COHANCE · Healthcare
Cohance Lifesciences Ltd. reported revenue of ₹840 cr for January to March 2025, +232.0% on the year and +24.3% on the quarter. It is the highest quarterly revenue in the last 8 quarters on record. Over the last four quarters revenue comes to ₹2,608 cr, +147.9% on the four before.
Operating profit (EBITDA) was ₹229 cr, a margin of 27.3%, −159 bps on the year and −780 bps on the quarter. Over the last 8 quarters the margin has ranged from 25.6% to 48.0%, averaging 33.9%. Operating costs grew +239.4%, faster than revenue at +232.0%, so operating profit grew less than sales.
Net profit was ₹117 cr, +120.8% on the year and −23.5% on the quarter, with earnings per share of ₹4.73. Profit before other income, one-offs and tax grew faster, at +205.6%; other income, one-offs or tax held the headline back. The tax rate of 27% is in line with its recent average. Profit over the last four quarters totals ₹483 cr, +60.5% on the four before.
On earnings per share of ₹19.14 over the last four quarters, the stock at ₹464.55 trades at 24.3 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Core profit grew faster than reported profit: one-offs held the headline down.
Reported profit +120.8% on the year; profit before other income, exceptional items and tax +205.6%.
Source: Quarterly statements
Operating margin slipped on the year.
EBITDA margin 27.3%, −159 bps on the year (−780 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.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| 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 ₹840 cr (+232.0% on the year) and net profit of ₹117 cr (+120.8% on the year) for January to March 2025.
Profit before other income, exceptional items and tax moved +205.6% on the year, against +120.8% for reported profit.
None of the 7 checks that could run raised a question.
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