CORONA - Corona Remedies

CORONA Remedies has announced the strategic acquisition of the Wokadine® brand from Dr. Reddy’s Laboratories, marking its fifth acquisition to date. Wokadine® is currently ranked #2 in the Indian Povidone Iodine market, which is valued at approximately INR 648 crore. The transaction, which includes 14 SKUs, will be entirely funded through internal accruals and cash reserves, ensuring no additional debt burden. This acquisition allows CORONA to leverage its existing distribution network and expand its presence among surgeons, ENT specialists, and gynecologists.

• Acquisition of Wokadine®, the #2 ranked brand in India's Povidone Iodine market
• Entry into the INR 648 crore Povidone Iodine therapeutic segment with 14 SKUs
• Transaction is fully funded through internal accruals and cash, maintaining a healthy balance sheet
• Strategic synergy with existing focus areas including Surgeons, ENT, and Gynaecologists
• Marks the 5th acquisition for CORONA Remedies, demonstrating a consistent inorganic growth strategy

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 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 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