CORONA Remedies Limited (CORONA)
₹2,003.90 -2.00% last close, 16 Oct
Q2 FY27 results
📅 Next results: 30 Oct 2026 (board meeting)CORONA Remedies Limited's board meets on 30 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, CORONA Remedies' revenue was ₹422 Cr (+21.7% year on year, +19.6% on the previous quarter), and net profit ₹60.1 Cr (+30.7% year on year); the operating margin was 22.0%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹422 | +21.7% | +19.6% |
| Operating profit | ₹93.1 | +33.0% | +50.2% |
| Net profit | ₹60.1 | +30.7% | +32.6% |
| EPS (₹) | 9.83 | +30.2% | +32.7% |
| Operating margin | 22.0% | — | — |
CORONA delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 75.83% of the CORONA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 49.59%. The price fell 2.00% on that unusually high delivery, the pattern the delivery dashboard labels distribution. It traded 2.4 times its average daily volume.
Delivery in the last 5 sessions: 47.3% · 46.3% · 51.2% · 57.4% · 75.8%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
CARE Ratings has revised and upgraded CORONA Remedies Limited's short-term rating on its ₹70.00 crore bank facilities from CARE A1 to CARE A1+. The long-term rating of CARE A+; Stable was reaffirmed, while rated long-term term loan facilities reduced to ₹7.00 crore from ₹25.00 crore following repayments. Total rated bank facilities stand at ₹77.00 crore, representing just ~10% of TTM revenue (₹776 crore).
- Short-term facility rating upgraded to CARE A1+ from CARE A1 on ₹70.00 crore facilities
- Long-term rating reaffirmed at CARE A+; Stable on bank facilities
- Long-term bank facilities reduced from ₹25.00 crore to ₹7.00 crore due to principal repayments
- Total rated bank facilities amount to ₹77.00 crore across Citi Bank and ICICI Bank Ltd.
CORONA Remedies Limited has scheduled an analyst and institutional investor group meeting organized by JP Morgan on Wednesday, September 23, 2026, at 2:00 pm in Ahmedabad. The company stated that interactions will strictly adhere to publicly available information with no unpublished price-sensitive information (UPSI) discussed. This is a routine institutional interaction for the ₹13,321 crore market cap pharmaceutical company.
- Group meeting scheduled for Wednesday, September 23, 2026, at 2:00 pm
- Meeting organized by JP Morgan to be held in Ahmedabad
- No unpublished price sensitive information (UPSI) will be shared
- Notice filed pursuant to Regulation 30 of SEBI LODR Regulations
CORONA Remedies Limited has responded to a surveillance inquiry from the National Stock Exchange dated September 09, 2026, regarding a significant spurt in trading volume. The company clarified that there is no undisclosed or price-sensitive information or impending corporate action requiring disclosure. The management stated that the increase in trading volume is purely market-driven and affirmed full compliance with Regulation 30 of SEBI LODR Regulations.
- Clarification submitted to NSE on September 09, 2026, in response to an exchange query on the same date
- Confirmed 0 undisclosed price-sensitive events or impending corporate actions
- Company confirmed volume surge is purely market-driven without internal unannounced triggers
- Reiterated full compliance with SEBI LODR Regulation 30 disclosure norms
CORONA Remedies Limited has informed the exchanges regarding its participation in an investor conference organized by Phillip Capital. The in-person meeting with the PCG Group is scheduled for Wednesday, August 26, 2026, starting at 11:00 AM IST in Ahmedabad. The company stated that discussions will be based strictly on publicly available information and no unpublished price sensitive information (UPSI) will be shared.
- Meeting Date & Time: Wednesday, August 26, 2026, from 11:00 AM (IST) onwards
- Organizer: Phillip Capital (PCG Group)
- Mode and Location: In-person meeting held in Ahmedabad
- Compliance: Discussions will be limited to publicly available information with no UPSI discussed
CORONA Remedies reported a robust Q1 FY27 with revenue growth of 21.9% YoY, significantly outperforming the Indian Pharmaceutical Market (IPM) growth of 11.6%. The company successfully commercialized its new ₹130 crore EU-GMP approved hormonal manufacturing facility, which is expected to drive international expansion starting FY29. Volume growth stood at 6.3%, nearly 5x the IPM average of 1.3%, while chronic and semi-chronic therapies now constitute 73.4% of the portfolio. Management expects the new facility to achieve an asset turnover of 2-3x within the next three years.
