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Corona Remedies IPO
Corona Remedies Ltd
₹14,112 /14 sharesMinimum Investment
Corona Remedies IPO Details
| Bidding dates | Minimum investment | Lot size | Price range |
|---|---|---|---|
| 8 Dec ‘25 - 10 Dec ‘25 | ₹14,112 | 14 | ₹1,008 - ₹1,062 |
| Issue size | IPO doc | Tentative allotment date | Tentative listing date |
|---|---|---|---|
| 655.37 Cr | RHP PDF | 11 Dec ‘25 | 15 Dec ‘25 |
| Face value |
|---|
| 10 |
About Corona Remedies
Founded in
2004
MD/CEO
Mr Niravkumar Kirtikumar Mehta
Parent organisation
Corona Remedies Ltd
Strengths & Risks of Corona Remedies
Strengths
Risks
Corona Remedies claims to be the second-fastest growing company among the top 30 pharmaceutical companies in India by domestic sales, achieving a compound annual growth rate (CAGR) of 16.77 percent compared to the industry’s average of 9.21 percent, between the moving annual total (MAT) June 2022 and MAT June 2025. The company claims that its focus on high-growth therapeutic areas such as women’s healthcare, cardio-diabetes, pain management, and urology has significantly contributed to this growth.
Corona Remedies claims to have outperformed the industry with a higher share of new product launches exceeding Rs 5 crore in sales, accounting for 14.43 percent of the market, compared to the 30 largest pharmaceutical companies in the Indian pharmaceutical market (IPM) with 11.40 percent, and the overall IPM with just 5.60 percent.
Corona Remedies claims to have a diversified product portfolio consisting of 71 brands, contributing significantly to its domestic sales. Within its targeted therapeutic areas, the women’s healthcare segment contributed 28.56 percent, cardio-diabetes (comprising cardio-vascular and anti-diabetic areas) contributed 23.38 percent, pain management contributed 11.79 percent, and urology contributed 4.53 percent to the company’s domestic sales for MAT June 2025. Key brands like Myoril, COR, and Trazer claim to have top positions within their respective sub-groups, enhancing the company’s leadership in these therapeutic areas.
The company claims that its focus on chronic and sub-chronic therapeutic segments has driven stable and profitable revenue growth between MAT June 2022 and MAT June 2025. It increased from Rs 572.55 crore (63.82 percent) in MAT June 2022 to Rs 1,001.31 crore (70.10 percent) in domestic sales in MAT June 2025.
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 75.11 percent of its domestic sales coming from these regions. Specialists and super-specialists contributed 75.75 percent of prescriptions in MAT June 2025, compared to 60.96 percent for the IPM.
The company has reported a consistent increase in revenue from operations and profit after tax (PAT) in the last three years. Revenue from operations increased from Rs 884.06 crore in FY23 to Rs 1,014.47 crore in FY24 and Rs 1,196.41 crore in FY25. PAT increased from Rs 84.93 crore in FY23 to Rs 90.50 crore in FY24 and Rs 149.43 crore in FY25.
Corona Remedies derives a significant portion of its revenue from only three therapeutic areas: women’s healthcare, cardio-diabeto, and pain management. These areas contributed Rs 225.73 crore (65.14 percent) to the company’s revenue for the period ended June 30, 2025; Rs 746.55 crore (62.40 percent) in FY25; Rs 612.61 crore (60.39 percent) in FY24, and Rs 495.30 crore (56.03 percent) in FY23. Any adverse developments within these areas, such as underperformance, increased competition, or the emergence of more effective alternatives, could significantly impact the company's revenue, profit margins, and overall financial condition.
Corona Remedies relies heavily on its flagship "engine" brands, such as B-29 and Myoril, among others. They accounted for Rs 1,033.40 crore (72.34 percent) of the company’s domestic sales during the MAT June 2025 period; Rs 911.64 crore (72.49 percent) during the MAT June 2024 period; Rs 746.24 crore (67.71 percent) during the MAT June 2023 period; and Rs 587.98 crore (65.54 percent) during the MAT June 2022 period. Any adverse developments, such as increased competition, pricing challenges, or regulatory issues affecting the sales of these brands, could significantly harm the company’s operations and financial performance.
