CORONA Remedies (CORONA) Q3 25/26 earnings summary

Executive summary

• Achieved fastest growth among top 30 Indian pharma companies in Q3 FY26, with 18.9% growth, nearly double the IPM's 9.6% growth, and moved up two ranks in the Indian Pharmaceutical Market.

• Chronic therapies contributed 71.6%-72% of revenue in Q3 and 9MFY26, driven by robust brand performance and distribution network.

• Commercialization of seven Bayer-acquired brands to begin in Q4 FY26, with Noklot Plus launch and further IVF portfolio expansion planned.

• Bhayla facility received EAEU-GMP certification, enabling entry into five Eurasian markets with a potential $25 billion opportunity.

• Equity shares listed on NSE and BSE on 15 December 2025 via IPO, with all offer expenses (except listing fees) allocated to selling shareholders.

Financial highlights

• Q3 FY26 revenue at INR 342.42 crores, up 15% YoY; EBITDA at INR 83 crores, up 20% YoY; EBITDA margin improved to 24.3%.

• Adjusted PAT for Q3 FY26 at INR 56 crores, up 24% YoY, excluding one-time labor code impact; consolidated net profit after tax for the quarter: ₹41.27 crore.

• Nine months FY26 revenue at INR 1,050.09 crores, up 16.3% YoY; EBITDA at INR 231 crores, up 25% YoY; EBITDA margin at 22%.

• Nine months FY26 adjusted PAT at INR 154 crores, up 31% YoY; consolidated net profit after tax for nine months: ₹139.79 crore.

• Adjusted PAT margin improved to 16.2% in Q3 FY26 and 14.7% in 9MFY26.

Outlook and guidance

• Targeting mid-teen revenue growth and high-teen PAT growth annually, with plans to launch 8-10 new products per year, focusing on chronic therapies and super-specialist segments.

• GLP-1 injectable launch planned for March 2026; further biosimilars and IVF products to be introduced in FY27.

• Plans to increase market share in the domestic IPM and expand into new therapeutic areas such as nephrology, CNS, oncology, and dermatology.

• No significant seasonality expected; expenses and margins to remain stable with minor quarterly variations.

• Company continues to monitor regulatory developments regarding Labour Codes and will adjust accounting as needed.