COHANCE · Healthcare
Cohance Lifesciences Ltd. reported revenue of ₹545 cr for October to December 2025, −19.4% on the year and −2.0% on the quarter. Over the last four quarters revenue comes to ₹2,490 cr, +23.2% on the four before.
Operating profit (EBITDA) was ₹95.0 cr, a margin of 17.4%, −1,763 bps on the year and −433 bps on the quarter. It is the narrowest margin of the last 8 quarters (range 17.4% to 35.1%). Operating costs grew +2.5%, faster than revenue at −19.4%, so operating profit grew less than sales.
Net profit was ₹29.0 cr, −81.0% on the year and −56.1% on the quarter, with earnings per share of ₹0.96. Profit before other income, one-offs and tax fell 78.1%, so the profit growth came from the business itself. The tax rate of 29% is in line with its recent average. Profit over the last four quarters totals ₹258 cr, −38.4% on the four before.
On earnings per share of ₹8.91 over the last four quarters, the stock at ₹464.55 trades at 52.1 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Operating margin fell sharply on the year. Pricing, input costs, or mix?
EBITDA margin 17.4%, −1,763 bps on the year (−433 bps on the quarter).
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹231 cr | ₹220 cr | ₹253 cr | ₹488 cr | ₹604 cr | ₹676 cr | ₹840 cr | ₹549 cr | ₹556 cr | ₹545 cr | ₹619 cr | ₹422 cr |
| YoY | — | — | — | +40% | +161% | +207% | +232% | +13% | −8% | −19% | −26% | −23% |
| EBITDA margin | 42.4% | 30.0% | 28.9% | 25.6% | 33.9% | 35.1% | 27.3% | 20.4% | 21.8% | 17.4% | 16.0% | 0.2% |
| Other income, % of PBT | 19% | 22% | 24% | 18% | 9% | 11% | −2% | 10% | 19% | 2% | −90% | — |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 25% | 29% | 25% | 27% | 21% | 25% | 27% | 26% | 21% | 29% | 58% | — |
| Net profit | ₹80.0 cr | ₹47.0 cr | ₹53.0 cr | ₹75.0 cr | ₹138 cr | ₹153 cr | ₹117 cr | ₹46.0 cr | ₹66.0 cr | ₹29.0 cr | ₹8.0 cr | −₹45.0 cr |
| YoY | — | — | — | −38% | +73% | +226% | +121% | −39% | −52% | −81% | −93% | −198% |
| Core profit YoY | — | — | — | −45% | +86% | +259% | +206% | −32% | −57% | −78% | −77% | −196% |
| EPS | ₹3.13 | ₹1.84 | ₹2.10 | ₹2.96 | ₹5.44 | ₹6.01 | ₹4.73 | ₹1.28 | ₹1.94 | ₹0.96 | ₹0.51 | −₹0.63 |
| Flags | · | · | · | 1 | 1 | ✓ | ✓ | 1 | 1 | 1 | 1 | 2 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Cohance Lifesciences Ltd. reported revenue of ₹545 cr (−19.4% on the year) and net profit of ₹29.0 cr (−81.0% on the year) for October to December 2025.
Profit before other income, exceptional items and tax moved −78.1% on the year, against −81.0% for reported profit.
1 check raised a question: Operating margin fell sharply on the year. Pricing, input costs, or mix?
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