Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 16 Oct
Source: Bse
CORONA Remedies Limited (CORONA)
Micro CapPharma stocks · Micro cap · NSE
CORONA Remedies is an Indian pharmaceutical company founded in 2004, focused on building strong brands across therapeutic areas. It has strategically shifted its portfolio to chronic and sub-chronic segments, which contributed 71.9% of FY26 revenue. The company operates with state-of-the-art manufacturing facilities in Himachal Pradesh and Gujarat, and has a pan-India presence with a robust distribution network.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals17 Oct 2026 · screener
Latest result31 Jul, 10:57 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Pharma P/E 33.5 (n=187)
Technical timing lens
Trend score and candlestick chart
68BullishSMA20 -3.5% / mo · MACD − · sector +4.9pp vs Nifty 500 (3M)
Stock trend: 46
Sector RS: 100
Sector 3M: -0.7% vs Nifty 500 -5.6%
Pharma FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
CORONAD candles · FIT view+19.8%Latest close ₹2020.90 on 2026-10-21
Daily history is available from 2025-12-15; the requested 1Y window is partially covered.
Bar
+0.7%
RSI
43
MACD hist
-2.76
52W pos
72%
2026-10-21O ₹2007.00H ₹2036.60L ₹1990.80C ₹2020.90Vol 23,061 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
CORONANifty PharmaNifty 500
- CORONA
- -3.3%
- Nifty 500
- -6.5%
- Nifty Pharma
- -2.0%
- Vs Nifty 500
- +3.2 pp
Chart stats
21 Oct 2026- From 52W high
- -11.8%
- 52W range position
- 72%
- ATR (14)
- 3.0%
- Volume vs 20D
- 0.94x
- Avg traded value
- ₹5.1 Cr
- 20D price channel
- ₹1,941.5 - ₹2,215.7
₹2,292.4
₹1,336.6 - ₹2,292.4
₹60.8
Latest completed session
20-session average
23.6% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Weak U-Score but strong trend: momentum may be ahead of fundamentals.
Suggested next step
Momentum only
Trend is strong but fundamentals do not support a clean investment thesis.
U-Score
Legacy · FAIR VALUE53
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent90
Revenue +21.6% · PAT +30.4% YoY
Technical
Bullish68
Price trend and sector-relative-strength timing.
Valuation
Legacy model-38.0%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence80
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 90/100Rev +22% YoY · PAT +30% YoY · margin expansion · +20% QoQ · operating leverage
Filed 31 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹422 Cr | +21.6% | +19.6% |
| EBITDA | ₹93 Cr | +32.9% | +50.0% |
| Operating margin | 22.0% | +200 bps | +400 bps |
| PAT | ₹60 Cr | +30.4% | +33.3% |
| PAT margin | 14.2% | +96 bps | +147 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 57.70
- P/B
- 16.43
- EV/EBITDA
- 34.58
- Market Cap
- 12250.00Cr
Profitability
- ROE
- 29.50%
- ROCE
- 33.30%
- ROA
- 16.51%
- Dividend Y
- 0.50%
Growth (CAGR)
- Revenue 5Y
- 13.73%
- EPS 5Y
- 23.70%
- Revenue 3Y
- 17.00%
- EPS 3Y
- 33.00%
Balance Sheet
- Debt/Equity
- 0.22
- Interest Coverage
- 39.63×
- Altman Z
- 9.12
- Book Value
- 122.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 2/5
- OCF
- 229.00 Cr
- EPS TTM
- 32.54
Shareholding
- Promoter Hold
- 69.00%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 70%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 422+19.5% vs prev
Net Profit
₹ CrLatest: 60.0+33.3% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
NeutralTrend is undirectional — long-term uptrend intact. RSI 43.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~3.6% over last month) — short-term momentum negative.
- RSI(14) at 43 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 12% off 52W high · 51% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
77
RS percentile
Stage 2 UptrendEstablished S2
1M return
-8.7%
3M return
-3.3%
6M return
+22.9%
1Y return
-
RS 1D
+1
RS 20D
-2
Sector rank
#1
Industry rank
#9
Stage evidence
- Price is 6.5% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +3.4%.
50-DMA
price below
200-DMA
price above
S2 observed by
07 Aug 2026
S2 age
51 trading sessions
Sector
leading
Industry
leading
Partial-history RS: the 3M and 6M weights are re-normalised because 12M history is unavailable.
