with the 20 before: no divergence — RSI moved in line with price. Bullish bullish divergence: price made a lower low but RSI a higher low · Caution for a bearish divergence (price higher high, RSI lower high). Neutral when RSI moved in line with price.
18	MACD line vs signal	MACD -1.52 / signal 1.86	Bearish	MACD was below its signal line — momentum turning or staying negative. Bullish MACD above signal · Bearish MACD below signal · No neutral zone.
19	MACD histogram (5-day change)	-0.84 → -3.38	Bearish	The histogram fell over the last five sessions, meaning momentum was weakening. Bullish histogram rising (momentum improving) · Bearish histogram falling (momentum weakening) · No neutral zone.
20	MACD vs zero line	-1.52	Bearish	MACD below zero means the 12-day EMA was below the 26-day EMA — a negative momentum regime. Bullish MACD above zero · Bearish MACD below zero · No neutral zone.
21	Stochastic (14,3,3)	%K 18.4 / %D 33.1	Caution	Slow stochastic at 18.4 was in oversold territory (<20). Bullish between 20 and 80 with %K above %D · Bearish between 20 and 80 with %K below %D · Caution above 80 (overbought) or below 20 (oversold).
22	Williams %R (14)	-90.3	Caution	%R of -90.3 put the close near the bottom of its 14-day range. How to read: Caution above –20 (near the top) or below –80 (near the bottom). Neutral in the middle. This point is never tagged Bullish or Bearish.
23	CCI (20)	-206	Bearish	CCI at -206 signalled an unusually strong downward deviation (<–100). Bullish above +100 (unusually strong upward move) · Bearish below –100 (unusually strong downward move) · Neutral within ±100.
24	Rate of change (10-day)	-7.7%	Bearish	Price changed -7.7% over ten sessions. Bullish up more than 2% · Bearish down more than 2% · Neutral between –2% and +2%.

D. Volatility

#	Point	Reading	Tag	Commentary
25	Bollinger Band position (%B)	%B -0.11 (bands 421.73–464.60)	Caution	%B of -0.11 — close below the lower band, an overextended drop. How to read: Caution above 1 or below 0 (outside the bands — an overextended move). Neutral inside the bands.
26	Bollinger width / squeeze	width 9.7% (11th pct of 6M)	Caution	Band width was at the 11th percentile of the last six months. A squeeze like this often precedes a larger move (direction unknown). How to read: Caution when the width is in the lowest 15% of six months (a “squeeze” that often comes before a bigger move, direction unknown). Neutral otherwise.
27	ATR (14)	₹18.35 (4.4% of price)	Neutral	A typical day's range was about ₹18.35, or 4.4% of the price — useful for judging how much 'normal noise' to expect. How to read: Information only. A higher % means bigger normal daily swings.
28	Historical volatility (30-day)	44.7% vs 1Y 49.7%	Neutral	Annualised 30-day volatility was 44.7%, close to the one-year level of 49.7%. How to read: Caution when 30-day volatility is more than 1.25× the one-year level. Neutral otherwise.
29	Keltner Channel (20, 2×ATR)	402.15–474.16	Neutral	The close was inside the channel, so no volatility breakout. Bullish close above the upper channel (strong upward push) · Bearish close below the lower channel · Neutral inside the channel.
30	Beta vs Nifty 50 (1Y daily)	0.84	Neutral	A beta of 0.84 means the stock tended to move less than the Nifty 50 day to day. How to read: Information only. Above 1.1 moves more than the market, below 0.9 less, around 1 in line.

