CORONA - Corona Remedies
📢 Recent Corporate Announcements
CORONA Remedies Limited has announced a group meeting with analysts and institutional investors scheduled for March 12, 2026. The meeting will commence at 01:00 P.M. IST at the company's registered office in Ahmedabad. The company clarified that the discussions will be based on publicly available information and no unpublished price sensitive information (UPSI) will be shared. Such meetings are standard practice for listed entities to engage with the financial community and provide operational clarity.
- Group meeting with analysts and investors scheduled for March 12, 2026
- The session is set to begin at 01:00 P.M. IST at the Ahmedabad registered office
- Compliance with Regulation 30 of SEBI (LODR) Regulations, 2015
- Focus on publicly available data with no UPSI to be disclosed during the interaction
CORONA Remedies Limited has scheduled a group meeting with analysts and institutional investors on March 06, 2026, at 04:30 P.M. IST. The meeting will take place at the company's registered office in Ahmedabad, Gujarat. Management intends to discuss publicly available information, and no unpublished price sensitive information (UPSI) is expected to be shared. Such meetings are standard practice for listed companies to maintain transparency with the investment community.
- Group meeting with analysts and investors scheduled for March 06, 2026, at 04:30 P.M. IST.
- The interaction will be held at the company's registered office in Ahmedabad.
- Discussions will be strictly limited to publicly available information to comply with SEBI regulations.
- The schedule is subject to change based on exigencies from either the company or participants.
CORONA Remedies Limited has announced its participation in two major investor conferences in Mumbai. The company will meet with institutional investors through Kotak Institutional Equities on February 23, 2026, and IIFL Capital on February 24, 2026. These meetings will be conducted in-person and will consist of both group and one-on-one sessions. The company clarified that all discussions will be based on publicly available information and no unpublished price sensitive information will be shared.
- Scheduled meetings with Kotak Institutional Equities on February 23, 2026, from 10:00 A.M. IST.
- Scheduled meetings with IIFL Capital Group on February 24, 2026, from 10:00 A.M. IST.
- Meetings will be held in-person in Mumbai and include 1x1 and group formats.
- The company confirmed that no unpublished price sensitive information (UPSI) will be discussed.
CORONA Remedies reported a strong Q3 FY'26 with revenue growing 15% YoY to ₹342 crores and adjusted PAT rising 24% to ₹56 crores. The company significantly outperformed the Indian Pharmaceutical Market (IPM) with an 18.9% growth rate, securing the 28th rank among top pharma firms. EBITDA margins improved by 100 bps to 24.3%, supported by a high contribution from the chronic and semi-chronic segments which now account for over 70% of revenue. Management maintained a positive outlook, citing upcoming commercialization of acquired Bayer brands and new EAEU GMP accreditation for international expansion.
- Q3 FY'26 revenue increased 15% YoY to ₹342 crores, while 9M FY'26 revenue reached ₹1,050 crores.
- EBITDA margins expanded by 100 bps to 24.3% in Q3, with 9M PAT growing 31% YoY to ₹154 crores.
- Outperformed IPM growth of 9.6% by recording 18.9% growth, moving up to the 28th rank in the market.
- Received EAEU GMP accreditation, opening access to a $25 billion pharmaceutical market across five member countries.
- Commercialization of the Bayer brand portfolio is set to begin in Q4 FY'26 with the launch of Noklot Plus.
CORONA Remedies Limited has officially released the audio recording of its conference call with analysts and investors regarding the Q3 and nine-month financial results for the period ended December 31, 2025. The recording is hosted on the company's website as per regulatory requirements. This follows the announcement of the company's unaudited financial results for the same period. Investors can now access management's detailed commentary on the company's quarterly performance and future outlook.
- Audio recording for the Q3 and 9M FY26 earnings call is now available via the company's website.
- The call was held following the release of unaudited financial results for the period ending December 31, 2025.
- The disclosure is made in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.
- Management discussed the company's financial trajectory and operational updates during the session.
CORONA Remedies reported a strong Q3 FY26 performance with revenue growing 15% YoY to ₹342.4 crore and adjusted PAT rising 23.7% to ₹55.6 crore. The company demonstrated significant operational efficiency, with EBITDA margins expanding by 100 bps to 24.3% and 9M FY26 ROCE standing at a robust 48.0%. A key growth catalyst is the recent EAEU-GMP certification for its Bhayla facility, which opens access to a USD 25 billion market across five Eurasian countries including Russia. The business remains heavily skewed towards high-margin chronic therapies, which now contribute 71.6% of total revenue.
- Revenue for 9M FY26 crossed the ₹1,000 Cr milestone, reaching ₹1,050.1 Cr, up 16.3% YoY.
- Adjusted PAT for 9M FY26 grew by 30.7% YoY to ₹154.1 Cr, reflecting strong bottom-line momentum.
