Highlights
| Issue Size – 61,160,088 shares | Issue Open/Close – 08 Dec / 10 Dec, 2025 |
| Price Band (Rs.) 1,008 – 1,062 | Issue Size (Rs.) ~ 6,553.7 mn |
| Face Value (Rs) 10 | Lot Size (shares) 14 |
Corona Remedies Limited (CRL), incorporated in 2004, is an India-focused branded pharmaceutical formulation company engaged in developing, manufacturing and marketing products in women’s healthcare, cardio-diabeto, pain management, urology and other therapeutic areas.
CRL’s diversified product portfolio, as of Q1FY26, comprises 71 brands catering to a range of therapeutic areas such as women’s healthcare, cardio-diabeto, pain management, urology and others/multi-specialty pharmaceuticals (comprising vitamins/minerals/nutrition (VMN), gastrointestinal and respiratory).
As of Q1FY26, the company operated 2 manufacturing facilities in Gujarat (Bhayla) and Himachal Pradesh (Solan), with a combined area of 2.83 hectares and an installed formulation capacity of 1,285.44 mn units per year across 11 production lines. A new hormone manufacturing facility in Gujarat is under commissioning and expected to begin operations in Q1FY27.
CRL will not receive any proceeds out of ~Rs. 6,558 mn offer and all the offer proceeds will be received by the selling shareholders after deduction of offer related expenses and relevant taxes thereon, to be borne by the selling shareholders.
Key Highlights
- As of FY25, India’s domestic formulations market reached ~Rs 2.3 tn, representing about 2 pct of the global pharmaceutical market. The market grew at a CAGR of 9 pct from FY20 to FY25 and is projected to achieve a CAGR of 8-9 pct, reaching Rs 3.3-3.5 tn by FY30, driven by rising chronic diseases, greater healthcare awareness, and improved access.
- The company operates 2 R&D facilities in India, housed within its manufacturing facilities and registered with the Department of Scientific and Industrial Research, Ministry of Science and Technology. As of Q1FY26, its R&D department employed 103 personnel focused on new formulation development, manufacturing process efficiencies, packaging development, and process engineering.
- The company claims to have outpaced prescription growth in the IPM from MAT June 2022 to MAT June 2025 by focusing on specialist doctors and targeting urban and semi-urban areas, with 75 pct of its domestic sales coming from these regions. Specialists and super-specialists contributed 76 pct of prescriptions in MAT June 2025, compared to 61 percent for the IPM.
- CRL’s key strategies include: (i) further increasing market share in the domestic Indian pharmaceutical market, (ii) growing the product portfolio with a focus on long product life cycles and progression, (iii) expanding into other therapeutic areas with significant growth potential and deepening presence in existing therapeutic areas, (iv) executing strategic acquisitions and establishing in-licensing agreements, and (v) expanding sales in select overseas markets with a focused approach.
- Sales of the company has grown by 16.3 pct CAGR in over FY23-25 and EBITDA and Profit grew by 36.9 pct CAGR and 32.6 pct CAGR over same period. During FY25 the sales of the company jumped by 17.9 pct YoY to Rs. 11,964 mn. While EBITDA of the company grew by 55.1 pct YoY to Rs. 2,400 mn and EBITDA margin expanded by 157 bps to 20.1 pct YoY in FY25. During FY25, the company reported profit of Rs. 905 mn, which grew 65.1 pct YoY.
Key Risk
Financial Performance
| (In Rs. million, unless otherwise stated) | FY23 | FY24 | FY25 | Q1FY26 |
| Revenue from Operations | 8,841 | 10,145 | 11,964 | 3,465 |
| EBITDA | 1,280 | 1,547 | 2,400 | 698 |
| EBITDA Margin % | 14.5% | 15.3% | 20.1% | 20.1% |
| Profit | 849 | 905 | 1,494 | 462 |
| Profit Margin % | 9.6% | 8.9% | 12.5% | 13.3% |
| ROE % | 23.3% | 20.4% | 27.5% | 7.6% |
| ROCE % | 28.4% | 31.2% | 41.3% | 11.3% |
Peer Comparison based on FY25 Financials
| Peer Comparison | Corona Remedies Ltd. | Abbott India Ltd. | Alkem Laboratories Ltd. | Eris Lifesciences Ltd. |
| Sales (Mn) | 11,964 | 64,091 | 129,645 | 28,936 |
| EBITDA (Mn) | 2,400 | 19,700 | 25,122 | 10,172 |
| EBITDA Margin % | 20.1% | 30.7% | 19.4% | 35.2% |
| Profit (Mn) | 1,494 | 14,144 | 22,154 | 3,747 |
| Profit Margin % | 12.5% | 22.1% | 17.1% | 12.9% |
| ROE % | 27.5% | 42.9% | 18.3% | 14.6% |
| ROCE % | 41.3% | 35.7% | 14.8% | 15.0% |
Valuation
Corona Remedies Limited is a pharmaceutical company developing, manufacturing, and marketing products in women’s healthcare, cardiology, pain management, urology, and other therapeutic areas. At the upper end of the price of Rs. 1062, the issue quotes PE of 35x on FY26 annualized earnings. The issue looks fully priced.
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