E. Volume & money flow

#	Point	Reading	Tag	Commentary
31	Volume vs 20-day average	last day 0.34× / 5-day 0.73×	Neutral	The final session traded 0.34× its 20-day average volume and the last five sessions averaged 0.73× — lighter than usual participation. How to read: Information only. Above 1.2× is heavier than usual participation, below 0.8× lighter.
32	Up-day vs down-day volume (20d)	ratio 1.89	Bullish	Average volume on up days was 1.89× that on down days — accumulation-leaning. Bullish ratio above 1.15 (accumulation-leaning) · Bearish ratio below 0.85 (distribution-leaning) · Neutral between 0.85 and 1.15.
33	On-Balance Volume (20d)	OBV rising	Bullish	OBV rose over the month while price fell — volume diverged from price. Bullish OBV rising · Bearish OBV falling · No neutral zone.
34	Accumulation/Distribution line	falling (20d)	Bearish	The A/D line fell, meaning closes tended to be in the lower part of daily ranges on meaningful volume. Bullish A/D line rising · Bearish A/D line falling · No neutral zone.
35	Chaikin Money Flow (20)	-0.27	Bearish	CMF at -0.27 indicated net outflows. Bullish above +0.05 (net inflows) · Bearish below –0.05 (net outflows) · Neutral between –0.05 and +0.05.
36	Money Flow Index (14)	56.4	Bullish	MFI, a volume-weighted RSI, was 56.4. Bullish MFI 55–80 · Bearish MFI 20–45 · Neutral 45–55. Caution above 80 (overbought) or below 20 (oversold).
37	Liquidity (avg daily turnover)	₹30 cr/day	Neutral	About ₹30 crore changed hands per day on average over 20 sessions — moderately liquid. How to read: Information only. Above ₹500 crore a day is highly liquid, above ₹50 crore liquid, below that moderately liquid.

F. Price levels

#	Point	Reading	Tag	Commentary
38	Support levels (S1/S2/S3)	403.40 / 391.05 / 355.05	Neutral	Nearest support (prior swing lows) sat at 403.40, 3.4% below the close, then 391.05, 355.05. How to read: Information only. Levels to watch, not good or bad.
39	Resistance levels (R1/R2/R3)	445.03 / 456.30 / 471.85	Neutral	Nearest resistance (prior swing highs) sat at 445.03, 6.7% above the close, then 456.30, 471.85. How to read: Information only.
40	Monthly pivot points (for next month)	P 433.93 \| R1 456.87 \| S1 394.17	Neutral	Classic pivots from July's high/low/close gave a pivot of 433.93; the close was below it. How to read: Information only.
41	Fibonacci retracement (6M swing)	23.6% 456 \| 38.2% 420 \| 50.0% 391 \| 61.8% 362	Neutral	Measuring the 6-month rise from 266.70 to 514.90, the close was nearest the 38.2% retracement at 420.09. How to read: Information only.
42	52-week high / low	H 1,102.20 / L 266.70	Neutral	The close was 62.2% below the 52-week high and 56.4% above the 52-week low. Bullish within 5% of the 52-week high · Bearish within 5% of the 52-week low · Neutral in between.
43	Unfilled price gaps (6M)	1 open; latest gap-up 27 Apr at 369.80	Neutral	There was 1 unfilled gap(s). The latest, a gap-up on 27 Apr 2026, left an open level at 369.80 that price had not revisited. How to read: Information only.

G. Patterns

#	Point	Reading	Tag	Commentary
44	Price structure / chart pattern	pullback inside a larger uptrend	Neutral	Rule-based pattern scan: pullback inside a larger uptrend. (Classical patterns like head-and-shoulders are judgement calls; we report only what the rules detect.) Bullish rising channel (both trends up) · Bearish falling channel (both trends down) · Neutral for tight consolidation, a bounce in a downtrend, a pullback in an uptrend, or a sideways range.
45	Breakout / breakdown (20-day)	range 417.25–473.70	Bearish	The close was breakdown below the prior 20-day range of 417.25–473.70 — a range break. Bullish close above the 20-day high (breakout) · Bearish close below the 20-day low (breakdown) · Neutral inside the range.
46	Latest candlestick	Ordinary red candle	Neutral	On 24 Jul the candle opened 420.00, ranged 411.00–425.00 and closed 417.10: Ordinary red candle. Single candles are weak signals on their own. Bullish hammer, bullish engulfing or bullish marubozu · Bearish shooting star, bearish engulfing or bearish marubozu · Neutral for a doji, inside bar or ordinary candle. Single candles are weak signals.
47	Ichimoku Cloud	cloud 403.70–441.09; Tenkan 442.35 / Kijun 444.85	Neutral	Price was inside the cloud and the Tenkan line was below the Kijun line — an undecided Ichimoku setup. Bullish close above the cloud · Bearish close below the cloud · Neutral inside the cloud.