- Chronic therapy segment continues to lead, contributing 71.6% of total revenue in Q3 and 9M FY26.
- Bhayla facility received EAEU-GMP certification in January 2026, enabling entry into five key Eurasian markets.
- Maintained superior return ratios with 9M FY26 ROE at 31.1% and ROCE at 48.0% (annualized).
CARE Ratings has reaffirmed the credit ratings for CORONA Remedies Limited's bank facilities totaling ₹95 crore. The long-term facilities, which were reduced from ₹73 crore to ₹25 crore, maintained a 'CARE A+; Stable' rating. Additionally, the combined long-term and short-term facilities of ₹70 crore were reaffirmed at 'CARE A+; Stable / CARE A1'. This reaffirmation reflects the company's consistent operational and financial performance through FY25 and the first half of FY26.
- CARE Ratings reaffirmed 'CARE A+; Stable' for ₹25 crore long-term bank facilities.
- Long-term bank facilities were significantly reduced from ₹73 crore to ₹25 crore, indicating debt reduction.
- Reaffirmed 'CARE A+; Stable / CARE A1' for ₹70 crore long-term/short-term bank facilities.
- The rating review was based on audited FY25 and unaudited H1FY26 financial performance.
- Total rated bank facilities currently stand at ₹95 crore across ICICI Bank and Citi Bank.
CORONA Remedies reported a strong Q3FY26 with revenue growing 15% YoY to ₹342.42 Cr, outperforming the Indian Pharmaceutical Market (IPM) growth. Adjusted Profit After Tax (PAT) saw a significant rise of 23.7% YoY to ₹55.56 Cr, while 9-month PAT grew by 30.7%. The company maintained robust operational efficiency with an EBITDA margin of 24.3% for the quarter and an impressive annualized RoCE of 48.0%. Management remains optimistic about maintaining a trajectory of 15% revenue and 20% PAT growth going forward.
- Q3FY26 Revenue grew 15.0% YoY to ₹342.42 Cr; 9M Revenue reached ₹1,050.09 Cr.
- Adjusted PAT for Q3 rose 23.7% YoY to ₹55.56 Cr, excluding one-time labour code impacts of ₹14.29 Cr.
- Strong profitability metrics with Q3 EBITDA margin at 24.3% and 9M annualized RoCE at 48.0%.
- Efficient working capital management with Net Working Capital days standing at just 18 days.
- 9M OCF to EBITDA ratio remains healthy at 86.3%, indicating strong cash flow generation.
CORONA Remedies reported a strong performance for Q3 FY26, with consolidated revenue growing 15% YoY to ₹342.42 Cr. Adjusted Profit After Tax (PAT) saw a significant increase of 23.7% YoY, reaching ₹55.56 Cr, while the 9-month PAT grew by 30.7%. The company maintained healthy margins with an EBITDA margin of 24.3% for the quarter. Key efficiency metrics remain robust, featuring an annualized RoCE of 48% and a tight working capital cycle of 18 days.
- Consolidated Revenue for Q3 FY26 grew 15% YoY to ₹342.42 Cr, outperforming the Indian Pharmaceutical Market growth.
- Adjusted PAT for the quarter rose 23.7% YoY to ₹55.56 Cr, excluding a one-time labor code impact of ₹14.29 Cr.
- EBITDA margin stood strong at 24.3% for Q3 FY26, with 9-month EBITDA reaching ₹231.42 Cr.
- Operational efficiency is high with an annualized RoCE of 48.0% and RoE of 31.1% for the nine-month period.
- Cash flow management remains solid with OCF to EBITDA at 86.3% and net working capital at just 18 days.
CORONA Remedies Limited has scheduled its Q3 FY26 earnings conference call for Tuesday, February 3, 2026, at 4:00 PM IST. The management team, including the MD & CEO, Joint MD, and CFO, will discuss the financial results for the quarter and nine-month period ended December 31, 2025. This call is a standard procedure following the declaration of quarterly results to provide insights into business strategy and future outlook. The session is being hosted by IIFL Capital Services and includes international dial-in facilities.
- Earnings conference call scheduled for February 3, 2026, at 4:00 PM IST
- Discussion to cover financial performance for Q3 FY26 and 9M FY26 ended December 31, 2025
- Key management participants include MD & CEO Nirav Mehta and CFO Bhavin Bhagat
- Hosted by IIFL Capital Services with universal access numbers +91 22 6280 1259 and +91 22 7115 8160
CORONA Remedies has received the EAEU-GMP certification for its Bhayla, Gujarat facility, enabling entry into five Eurasian nations including Russia and Belarus. This certification provides strategic access to a pharmaceutical market estimated at USD 25 billion through a B2B business model. The expansion focuses on the company's core therapeutic pillars: Women’s Health, Cardio-Diabetes, Pain Management, and Urology. As the fastest-growing company among the top 30 in the Indian Pharmaceutical Market, this move significantly strengthens its international footprint.
