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
✓ 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.
75%Questions answered2Evaded / deflected12Questions auditedMixedNumbers vs filing
Partial answer
High priority
How to view margins structurally: 17-18% or 20%+?
Asked by Tati Dhi, Union Mutual Fund
Answered with full-year margin but avoided giving a specific quarterly margin range.
reframed to PAT growth philosophygave full-year margin but not quarterly guidance
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Question
how should one look at margins from structurally from medium-term point of view is 17-18% a range one should work with or this was aberration and annualized 20% plus is a number which one should be in.
Bind (management)
our philosophy is to grow 15% on a revenue and 20% on a PAT basis... if you see from a full year basis FY26 you can see the EBITDA margins of 20.9%. So we have improved our margins on a year-on-year basis by 80 bps.
Answered
Medium priority
Is MR cost increase sustainable or one-time?
Asked by Tati Dhi, Union Mutual Fund
Confirmed MR strength is comfortable and sustainable.
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Question
this was related to MR increase right for this quarter. Yes. Yes. and now the number is sustainable or do you reckon this is an ongoing experience which we will continue to see
Bind (management)
for FY27 you're absolutely right we are comfortable with the existing MR strength
Answered
Medium priority
Biosimilars strategy: organic or inorganic?
Asked by Tati Dhi, Union Mutual Fund
Clearly stated openness to both organic and inorganic routes.
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Question
you mentioned briefly on biosimilars and biologics is a big opportunity for us what will be the path we will try to go for will it be more organic driven or we are open to inorganic opportunity in that space too?
Bind (management)
More or less biosimilars has been in two ways either in licensing or it is organically... we are open for all the things as far as complex generic and biologic biosimilar is concerned.
Answered
High priority
Revenue growth breakup: domestic vs export for quarter and year.
Asked by Amed Shal, JM Financials
Provided exact breakup numbers for both Q4 and full year.
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Question
Is it possible to give the domestic and the export breakup for the quarter and the year?
Bind (management)
Domestic growth we have 18.3%. Whereas international business growth is 70% which is totaling to 20.2% for Q4 FY26 and for the full year FY26 our domestic/India business growth comprised of 16.81% whereas the international business comes to 29.5% which culminates to overall 17.3% revenue growth.
Partial answer
High priority
Gross margin sustainability with rising RM costs.
Asked by Amed Shal, JM Financials
Reiterated 80% target but did not detail how to offset RM inflation.
no specific levers quantifiedrepeated 80% range without addressing inflation risk
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Question
next year would be a inflationary year as the RM cost have already started going up... how do you see this gross margin staying at this level for next year and what levers we have to maintain this gross margin at a higher level.
Bind (management)
gross margins are concerned it is 81.4% for FY26 full year. We have always said... we will be maintaining the gross margins at the range of 80%... we have a strong robust product mix involved which helps us to grow and sustain our gross margins.
Answered
Medium priority
Debt increase: working capital related?
Asked by Amed Shal, JM Financials
Explained debt is due to FD overdraft for brand acquisition, not working capital.
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Question
on the debt side there is slight increase on the short-term borrowings every year over last three four years. Is it related to working capital or anything?
Bind (management)
we are a net cash company... this 142.9 crores borrowings is only because of the overdraft majorly because of the overdraft on the basis of FDs... we acquired a brand named Bkarin on the last day of March. So that was the reason this overdraft facility was being used.
Answered
High priority
Structural reasons for lower Q4 margins besides new divisions and R&D?
Asked by Alankar Gurude, Koutk Institutional Equities
Confirmed no other structural reasons; quantified the one-time costs.
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Question
excluding the spends on the two new divisions and the higher R&D spends... are there any other structural reasons that drive lower margins in 4Q versus the first three quarters?
Bind (management)
No... if you look at the Q4 number from an employee cost and the other cost standpoint... additionally spent in the form of forming two new divisions and deployment of MRs and the MR expense of almost 5 crores... more or less 9+5=14 cr relates to employee related cost and 1.6 cr relates to R&D cost.
Answered
High priority
Is 7.8% pricing growth sustainable?
Asked by Alankar Gurude, Koutk Institutional Equities
Clearly stated sustainability and provided supporting factors.
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Question
the pricing growth as reported by pharma track is around 7.8%. Intuitively that seems pretty high... what is driving this and is this sustainable?
Bind (management)
Oh, it's absolutely sustainable. The reason is only about our 93% portfolio of non-NLEM... if you look at the volume growth which is 4.6x than the IPM and 1.4x as compared to the price growth. So it's absolutely sustainable.
Evasive
Medium priority
Impact of Middle East situation on gross margins?
Asked by Alankar Gurude, Koutk Institutional Equities
Acknowledged risk but gave no specific guidance or quantification.
deferred to futureno commitment on 80% target
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Question
Middle East the impact of that any thoughts also when it comes to gross margins over the near term. Do you foresee any risk to that 80% number you mentioned earlier?
Bind (management)
too early to comment on to it as we have about 90 days to 120 days inventory... if this situation has been controlled in a one month of time I think so the impact is negligible. If it goes little long it may have a little more impact but too early to comment.
Evasive
Medium priority
Sales numbers and expectations for 7 Bayer brands?
Asked by Alankar Gurude, Koutk Institutional Equities
Gave qualitative optimism but no concrete sales figures.
no sales numbers givendeferred to future
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Question
any thoughts any more qualitative color on the progress over there? Can you talk a bit about the sales numbers coming in from these seven brands and what are your expectations going forward?
Bind (management)
the first initial response is been pretty encouraging and we are expecting really we can do wonders... next 3-4 month we can get more colors and more idea onto it but the initial response is very encouraging.
Answered
Medium priority
PCPM growth over last 3 years?
Asked by Sadhhat Nandhi, CWC
Provided current and prior year PCPM with exact numbers.
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Question
what is the PCPM that you've had currently how are you seeing that PCPM grow over say the last 3 years in terms of productivity which you called out
Bind (management)
today we have a PCPM of 4.11 lakhs. So it is 4 lakh 111,000 which was last year about 3 lakh 62,000. So about increment of about 50,000 rupees PCPM from 3.62 to 4.11.
Answered
Medium priority
Is export growth a tailwind or headwind to margins?
Asked by Sadhhat Nandhi, CWC
Explained margin profile difference between export and domestic.
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Question
you spoke of exports growing faster is that tailwind or a headwind to your gross margin and your EBITDA margin
Bind (management)
it's always gross margin been... in B2B model and India we are working on B2C model so when you are working on B2B model or international business it's been a less gross margin and more EBITDA while in B2C it's other way around
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Full year FY26 EBITDA margin 20.9% | 20.9% | 18% | Overstated vs filing |
| YoY EBITDA margin improvement of 80 bps | 80 bps | 80 bps | Matches filing |
| Q4 FY26 revenue growth 20.2% | 20.2% | 17.3% | Overstated vs filing |
| Full year FY26 revenue growth 17.3% | 17.3% | 17.3% | Matches filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.