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View Claim Ledger →Corona Remedies Ltd — Q4 FY26
Corona Remedies delivered a strong FY26, with revenue of ₹1,403 Cr (+17.3% YoY) and PAT of ₹199 Cr (+33.4% YoY), exceeding guided ranges.
bullish
high
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Corona Remedies delivered a strong FY26, with revenue of ₹1,403 Cr (+17.3% YoY) and PAT of ₹199 Cr (+33.4% YoY), exceeding guided ranges. EBITDA margin expanded 80bps to 20.9%, driven by favorable product mix and operating leverage. Domestic business grew 16.8%, while international surged 29.5%. Chronic segment now contributes 72% of revenue. Two brands crossed ₹100 Cr, and eight are in the ₹50-100 Cr club. Management guided for 15% organic revenue growth and 20%+ PAT growth in FY27, supported by new divisions (infertility, multispecialty), biosimilar launches (semaglutide), and acquisitions (Wokadin, Bayer portfolio). Key risk: potential gross margin pressure from rising API costs if geopolitical tensions persist.
Promises0 met · 2 missedRisks3 trackedTranscriptfull text
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Promises
3 promises
Promise Tracker
0 delivered, 0 close, 2 missed, 1 delayed.
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Risks
3 risks
Risk Intelligence
Gross margin pressure from rising API costs
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Transcript
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Read Transcript →Quarter Snapshot
PCPM (Per Capita Per Month)
₹4.11 lakh
+₹0.49 lakh YoY
Productivity per medical representative improved from ₹3.62 lakh to ₹4.11 lakh.
MR Strength
3,100
+450 YoY
Added 450 medical representatives in FY26, ending with total strength of 3,100.
Chronic Segment Revenue Share
71.9%
+?pp YoY
Chronic and sub-chronic segments now contribute 71.9% of total revenue.
Volume Growth vs IPM
3%
4.6x IPM
Volume growth of 3% was 4.6 times the IPM volume growth of 0.7%.
What Changed vs Last Quarter
NEW
15% organic revenue growth in FY27
Management expects to sustain 15%+ revenue growth organically for FY27.
NEW
25% revenue growth on acquired brands
Acquired brands (Wokadin, Bayer portfolio) are expected to grow at 25% in FY27.
NEW
20%+ PAT growth in FY27
Management guided for 20%+ PAT growth in FY27.
NEW
Hormone plant operational in Q1/Q2 FY27
The dedicated hormone manufacturing plant is expected to become operational in Q1 or Q2 of FY27.
DROPPED
15% revenue CAGR and 20% PAT/EPS growth for next 3-4 years
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 therapy entries.
DROPPED
New hormonal plant commercial production by Q2 FY27
The new hormonal plant at Ahmedabad will kickstart commercial production by end of Q2 or early Q3 of FY27, with WHO-GMP expected by Q4 FY27 and EU-GMP by FY27-end.
DROPPED
International business contribution to reach 8-9% in a couple of years
International business, currently ~3.5% of revenue, is expected to grow to 8-9% in a couple of years, driven by hormonal product exports to Europe, UK, Australia, and other regions.
DROPPED
R&D spend to remain below 2% of revenue
R&D expenditure will stay below 2% of revenue as the company scales, with ~100 scientists currently; no major increase planned.
NEW RISK
Gross margin pressure from rising API costs
Geopolitical tensions may increase API prices, impacting gross margins. Management noted indirect impact but expects to manage within 80% gross margin band.
NEW RISK
Integration and margin dilution from Wokadin acquisition
Wokadin acquisition may cause ~400bps gross margin correction in first year due to NLEM portfolio. Management expects 25% revenue growth but margin recovery uncertain.
RISK GONE
New plant ramp-up and regulatory approvals may slip
The new hormonal plant's commercial production and WHO/EU GMP approvals are expected only by FY27-end; any delay could push international revenue contribution further out.
RISK GONE
Productivity of new MR hires may lag
PCPM for reps with 0-3 years experience is only ₹2-2.5 lakh vs. ₹8 lakh for tenured reps; rapid MR addition (5-7% annually) could pressure overall productivity.
Fast read
Guidance and risk preview
Management expects to sustain 15%+ revenue growth organically for FY27.
Geopolitical tensions may increase API prices, impacting gross margins.
View Risks →