H. Relative strength & summary

#	Point	Reading	Tag	Commentary
48	Relative strength vs Nifty 50	1M -8.7% / 3M +16.3%	Bullish	The stock outperformed the Nifty 50 by 16.3 points over three months and underperformed by 8.7 points over one month. Bullish ahead of the Nifty 50 by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
49	Relative strength vs Nifty 50 (6M)	6M +5.4%	Bullish	No sector index in today's data set, so we show the 6-month comparison instead: 5.4 points ahead of the Nifty 50. Bullish ahead by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
50	Technical summary	7 bullish · 19 bearish · 19 neutral · 4 caution	Bearish	Across the 49 readings the technical picture leaned negative. Levels that mattered: support 403.40, resistance 445.03. This is a description of the chart on 24 Jul 2026, not a forecast. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 5 or more (“positive”) · Bearish bearish tags beat bullish ones by 5 or more (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

Fundamental analysis — 50 points

Uses only results published by 24 Jul 2026: FY26 annual (Apr 2025–Mar 2026), the Jan–Mar 2026 quarter and the Jun 2026 shareholding. ₹ crore, consolidated unless stated. Valuation uses the 24 Jul 2026 close.

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Valuation

#	Point	Reading	Tag	Commentary
1	P/E (trailing 12 months)	107.4×	Neutral	At ₹417.10 the market valued the company at about ₹16,001 crore, or 107.4× the ₹149 crore profit of the four quarters to Mar 2026. That is a premium multiple — the market expected growth. How to read: Information only. Below 15 is a low multiple, 15–30 moderate, above 30 a premium (the market expects growth). Compare with peers and the company’s own history.
2	Price / Book	4.09×	Neutral	Market cap was 4.09× the Mar 2026 book value (equity + reserves) of ₹3,911 crore. How to read: Information only. Main yardstick for banks; asset-light businesses usually trade at high P/B.
3	Price / Sales	7.05×	Neutral	The company was valued at 7.05× its trailing-12-month sales of ₹2,269 crore. How to read: Information only.
4	EV / EBITDA (approx.)	38.4×	Neutral	Enterprise value (market cap + ₹400 cr borrowings; cash not netted) was 38.4× trailing operating profit of ₹427 crore. How to read: Information only. Lower means cheaper relative to operating profit.
5	Earnings yield	0.9%	Neutral	The inverse of P/E: each ₹100 invested bought about ₹0.9 of annual earnings. Investors often compare this with the ~6–7% yield on 10-year government bonds. How to read: Information only. Often compared with the ~6–7% yield on 10-year government bonds.
6	PEG (P/E ÷ 3-yr profit CAGR)	n/m	Neutral	PEG is not meaningful because 3-year profit growth was -28.5%. Note: revenue jumped more than 40% in Mar 2025, which usually signals a merger or acquisition — multi-year growth rates are inflated by it. Bullish below 1 (growth cheaply priced) · Bearish above 2 (growth expensively priced) · Neutral 1–2, or when profit did not grow (not meaningful).
7	Dividend yield (trailing 12M)	n/a	Neutral	Dividend history in our data window was not available. Bullish above 3% · Neutral at 3% or less. Never tagged Bearish.
8	Market capitalisation	₹16,001 cr	Neutral	At about ₹0.16 lakh crore the company was a small-cap. How to read: Information only. Above ₹1 lakh crore large-cap, ₹30,000 crore–₹1 lakh crore mid-cap, below that small-cap (our rule of thumb).
9	Graham number vs price	₹94.39 vs ₹417.10	Neutral	Benjamin Graham's conservative fair-value yardstick √(22.5 × EPS × book value per share) came to ₹94.39; the price was 342% above it. Quality franchises usually trade above this number. Bullish price below the Graham number · Neutral when the price is above it (most quality companies are).

B. Growth

#	Point	Reading	Tag	Commentary
10	Revenue growth FY26 (YoY)	-13.0%	Bearish	Revenue for FY26 was ₹2,269 crore, -13.0% versus FY25. Bullish above 10% · Bearish below 0% (revenue fell) · Neutral 0–10%.
11	Q4 FY26 revenue growth (YoY)	-26.3%	Bearish	The Jan–Mar 2026 quarter brought ₹619 crore of revenue, -26.3% on the same quarter a year earlier. Bullish above 10% · Bearish below 0% · Neutral 0–10%.
12	Net profit growth FY26 (YoY)	-69.0%	Bearish	FY26 net profit was ₹150 crore, -69.0% on FY25's ₹484 crore. Bullish above 10% · Bearish below 0% · Neutral 0–10%. Caution if a one-off item distorted the figure.
13	Q4 FY26 profit growth (YoY)	-93.2%	Bearish	Quarterly profit was ₹8 crore versus ₹117 crore a year earlier (-93.2%). Bullish above 10% · Bearish below 0% · Neutral 0–10%.
14	Revenue CAGR (3 years)	19.2%	Caution	Revenue compounded at 19.2% a year from FY23 to FY26. Note: revenue jumped more than 40% in Mar 2025, which usually signals a merger or acquisition — multi-year growth rates are inflated by it. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%. Caution if an acquisition inflated it.
15	Profit CAGR (3 years)	-28.5%	Bearish	Net profit compounded at -28.5% a year from FY23 to FY26. Note: revenue jumped more than 40% in Mar 2025, which usually signals a merger or acquisition — multi-year growth rates are inflated by it. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
16	Revenue CAGR (5 years)	17.6%	Caution	Over five years (FY21–FY26) revenue compounded at 17.6% a year. Note: revenue jumped more than 40% in Mar 2025, which usually signals a merger or acquisition — multi-year growth rates are inflated by it. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
17	EPS growth FY26 (reported)	-75.5%	Bearish	Reported EPS went from ₹19.14 to ₹4.68 (-75.5%). Differences from profit growth come from changes in share count (bonus, buyback, new issues). Bullish above 10% · Bearish below 0% · Neutral 0–10%.

