CORONA Remedies Q3 FY26 results: net profit ₹41.27 crore

How did CORONA Remedies perform in Q3 FY26?

CORONA Remedies reported consolidated revenue from operations of ₹342.42 crore for Q3 FY26, the October–December 2025 quarter. Against Q2 FY26, revenue was down ₹18.71 crore, or 5.2%, from ₹361.13 crore. Total expenses were lower at ₹270.37 crore against ₹293.79 crore, a fall of 8.0%, while other income was ₹2.24 crore against ₹2.27 crore.

EBITDA for the quarter was ₹83.16 crore, up ₹4.69 crore, or 6.0%, from ₹78.47 crore in Q2 FY26, and the EBITDA margin was 24.3% against 21.7%, a rise of 2.6 percentage points. Profit before tax was ₹55.21 crore, down 20.7% from ₹69.61 crore, and tax expense was ₹13.94 crore against ₹17.46 crore. Net profit was ₹41.27 crore, down 21.1% from ₹52.32 crore, and basic EPS was ₹6.75 against ₹8.55. The profit after tax margin was 12.1% against 14.5%.

The quarter carried an exceptional charge of ₹19.08 crore for the statutory impact of the new Labour Codes, against no exceptional item in Q2 FY26. On a standalone basis, revenue was ₹342.42 crore and net profit was ₹41.25 crore. The board approved the unaudited standalone and consolidated results for the quarter and nine months ended 31 December 2025 on 2 February 2026, and Deloitte Haskins & Sells LLP carried out a limited review. For the first nine months of FY26, consolidated revenue was ₹1050.09 crore, total income was ₹1056.63 crore, profit before tax was ₹185.68 crore, profit after tax was ₹139.79 crore and EPS was ₹22.86.

What did CORONA Remedies' management say?

Management said it is on track to deliver a 15% revenue CAGR and 20% PAT or EPS growth over the next three to four years through FY29, describing this as a first-time multi-year framework. The company expects international business to reach 8-9% of revenue in a couple of years from about 3.5% currently, with hormones identified as the area of focus. The medical representative base of about 2,600 is expected to expand by 5-7% annually, and R&D spend is expected to remain below 2% of revenue with modest expansion of a team of more than 100 scientists.

Management said commercial production at the La Chandra hormonal API plant is expected to commence by the end of Q2 or early Q3 FY27, with WHO approval targeted for Q4 FY27 and EU GMP status by the end of FY27. The company identified the timing of those approvals as a dependence for the international ramp, and said new therapy entries such as infertility, central nervous system, oncology and dermatology need to be timed carefully so that focus is not diluted. Seven brand trademarks acquired from Bayer Zydus Pharma in July 2025 for ₹7.5-8 crore open the infertility and anti-platelet segments, management said. No analyst questions were recorded in the call notes.

The chief financial officer said the annualised return on equity for H1 FY26 was 31.1% and the annualised return on capital employed was 49.7%, with operating cash flow to EBITDA at 76.5% and net working capital at 23 days. The chronic and semi-chronic segment contributes about 70% of revenues, management said, and the company had grown at more than 1.5x the industry growth rate over the past few years.

How did CORONA Remedies shares react?

The filing was released after market hours. The stock moved down 0.9% in the first five minutes, down 2.0% by 15 minutes and up 3.3% by 30 minutes from the price when the filing appeared. By the close of the first session that could trade on the news, the stock was up 0.8% from its pre-results close of ₹1450.7, against a Pharmaceuticals industry median move of -0.6%, leaving it 1.4 percentage points ahead of the sector.

How did other Pharmaceuticals companies do?

Among 152 Pharmaceuticals companies compared with CORONA Remedies for this quarter, the median revenue growth was 10.6%. CORONA's revenue growth was higher than the median peer figure, and 92 of the 160 peers for which profit was compared reported higher profit.