Corona Remedies Ltd

Meeting Details

• Date/time: Wed, Aug 26, 2026, 11:00 AM IST onwards.
• Group meeting; In-person participation.
• Organized by Phillip Capital PCG.
• Venue: Ahmedabad.

Participants

• Key participants: Company officials (roles not specified).

Purpose

• Purpose: Participation in Analyst/Investor Conference; discussions based on publicly available information; UPSI not discussed.

Financial Performance

• Q1 FY27 revenue rose 21.9% YoY; India revenue rose 22.7% YoY.
• MAT June 2026 volume growth 6.3%; IPM volume growth 1.3%.
• Price-led growth 8.7% vs IPM 5.6%; new product introductions ~3.4% vs 2.9%.
• FY27 organic revenue growth target 15% with 20% PAT growth.
• Growth mix: 85% organic, 15% inorganic.
• Rankings: 5th in Women’s Healthcare and Pain Management; 9th in Urology.
• Current mix: 97% India, 3% international; international expected to rise to higher single digits in 5 years.
• Wokadine external revenue ~INR28-30 crores in FY26; internal Dr. Reddy’s revenue ~INR20 crores.
• Wokadine acquisition cost INR97 crores; amortized over 10 years (~INR10 crores/yr).
• Noklot brand launched; acquisition cost INR7 crores; INR7 crores recovered in Q1.
• Hormonal EU-GMP facility commercialized; dossiers by Nov–Dec 2026; export to ROW from FY28-29.
• EU GMP hormone facility capex INR130 crores; asset turnover near 1% by year-end.
• In-house manufacturing share ~60%; 40% outsourced; FY27 target 60-40.
• R&D focus: strengthened, adding talent, improving processes and pipeline.

Operational Highlights

• IVF dedicated task force established to deepen Gynecology reach and brand adoption.
• Wokadine and Bayer-Zydus portfolio integration progressing; Noklot launched in cardio-metabolic vertical.
• La Chandra Pharma Lab stake cited as 24% earlier; later stated as 31%.
• API consumption from La Chandra ~60–65%; rest from other suppliers.

Guidance and Outlook

• FY27 guidance remains 15% organic revenue growth; 20% PAT growth.
• Inorganic growth guidance: ~25% for FY27.
• No new MRs in FY27; 400 MRs added in Q4 FY26.
• Two new INR10 crores brands; all organic.

Q&A Takeaways

• Margin trajectory depends on product mix and input costs; current margin range may not persist.
• Hormonal plant export ramp-up; dossier progress and international filings outlined.
• Wokadine portfolio: quarterly revenue INR7 crores; acquisition cost recovered; Bayer-Zydus integration progressing.
• IVF portfolio ramp-up progress with MR team.

Aug 13, 2026 meeting

• Aug 13, 2026, 10:00 AM IST; Emkay Global Investor Conference; Group/1x1; In-person; Mumbai.
• Company Officials to attend; discussions will be based on publicly available information.

Aug 14, 2026 meeting

• Aug 14, 2026, 10:00 AM IST; Equirus Investor Conference; Group/1x1; In-person; Mumbai.
• Company Officials to attend; discussions will be based on publicly available information.

Board approval

• Board approved standalone and consolidated unaudited Q1 FY27 results for quarter ended June 30, 2026.
• Results prepared in Ind AS 34 and reviewed by the Audit Committee.
• Results to be published as advertisement; available on the company website.

Financial highlights

• Revenue from operations: Rs 422.4 crore; YoY growth 21.9%.
• Total income: Rs 425.6 crore.
• EBITDA: Rs 93.1 crore; EBITDA margin 22.0%.
• PAT: Rs 60.1 crore; PAT margin 14.2%.

Labour Codes impact & milestones

• Statutory Labour Codes impact: Rs 19.10 crore (post-tax Rs 14.29 crore) as exceptional item.
• Inauguration of Female Hormone Plant; commercialization initiated.
• Wokadine integration initiated; supply and distribution integration progressing.

Business Overview

• Indian pharma focused on chronic and sub-chronic therapies, with emphasis on women's health.
• 97% of Q1FY27 revenue derived from India; strong pan-India MR network.
• Strategic shift toward chronic therapies; chronic segment ~73.4% of Q1FY27 revenue.
• EU-GMP/Hormone facilities enhance regulatory credibility and product scope.
• Capacity expansions and acquisitions underpin near-term growth.

Operational Highlights

• Q1FY27 revenue ₹422.4 Cr; YoY +21.9%; EBITDA ₹93.1 Cr; margin 22.0%.
• EU-GMP renewal for Bhayla OSD in May 2026; Hormone Facility EU-GMP certified in June 2026.
• Gujarat facility added 400 Mn tablets capacity in Dec 2025; total Gujarat OSD ~1.25 Bn.
• Hormone facility at Bhayla: 194 Mn tablets/capsules and 1.5 Mn ointments/gels.
• HP facility capacity: ~403 Mn tablets/capsules and 10 Mn liquid bottles.
• Chronic portfolio contribution 73.4% in Q1FY27.

Financial Performance

• Q1FY27 revenue ₹422.4 Cr; gross margin 81.6%; EBITDA ₹93.1 Cr; PAT ₹60.1 Cr.
• EBITDA margin 22.0%; PAT margin 14.2% in Q1FY27.
• FY26 revenue ₹1,403.2 Cr; EBITDA ₹293.4 Cr; EBITDA margin 20.9%; PAT after tax ₹185.1 Cr.
• Total equity ₹746.9 Cr; borrowings ₹142.9 Cr (current); cash ₹1.8 Cr.
• Operating cash flow FY26 ₹229.5 Cr; investing cash flow -₹256.1 Cr.
• Adjusted PAT FY26 ₹199.4 Cr (14.2% margin).