C. Profitability

#	Point	Reading	Tag	Commentary
18	Operating margin FY26	19%	Neutral	Operating profit (EBITDA) was 19% of sales in FY26 versus 31% in FY25. How to read: Information only — normal margins differ a lot by industry.
19	Operating margin trend (4 quarters)	20% → 22% → 18% → 16%	Bearish	Quarterly margins moved from 20% to 16% over the last four quarters — contracting. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral when broadly stable.
20	Net profit margin FY26	6.6%	Neutral	₹6.6 of every ₹100 of revenue ended up as net profit in FY26. How to read: Information only.
21	Return on equity FY26	4.0%	Bearish	FY26 profit was 4.0% of average shareholders' equity. Above ~15% is generally considered good; below 10% weak. Bullish above 18% · Bearish below 10% · Neutral 10–18%. Around 15% or more is generally considered good.
22	ROCE FY26	6%	Bearish	Return on capital employed (debt + equity) was 6% in FY26. Bullish above 20% · Bearish below 10% · Neutral 10–20%.
23	Return on assets FY26	2.62%	Neutral	Net profit was 2.62% of total assets. Bullish banks only: 1.5% or more · Bearish banks only: below 1% · Information only for non-banks.
24	Effective tax rate FY26	27%	Neutral	The company paid about 27% of pre-tax profit as tax; India's base corporate rate is ~25%. How to read: Information only. India’s base corporate rate is about 25%.
25	Other income share of pre-tax profit	2%	Neutral	Non-operating 'other income' of ₹4 crore made up 2% of pre-tax profit. How to read: Caution above 25% (headline profit leans on non-core income). Neutral otherwise.

D. Balance sheet

#	Point	Reading	Tag	Commentary
26	Debt / equity	0.10	Bullish	Borrowings of ₹400 crore were 0.10× equity — very low leverage. Bullish below 0.3 (very low leverage) · Bearish above 1 (high leverage) · Neutral 0.3–1.
27	Debt / EBITDA	0.94×	Bullish	Debt equalled 0.94 years of FY26 operating profit. Bullish below 1× · Bearish above 3× · Neutral 1–3×.
28	Interest coverage	6.6×	Neutral	Earnings before interest and tax covered interest cost 6.6 times. Bullish above 8× · Bearish below 3× · Neutral 3–8×, or not meaningful when interest is negligible.
29	Book value growth	+7.2%	Neutral	Shareholders' equity grew +7.2% from ₹3,648 crore to ₹3,911 crore in FY26. Bullish above 10% (banks: above 12%) · Bearish below 0% (non-banks only) · Neutral otherwise.
30	Capital work in progress	₹178 cr (5% of fixed assets)	Neutral	Projects under construction (CWIP) were 5% of fixed assets — a modest pipeline. How to read: Information only. Above 20% means a big expansion pipeline that is not yet earning.
31	Working capital days	133 days	Neutral	Working capital tied up equalled 133 days of sales (FY25: 106). Negative means suppliers/customers fund operations. How to read: Information only. Lower is generally more efficient; negative means suppliers or customers fund the business.
32	Cash conversion cycle	263 days	Neutral	It took 263 days to turn inventory and receivables into cash, net of supplier credit. How to read: Information only. Shorter is generally better.
33	Debtor days	110 (FY25 108)	Neutral	Customers took 110 days on average to pay, versus 108 a year earlier. How to read: Caution when debtor days rose more than 20% in a year (collections stretching). Neutral otherwise.

