Every listed Indian CDMO company covered here — Anthem, Blue Jet, Divi's, Gland, Laurus, Neuland, Piramal Pharma, Sai Life, Shilpa, Syngene — against Cohance, on the same numbers from the same filings. Click a column to rank by it. Tick up to three and press Compare for the full side-by-side.
| Company | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| 1 | ₹248.3k Cr | 96.7× | 12.8% | 32.6% | 21.5% | 0.9× | 0.0× | 53.5% | |
| 2 | ₹108.3k Cr | 121.9× | 22.7% | 26.2% | 18.0% | 2.1× | 0.5× | 122.0% | |
| 3 | ₹50.1k Cr | 84.6× | 15.2% | 39.3% | 29.6% | 0.9× | 0.0× | 7.3% | |
| 4 | ₹48.1k Cr | 46.8× | 14.5% | 25.3% | 14.9% | 1.2× | 0.0× | 44.8% | |
| 5 | ₹33.9k Cr | 97.2× | 29.4% | 28.8% | 19.2% | 1.8× | 0.1× | 83.1% | |
| 6 | ₹28.9k Cr | 79.3× | 37.0% | 28.7% | 26.6% | 1.0× | 0.2× | 47.3% | |
| 7 | ₹27.9k Cr | n/m | -3.1% | 10.4% | 1.2% | n/m | 0.7× | 3.7% | |
| 8 | ₹20.2k Cr | 83.0× | 19.9% | 28.3% | 11.4% | 1.7× | 0.3× | 152.5% | |
| vs | 9Cohance Lifesciences | ₹17.3k Cr | 96.6× | -13.0% | 18.8% | 5.8% | 1.4× | 0.1× | -49.8% |
| 10 | ₹15.2k Cr | 48.0× | 2.6% | 24.6% | 8.7% | 2.4× | 0.1× | -42.4% | |
| 11 | ₹10.2k Cr | 41.1× | -8.0% | 31.0% | 26.5% | 0.9× | 0.0× | -12.2% |
Market cap, P/E and the 12-month return move with the market and are dated to the last close. Every other column is the last full financial year. n/m — loss-making, so the multiple means nothing. A dash means not recorded, which is not the same as nil.
| Metric | COHANCE | DIVISLAB |
|---|---|---|
| What you pay22 Sept 2026 | ||
| Share price | ₹452.75 | ₹9,352.00 |
| Market cap | ₹17,322 Cr | ₹2,48,296 Cr |
| P/E | 96.65× | 96.69× |
| P/B | 4.43× | 14.81× |
| P/S | 7.64× | 23.51× |
| 12-month return | -49.8% | 53.5% |
| SizeFY26 | ||
| Revenue | ₹2,269 Cr | ₹10,560 Cr |
| PAT | ₹179 Cr | ₹2,568 Cr |
| Net worth | ₹3,911 Cr | ₹16,761 Cr |
| Gross block | ₹3,369 Cr | ₹6,528 Cr |
| GrowthFY26 | ||
| Revenue growth | -13.0% | 12.8% |
| Revenue CAGR (3y) | 19.2% | 10.8% |
| PAT CAGR (3y) | -24.2% | 12.1% |
| What it keepsFY26 | ||
| EBITDA margin | 18.8% | 32.6% |
| PAT margin | 7.9% | 24.3% |
| ROCE | 5.8% | 21.5% |
| ROE | 4.6% | 15.3% |
| CFO / PAT (3y) | 1.45× | 0.89× |
| What it owesFY26 | ||
| Net debt | ₹341 Cr | ₹-3,407 Cr |
| Debt / equity | 0.10× | 0.00× |
| CWIP | ₹178 Cr | ₹2,113 Cr |
| Debtor days | 110 days | 103 days |
| Who owns itFY26 | ||
| Promoter holding | 57.5% | 51.9% |
| Institutional holding | 26.6% | 39.6% |
Every figure comes from the same filings the company pages are built from. A dash means the figure is not recorded, which is not the same as nil.
Cohance is Advent International's contract-chemistry company folded into Suven Pharmaceuticals, the listed API maker Advent already controlled, in May 2025. In FY26 API+ — niche active ingredients and a formulations plant — was 48% of revenue, Pharma CDMO 39%, and speciality chemicals, mostly agrochemical work to order, 13%. Customers ran down stocks of two commercial products and about ₹260 crore did not arrive; gross margin still rose to 71%, so the chemistry kept its price and the volume went missing.
Divi's makes the active ingredients inside medicines. Half the business supplies generic drug makers at very large scale; the other half is custom synthesis, making patented molecules to order for the companies that invented them. Plants in Andhra Pradesh and Telangana, selling mostly to Europe and America, on half as much revenue again as its nearest listed rival.
Bought, mostly — the company is itself a merger. Sapala Organics, a Hyderabad maker of oligonucleotide building blocks, was 51% bought in July 2024 for ₹258 crore; NJ Bio of Princeton, an antibody-drug conjugate specialist, 56% in December 2024 for about ₹548 crore. Sapala's revenue rose 2.5 times in the June quarter; NJ Bio lost ₹33 crore at the operating level. What is coming: over 140 active projects, ten in Phase 3, two molecules newly in commercial supply, on plants running at 55% — and a US FDA Warning Letter at Nacharam, with US supply still suspended.
Gross fixed assets rose 20% last year, with three major capital programmes close to finishing and under regulatory validation, and a new site at Kakinada doing backward-integration work while it waits to be qualified for commercial supply. There are no acquisitions and two subsidiaries. Peptides are the main area of investment, with capacity being added in both solid-phase and liquid-phase synthesis.
A private-equity owner and a new management team. Advent holds 57.49% through Berhyanda and Jusmiral, after selling 8.9 points in the September 2025 quarter, and by June 2026 had pledged 94.6% of what remained — for the first time, securing something the filings do not name. Umang Vohra, formerly Cipla's chief executive, became chairman and group chief executive in May 2026, after five senior departures in fourteen months. In August CRISIL withdrew its rating, the company not cooperating.
Founder Dr Murali K. Divi remains managing director, his son Dr Kiran S. Divi is chief executive and his daughter Nilima Prasad Divi is commercial director — the three senior operating roles held by one family, which owns 51.88% of the shares. Six independent directors sit alongside them. The family takes ₹224 crore of pay, about 9% of profit, and ₹347 crore of dividend on the stake it owns.
The June quarter “would be our lowest quarter ever” — improvement expected in the September quarter and a return to year-on-year growth from the second half.
Umang Vohra · Q1 FY27 earnings call
FY27 will be a “year of qualification” for agrochemicals against Chinese generic pressure, with double-digit growth possible from FY28.
Q1 FY27 earnings call
Custom synthesis rose sharply in the June quarter — before the three big expansion projects have contributed anything.
Q1 FY27 earnings call
Long-term contracts for iodine-based contrast media are being signed with two customers, one already in commercial supply.
Q1 FY27 earnings call
Closing prices to 22 Sept 2026, adjusted for bonuses and splits. Dividends are not counted. This is what happened, not what will.
A sector, read end to end, and the companies as they are published. Roughly monthly. Nothing else, and one click to stop.