CORONA Remedies Limited — Q3 FY26
Corona Remedies delivered a strong Q3 FY26 with revenue of ₹342 crore (+15% YoY), EBITDA of ₹83 crore (+20% YoY), and adjusted PAT of ₹56 crore (+24% YoY).
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
63%Questions answered2Evaded / deflected12Questions auditedMixedNumbers vs filing
Evasive
Medium priority
Why has primary vs secondary sales outperformance narrowed this quarter?
Asked by Alanka Gerudi, Kotak Institutional Equities
Management dismissed the gap as normal data variation without explaining the specific narrowing.
dismissed the questionno specific reason givenattributed to data capture differences
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Question
if you look at the reported growth of 15% odd in this quarter... I wanted to check whether there is any reason for difference between primary and secondary sales specifically in this quarter
Unnamed management (likely CEO or CFO)
honestly there's nothing much to reading to it. ... It is always a gap plus or minus here and there. ... You're talking about 15% versus 18.9% and trying to compare that.
Partial answer
High priority
Will EU GMP certification accelerate international growth?
Asked by Alanka Gerudi, Kotak Institutional Equities
Management gave a long-term view but did not quantify near-term growth expectations from certification.
no timeline for accelerationvague about impact
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Question
given this recent EUG GMP certification for those five markets should we expect a much faster growth in the international market compared to the domestic business?
Unnamed management
International business ... first you get the accreditation approval then ... will take another 1-2 years and then the business start. ... the CI of international and India business will be broadly more or less 90 and 10
Answered
Medium priority
Will incremental investments be needed for export growth?
Asked by Alanka Gerudi, Kotak Institutional Equities
Management clearly stated no additional capital needed, citing internal cash generation.
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Question
will we need any incremental investments to drive growth in exports?
Unnamed management
No, I think so internal we have enough cash generated from the business ... we have been 100 cr plus net cash positive company
Partial answer
High priority
Can margins reach 30% given lower PCPM and MR cost?
Asked by Shugam Agarwal, Burman Capital
Management did not commit to a 30% margin target, instead reiterated 15% revenue and 20% PAT growth.
no specific margin target givenreframed to revenue and PAT growth
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Question
is there a possibility that we would continue to see margin expansion ... margins probably reaching high 20 or potentially 30% in medium to long term?
Bhavinda (likely CFO or senior management)
our revenue will grow by 15% irrespective of our MR additions and our pad growth which we are confident to achieve 20%.
Partial answer
Medium priority
Are there any inorganic acquisition plans?
Asked by Rishid Javi, CV Asset Managers LLP
Management acknowledged evaluating acquisitions but gave no concrete details or timeline.
no specificsvague about progress
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Question
Do we have any meal on the table? Are we evaluating any inorganic acquisitions?
Unnamed management
we are constantly evaluating the things. As of now also we are evolating on two brand acquisitions but ... nothing concrete into it.
Evasive
High priority
When will margins reach 35%+ like peers?
Asked by Amaya Chala, JM Financial
Management avoided giving a margin target or comparing structure, instead reiterated growth goals.
no margin targetreframed to revenue and PAT growthno comparison with peers
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Question
at what point in terms of scale we will be able to achieve these kind of margins and also what is the difference in terms of the structure etc between these companies and us?
Unnamed management
we always remain two numbers in the mind 15% revenue growth and 20% profitability growth ... if we achieve we will be more or less near to the P.
Answered
Medium priority
What is the seasonality of revenue and expenses?
Asked by Amaya Chala, JM Financial
Management provided a clear range for quarterly revenue distribution and confirmed minimal seasonality.
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Question
Is it possible to explain like how the quarters are typically staggered in terms of both expenses? ... the fourth quarter is typically weak quarter for many of the Indian companies.
Unnamed management
there is hardly a seasonality but you know 3-4% plus or minus on quarter on quarter variation may happen. ... if we talk about four quarter and 25 25 then it may be like 22 to 27 percentage sort of revenue
Answered
Medium priority
How were the 600 MRs added across divisions?
Asked by Rahul Jwani, Capital (likely Capital Markets)
Management gave a clear breakdown of MR additions by division.
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Question
on these 600 MRS which you said you have added over the past few years. Can you also talk about in terms of the divisions in which these MRS have got added
Unnamed management
we have launched one vertical into the cardio metabolic names radiance and there we have taken about 250 people ... another 250 people for gynecology ... and about the 100 people all across the other divisions
Answered
High priority
What is the strategy for scaling up IVF portfolio?
Asked by Rahul Jwani, Capital
Management provided specific numbers on team size and target centers for IVF.
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Question
how the the the web team and the channel strategy is being adopted for scaling up the the IVF portfolio.
Unnamed management
we already been more or less taken the team about 46 people across the nation ... our goal is to cater about 3,000 top centers, IVF centers of the country.
Partial answer
Medium priority
Will margins see similar seasonality as last year?
Asked by Rahul Jwani, Capital
Management acknowledged possible higher costs but did not confirm whether margins would drop similarly.
no commitment on margin leveldeferred to annual targets
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Question
if I look at your margin profile last year so third quarter your AIDA margins were closer to 23%. And fourth quarter last year the margins came down to 19%. So do you think that a similar seasonality would play out this year?
Unnamed management
this time in March we are looking to launch GLP1 some sales and distribution cost may incur little higher in the last quarter maybe possible ... we always eye on yearly data of 15% and 20% revenue and pet growth
Partial answer
Medium priority
What is the new product pipeline and acquisition pipeline?
Asked by Karan Sharma, Shma Securities
Management gave details on organic launches but was vague on acquisition pipeline.
no specifics on acquisition targetsvague timeline
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Question
Can you share some more details on the acquisition pipeline or in licensing that are in the pipeline?
Unnamed management
we are looking at some acquisitions as the proposal nothing concrete ... we are going to launch about three biosimilars in quarter four ... about 8 to 10 new introductions per year
Answered
High priority
What is the volume-price-mix breakup for 9 months?
Asked by Karan Sharma, Shma Securities
Management provided a clear breakdown of volume, price, and mix contributions.
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Question
can you let me know ballpark break up between volume price and product mix for this 9 month
Unnamed management
it is about 5% 5% and 5% more or less ... volume is about 5% ... new product is about five and a half 6% and remaining is the rice.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Revenue growth 15% in Q3 FY26 | 15% | 15% | Matches filing |
| EBITDA margin 20-22% | 21.5% | 24% | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.