E. Cash flow

#	Point	Reading	Tag	Commentary
34	Operating cash flow FY26	₹368 cr	Neutral	The business generated ₹368 crore of operating cash in FY26 versus ₹673 crore in FY25. Bullish positive and higher than the year before · Bearish negative · Neutral when positive but lower. Information only for banks.
35	Free cash flow FY26	₹169 cr	Bullish	After capital spending, free cash flow was ₹169 crore. Bullish positive · Bearish negative · Neutral when not available.
36	Cash conversion (CFO ÷ net profit)	2.45×	Bullish	Operating cash flow was 2.45× reported profit — profits were well backed by cash. Bullish above 1× (profits well backed by cash) · Caution below 0.7×. Neutral 0.7–1×.
37	Free-cash-flow yield	1.1%	Neutral	FY26 free cash flow was 1.1% of the snapshot market cap. Bullish above 4% · Neutral at 4% or less.
38	Free cash flow — 3-year total	₹833 cr	Bullish	Free cash flow over FY24–FY26 added up to ₹833 crore. Bullish positive total · Bearish negative total · Neutral when not available.
39	Capex FY26 (CFO – FCF)	₹199 cr	Neutral	Implied capital expenditure was about ₹199 crore, 8.8% of sales. How to read: Information only.

F. Dividends & shareholder returns

#	Point	Reading	Tag	Commentary
40	Dividend payout ratio FY26	0%	Neutral	The company paid out about 0% of FY26 profit as dividends. How to read: Information only. High payout suits mature businesses; growing firms often keep more.
41	Dividend consistency (3 years)	0% / 0% / 0%	Neutral	Payout ratios for FY24 / FY25 / FY26 — dividends were irregular. Bullish paid every year · Neutral when irregular. Never tagged Bearish.
42	Share capital change (FY25→FY26)	+52.0%	Neutral	Paid-up equity capital rose +52.0%, consistent with a bonus issue or split — shareholders' ownership was not diluted. Bullish fell 1% or more (a buyback) · Caution when it rose 1% or more (new shares issued). Neutral when unchanged, or for a bonus/split.

G. Ownership

#	Point	Reading	Tag	Commentary
43	Promoter holding	57.49% (-8.92 pts YoY)	Bearish	Promoters owned 57.49% at Jun 2026 versus 66.41% a year earlier. Bearish fell more than 1 percentage point in a year · Neutral otherwise. Never tagged Bullish.
44	Foreign institutional holding	6.50% (-0.73 pts YoY)	Neutral	FIIs held 6.50% at Jun 2026, down from 7.23% a year before. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
45	Domestic institutional holding	20.09% (+8.69 pts YoY)	Bullish	Mutual funds, insurers and other DIIs held 20.09%, up from 11.40%. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
46	Number of shareholders	1.0 lakh (+22.5% YoY)	Neutral	The shareholder count moved from 0.8 lakh to 1.0 lakh in a year — a rough gauge of retail interest. How to read: Information only — a rough gauge of retail interest.
47	Promoter pledge	n/a	Neutral	No pledge figure for the snapshot date in our sources. Screener's current page (Oct 2026, after the snapshot) says promoters have pledged 94.6% of their holding; the date of that figure is not shown. How to read: Information only. Any sizeable pledge is a risk to note.

H. Quality & summary

#	Point	Reading	Tag	Commentary
48	Financial health checklist (Piotroski-style, 8 tests)	5/8	Neutral	Passed: positive profit, positive operating cash flow, CFO > net profit, leverage fell, no meaningful dilution (<3%). Failed: operating margin improved, ROA improved, asset turnover improved. Bullish all tests passed, or all but one · Bearish half the tests or fewer passed · Neutral in between.
49	Automated screen flags	0 strength(s) · 4 weakness(es)	Neutral	No strengths flagged. Weaknesses: Though the company is reporting repeated profits, it is not paying out dividend; Company has a low return on equity of 10.6% over last 3 years; Promoters have pledged 94.6% of their holding; Debtor days have increased from 88.0 to 110 days. (Flags generated by the data source’s rule screen.) How to read: Information only.
50	Fundamental summary	6 bullish · 10 bearish · 31 neutral · 2 caution	Bearish	On the numbers published by 24 Jul 2026 the fundamental picture leaned negative. Valuation: P/E 107.4×, P/B 4.09×. This describes the data, not a recommendation. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 4 or more and are at least 1.5× as many (“positive”) · Bearish the same the other way round (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

News in the three months before the snapshot

Company news from 24 Apr 2026 – 24 Jul 2026 that an investor could have known on the snapshot date.