- Q1 FY27 revenue grew 21.9% YoY, exceeding the management's stated growth guidance of 15%
- Volume growth of 6.3% significantly outperformed the IPM volume growth of 1.3%
- Commercialized a new hormonal manufacturing facility with a total capex of ₹130 crores
- Chronic and semi-chronic therapies now account for 73.4% of the total product portfolio
- Improved market ranking from 29th to 26th in the Indian Pharmaceutical Market (IPM)
CORONA Remedies has scheduled participation in two institutional investor conferences in Mumbai on August 13 and 14, 2026, hosted by Emkay Global and Equirus. These meetings follow a fiscal year (FY26) where the company reported revenue of ₹353.09 crore and a PAT of ₹45.33 crore. The interactions will be group or 1x1 meetings based on publicly available information. Investors should note the company's recent capacity expansion of 400 million tablets in late 2025 as a likely point of interest for institutions.
- Participation in Emkay Global Investor Conference on August 13, 2026, in Mumbai.
- Participation in Equirus Investor Conference on August 14, 2026, in Mumbai.
- Company reported FY26 revenue of ₹353.09 crore with an operating margin of 17.56%.
- Recent capacity addition of 400 million tablets at the Gujarat facility (commenced Dec 2025).
- Company currently ranked 29th in the Indian Pharmaceutical Market as of MAT June 2025.
CORONA Remedies reported a strong start to FY27 with standalone revenue growing 21.9% YoY to ₹422.43 cr. Profitability saw a significant boost as PAT rose 30.1% YoY to ₹60.10 cr, supported by EBITDA margins expanding 190 bps to 22.0%. The company improved its market position to 26th in the Indian Pharmaceutical Market (IPM) and commenced commercialization of its new EU-GMP approved Female Hormone facility on June 30, 2026. Integration of the recently acquired Wokadine brand is currently underway to bolster the distribution network.
- Revenue from operations increased 21.9% YoY to ₹422.43 cr for the quarter ended June 30, 2026
- Net Profit (PAT) grew 30.1% YoY to ₹60.10 cr, with PAT margins improving by 90 bps to 14.2%
- EBITDA reached ₹93.1 cr, representing a 33.5% YoY growth with margins at 22.0%
- Market ranking improved to 26th in the IPM as of MAT June 2026, up from 29th a year prior
- Commercialization of the EU-GMP Female Hormone Manufacturing Facility in Ahmedabad began on June 30, 2026
CORONA Remedies has released the audio recording of its Q1 FY27 earnings conference call held on August 03, 2026. The call discussed the unaudited financial results for the quarter ended June 30, 2026. This follows a year where the company reported FY26 revenue of ₹353.09 cr and a net profit of ₹45.33 cr. Investors can access the recording on the company's website to review management's commentary on growth and operational performance.
- Audio recording of Q1 FY27 earnings call made available on August 03, 2026
- Covers the unaudited financial results for the three months ended June 30, 2026
- Company maintains an expected growth rate of 16.8% as per qualitative profile
- Current installed capacity stands at 1.65 Bn units p.a. following a 400 Mn tablet expansion in Dec 2025
CORONA Remedies reported a strong Q1 FY27 with revenue growing 21.9% YoY to ₹422.4 cr and PAT increasing 30.1% to ₹60.1 cr. The company improved its Indian Pharmaceutical Market (IPM) rank to 26th, driven by its chronic portfolio which now contributes 73.4% of revenue. A significant operational milestone was the June 2026 inauguration of a new EU-GMP certified hormone facility in Gujarat with a capacity of 194 million units. Profitability improved notably with EBITDA margins expanding 190 bps to 22.0%.
- Revenue from operations increased 21.9% YoY to ₹422.4 cr for the quarter ended June 30, 2026
- EBITDA margins expanded by 190 bps to 22.0%, resulting in a 33.5% YoY growth in EBITDA to ₹93.1 cr
- Chronic and sub-chronic therapies now contribute 73.4% of total revenue in Q1 FY27
- Inaugurated a new 100,000 sq. ft hormone facility in June 2026 with an annual capacity of 194 million units
- Improved market ranking to 26th in the IPM as of MAT June-26, up from 27th in March 2026
CORONA Remedies reported a strong start to FY27 with revenue growing 21.9% YoY to ₹422.4 Cr. Profitability improved significantly, with PAT rising 30.1% to ₹60.1 Cr and EBITDA margins expanding by 190 bps to 22.0%. The company improved its market ranking to 26th in the Indian Pharmaceutical Market (IPM) and inaugurated a new EU-GMP approved hormone plant on June 30, 2026. Integration of the recently acquired brand Wokadine is also underway to bolster distribution.
- Revenue from operations increased 21.9% YoY to ₹422.4 Cr for Q1FY27.
- PAT grew 30.1% YoY to ₹60.1 Cr, with PAT margins expanding 90 bps to 14.2%.
- EBITDA margins improved by 190 bps to reach 22.0% compared to 20.1% in Q1FY26.
- Market rank improved to 26th in IPM as of MAT June 2026, up from 29th in MAT June 2025.
