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New plant ramp-up and regulatory approvals may slip
View Risks →CORONA Remedies Limited — Q2 FY26
Corona Remedies delivered a solid Q2 FY26 with revenue of ₹361 crore (+15% YoY), EBITDA of ₹78.5 crore (+17.4% YoY), and PAT of ₹52 crore (+22% YoY).
bullish
high
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2-Minute Summary
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Corona Remedies delivered a solid Q2 FY26 with revenue of ₹361 crore (+15% YoY), EBITDA of ₹78.5 crore (+17.4% YoY), and PAT of ₹52 crore (+22% YoY). EBITDA margin expanded 40 bps to 21.7%, driven by a favorable chronic portfolio mix (70%+ of revenue) and operating leverage. The company reiterated its medium-term guidance of 15% revenue CAGR and 20% PAT/EPS growth over 3-4 years, supported by organic launches, the recent Zydus brand acquisition (7 brands, entering the ₹1,500 crore platelet market), and a new hormonal plant expected to commence commercial production by Q2 FY27. Management plans to expand the MR force by 5-7% annually and enter new therapies (infertility, spine, CNS) selectively. Key risk: execution on the new plant ramp-up and international foray may lag, given regulatory approvals (WHO/EU GMP) are only expected by FY27-end.
कोरोना रेमेडीज ने दूसरी तिमाही में अच्छा प्रदर्शन किया। कंपनी की कमाई 361 करोड़ रुपये रही, जो पिछले साल से 15% ज्यादा है। कंपनी ने 78.5 करोड़ रुपये का परिचालन लाभ कमाया, जो 17.4% बढ़ा। मुनाफा 52 करोड़ रुपये रहा, जो 22% ज्यादा है। कंपनी का मार्जिन 21.7% हो गया, क्योंकि उसने ज्यादा पुरानी बीमारियों की दवाएं बेचीं। कंपनी अगले 3-4 सालों में हर साल 15% कमाई और 20% मुनाफा बढ़ाने का लक्ष्य रखती है। वह नई दवाएं लॉन्च करेगी और एक नया प्लांट लगाएगी। जोखिम: नए प्लांट को मंजूरी मिलने में देरी हो सकती है।
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Chronic portfolio share
70%+
N/A
Chronic and semi-chronic segment contributes over 70% of total revenue, supporting stable margins.
PCPM (per capita per month)
₹4L
N/A
Current productivity per medical representative is ₹4 lakh/month; mature reps achieve ₹6-8 lakh.
MR force size
2,600+
+5-7% YoY
Company plans to add 5-7% more medical representatives annually to expand coverage.
Market share in covered therapies
1.9%
N/A
Current market share in existing therapy areas; market growing at 10% (1.25x IPM).
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Guidance and risk preview
Management targets 15% revenue CAGR and 20% PAT or EPS growth over the next 3-4 years, underpinned by organic growth, brand acquisitions, and new t...
The new hormonal plant's commercial production and WHO/EU GMP approvals are expected only by FY27-end; any delay could push international revenue c...
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