Corona Remedies Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Corona Remedies Ltd filed with BSE on 18 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
CORONA Remedies reported FY26 revenue growth of 17.3% year-on-year to INR 1,403 crores and PAT growth of 33.4%, exceeding its guided range of 15% revenue and 20% PAT growth. Q4FY26 revenue grew 20.2% to INR 353 crores while EBITDA margin declined about 90bps to 17.6% due to higher employee and R&D costs from new division launches. Management discussed the Wokadine and Bayer portfolio acquisitions, entry into biosimilars with Semaglutide launches, and plans for manufacturing capacity expansion including a new hormone plant expected to become operational in Q1 or Q2 of FY27.
Numbers mentioned
Revenue: INR 353 crores (Q4FY26)
p. 6
“Revenue for Q4FY26 stood at INR 353 crores versus INR 294 crores in Q4FY25, reflecting a healthy growth of 20.2% Y-o-Y basis.”
Bhavin Bhagat, page 6 of the filed PDF · View the filing
EBITDA: INR 62 crores (Q4FY26)
p. 6
“EBITDA stood at INR 62 crores versus INR 54 crores in Q4FY25, reflecting a growth of 14.4% ona Y-o-Y basis.”
Bhavin Bhagat, page 6 of the filed PDF · View the filing
EBITDA margin: 17.6% (Q4FY26)
p. 6
“EBITDA margin declined by around 90bps and stood at 17.6%.”
Bhavin Bhagat, page 6 of the filed PDF · View the filing
Profit after tax: INR 45 crores (Q4FY26)
p. 6
“Profit after tax stood at INR 45 crores compared to INR 31 crores in Q4FY25, reflecting a growth of 44% Y-o-Y basis.”
Bhavin Bhagat, page 6 of the filed PDF · View the filing
Revenue: INR 1,403 crores (FY26)
p. 6
“Revenue for FY26 stood at INR 1,403 crores compared to INR 1,106 crores in FY25, reflecting a growth of 17.3% on a Y~0-Y basis.”
Bhavin Bhagat, page 6 of the filed PDF · View the filing
EBITDA: INR 293 crores (FY26)
p. 6
“EBITDA for FY26 grew by 22.3% on a Y-o-Y basis and stood at INR 293 crores.”
Bhavin Bhagat, page 6 of the filed PDF · View the filing
EBITDA margin: 20.9% (FY26)
p. 6
“EBITDA margin for FY26 stood at 20.9%.”
Bhavin Bhagat, page 6 of the filed PDF · View the filing
Adjusted profit after tax: INR 199 crores (FY26)
p. 6
“Adjusted profit after tax, excluding the impact on account of one-time labor code changes for FY26 stood at INR 199 crores compared to INR 149 crores in FY25, reflecting a strong growth of 33.4% Y-o-Y.”
Bhavin Bhagat, page 6 of the filed PDF · View the filing
Chronic segment revenue contribution: 71.9% (FY26)
p. 6
“Revenue contribution from chronic segment stood at 71.9% in FY26.”
Bhavin Bhagat, page 6 of the filed PDF · View the filing
Cash flow from operations: INR 229 crores (FY26)
p. 7
“For FY26, our cash flow from operations stood at around INR 229 crores with cfo to EBITDA conversion at around 78%.”
Bhavin Bhagat, page 7 of the filed PDF · View the filing
RoCE: 41% (FY26)
p. 7
“Our return ratios also remained robust, with RoCE at almost 41% in FY26 and RoE at 29.2% in FY26.”
Bhavin Bhagat, page 7 of the filed PDF · View the filing
Gross margin: 81.4% (FY26)
p. 9
“So, first of all, as far as gross margins are concerned, it is 81.4% for FY '26 full year.”
Bhavin Bhagat, page 9 of the filed PDF · View the filing
PCPM: INR 4.11 lakhs (current)
p. 13
“As far as PCEM is concerned, today we have a PCPM of INR 4.11 lakhs.”
Nirav Mehta, page 13 of the filed PDF · View the filing
MR strength: 3,100 (FY26)
p. 15
“It is about 2,630 and we have added about 450. Put together today we have a MR strength of 3,100.”
Nirav Mehta, page 15 of the filed PDF · View the filing
Dividend: INR 10 per share (FY26)
p. 4
“We arc delighted to announce 100% dividend, which is equal to 210 per share for FY26, reflecting our strong financial performance and continued commitment to delivering value to our sharcholders.”
Nirav Mehta, page 4 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue growth (organic) — 15% plus · FY27
stated firmly by Nirav Mehta
p. 6
“We expect to sustain 15% plus revenue growth organically and 25% revenue growth in acquired brand with 20% plus PAT growth in FY27 too.”
Nirav Mehta, page 6 of the filed PDF · View the filing
Gross margin — 80% · coming years
stated firmly by Bhavin Bhagat
p. 9
“So, the gross margins where we are, we would be sustaining at the level of 80% in coming days down the linc or coming years down the line.”