- Inaugurated and initiated commercialization of a new EU-GMP approved Female Hormone plant on June 30, 2026.
CORONA Remedies delivered a robust Q1 FY27, with revenue growing 21.9% YoY to ₹422.4 Cr and PAT increasing 30.1% to ₹60.1 Cr. The company achieved significant margin expansion, with EBITDA margins rising 190 bps to 22.0%, driven by operational efficiencies and brand building. Operationally, the company improved its Indian Pharmaceutical Market (IPM) rank to 26th and inaugurated a new EU-GMP approved Female Hormone Plant in Ahmedabad. Integration of the acquired Wokadine brand is also progressing, supporting the company's focus on core therapies.
- Revenue from operations grew 21.9% YoY to ₹422.4 Cr for the quarter ended June 30, 2026.
- PAT increased by 30.1% YoY to ₹60.1 Cr, with PAT margins improving by 90 bps to 14.2%.
- EBITDA margins expanded significantly by 190 bps to reach 22.0% compared to 20.1% in Q1FY26.
- Inaugurated and commercialized a new EU-GMP approved Female Hormone Manufacturing Facility on June 30, 2026.
- Improved IPM market ranking to 26th as of MAT June '26, up from 29th a year prior.
CORONA Remedies Limited has scheduled its Q1 FY27 earnings conference call for August 03, 2026, at 11:30 a.m. IST. The management, including MD & CEO Mr. Nirav Mehta and CFO Mr. Bhavin Bhagat, will discuss financial results for the quarter ended June 30, 2026. This follows a reported revenue of Rs 353.09 cr and PAT of Rs 45.33 cr in the preceding March 2026 quarter. Investors will be looking for updates on the utilization of the 400 Mn tablet capacity added in December 2025.
- Conference call scheduled for August 03, 2026, at 11:30 a.m. IST
- Management team includes MD & CEO, Joint MD, and CFO
- Focus on Q1 FY27 financial results for the period ended June 30, 2026
- Company previously reported a net profit of Rs 45.33 cr for the quarter ended March 2026
- Call organized by 360 ONE Capital Market Research
Shareholders of CORONA Remedies approved all nine resolutions at the 22nd Annual General Meeting held on July 09, 2026. A final dividend of ₹10 per equity share (100% of face value) for FY 2025-26 was passed with 100% support. Dr. Kirtikumar Mehta was re-appointed as Chairman for a five-year term, receiving 91.54% of votes in favor. Additionally, Walker Chandiok & Co LLP was appointed as the new Statutory Auditor with 94.6% approval.
- Approved a final dividend of ₹10 per equity share for the financial year 2025-26
- Re-appointed Dr. Kirtikumar Mehta as Chairman for a 5-year term with 91.54% votes in favor
- Adopted FY26 Audited Financial Statements (Standalone and Consolidated) with 100% shareholder support
- Appointed Walker Chandiok & Co LLP as Statutory Auditors with 94.6% of votes in favor
- Approved payment of commission to Non-Executive Directors with 94.13% support
CORONA Remedies concluded its 22nd AGM on July 09, 2026, approving a final dividend of ₹10 per share (100% of face value) for FY 2025-26. Shareholders adopted the FY26 financial statements, which included a March 2026 quarterly revenue of ₹353.09 cr and a net profit of ₹45.33 cr. Key leadership decisions included the re-appointment of Dr. Kirtikumar Mehta as Chairman for a 5-year term and the appointment of Walker Chandiok & Co LLP as Statutory Auditors. The company maintains its focus on expanding into high-growth therapeutic areas like Oncology and CNS while leveraging its EU-GMP certified Gujarat facility.
- Approved a final dividend of ₹10 per equity share (100% of face value) for the financial year 2025-26.
- Re-appointed Dr. Kirtikumar Mehta as Non-Executive Director and Chairman for a 5-year term.
- Appointed Walker Chandiok & Co LLP as the new Statutory Auditors of the company.
- Adopted Audited Financial Statements for FY26, following a March quarter revenue of ₹353.09 cr.
- Ratified remuneration for Cost Auditors for the upcoming financial year 2026-27.
CORONA Remedies Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The Registrar and Share Transfer Agent, Bigshare Services Private Limited, confirmed that no requests for dematerialization or rematerialization were received during the quarter from March 31, 2026, to June 30, 2026. The filing notes that the entire shareholding of the company is already held in dematerialized form, making the regulation technically non-applicable for the period.
- 100% of the company's shares are currently held in dematerialized form
- Zero requests for dematerialization or rematerialization were received during the quarter
- The reporting period covers the first quarter from March 31, 2026, to June 30, 2026
- Compliance confirmed by Registrar and Share Transfer Agent, Bigshare Services Private Limited
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.