Relative-strength line vs Nifty 500 (base 100)
210 observations
21 Oct 2026Value 152.64+1.48%
RS vs Nifty 500153
Valuation & peers
U-Score 53 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 53 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · FAIR VALUEValuation0/30
Growth16/25
Quality20/20
Balance Sheet10/15
Cash Flow2/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
53
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
53/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 20/20 to the score.
- Balance sheet contributes 10/15 to the score.
Main drags
- Fair-value margin of safety is negative at -38.0%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Cash flow is weaker at 2/10; verify the latest quarterly trend.
Sector valuation model
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Primary lens
PE and EV/EBITDA adjusted for product mix and R&D/pipeline quality.
Secondary checks
USFDA risk, launch pipeline, margin trend, domestic vs export mix.
Main risk check
Regulatory setbacks or one-off product cycles can distort valuation.
PE
57.7
PB
16.4
EV/EBITDA
34.6
ROE
29.5%
ROCE
33.3%
FCF Yield
—
Debt/Equity
0.2
MoS
-38.0%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
53
Previous: 53
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
-38.0%
Previous: -37.3%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
53
53
53
53
53
53
53
53
53
53
53
53
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹298.87
-576.2% MoS
Growth-justified P/E
45.0
Growth-justified Value
₹1,464.3
-38.0% MoS
PEG
2.10
Comparable companies
Peers
Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
ASTRAZEN
Small
AstraZeneca Pharma India Limited
Pharmaceuticals
match 159
43
85.2
23.3%
-98%
WATCHLIST
ERIS
Large
Eris Lifesciences Limited
Pharmaceuticals
match 159
55
24.5
18.7%
+47%
FAIR VALUE
APLLTD
Mid
Alembic Pharmaceuticals Limited
Pharmaceuticals
match 158
34
20.8
13.4%
-453%
WATCHLIST
SANOFI
Small
Sanofi India Limited
Pharmaceuticals
match 158
53
15.8
47.1%
-305%
FAIR VALUE
ALIVUS
Large
Alivus Life Sciences Limited
Pharmaceuticals
match 157
29
43.7
—
+14%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-08T08:08:02.103Z
Management commentary snapshot
CORONA reported healthy revenue growth of 20.2% in Q4FY26 and 17.3% in FY26 YoY. FY26 EBITDA grew 22.3% to INR 293.4 Cr with margin expanding 80 bps to 20.9%. Adjusted PAT for FY26 increased 33.4% to INR 199.4 Cr, with margin up 170 bps to 14.2%.
The company demonstrates strong execution, outpacing IPM growth by 2.0x, driven by strategic acquisitions and a focus on chronic therapies. Margin expansion in FY26 and entry into new international markets (EAEU) support continued growth, despite a slight Q4 EBITDA margin dip.
Current business mix
Revenue by Chronic/Acute Portfolio
Latest issuer-disclosed distribution across 2 reported categories.
Chronic71.9%
Acute28.1%
Growth engines
Chronic & Sub-chronic Portfolio Focus
Chronic and sub-chronic therapies contributed ~71.9% of total Revenue in FY26, reflecting a strategic shift from 70:30 Acute:Chronic in FY13 to 28:72 in FY26.
Strategic Acquisitions
Acquisition of Wokadine® from Dr. Reddy’s and 7 brands from Bayer Zydus Pharma Ltd. from internal accruals, strengthening market presence and entering new segments.
International Market Expansion
EAEU–GMP certification for Bhayla facility enables entry into five key Eurasian markets (Russia, Kyrgyzstan, Armenia, Belarus, Kazakhstan), unlocking a ~USD 25 billion market opportunity.
Domestic Market Share Gains
CORONA has grown at 2.0x compared to IPM growth, achieving 17.2% revenue MAT growth, the fastest among top 30 Indian Pharma Peers, climbing 5 ranks in 3 years.
Capacity and execution
Bhayla Facility Expansion
Capacity expansion at the Bhayla facility to boost tablet and capsule production, adding 400 Mn units to installed capacity. Commercial production commenced on 22nd December 2025.
Total Formulations Capacity
Total installed capacity for formulations is 1.65 Bn units per annum, with Gujarat facility contributing ~1.25 Bn tablets/capsules and Himachal Pradesh ~403 Mn tablets/capsules.
Tailwinds
Indian Pharmaceutical Market Growth
IPM is poised to grow at a CAGR of 8-9% till FY30, with the chronic segment expected to outpace the acute segment.