Capital Structure & Liquidity

• Listed on NSE and BSE in December 2025; liquidity enhanced via listing.
• No long-term borrowings; current borrowings ₹142.9 Cr.
• Cash and cash equivalents ₹1.8 Cr; total equity ₹746.9 Cr.
• Net cash from operations ₹229.5 Cr; net cash from investing ₹-256.1 Cr; financing ₹25.3 Cr.

Strategic Priorities & Outlook

• Grow chronic therapy share; expand prescriber base and MR productivity.
• Deepen women's health focus including infertility and menopause therapies.
• Expand into nephrology, CNS, rheumatology, dermatology, and gastroenterology.
• Scale overseas operations; enter regulated markets with hormone portfolio.
• Pursue acquisitions and in-licensing to accelerate growth.
• Leverage hormone portfolio and R&D to differentiate offerings.

Risks & Mitigation

• Concentration risk: 97% of revenue from India.
• Regulatory dependence on EU-GMP/Hormone facilities; renewal and compliance risk.
• Competitive intensity in Indian pharma; execution risk in expansion.
• Overseas expansion risks; mitigated by diversified portfolio and acquisitions.

Governance & Leadership

• Niravkumar Kritikumar Mehta: MD & CEO; 20+ years in pharma.
• Ankur Kritikumar Mehta: Joint Managing Director.
• Bhavin Naresh Bhagat: Chief Financial Officer.
• Sangeeta Thaker: President – Global Marketing & Planning.
• Vijay Charlu: President – India Business.
• Chetna Prabhatkumar Dharajiya: CS & Compliance Officer.
• Independent Directors: Ameetkumar Hiranyakumar Desai; Monica Kanuga; Shirish Gundopant Belapure.
• Chairman: Dr. Kiritkumar Laxmidas Mehta; Other director: Bhaskar Vemban Iyer.

Financial Highlights

• Revenue for Q1FY27: ₹422.4 Cr, up 21.9% YoY.
• PAT for Q1FY27: ₹60.1 Cr, up 30.1% YoY; PAT margin 14.2% (+90 bps).
• EBITDA: ₹93.1 Cr, up 33.5% YoY; EBITDA margin 22.0% (+190 bps).

Operational Developments

• Inaugurated EU-GMP Female Hormone Plant in Ahmedabad; commercialization initiated on 30 June 2026.

Brand & Product Integration

• Initiated integration of Wokadine brand from supply and distribution perspectives.

Market Position

• Market rank improved to 26th per MAT June'26, up 3 places from 29th.

Strategic Focus

• Management focus on Women's Health, Cardio-Diabetes, Pain, Urology; Infertility and Biosimilars prioritized.

Outlook / Focus Areas

• Emphasis on core therapies and ongoing operational efficiencies.

Financial highlights

• Revenue for Q1FY27 ₹422.4 Cr, up 21.9% YoY.
• EBITDA ₹93.1 Cr, margin 22.0%, up 190 bps YoY.
• PAT ₹60.1 Cr, margin 14.2%, up 90 bps YoY.
• Board approved unaudited standalone and consolidated Q1FY27 results.
• Inaugurated EU-GMP Female Hormone Plant in Ahmedabad; commercialization started 30 June 2026.
• Integrating Wokadine brand into supply and distribution.

Meeting Details

• Meeting date: July 31, 2026; time and venue not disclosed.

Key Agenda Items

• Consider and approve unaudited standalone and consolidated financial results for the quarter ended June 30, 2026.
• Other business(es) to be considered.

Other Notes

• Trading window closed till August 2, 2026.

AGM Details

• AGM held July 9, 2026, 11:00–12:15 via Video Conference/OAVM.
• Remote e-voting open July 6–8; AGM voting allowed for 30 minutes after.
• Scrutinizer's report dated July 10, 2026; results enclosed.

Key Resolutions & Outcomes

• Adopt audited financial statements (standalone/consolidated); Ordinary; passed 100% in favour.
• Declare final dividend of ₹10 per equity share; Ordinary; passed 100%.
• Appoint Nirav Mehta by rotation; Ordinary; passed 93% in favour.
• Appoint Walker Chandiok & Co LLP as Statutory Auditors; Ordinary; passed 94.6%.
• Ratify Cost Auditors' remuneration for FY2026-27; Ordinary; passed 100%.
• Appoint Dhara Patel, CS Firm, as Secretarial Auditors; Ordinary; passed 100%.
• Approve commission to Non-Executive Directors; Special; passed 94.13%.
• Approve remuneration to Dr. Kirtikumar Mehta (NED & Chairman) for FY2026-27; Special; passed 91.5%.
• Re-appoint Dr. Kirtikumar Mehta as NED/Chairman for 5 years; Special; passed 91.54%.

AGM Details

• AGM held on Thursday, July 09, 2026 via Video Conferencing / OAVM.
• Quorum present; all Board Members attended.

Resolutions and outcomes

• Adopt Audited Financial Statements (Standalone & Consolidated) for FY ended March 31, 2026; passed.
• Declare final dividend of ₹10 per equity share for FY 2025-26; passed.
• Re-appointment of Nirav Mehta by rotation; passed.
• Appoint Walker Chandiok & Co LLP as Statutory Auditors; remuneration to be fixed; passed.
• Ratify remuneration payable to Cost Auditors for FY 2026-27; passed.
• Appoint Dhara Patel, Company Secretary Firm as Secretarial Auditors; passed.
• Approve payment of commission to Non-Executive Directors; passed.
• Approve remuneration to Dr. Kirtikumar Mehta, NED & Chairman, for FY 2026-27; passed.
• Re-appointment of Dr. Kirtikumar Mehta as NED & Chairman for 5-year term; passed.