27 Apr 2026 Former Cipla CEO Umang Vohra named Executive Chairman and Group CEO; stock hits 20% upper circuit — Umang Vohra appointed Executive Chairman (from 1 May 2026) and Group CEO (from 20 May 2026), succeeding Vivek Sharma, who stays as advisor for nine months. Shares were locked at the 20% upper circuit. source
28 Apr 2026 Cohance extends rally, leads BSE 'A' group gainers — Shares rose about 15% intraday to Rs 498.9 on volumes far above the one-month average, the day after the CEO announcement. source
12 May 2026 Q4 FY26 results: consolidated profit declines — Board approved Q4 FY26 results on 12 May 2026; report cites consolidated PAT of Rs 19.55 crore, down year on year. Screener shows Mar 2026 quarter sales Rs 619 cr and net profit Rs 8 cr; FY26 sales Rs 2,269 cr vs Rs 2,608 cr in FY25. source
17 Jun 2026 CFO Himanshu Agarwal resigns — CFO Himanshu Agarwal resigned on 17 June 2026, to be relieved on 13 September 2026 (as reported in a later SAHI article). source
23 Jun 2026 Heavy volume spike as stock jumps about 13% — By 14:14 IST about 234.5 lakh shares had traded, roughly 41x the two-week average, with the price up 13.55% to Rs 460.15. No specific trigger stated in the report. source

What happened next (24 Jul 2026 → 28 Oct 2026)

Price went from ₹417.10 to ₹476.05 by 28 Oct 2026 (+14.1%) while the Nifty 50 moved -4.5% — outperforming by 18.6 points.
Highest ₹487.40 on 28 Oct 2026; lowest ₹416.20 on 16 Sep 2026.
S1 403.40: held on a closing basis.
S2 391.05: held on a closing basis.
R1 445.03: cleared on a closing basis on 07 Aug 2026.
R2 456.30: cleared on a closing basis on 11 Aug 2026.
200-day SMA: price was below it at the snapshot and crossed above on 11 Aug 2026.
Apr–Jun 2026 results (reported 05 Aug 2026): revenue ₹422 crore (-23.1% YoY), net profit ₹-45 crore (-197.8% YoY), operating margin 0% vs 20% a year earlier (Screener consolidated figures).

Later news

05 Aug 2026 Q1 FY27: revenue down 23%, company swings to a loss — Revenue from operations fell 23.1% YoY to Rs 422 crore; EBITDA fell to about Rs 1.2 crore (0.3% margin) from Rs 112 crore; consolidated net loss of Rs 24.1 crore vs profit of Rs 48.9 crore a year earlier (IANS, citing exchange filing). source
05 Aug 2026 USFDA issues Form 483 with five observations for Pashamylaram, Hyderabad site — Inspection ran 27 July-5 August 2026; five observations, no data integrity issues highlighted. Separately the Jaggaiahpet API facility cleared a USFDA audit with zero observations on 4 August. source
05 Aug 2026 Management calls Q1 the trough, declines to reaffirm $1 billion revenue target — On the Q1 call management expected Q2 to be significantly better and YoY growth to return in H2; FY27 EBITDA margin guided near the prior year; the $1B FY2029-30 sales target was called an aspiration, with an update promised by December 2026. source
27 Aug 2026 Company to meet investors at Elara conference; AGM set for 17 September — Cohance disclosed analyst/institutional meetings around 1-2 September 2026 in Mumbai and scheduled its 8th AGM for 17 September 2026 by video conference. source

Educational summary. On 24 Jul 2026 the technical picture leaned negative and the fundamental picture leaned negative. Over the next three months the stock moved +14.1% against -4.5% for the Nifty 50. Here the chart's message did not line up neatly with what followed — a reminder that indicators describe the past, not the future. One case proves nothing on its own; the value is in seeing many cases over time. This page does not say whether to buy, sell or hold Cohance Lifesciences today.

Method designed by our founder, CPA · ACCA · CIA. Numbers are computed by our engine from the sources listed below.

Sources: daily prices — Yahoo Finance history pages; financials and shareholding — Screener.in (fetched 29 Oct 2026); index — Nifty 50 via Yahoo Finance; news — linked articles. Calculations by Manage Our Finance. Report a correction

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