- Received EAEU-GMP certification for the finished dosage facility situated at Bhayla, Gujarat
- Gains access to a pharmaceutical market estimated at USD 25 billion across five member nations
- Entry into Russia, Kyrgyzstan, Armenia, Belarus, and Kazakhstan under a B2B business model
- Identified as the fastest growing company among the top 30 in the Indian Pharmaceutical Market as of September 2025
- Strengthens global presence in key therapeutic areas including Women’s Health and Cardio-Diabetes
CORONA Remedies Limited has successfully obtained the Good Manufacturing Practice (GMP) Certificate of Compliance from the Eurasian Economic Union (EAEU). This certification applies to the company's finished dosage manufacturing facility located in Bhayla, Gujarat. The approval covers a significant economic bloc consisting of five countries: Russia, Kazakhstan, Kyrgyzstan, Belarus, and Armenia. This regulatory milestone is a critical step for the company to begin exporting and marketing its products within these international territories.
- Received GMP Certificate of Compliance from the Eurasian Economic Union (EAEU)
- Certification applies to the finished dosage facility situated at Bhayla, Gujarat
- Enables market access to 5 countries: Russia, Kazakhstan, Kyrgyzstan, Belarus, and Armenia
- Strategic approval paves the way for international expansion and export revenue growth
CORONA Remedies, which listed in December 2025, is positioning itself as a high-growth domestic pharma player with 70% revenue from chronic and semi-chronic segments. The company is currently the fastest-growing among India's top 30 pharma firms, outpacing the market by 1.5x. Management has provided a robust outlook, targeting 15% revenue and 20% PAT growth over the next 3-4 years. Growth will be supported by a new 400 million unit capacity in Gujarat and the integration of seven brands acquired from Bayer Zydus.
- Management targets 15% revenue CAGR and 20% PAT growth over the next 3-4 years.
- Acquired 7 brands from Bayer Zydus in July 2025, entering the INR 1,500+ crore anti-platelet market.
- Commissioned new capacity of 400 million tablets/capsules at Gujarat facility in December 2025.
- Chronic and semi-chronic segments contribute 70% of total revenue with 38 brands exceeding INR 10 crore sales.
- Company remains net cash surplus and is one of only three Indian firms to in-license from Ferring Pharmaceuticals.
CORONA Remedies Limited has submitted its quarterly compliance certificate for the period ending December 31, 2025, as required by SEBI regulations. The company's Registrar and Share Transfer Agent, Bigshare Services Private Limited, confirmed that no requests for dematerialization or rematerialization were received during the quarter. This is because the entire shareholding of the company is already held in electronic (demat) form. This filing is a standard administrative procedure to ensure the accuracy of shareholding records.
- Compliance certificate submitted for the third quarter ended December 31, 2025.
- Registrar Bigshare Services confirmed zero requests for share conversion during the period.
- 100% of the company's shares are currently maintained in dematerialized form.
- The filing fulfills requirements under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018.
CORONA Remedies Limited has officially released the audio recording of its conference call with analysts and investors regarding the financial results for Q2 and H1 FY26. The recording pertains to the performance period ended September 30, 2025, and is now accessible on the company's website. This disclosure is a standard procedural requirement under Regulation 30 of the SEBI (LODR) Regulations, 2015. Investors can use this resource to understand management's perspective on the company's recent financial trajectory.
- Audio recording for the Q2 and H1 FY26 earnings call is now live on the company website.
- The call discussed financial performance for the half-year ended September 30, 2025.
- Compliance filing made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
- The recording link was provided following the initial meeting notification dated December 30, 2025.
Financial Performance
Revenue Growth by Segment
The Chronic segment (71.1% of revenue) grew at a 20.5% CAGR between MAT Jun-22 and MAT Jun-25, significantly outpacing the IPM Chronic growth of 10.1%. The Acute segment grew at a slower pace, contributing 28.9% of revenue in FY25.
Geographic Revenue Split
West India (48.0%), South India (21.5%), North India (18.0%), and East India (12.4%) as of FY25.
Profitability Margins
Gross Margin improved to 81.0% in H1FY26 from 80.2% in FY25. PAT Margin increased to 13.9% in H1FY26 compared to 12.5% in FY25 and 8.9% in FY24, driven by a shift toward high-margin chronic therapies.
EBITDA Margin
EBITDA Margin was 20.9% in H1FY26, representing a 170 bps improvement from 19.2% in H1FY25. Absolute EBITDA for H1FY26 was INR 148.3 Cr, up 27.4% YoY.
