CORONA Remedies (CORONA) Q2 25/26 earnings summary

Executive summary

• Achieved milestone listing on NSE and BSE in December 2025, marking the first public earnings call and financial statement post-listing.

• Focused on branded formulations in India, with over 96% revenue from domestic market and leadership in chronic and semi-chronic therapies.

• Strategic acquisitions, including brands from Bayer Zydus Pharma, Abbott, GSK, and Sanofi, expanded the portfolio and geographic reach.

• Achieved 16.8% revenue CAGR from MAT Jun-22 to MAT Jun-25, outpacing IPM by 1.82x and jumping 8 ranks in 3 years.

• Emphasis on specialist engagement, pan-India distribution, and robust manufacturing and R&D infrastructure.

Financial highlights

• Q2 FY26 revenue: ₹361.13 crore, up 15.1% YoY; H1 FY26 revenue: ₹707.67 crore, up 17.0% YoY.

• Q2 FY26 EBITDA: ₹78.5 crore, up 17.4% YoY; H1 FY26 EBITDA: ₹148.3 crore, up 27.4% YoY; EBITDA margin improved to 21.7%.

• Q2 FY26 PAT: ₹52.32 crore, up 21.8% YoY; H1 FY26 PAT: ₹98.52 crore, up 35.1% YoY.

• Gross margin improved to 81.0% in Q2 FY26; PAT margin rose to 14.5% in Q2 FY26 and 13.9% in H1 FY26.

• Basic and diluted EPS for H1 FY26 were ₹16.11, compared to ₹11.92 in H1 FY25.

Outlook and guidance

• Targeting 15% CAGR revenue growth and 20% PAT/EPS growth for the next 3–4 years.

• Plans to launch new products and expand into additional therapeutic areas, including infertility, nephrology, CNS, oncology, and dermatology.

• International business to focus on hormonal products, aiming for 8–9% revenue contribution in coming years.

• New hormonal API plant to start commercial operations by FY27 end, contributing to international and domestic growth from FY28.

• Focus on product launches, strategic acquisitions, and overseas market expansion leveraging hormone portfolio.