A significant portion of Corona Remedies' revenue comes from the Indian market. It accounted for Rs 333.85 crore (96.34 percent) of the company’s total revenue for the period ended June 30, 2025; Rs 1,152.46 crore (96.33 percent) in FY25; Rs 980.23 crore (96.62 percent) in FY24; and Rs 852.16 crore (96.39 percent) in FY23. Although India is a large market, any decline in demand in the country, increased competition, or the impact of factors such as generic innovations or government schemes (e.g., PMJAY) could negatively affect the company’s revenue.
A significant portion of Corona Remedies' domestic sales is concentrated in the western zone, which comprises the states of Gujarat, Maharashtra, Chhattisgarh, Goa, and Madhya Pradesh. It accounted for Rs 675.61 crore (47.30 percent) of the company’s domestic sales during the MAT June 2025 period; Rs 587.55 crore (46.72 percent) during the MAT June 2024 period; Rs 507.22 crore (46.02 percent) during the MAT June 2023 period; and Rs 440.41 crore (49.09 percent) during the MAT June 2022 period. Any adverse economic, political, or social developments in these regions could impact the company's sales and profitability.
The company relies heavily on its top five carrying and forwarding (C&F) agents for product distribution. They contributed Rs 150.05 crore (43.30 percent) to the company’s revenue for the period ended June 30, 2025; Rs 530.60 crore (44.35 percent) in FY25; Rs 462.57 crore (45.60 percent) in FY24; and Rs 409.26 crore (46.29 percent) in FY23. The loss or financial instability of these agents could lead to a decline in the company’s revenue, disruption of the supply chain, or increased operational challenges.
The company operates two manufacturing facilities in Gujarat and Himachal Pradesh. They contributed Rs 217.45 crore (62.75 percent) to the company’s revenue for the period ended June 30, 2025; Rs 765.79 crore (64.01 percent) in FY25; Rs 654.57 crore (64.52 percent) in FY24; and Rs 548.29 crore (62.02 percent) in FY23. Any adverse political, social, or economic developments in these regions can negatively impact the company’s operations.
The company, its promoters, directors, key managerial personnel, and senior management personnel are involved in certain ongoing legal proceedings. Any adverse judgments in any of these cases could be detrimental to the company’s business prospects.
The company relies on third-party manufacturers for certain finished products. They contributed Rs 129.09 crore (37.25 percent) to the company’s revenue for the period ended June 30, 2025; Rs 430.62 crore (35.99 percent) in FY25; Rs 359.90 crore (35.48 percent) in FY24; and Rs 335.76 crore (37.98 percent) in FY23. This dependence exposes the company to various risks, including production disruptions, delivery delays, and potential quality issues.
The company is heavily dependent on its 2,671 medical representatives to market and distribute its products across India. They contributed Rs 333.02 crore (96.10 percent) to the company’s revenue for the period ended June 30, 2025; Rs 1,144.51 crore (95.66 percent) in FY25; Rs 972.57 crore (95.87 percent) in FY24; and Rs 844.08 crore (95.48 percent) in FY23. Any failure to manage or retain the medical representatives effectively could adversely impact the company's financial performance.
The company is exposed to counterparty credit risk due to credit extended to customers, C&F agents, and stockists, which may lead to delays or non-receipt of payments. It typically offers credit terms of 7 to 45 days for domestic customers and up to 90 days for international customers. As of the period ended June 30, 2025, the company’s trade receivables stood at Rs 150.86 crore, representing 10.88 percent of its revenue from operations. This is an increase from Rs 118.29 crore (9.89 percent) in FY25; Rs 99.93 crore (9.85 percent) in FY24; and Rs 86.99 crore (9.84 percent) in FY23. Any customer insolvency, delayed payment, or failure to meet contractual obligations that postpone invoicing and collections could increase receivables or lead to write-offs, adversely affecting the company’s cash flows, financial condition, and results of operations.
As of September 30, 2025, the company had outstanding financial indebtedness of Rs 43.57 crore. Any failure to service or repay these loans can harm the company’s operations and financial position.
Corona Remedies Financials
*All values are in Rs. Cr
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Application Details of Corona Remedies IPO
| Apply as | Price band | Apply Range | Lot size |
|---|---|---|---|
| Regular | ₹1008 - 1062 | Upto ₹2 Lakh | 14 |
| Employee | ₹954 - 1008 | Upto ₹2 Lakh | 14 |
| High Networth Individual | ₹1008 - 1062 | ₹2 - 5 Lakh | 14 |
For Corona Remedies IPO, eligible investors can apply as Regular & Employee.