Corona Remedies Q2 FY27 Results Analysis: Revenue Jumps 22%, PAT Growth Trails Guidance

Cofacto Research Published October 30, 2026 4 min read

Positive

Corona Remedies Ltd's Q2 FY27 numbers came in strong, with revenue of Rs. 441.17 Cr (+22.16% YoY) and PAT growth of +15.27% YoY. Here's a quick read of what worked, what to watch, and what management said.

Quick Details

Results date	October 30, 2026
Revenue (Q2)	Rs. 441.17 Cr (+22.16% YoY)
PAT (Q2)	Rs. 60.31 Cr (+15.27% YoY)
EBITDA margin	21.75% (+2 bps YoY)
EPS (Q2)	Rs. 9.86 (+15.32% YoY)

Quarter Snapshot

CORONA delivered its highest-ever quarterly revenue of Rs.441.17 Cr, up 22.16% YoY and ahead of its ~17% FY27 guidance, with domestic growth of 22.9% running 1.9x the IPM's 12%. EBITDA margin held flat at 21.75% despite a flagged ~100 bps input-cost hit, and the balance sheet swung to net cash, though D&A up 63.70% YoY held PAT growth to 15.27%, below the ~20% full-year guidance. The ANVISA GMP certification and hormone dossier window (Nov-Dec 2026) are the next catalysts.

Q2 FY27 Expectations vs Results

Driver	What happened	Verdict
Revenue "likely ahead — IPM value growth of ~12%… Corona's demonstrated 1.9x IPM outperformance against an accelerating market is a tailwind"	Revenue +22.16% YoY, highest-ever quarter	Played out
Margins "likely compressing modestly, offset by cost actions… whether Q2 EBITDA margin holds above Q2 FY26's 21.7%"	21.75% — held above, not compressed — better than expected	Played out
"The ~20% PAT growth commitment is the tighter test — the flagged input-cost hit, the D&A step-up… all press on the bridge"	Q2 PAT +15.27% (below 20%); H1 +22.23% (above)	Partially
"Depreciation was already +48.4% YoY in Q1" and would step up further	D&A +63.70% YoY; PAT margin −82 bps YoY	Played out
IPM acceleration and therapy prints (per pre-call note, web-sourced, Pharmarack-based)	Press release cites IPM ~12% and 1.9x outperformance; domestic +22.9%	Played out
API/MIP and DPCO policy prints	Not addressed in the filing	Not observable

Read our full results preview.

Management Guidance vs Delivery

What management said	Where	What happened	Verdict
FY27 revenue growth ~17% (15% organic + 1.5–2% inorganic)	Q1 FY27 earnings call (Aug 3, 2026)	Q2 +22.16%; H1 +22.03% — running ahead	On Track
FY27 PAT growth ~20%	Q1 FY27 earnings call, reaffirming Q4 FY26 call	Q2 +15.27%; H1 +22.23%	On Track on H1; Q2 ran below
Q2 margin: hold despite ~100 bps input-cost hit via cost cuts	Q1 FY27 earnings call caution	EBITDA margin 21.75% vs 21.73% (flat); gross margin 81.75% (+76 bps)	Met
Myoril loan Rs.16 Cr repaid in FY27	Q4 FY26 earnings call ("this year")	Rs.16.00 Cr repaid in H1 cash flow	Met
Hormone dossier filing Nov–Dec 2026; asset turn <1x FY27	Q1 FY27 call	Not addressed in the filing	Too Early

Key Numbers, Quarter by Quarter

Metric	Q2 FY26	Q3 FY26	Q4 FY26	Q1 FY27	Q2 FY27
Revenue	361.1	342.4	353.1	422.4	441.17
EBITDA	78.5	83.2	62.0	93.1	95.95
EBITDA margin %	21.7	24.3	17.6	22.0	21.75
Reported PAT	52.3	41.3	45.3	60.1	60.31
PAT margin %	14.5	12.1	12.8	14.2	13.67

Key Investment Insights

Key Positives

Revenue grew 22.16% YoY to Rs.441.17 Cr, the highest-ever quarterly revenue, ahead of management's ~17% FY27 guidance path
Domestic business grew 22.9%, 1.9x the IPM growth of 12%, with volume growth 2x IPM and new introductions 2.4x IPM
EBITDA margin held at 21.75% (flat YoY, +2 bps) despite a flagged ~100 bps input-cost headwind; gross margin improved 76 bps YoY to 81.75%
EBITDA grew 22.28% YoY to Rs.95.95 Cr, tracking revenue growth
Balance sheet swung from net debt of Rs.98.74 Cr at Mar-26 to net cash of Rs.4.26 Cr at Sep-26 (~Rs.54 Cr counting non-current fixed deposits)
H1 PAT grew 22.23% YoY to Rs.120.42 Cr, tracking the ~20% FY27 PAT growth guidance
ANVISA (Brazil) GMP certification of Bhayla OSD and hormone plants received Oct 22, 2026; CARE upgraded short-term rating to A1+
Chronic + semi-chronic mix rose to 71.2% of sales from 67.7% YoY; four brands above Rs.100 Cr in annual sales including one above Rs.200 Cr

Risk Factors

D&A surged 63.70% YoY (9.20 → 13.24 → 15.06 across three quarters) from the hormone plant and acquired-brand amortization, compressing PAT margin to 13.67% from 14.49%
Q2 PAT growth of 15.27% ran below the ~20% FY27 PAT growth guidance
Other expenses grew 26.54% YoY, faster than revenue, rising to 31.84% of revenue from 30.74%
H1 CFO/PAT fell to 0.936x from 1.151x as a Rs.44.73 Cr inventory build and Rs.24.79 Cr receivables increase absorbed the EBITDA improvement
Effective tax rate rose ~29 bps YoY to 25.31% vs a FY26 base of 23.00%, a modest incremental drag