Capital Expenditure
Net cash used in investing activities was INR 41.3 Cr in H1FY26 and INR 83.8 Cr in FY25, primarily for manufacturing facility upgrades and brand acquisitions.
Credit Rating & Borrowing
The company maintains an A+ Credit Rating. Finance costs decreased by 35% YoY to INR 3.9 Cr in H1FY26 from INR 6.0 Cr in H1FY25 due to debt reduction.
Operational Drivers
Raw Materials
Hormone APIs (Active Pharmaceutical Ingredients) are key raw materials; Cost of Goods Sold (COGS) represented 19.0% of total revenue in H1FY26.
Import Sources
Switzerland (via in-licensing from Ferring Pharmaceuticals) and domestic sourcing through associate companies.
Key Suppliers
La Chandra Pharmalabs Private Limited (Associate for API backward integration) and Ferring Pharmaceuticals (Switzerland).
Capacity Expansion
Current installed capacity is 1.65 Bn units p.a. for formulations, 20 Mn sachets, and 10 Mn bottles. An additional 400 Mn tablets capacity commenced production at the Gujarat facility on December 22, 2025.
Raw Material Costs
COGS was INR 134.4 Cr in H1FY26 (19.0% of revenue), showing a 160 bps improvement in procurement efficiency from 20.6% in H1FY25.
Manufacturing Efficiency
Lean and efficient operations supported by two DSIR-approved R&D facilities located within the manufacturing sites.
Strategic Growth
Expected Growth Rate
16.8%
Growth Strategy
Growth will be achieved by increasing MR productivity in urban centers, expanding into new therapeutic areas (Nephrology, CNS, Oncology, Dermatology), leveraging the EU-GMP Gujarat facility to enter regulated overseas markets, and continuing strategic brand acquisitions like the 7 brands from Bayer Zydus.
Products & Services
Pharmaceutical formulations including Tablets, Capsules, Liquid bottles, and Sachets across Women's Healthcare, Pain Management, Cardio-Diabeto, and Urology.
Brand Portfolio
B-29, VMN, Myoril, Tricium, Cortel, Obimet, Thyrocab, Dilo, Stelbid, and Vitneurin.
New Products/Services
Expansion into Nephrology, CNS, Oncology, and Dermatology; marketing to infertility specialists and IVF-focused chain hospitals for Women's Health growth.
Market Expansion
Targeting regulated overseas markets leveraging EU-GMP, WHO-GMP, and Uzbekistan GMP certifications.
Market Share & Ranking
Ranked 29th in the Indian Pharmaceutical Market (IPM) as of MAT Jun-25, up from 37th in MAT Jun-22.
Strategic Alliances
In-licensing arrangement with Ferring Pharmaceuticals (Switzerland) and backward integration partnership with La Chandra Pharmalabs.
External Factors
Industry Trends
The IPM Chronic segment (8.5-9.5% CAGR) is expected to outpace the Acute segment (7.5-8.5% CAGR) through FY30, favoring Corona's chronic-heavy portfolio.
Competitive Landscape
Outpacing IPM growth by 1.82x; competes with major players like Abbott, GSK, and Sanofi in specific therapy segments.
Competitive Moat
Durable advantages include EU-GMP certification for the Gujarat plant and strong brand recall in Women's Healthcare (#6 rank) and Pain Management (#5 rank), which are sustainable due to high regulatory barriers.
Macro Economic Sensitivity
Sensitive to IPM growth, which is projected at 8-9% CAGR till FY30, driven by rising income levels and health insurance penetration.
Consumer Behavior
Rising prevalence of chronic diseases and increasing health awareness are driving demand for long-term therapy products.
Geopolitical Risks
Potential trade barriers and regulatory shifts in international markets as the company expands its overseas footprint.
Regulatory & Governance
Industry Regulations
Compliance with EU-GMP, WHO-GMP, and Uganda NDA certifications for manufacturing facilities.
Environmental Compliance
Awarded EDGE Advance Certificate by the World Bank Group for energy and water saving measures.
Taxation Policy Impact
Effective tax rate was approximately 24.5% in H1FY26 (INR 32.0 Cr tax on INR 130.5 Cr PBT).
Risk Analysis
Key Uncertainties
Success of expansion into regulated overseas markets and the ability to maintain high MR productivity during rapid therapy expansion.
Geographic Concentration Risk
48.0% of revenue is concentrated in West India, creating regional economic sensitivity.
Third Party Dependencies
Dependency on Ferring Pharmaceuticals for in-licensed products in the Women's Healthcare and Urology segments.
Technology Obsolescence Risk
Mitigated by the adoption of Serialization and QR Code technology for anti-counterfeiting.
Credit & Counterparty Risk
Trade receivables stood at INR 160.1 Cr as of Sep-25, representing 22.6% of H1FY26 revenue.