Bhavin Bhagat, page 9 of the filed PDF · View the filing
Wokadine revenue growth — 25% · 3 to 4 years
stated conditionally by Nirav Mehta
p. 16
“So, as far as Wokadine is concerned, as you rightly said, it is INR 20 crore brand and we arc anticipating about 25% revenue growth for at least 3 to 4 years in the Wokadine.”
Nirav Mehta, page 16 of the filed PDF · View the filing
Wokadine gross margin impact — 400 basis points · first year
stated conditionally by Nirav Mehta
p. 16
“Resulted, we are anticipating about 400 basis point of gross margin correction in the first year.”
Nirav Mehta, page 16 of the filed PDF · View the filing
IPM industry growth — 10% to 10.3% · FY27
stated as an aspiration by Nirav Mehta
p. 19
“T am anticipating about 10% to 10.3% overall growth as far as this year is concerned, with the volume growth of about 1.5% to 2%, andrest is price and NL So, T have been very optimistic as far as IPM in FY '27 is concerned.”
Nirav Mehta, page 19 of the filed PDF · View the filing
Hormone manufacturing plant commissioning — Q1 or Q2 of FY27
stated firmly by Nirav Mehta
p. 5
“We are undertaking the expansion of our manufacturing capabilitics through the addition of a new 600-kg line cxpansion, alongside the commissioning of our dedicated hormone mamufacturing plant, which is expected to become operational in Q1 or Q2 of FY27.”
Nirav Mehta, page 5 of the filed PDF · View the filing
Volume growth outperformance vs IPM — 3x to 4x
stated as an aspiration by Nirav Mehta
p. 19
“But overall, we arc expecting about 3x to 4x volume growth as far as our growth is concerned.”
Nirav Mehta, page 19 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said the increase was quarter-specific due to new division expansion and reiterated the full-year improvement of 80bps in EBITDA margin.
Answered by Bhavin Bhagat
Asked by Pratik Dharmshi: Whether the margin range should be seen as 17-18% or 20%+ going forward given the quarter's employee cost increase.
p. 7
“But if you sec froma full-year basis, FY26, you can see the EBITDA margins 0f20.9%. So, we have improved our margins on a year-on-year basis by 80bps.”
Bhavin Bhagat, page 7 of the filed PDF · View the filing
Management confirmed comfort with the existing MR strength going into FY27.
Answered by Nirav Mehta
Asked by Pratik Dharmshi: Whether the elevated MR-related expense is sustainable or a one-time increase.
p. 8
“So, for FY 127, you are absolutely right. We are comfortable with the existing MR strength.”
Nirav Mehta, page 8 of the filed PDF · View the filing
Management gave separate domestic and international growth figures for Q4 and FY26.
Answered by Bhavin Bhagat
Asked by Amay Chalke: Domestic versus export revenue growth breakup for the quarter and year.
p. 8
“Domestic growth, we have 18.3% whereas international business growthis 70%, which is totaling to 20.2% for Q4 FY '26.”
Bhavin Bhagat, page 8 of the filed PDF · View the filing
Management explained the borrowing was an overdraft against fixed deposits, not a cash credit facility, and related to the Wokadine acquisition timing.
Answered by Bhavin Bhagat
Asked by Amay Chalke: Reason for the increase in short-term borrowings over recent years.
p. 9
“INR 142.9 crores borrowings is only because of the overdraft or majorly because of the overdraft on the basis of FDs which we have.”
Bhavin Bhagat, page 9 of the filed PDF · View the filing
Management said no other reasons existed beyond those mentioned, and quantified the additional costs.
Answered by Bhavin Bhagat
Asked by Alankar Garude: Whether there are other structural reasons for lower Q4 margins besides the new divisions and R&D spend.
p. 10
“So, if you look at the Q4 numbers from an cmployee cost and the other cost standpoint, in the Q4, INR 9 crores was additionally spent in the form of the forming of two new divisions and deployment of MRs and the MR expense of almostINR 5 crores which is being standing in other expenses inthe form of MR expenses in the form of allowances which we give to them.”
Bhavin Bhagat, page 10 of the filed PDF · View the filing
Management said the pricing growth is sustainable given the non-NLEM portfolio composition and pricing headroom.
Answered by Nirav Mehta
Asked by Alankar Garude: Whether the 7.8% pricing growth reported by PharmaTrac is sustainable.
p. 11
“It is absolutely sustainable. The reason s only about our 93% portfolio of non-NELM and we have always been affordable on the other side of the coin more or less.”
Nirav Mehta, page 11 of the filed PDF · View the filing
Management said it is too early to comment but noted low direct RM imports.
Answered by Nirav Mehta
Asked by Alankar Garude: Whether Middle East tensions pose risk to the 80% gross margin target via API costs.
p. 11
“So, to be very honest, it is too early to comment on it. As we have about 90 days to 120 days of inventory available, we have started taking the impact on if, and because the ol and other parameters impact many active pharmaceutical ingredients.”