Demographic & Health Trends
Improving life expectancy, rising prevalence of chronic diseases, improvement in health insurance penetration, and rising income levels are growth drivers for the domestic formulations industry.
Risk radar
Competition
The company operates in a competitive environment within the Indian and international pharmaceutical markets.
Strategy Implementation
The company's ability to successfully implement its strategy, including growth and expansion plans, is subject to risks and uncertainties.
Technological Changes
Technological implementation, changes, and advancements pose risks to the company's operations and market position.
Market Risks
The company's market preferences and its exposure to various market risks could impact its financial performance.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The document explicitly provides Q4FY26 and FY26 results compared to Q4FY25 and FY25, respectively, with percentage changes. This indicates a focus on annual and quarterly year-over-year performance, which is typical for assessing growth and profitability trends in a pharma business.
Sector KPIs management disclosed
Domestic Formulations Growth
Reported healthy revenue growth of 17.3% in FY26 on a Y-o-Y basis. CORONA has grown at 2.0x compared to IPM growth.
US/Export Growth
Bhayla facility received EAEU–GMP certification in January 2026, enabling entry into five key Eurasian markets, unlocking market opportunity of up to ~USD 25 billion.
Launch Pipeline & Acquisitions
Strategic Acquisition of Wokadine® from Dr. Reddy’s, marking entry into ~Rs. 6481 Crs Povidone Iodine market. Acquired 7 brands from Bayer Zydus to strengthen presence in infertility segment.
Approvals
Bhayla facility received EAEU–GMP certification in January 2026. Gujarat facility is EU-GMP, EAEU-GMP & WHO-GMP approved.
Management forward view
Increase Domestic Market Share
Management aims to improve MR productivity, expand the prescriber base, and intensify engagement with super-specialist prescribers in urban centers.
Expand Therapeutic Areas
Plans to expand into additional therapeutic areas such as nephrology, central nervous system (CNS), rheumatology, dermatology, and gastroenterology.
Product Portfolio Management
Focus on launching new products addressing unmet patient needs within existing therapeutic areas and deepening presence through targeted product expansions.
Expand Overseas Sales
Leverage hormone product portfolio, R&D capabilities, and differentiated offerings to penetrate overseas markets and establish credibility with global healthcare professionals.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Domestic Revenue Growth | 17.3% (FY26 YoY) | Continued outperformance against IPM growth (currently 2.0x) and sustained volume, price, and new product launch contributions. |
| EBITDA Margin | 20.9% (FY26) | Sustained margin expansion, particularly monitoring the Q4FY26 dip and the impact of new acquisitions and international market entries. |
| Chronic Portfolio Contribution | 71.9% (FY26) | Further increase in the share of chronic and sub-chronic therapies in total revenue, indicating successful portfolio shift. |
| International Market Penetration | EAEU GMP certification received | Tangible revenue contribution and market share gains from the newly entered Eurasian markets and other select overseas markets. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
80Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 90th percentile of the scored universe and 87th percentile within Pharma. Main check: cash conversion is weak at 55/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
23 docs text-extracted · 6 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
90th percentile
overall median 67 · Pharma: 87th pctile, median 70 · Micro: 81st pctile, median 73
Evidence depth
Financial-only
23 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
55
watch · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
98
strong · capital discipline
Results
79
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 69%.
- ▸Promoter pledge is zero.
- ▸ROCE is 33.3%.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching CORONA Remedies Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Credit ratingSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Credit Rating 30 Sep - CARE upgraded ₹70 crore bank facilities to CARE A+/A1+ and reaffirmed ₹7 crore term loan rating on September 30, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 18 Sep
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 20 Aug - Company officials will attend Phillip Capital PCG investor conference in Ahmedabad on August 26, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 10 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 30 Jun - Corona Remedies commenced commercial production at its EU-GMP women’s hormone facility in Bhayla, Ahmedabad, boosting capacity 20%.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 1 Aug - Newspaper Publication of Unaudited Financial Results for the first quarter and three months ended June 30, 2026
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 16 Jun - Newspaper Publication - Notice of 22nd Annual General Meeting , Intimation of Record Date and E-voting information
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 10 Jun - Newspaper Publication - Intimation of 22nd Annual General Meeting of the Company through Video Conferencing / Other Audio Visual Means (VC / OAVM) facility
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 10 Jun
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.