Business
Incorporated in 2004, Corona Remedies is engaged in developing, manufacturing and marketing pharma products. According to CRISIL Intelligence Report, it was the fastest growing pharma company among the top 30 companies in the IPM based on moving average total (MAT) in June 2025. During this period, the company’s sales grew by 13.6% compared with the 7.9% growth for IPM. As of June 2025, its portfolio had 71 brands across therapeutic areas like women’s healthcare, cardio-diabeto, pain management, urology, and multispecialty pharmaceuticals including vitamins, minerals, nutrition, gastrointestinal, and respiratory drugs. It has two manufacturing facilities with an aggregate installed capacity of 1,285.4 million units per annum for formulations. The company spent over 1% of the total expenses on research and development (R&D) in FY24 and FY25 in areas such as new formulation development, improving process efficiency, developing oral hormone products and packaging development.
medicine is working: The pharmaceutical company’s return on capital employed increased to 47.9% over the last two years
Financials Revenue grew by 16.3% annually to ‘1,196.4 crore while net profit jumped 32.6% to ‘149.4 crore between FY23 and FY25. Operating profit before depreciation and amortization (EBITDA) grew 35% annually to ‘245.9 crore while EBITDA margin improved to 20.6% in FY25 from 15.3% in FY23. It still remained below 25-35% for peers. Around 96% of the revenue comes from India. Return on capital employed grew to 47.9% from 36.6% and return on equity improved to 27.5% from 23.3% across FY23-25. Cash from operating activities increased to ‘190.5 crore in FY25 from ‘102.7 crore in FY23. The company has paid dividends in each of the three years to FY25 with a dividend payout ratio ranging between 6-19%. Valuation
Considering the post-IPO equity and profit for FY25, the price-to-earnings (P/E) works to 44, compared with 24-56 for its listed peers including Sanofi India, Pfizer and Eris Lifesciences.
