CORONA Remedies (CORONA) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 revenue from operations rose 22.2% YoY to INR 441.2 crore; H1 FY27 revenue increased 22.0% to INR 863.6 crore

• Domestic business grew 22.9% in Q2, ahead of 12% IPM growth; the chronic portfolio grew ~29% versus 14.9% for its market segment

• Growth priorities include core therapies, brand building, operational execution and capability investment; the revenue growth aim remains 1.5x IPM

Financial highlights

• Q2 EBITDA was INR 96.0 crore, up 22.3% YoY, with a 21.7% margin; H1 EBITDA rose 27.5% to INR 189.1 crore, with margin at 21.9% versus 20.9%

• Consolidated Q2 net profit was INR 60.31 crore versus INR 52.32 crore YoY; H1 net profit was INR 120.42 crore versus INR 98.52 crore

• Q2 PAT margin was 13.7% versus 14.5% YoY; H1 PAT margin was 13.9%; higher depreciation and amortization from new facilities and acquired brands weighed on Q2 PAT growth

• Gross margin was 81.8% in Q2 and 81.7% in H1, versus 81.0% in each prior-year period

Outlook and guidance

• Revenue growth guidance remains 1.5x IPM; management expects IPM growth of 10%–12% over the next 3–4 quarters and aims to sustain growth momentum

• PAT growth guidance is 20%; operating margins are expected to improve in coming years, with no mid-20s margin commitment

• International revenue is expected to reach INR 60–65 crore for the year, followed by 15% growth next year; international revenue is targeted below 10% of total revenue

• Priorities include improving medical representative productivity, expanding prescriber reach and specialist engagement, launching products for unmet needs, and pursuing acquisitions and in-licensing