CORONA Remedies Q2 FY27: Revenue Surges 22.2% YoY to ₹441 Crore
CORONA Remedies reported Q2 FY27 revenue of ₹441 crore, up 22.2% YoY. PAT grew 15.3% to ₹60 crore. The company is expanding into new therapies like infertility and nephrology. Management sees potential upside to revenue guidance due to strong market momentum. International business is projected at ₹60-65 crore this fiscal.
Significant revenue and profit growth, coupled with strategic expansion plans and outperformance against the market, are material positive developments for the company and its investors.
The company reported strong year-on-year growth in revenue and profits, outperforming the market. Expansion into new therapeutic areas and strategic focus on growth drivers indicate a positive outlook.
CORONA Remedies Limited announced its financial results for the second quarter and half-year ended September 30, 2026. The company reported a revenue of ₹441 crore for Q2 FY27, marking a significant year-on-year growth of 22.2% compared to ₹361 crore in Q2 FY26. The India business, which constitutes 97% of the total revenue, demonstrated robust growth of 22.9% in Q2 FY27 and 22.8% in H1 FY27. EBITDA for the quarter stood at ₹96 crore, a 22.3% increase from ₹78.5 crore in the previous year, with EBITDA margins remaining stable at 21.7%. For the first half of FY27, EBITDA grew by 27.5% with a margin of 21.9%. Profit After Tax (PAT) for Q2 FY27 was ₹60 crore, a 15.3% rise from ₹52 crore in Q2 FY26, resulting in a PAT margin of 13.7%. H1 FY27 PAT reached ₹120 crore, showing a 22.2% year-on-year growth with a PAT margin of 13.9%. The company highlighted its consistent outperformance against the Indian pharmaceutical market, growing at 1.9 times the market rate over the last three years, driven by volume, new introductions, and price growth. CORONA is now ranked 14th among pharmaceutical companies in the covered market and 26th overall in the Indian pharmaceutical market.
The company is strategically expanding into new therapeutic areas including infertility, nephrology, CNS, rheumatology, and derma. The infertility business has shown a promising start, with plans to focus on other therapies organically and inorganically. CORONA is also open to Mergers & Acquisitions (M&A) for strategic fitment in new and existing therapies. The acquired brand Wokadine is being integrated with a revised business model, with confidence in achieving a 25% CAGR over 3-4 years.
Management indicated that while revenue guidance is 1.5x the Indian Pharmaceutical Market (IPM) growth, the current strong IPM momentum, driven by volume growth and potentially loss of exclusivity (LOE) and increased awareness, suggests potential upside risk to the 15% revenue growth target. International business is a focus, with plans to develop dossiers for the hormone market, targeting regulated and semi-regulated markets. While international revenue is expected to be less than 10% of total revenue even after 2-3 years, the company projects approximately ₹60-65 crore in international business for the current fiscal year, with a 15% growth expected in the following year. Semaglutide is a focus molecule, with the company aiming to be among the top 10 players in the generics market, projecting a market size of ₹1,200-1,400 crore for semaglutide in the first year.
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