NSE: CORONA · BSE: 544644
CORONA REMEDIES LIMITED
Sells branded pharmaceutical formulations in the Indian market through a field force of 3,100 medical representatives who visit doctors, supported by chronic and semi-chronic therapy focus that contributed 72% of FY26 revenue. The portfolio includes two brands above INR 100 crore in annual sales and eight brands in the INR 50-100 crore band; therapy mix spans women's health (ranked 5th in Gynaecology), with newer entries in biosimilars (Fostine R, Wyntide, Tyvenza) and Semaglutide for diabetes/obesity. Two acquisitions completed in FY26 — Wokadine (Povidone Iodine, #2 in that segment) for INR 20 crore and a 7-brand portfolio from Bayer Zydus — are being scaled as separate revenue lines. Manufacturing happens at an EU-GMP certified Bhayla, Ahmedabad facility, where a new women's hormone plant (194 million tablets/capsules and 1.5 million ointments/gels per year) commenced commercial production in June 2026, and the company has EAEU GMP clearance to sell into Eurasian markets. The biggest cost line is its field force and staff, with employees at 28.7% of FY26 revenue; raw materials are only 7.4% of revenue. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Domestic formulations (IPM), Chronic and semi-chronic therapies (72%), Acquired brands (Wokadine, Bayer Zydus portfolio), International business. Asset-light branded formulations company with heavy field-force intensity, focused on chronic therapy and women's health.
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 1,403 |
| EBITDA (ex other income) | 275 |
| margin % | 19.6 |
| Owners' profit | 185 |
| EPS, as reported (₹) | 30.27 |
| ROE % · ROCE % | 24.8 · 29.3 |
| Debt / equity (x) | 0.19 |
| Cash from operations | 229 |
| Capex | (174) |
Exhibit 2: Quarterly performance, last 4 quarters
| ₹ crore | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|
| Revenue | 361 | 342 | 353 | 422 |
| Profit before tax | 70 | 55 | 55 | 80 |
| Net profit | 52 | 41 | 45 | 60 |
| EPS (₹) | 8.55 | 6.75 | 7.41 | 9.83 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUN PHARMACEUTICAL IND L | 4,20,165 | 34.8 | 5.01 | 22.5 | 13.7 | 17.5 | 11.8 | 32.3 |
| DIVI S LABORATORIES LTD | 2,51,896 | 86.3 | 15.03 | 65.0 | 15.3 | 18.8 | 8.7 | 42.8 |
| TORRENT PHARMACEUTICALS L | 1,56,538 | 73.9 | 8.90 | 38.9 | 12.2 | 8.0 | 11.8 | 33.1 |
| ZYDUS LIFESCIENCES LTD | 1,17,055 | 26.1 | 3.96 | 15.1 | 17.3 | 18.0 | 12.4 | 25.2 |
| LAURUS LABS LIMITED | 1,15,722 | 105.7 | 21.31 | 64.4 | 16.4 | 17.2 | 7.2 | 32.0 |
| DR. REDDY S LABORATORIES | 1,09,385 | 33.9 | 2.86 | 14.6 | 10.9 | 13.0 | 12.1 | 15.0 |
| CIPLA LTD | 1,09,060 | 32.3 | 3.16 | 16.7 | 11.2 | 14.7 | 8.0 | 19.7 |
| MANKIND PHARMA LIMITED | 1,03,353 | 50.6 | 6.24 | 28.4 | 11.7 | 10.8 | — | 27.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 66.2 | 30.1 | 131 of 158 | 17% |
| P/B | 17.6 | 3.0 | 156 of 163 | 4% |
| ROCE | 28.5 | 10.8 | 11 of 183 | 95% |
| ROE | 24.8 | 9.8 | 11 of 166 | 94% |
| Debt / Equity | 0.2 | 0.2 | 92 of 166 | 45% |
| EBITDA margin | 22.8 | 17.5 | 64 of 165 | 62% |
| Market cap | 13180 | 810 | 40 of 181 | 78% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · ANVISA GMP certification received for Bhayla manufacturing facility | compliance | minimal | — | — |
| 22 Oct 2026 · ANVISA certifies Bhayla OSD and hormone facilities for Brazil | business updates | medium | — | — |
| 16 Oct 2026 · Corona Remedies Q2 FY27 earnings call scheduled for November 2, 2026 | board shareholder meetings | low | — | — |
| 16 Oct 2026 · Board meeting on Oct 30 to consider Q2 FY26 results | results | low | — | — |
| 5 Oct 2026 · Reg 74(5) filing for Q2 FY26 - entire shareholding in demat form | compliance | minimal | — | — |
| 30 Sept 2026 · CARE upgrades short-term rating to A1 plus; reaffirms long-term at A plus Stable | credit debt | medium | — | — |
| 28 Sept 2026 · Trading Window Closure for Q2 FY26-27 Results Period | compliance | minimal | — | — |
| 19 Sept 2026 · Mauritius-based investor group sells 4.29% in Corona Remedies | ownership changes | medium | — | — |
| 19 Sept 2026 · Foreign investor group sells 4.29% stake in Corona Remedies via open market | ownership changes | high | — | — |
| 18 Sept 2026 · Corona Remedies to attend JP Morgan group meet on Sept 23 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.