Cohance Lifesciences Ltd.

“Cohance Lifesciences is a high-quality Indian CDMO with genuine switching costs, premium margins, and durable market tailwinds from China+1 sourcing and the global patent cliff — but governance concerns (promoter pledging, RPTs), FDA facility tail risk, and a valuation still demanding near-flawless execution (41x forward on lumpy earnings) collectively prevent a buy recommendation. The stock has already de-rated sharply from its highs, but not enough to offer the margin of safety this business profile requires. Watch for a further re-rating toward 25-30x forward earnings, cleaner governance disclosures, and sustained FDA compliance before allocating capital.”