JASUB Property Holdings LLP has acquired a significant stake in Cohance Lifesciences Limited, formerly known as Suven Pharmaceuticals Limited, through a substantial share acquisition completed on February 18, 2026. The acquisition has been disclosed under Regulation 29(1) of the Securities and Exchange Board of India (Substantial Acquisition of Shares & Takeover) Regulations, 2011.

Acquisition Details

The transaction involved the purchase of 70,00,000 equity shares, representing 1.83% of the total share capital and 1.78% of the diluted share capital of Cohance Lifesciences. The acquisition was executed through inter-se transfer via block deals, marking JASUB Property Holdings LLP's entry as a shareholder in the pharmaceutical company.

Shareholding Pattern Analysis

Prior to this acquisition, JASUB Property Holdings LLP held no shares in Cohance Lifesciences. However, the company operates in concert with several related entities that already held substantial positions in the target company.

Pre-Acquisition Holdings of Persons Acting in Concert

Post-Acquisition Position

Following the completion of this transaction, the combined holding of JASUB Property Holdings LLP and its persons acting in concert stands at 2,43,26,009 shares, representing 6.36% of the total share capital and 6.20% of the diluted share capital.

Current Shareholding Structure

Company Information

Cohance Lifesciences Limited, formerly Suven Pharmaceuticals Limited, is listed on both BSE Limited and National Stock Exchange of India Limited. The company's total equity share capital stands at 38,25,67,140 shares, while the diluted share capital is 39,22,07,995 shares, accounting for potential conversion of outstanding convertible securities.

Regulatory Compliance

The disclosure was filed by V. Lakshmana Rao, Designated Partner of JASUB Property Holdings LLP, in compliance with SEBI regulations governing substantial acquisitions. The acquirer has confirmed that it does not belong to the promoter or promoter group of Cohance Lifesciences Limited. The filing also notes that out of the previously held shares by persons acting in concert, 8,76,948 shares were sold in the open market between September 8, 2025, and January 8, 2026.

Cohance Lifesciences Limited has released the comprehensive transcript of its quarterly earnings conference call for Q3FY26 and nine months ended December 31, 2025. The detailed transcript provides extensive insights into the company's performance challenges and strategic outlook.

Financial Performance Overview

The company reported significant revenue challenges during the period, with management acknowledging that recent performance has fallen below expectations. The nine-month FY26 revenue declined by 6.7% to ₹1,650 crore, while Q3 FY26 revenue dropped by 19.5% to ₹545 crore.

Business Segment Challenges

Executive Chairman Vivek Sharma outlined specific factors impacting performance. The Pharma CDMO business experienced a 27% year-on-year decline in Q3, though when adjusted for destocking effects, it showed 7% growth. Destocking in two large commercial products impacted revenue by nearly ₹260 crore as customers normalized inventories.

The API Plus segment faced regulatory challenges, with the Nacharam formulation facility receiving a warning letter following OAI status, leading to shipment deferrals of approximately ₹55 crore. The Specialty Chemicals segment reported 32% growth to ₹1.9 billion for nine months.

Strategic Developments and Pipeline

CEO Pharma CDMO Yann D'Herve highlighted positive developments despite near-term challenges. The company currently supports nine Phase 3 programs across its portfolio, with four molecules expected to move into commercial supply during the coming fiscal year across therapy areas including pulmonary, ADHD, anti-diabetic, and oncology.

Management Outlook

The management team revised FY26 revenue outlook to reflect an early-to-mid double-digit decline but expressed confidence in FY27 growth prospects. CFO Himanshu Agarwal emphasized that the challenges are timing and product mix related rather than structural in nature.

Despite earning volatility, the business generated free cash flow of ₹175 crore during the first nine months of FY26. The company remains committed to its USD 1 billion sales target, though timing may shift slightly due to current year challenges.

Conference Call Availability

The earnings conference call was conducted on February 12, 2026, with the complete transcript now available following the company's earlier intimation dated January 22, 2026. The disclosure was made pursuant to Regulation 30 of SEBI regulations, ensuring transparency with stakeholders.

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