Nirav Mehta, page 11 of the filed PDF · View the filing
Management described the initial response as encouraging and expects more clarity in coming months.
Answered by Nirav Mehta
Asked by Alankar Garude: Progress and outlook on the 7 brands acquired from Bayer Zydus in the infertility division.
p. 12
“The first initial response has been pretty cncouraging andwe are cxpecting really, we can do wonders as far as this brand is concerned.”
Nirav Mehta, page 12 of the filed PDF · View the filing
Management gave the current PCPM figure and the prior year comparison.
Answered by Nirav Mehta
Asked by Sidharth Negandhi: Current PCPM level and its growth over the last three years.
p. 13
“As far as PCEM is concerned, today we have a PCPM of INR 4.11 lakhs. So, it is INR 4,11,000, which was last year about INR 3,62,000, so increment of about INR 50,000 PCPM from INR 3.62 lakhs to INR 4.11 lakbs.”
Nirav Mehta, page 13 of the filed PDF · View the filing
Management explained the B2B export model yields lower gross margin but higher EBITDA margin compared to the domestic B2C model.
Answered by Nirav Mehta
Asked by Sidharth Negandhi: Whether export growth is a tailwind or headwind to gross and EBITDA margins.
p. 13
“So, it's always gross margin been lower and EBITDA been upper, because we arc adopting the B2B model as far as international business is concerned.”
Nirav Mehta, page 13 of the filed PDF · View the filing
Management said it will take a few years to register products and start business, expecting high single-digit CAGR for international business.
Answered by Nirav Mehta
Asked by Amay Chalke: Strategy and expected scale-up timeline for exports via the Bhayla plant's EAEU and Europe approvals.
p. 14
“Yes, Amay . So, as far as intemational business is concerned, so Bhayla plant has alrcady been Europe approved. We have got acereditation from EAEU, which opens the door to the Eurasian market, and it will take a fow more years, around 2 to 3 years, to really kick off the business in the European and Eurasian markets, because we have already been in the process of filing the dossier.”
Nirav Mehta, page 14 of the filed PDF · View the filing
Management named two brands as focus 'arrowhead' brands within the portfolio.
Answered by Nirav Mehta
Asked by Amay Chalke: Whether any Bayer-acquired brands like Menodac or Fostine R have potential to become large brands.
p. 15
“Yes, so there are 2 brands which have really been arrowhead, and we have high focus on these 2 brands also out of the portfolio. One is Menodac that is HMG 75, 150, 300, 600 and 1200 and number 2 is Fostine R that is Recombinant Follicle Stimulating Hormone FSH.”
Nirav Mehta, page 15 of the filed PDF · View the filing
Management described the manufacturing partner and the two distinct brand strategies targeting different physician segments.
Answered by Nirav Mehta
Asked by Gaurav Tinani: Manufacturing partner and go-to-market strategy for the newly launched Semaglutide brands.
p. 15
“So, as far as Semaglutide is concerned, I think so, that's been exciting maket to me and we arc in that market with MSM as the partner manufacturing company.”
Nirav Mehta, page 15 of the filed PDF · View the filing
Management gave a market size estimate range for the first year based on patient conversion assumptions.
Answered by Nirav Mehta
Asked by Gaurav Tinani: Size estimate for the overall Indian Semaglutide market opportunity.
p. 16
“My own understanding is, and the caleulation is if in India there are about 10 crore cligible patients for the Semaglutide market and if conversion ratio is about 2%-3% and the therapy cost, if you caleulate, I think the first year may be a year of INR 2,000 crore to INR 2,500 crote as the Semaglutide market.”
Nirav Mehta, page 16 of the filed PDF · View the filing
Management said margin improvement would come through operational effectiveness and revenue growth-driven synergies.
Answered by Bhavin Bhagat
Asked by Shrikant Akolkar: What measures are needed to move EBITDA margins to 24-25% over the next two to three years.
p. 17
“EBITDA margins will definitely come in play with operative effectiveness in coming years down the line.”
Bhavin Bhagat, page 17 of the filed PDF · View the filing
Management attributed it to the pandemic effect fading and expects the higher growth trend to persist.
Answered by Nirav Mehta
Asked by Rahul Jeewani: What has driven the recent acceleration in IPM industry volume growth and its sustainability.
p. 19
“Now, this effect has been narrowed down, and industry is coming back to the higher single-digit to double-digit growth.”
Nirav Mehta, page 19 of the filed PDF · View the filing
Risks flagged
Rising employee and R&D costs from new division launches pressured Q4 EBITDA margin
p. 6
“Decline was on account of an increase in employee cost with respeet to the addition of two new divisions, that is, one in the multi-specialty and one in the infertility division, and an increase in the corresponding other expenses related to medical reps and an increasc in the spend for R&D during the Q4FY26.”
Bhavin Bhagat, page 6 of the filed PDF · View the filing
Wokadine acquisition expected to cause gross margin correction in its first year
p. 16
“Resulted, we are anticipating about 400 basis point of gross margin correction in the first year.”
Nirav Mehta, page 16 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.