Corona Remedies is an Ahmedabad-based branded pharmaceutical formulations company focused on Women's Healthcare, Cardio-metabolic, Pain Management and Urology, growing at nearly twice the pace of the Indian pharmaceutical market. The Q2 print will speak to whether the flagged ~100 bps input-cost margin hit is contained by cost reductions while the ~20% PAT growth guidance holds, and whether the Wokadine ramp resumes after its integration quarter.
| Results date | October 30, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 422.4 Cr |
| Previous quarter PAT | Rs. 60.1 Cr |
| Previous quarter EBITDA margin | 22.0% |
| Net debt (latest quarter) | Net cash surplus of Rs. 15 Cr |
| Market cap | Rs. 12,544.55 Cr |
| CMP | Rs. 2,051.1 |
The board of Corona Remedies meets on October 30, 2026, to consider the Q2/H1 FY27 financial results; the trading window is shut till November 1, 2026.
The Q2 FY27 earnings call is scheduled for November 2, 2026, at 11:30 AM IST. The moderator is Umesh Laddha (Ambit Capital), with Mr. Nirav Mehta (MD & CEO), Mr. Ankur Mehta (Joint MD) and Mr. Bhavin Bhagat (CFO) representing the company.
The quarter tests whether Corona Remedies can hold its twin-anchor framework of 15% organic revenue growth and ~20% PAT growth through a pre-flagged ~100 bps Q2 EBITDA-margin hit from raw-material pressure, which management plans to offset via cost reductions. The demand backdrop strengthened through the quarter — IPM value growth for Q2 FY27 was +12% YoY per Pharmarack, the strongest quarterly print in six quarters and above the ~10% IPM assumption underpinning the 15% organic guide, with September volume growth of ~3.4–3.5% at a two-year high. Therapy prints relevant to Corona's mix were double-digit positive in the window — cardiac +17.7%, pain/analgesics +15% and gynaecology +16.6% in September — while Corona's MAT Jun-26 domestic growth of 18.44% vs IPM's 9.81% (1.9x) frames its demonstrated outperformance. On costs, API prices declined 5–10% into mid-June, but sector commentary still flags elevated raw-material costs, and the 70–90-day inventory buffer means input moves land with a lag; the D&A step-up from hormone-plant capitalization (~Rs. 6.5 Cr annually on a Rs. 130 Cr base over 20 years) plus acquired-brand amortization adds to the margin bridge. Management has explicitly cautioned against extrapolating Q1 FY27's 22.0% EBITDA margin, so the key question is whether Q2 margin holds above Q2 FY26's 21.7% while gross margin stays near the guided ~80%. The upcoming call is also expected to cover the hormone facility dossier filing targeted for Nov–Dec 2026 and the resumption of the Wokadine 25% growth path.
FY27 guidance scorecard vs H1 delivery: Q1 FY27 tracked ahead of the full-year path at +21.9% revenue and +30.1% PAT.
Q2 margin vs the flagged ~100 bps input-cost hit
Wokadine ramp after the integration quarter
Hormone facility and export pipeline
IVF/Bayer portfolio, field force and balance sheet
Management attributed the dip to 17.6% (-90 bps YoY) to one-time investments of Rs. 14 Cr in two new divisions (multi-specialty and infertility) plus Rs. 1.6 Cr on R&D, calling them growth investments. It did not commit to a specific FY27 margin number, reiterating the 15% revenue / 20% PAT-EPS framework.
Management said Q1 FY27 was a supply-chain and distribution integration quarter and "can't be considered for the future coming quarters". The 25% growth commitment on the Rs. 20 Cr internal base, targeting ~Rs. 40 Cr over the next 2–3 years, stands.
With 70–90 days of stock, the Q1 FY27 impact was minimal, but management anticipates a potential ~100 bps EBITDA-margin hit in Q2 FY27 from geopolitical Southeast Asia raw-material pressure. It plans to mitigate this through cost reductions to maintain the 20% PAT growth guidance, though the duration and magnitude are "difficult to predict".
Q1 FY27 growth of 21.9% revenue and 30.1% PAT ran ahead of the ~17% revenue and ~20% PAT full-year targets. Management has said guidance should be assessed over the entire guidance period rather than by annualizing quarterly numbers.
The dossier filing is expected in Nov–Dec 2026, with business commencement 12–18 months post-approval and good initial international business by FY29. The facility was commercialized on June 30, 2026, with capex of Rs. 130 Cr.