The brokerage said Cohance is well-positioned to benefit from Antibody Drug Conjugate (ADC) industry tailwinds, supported by a strong pipeline and multiple growth levers.
It expects destocking pressures in specialty chemicals and Pharma CDMO to ease soon, with recovery likely from FY26. Backed by integrated ADC offerings, a robust pipeline, and cross-selling opportunities, Cohance is projected to deliver 20% sales CAGR and 26% EBITDA CAGR over FY25-28, making it the broker’s top ADC play in India.
Cohance Lifesciences, formerly Suven Pharmaceuticals, is an innovator-focused global CRDMO formed through the merger of Cohance Life Sciences into Suven Pharmaceuticals.
Its consolidated net profit (adjusted) stood at Rs 62.9 crore, down 24.8% year-on-year from Rs 83.5 crore in Q1 FY25. Revenue from operations rose 12.5% YoY to Rs 549.3 crore from Rs 488.1 crore, aided by growth across all business segments.