CORONA
Micro CapCORONA Remedies Limited
Pharma
CORONA Remedies is an Indian pharmaceutical company founded in 2004, focused on building strong brands across therapeutic areas. It has strategically shifted its portfolio to chronic and sub-chronic segments, which contributed 71.9% of FY26 revenue. The company operates with state-of-the-art manufacturing facilities in Himachal Pradesh and Gujarat, and has a pan-India presence with a robust distribution network.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Good · 67/100Rev +20% YoY · PAT +41% YoY · operating leverage · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹353 Cr | +20.1% | +3.2% |
| EBITDA | ₹62 Cr | +14.8% | -25.3% |
| Operating margin | 18.0% | +0 bps | -600 bps |
| PAT | ₹45 Cr | +40.6% | +9.8% |
| PAT margin | 12.8% | +187 bps | +76 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
CORONA reported healthy revenue growth of 20.2% in Q4FY26 and 17.3% in FY26 YoY. FY26 EBITDA grew 22.3% to INR 293.4 Cr with margin expanding 80 bps to 20.9%. Adjusted PAT for FY26 increased 33.4% to INR 199.4 Cr, with margin up 170 bps to 14.2%.
The company demonstrates strong execution, outpacing IPM growth by 2.0x, driven by strategic acquisitions and a focus on chronic therapies. Margin expansion in FY26 and entry into new international markets (EAEU) support continued growth, despite a slight Q4 EBITDA margin dip.
Revenue by Chronic/Acute Portfolio
Latest issuer-disclosed distribution across 2 reported categories.
Chronic & Sub-chronic Portfolio Focus
Chronic and sub-chronic therapies contributed ~71.9% of total Revenue in FY26, reflecting a strategic shift from 70:30 Acute:Chronic in FY13 to 28:72 in FY26.
Strategic Acquisitions
Acquisition of Wokadine® from Dr. Reddy’s and 7 brands from Bayer Zydus Pharma Ltd. from internal accruals, strengthening market presence and entering new segments.
International Market Expansion
EAEU–GMP certification for Bhayla facility enables entry into five key Eurasian markets (Russia, Kyrgyzstan, Armenia, Belarus, Kazakhstan), unlocking a ~USD 25 billion market opportunity.
Domestic Market Share Gains
CORONA has grown at 2.0x compared to IPM growth, achieving 17.2% revenue MAT growth, the fastest among top 30 Indian Pharma Peers, climbing 5 ranks in 3 years.
Bhayla Facility Expansion
Capacity expansion at the Bhayla facility to boost tablet and capsule production, adding 400 Mn units to installed capacity. Commercial production commenced on 22nd December 2025.
Total Formulations Capacity
Total installed capacity for formulations is 1.65 Bn units per annum, with Gujarat facility contributing ~1.25 Bn tablets/capsules and Himachal Pradesh ~403 Mn tablets/capsules.
Indian Pharmaceutical Market Growth
IPM is poised to grow at a CAGR of 8-9% till FY30, with the chronic segment expected to outpace the acute segment.
Demographic & Health Trends
Improving life expectancy, rising prevalence of chronic diseases, improvement in health insurance penetration, and rising income levels are growth drivers for the domestic formulations industry.
Competition
The company operates in a competitive environment within the Indian and international pharmaceutical markets.
Strategy Implementation
The company's ability to successfully implement its strategy, including growth and expansion plans, is subject to risks and uncertainties.
Technological Changes
Technological implementation, changes, and advancements pose risks to the company's operations and market position.
Market Risks
The company's market preferences and its exposure to various market risks could impact its financial performance.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The document explicitly provides Q4FY26 and FY26 results compared to Q4FY25 and FY25, respectively, with percentage changes. This indicates a focus on annual and quarterly year-over-year performance, which is typical for assessing growth and profitability trends in a pharma business.
Domestic Formulations Growth
Reported healthy revenue growth of 17.3% in FY26 on a Y-o-Y basis. CORONA has grown at 2.0x compared to IPM growth.
US/Export Growth
Bhayla facility received EAEU–GMP certification in January 2026, enabling entry into five key Eurasian markets, unlocking market opportunity of up to ~USD 25 billion.
Launch Pipeline & Acquisitions
Strategic Acquisition of Wokadine® from Dr. Reddy’s, marking entry into ~Rs. 6481 Crs Povidone Iodine market. Acquired 7 brands from Bayer Zydus to strengthen presence in infertility segment.
Approvals
Bhayla facility received EAEU–GMP certification in January 2026. Gujarat facility is EU-GMP, EAEU-GMP & WHO-GMP approved.
Increase Domestic Market Share
Management aims to improve MR productivity, expand the prescriber base, and intensify engagement with super-specialist prescribers in urban centers.
Expand Therapeutic Areas
Plans to expand into additional therapeutic areas such as nephrology, central nervous system (CNS), rheumatology, dermatology, and gastroenterology.
Product Portfolio Management
Focus on launching new products addressing unmet patient needs within existing therapeutic areas and deepening presence through targeted product expansions.
Expand Overseas Sales
Leverage hormone product portfolio, R&D capabilities, and differentiated offerings to penetrate overseas markets and establish credibility with global healthcare professionals.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Domestic Revenue Growth | 17.3% (FY26 YoY) | Continued outperformance against IPM growth (currently 2.0x) and sustained volume, price, and new product launch contributions. |
| EBITDA Margin | 20.9% (FY26) | Sustained margin expansion, particularly monitoring the Q4FY26 dip and the impact of new acquisitions and international market entries. |
| Chronic Portfolio Contribution | 71.9% (FY26) | Further increase in the share of chronic and sub-chronic therapies in total revenue, indicating successful portfolio shift. |
| International Market Penetration | EAEU GMP certification received | Tangible revenue contribution and market share gains from the newly entered Eurasian markets and other select overseas markets. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
51Neutralnear 52W high
Technical chart
CORONAweekly · 6M+28.9%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 65.
- RSI(14) at 65 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 9% off 52W high · 32% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 19/20 to the score.
- Growth contributes 18/25 to the score.
Main drags
- Fair-value margin of safety is negative at -39.5%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Cash flow is weaker at 2/10; verify the latest quarterly trend.
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 85th percentile of the scored universe and 77th percentile within Pharma. Main check: cash conversion is weak at 55/100.
High Trust Lite: Promoter holding is 69%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Pharma: 77th pctile, median 70 · Micro: 74th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 69%.
- ▸Promoter pledge is zero.
- ▸ROCE is 33.2%.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 54.30
- P/B
- 14.52
- EV/EBITDA
- 33.28
- Market Cap
- 10852.00Cr
Profitability
- ROE
- 29.50%
- ROCE
- 33.20%
- ROA
- 15.35%
- Dividend Y
- 0.56%
Growth (CAGR)
- Revenue 5Y
- 16.65%
- EPS 5Y
- 29.59%
- Revenue 3Y
- 17.00%
- EPS 3Y
- 33.00%
Balance Sheet
- Debt/Equity
- 0.22
- Interest Coverage
- 41.86×
- Altman Z
- 8.99
- Book Value
- 122.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 2/5
- OCF
- 229.00 Cr
- EPS TTM
- 30.27
Shareholding
- Promoter Hold
- 69.00%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 71%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.