Corona Remedies IPO: Check IPO Date, Lot Size, Price & Details

Business Overview:

Corona Remedies is an India-focused branded pharmaceutical formulation company operating across key therapeutic segments including women’s healthcare, cardio - diabetics, pain management, urology, and multispecialty care. Incorporated in 2004, the company today has a diversified portfolio of 71 brands, with strong presence in high-prescription categories such as vitamins and minerals, gastrointestinal disorders and respiratory care. Backed by a pan-India distribution network, Corona Remedies engages doctors through a robust field force of 2,671 medical representatives across 22 states, enabling deep penetration in the Indian Pharmaceutical Market (IPM) and sustained prescription momentum.

The company has built a strong brand-led franchise, with 27 core “engine” brands contributing over 72% of domestic sales as of MAT June 2025. Flagship brands such as Cor, Trazer, Cor9, B-29 and Myoril have established leadership positions in their respective segments. A differentiated go-to-market strategy focused on specialist and super-specialist doctors has helped the company outperform prescription growth in the IPM over the last three years, with specialists accounting for nearly 76% of the company’s prescriptions versus 61% for the broader IPM. Corona Remedies is currently the 17th largest player in its covered markets and ranks among the top three fastest-growing Indian pharma companies in targeted specialties.

On the manufacturing front, Corona Remedies operates two formulation facilities in Gujarat and Himachal Pradesh with a combined installed capacity of 1,285.44 million units per year across 11 production lines. The company is also commissioning a dedicated hormone manufacturing facility in Gujarat to strengthen its women’s health portfolio. Backward integration initiatives through its investment in La Chandra Pharmalab - an EU-GMP and WHO-GMP certified hormone API manufacturer - further enhance quality control, cost efficiencies and supply chain stability.

IPO Synopsis:

Objective of the Issue:

• The Issue is entirely an Offer for Sale and will provide an exit to existing shareholders.

Strengths:

• Brand Leadership & Diversified Portfolio:
  The company operates a broad portfolio of 71 brands across key therapeutic areas, contributing over 68% of domestic sales. Strong category leadership with Number 1-ranked brands like Myoril, COR, and Trazer, supported by exclusive in-licensing partnerships with Ferring, strengthens positioning in women’s health and urology.

• Strong Growth in Key Therapeutic Segments:
  Domestic sales grew at a 16.77% CAGR, outperforming the IPM. The company leads in high-growth therapies with exceptional momentum - urology at 64% CAGR, gynecology at 26%, and pain management at 24%. A superior share of successful new launches further reinforces its strong competitive trajectory.

• Focused Sales & Marketing Strategy:
  The company targets the high-value “middle of the pyramid” urban and semi-urban markets, contributing over 75% of sales. Specialist-driven engagement results in 75% of prescriptions coming from specialists, far above the IPM average. A 2,671 strong field force ensures nationwide reach and deeper doctor engagement.

• Robust Manufacturing & Development Capabilities:
  With EU-GMP and WHO-GMP certified facilities in Gujarat and Himachal Pradesh and a new hormone facility underway, the company ensures high-quality production. A large installed capacity and strong track record of successful new SKUs demonstrate efficient execution, operational strength, and product development capability.

Risks:

• Geographic Concentration of Revenue:
  The company is heavily dependent on Western and Northern India, which together contribute around 65% of total revenue. Such concentration exposes it to regional demand fluctuations, economic slowdowns, or disruptions. Any adverse event in these pockets can materially impact product sales, revenue stability, and overall business performance.

• Rising Borrowings and Debt-Servicing Risk:
  Borrowings have increased to ₹106 crore, largely to fund acquisitions of market-leading brands. While strategic, this adds financial pressure. If acquired products fail to scale or underperform, the company may face challenges in revenue generation, potentially affecting its debt-servicing ability and overall financial flexibility.

• Margins Below Industry Benchmarks:
  The company’s EBITDA margin of 17% and PAT margin of 10% significantly trail industry averages. Elevated operating costs, interest expenses, depreciation, and rising inventory and receivables indicate inefficiencies. This weak margin profile suggests challenges in translating strong sales growth into sustainable profitability, posing a key competitive risk.

Financial Snapshot (Rs. In Crores):

Peer Comparison:

Conclusion:

India’s women’s healthcare and nutraceutical segments are entering a multi-year expansion phase, supported by rising female population share, higher healthcare awareness, and increasing penetration of gynecology and infertility treatments, each growing at an 8.5 - 9.5% CAGR through 2030. This provides a strong structural tailwind for the company, given its leadership across women’s health, cardio-diabetics and pain-management therapies. The business has demonstrated consistent financial improvement, with revenue growing from ₹891 crore in FY23 to ₹1,202 crore in FY25 and EBITDA rising from ₹135 crore to ₹246 crore in the same period. Margins and returns have expanded steadily, with FY25 ROE at 24.6% and ROCE at 36.8%, supported by strong gross margins of 79% - well above the industry average. Although EBITDA and PAT margins trail peers, improving operational leverage and a focused specialty-driven prescription model position the company for sustained growth. Backed by niche market leadership and favourable industry dynamics.

We recommend the IPO for Listing Gains.

IPO Allotment

Find out the allotment status for the Corona Remedies IPO by checking the Bigshare Services IPO Application Status page.