Cohance Lifesciences: ICICI Securities Downgrades Stock to REDUCE, Slashes Target Price by Over 48%

Overview

ICICI Securities has downgraded Cohance Lifesciences to 'REDUCE', significantly slashing its price target from INR 1,250 to INR 640. The downgrade follows Cohance's disappointing Q2FY26 performance and a cut in FY26 revenue and margin guidance, leading to a 37-41% reduction in projected FY26/27 earnings. Analysts cited inventory destocking, unexpected sales dips in specific divisions, and low pipeline visibility as key concerns.