Corona Remedies
- Corona Remedies is coming out with a 100% book building; initial public offering (IPO) of 65,04,980 shares of 10 each in a price band Rs 1008-1062 per equity share.
- Not more than 50% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 35% for the retail investors.
- The issue will open for subscription on December 08, 2025 and will close on December 10, 2025.
- The shares will be listed on BSE as well as NSE.
- The face value of the share is Rs 10 and is priced 100.80 times of its face value on the lower side and 106.20 times on the higher side.
- Book running lead managers to the issue are JM Financial, IIFL Capital Services and Kotak Mahindra Capital Company.
- Compliance Officer for the issue is Chetna Prabhatkumar Dharajiya.
Profile of the company
Corona Remedies is an India-focused branded pharmaceutical formulation company engaged in developing, manufacturing and marketing products in women’s healthcare, cardio-diabeto, pain management, urology and other therapeutic areas. It is the fastest growing company among the top 30 companies in the Indian Pharmaceutical Market (IPM) in terms of domestic sales in the IPM, between Moving annual total (MAT) June 2024 and MAT June 2025. During this period, the company’s domestic sales grew at a CAGR of 13.58% compared to the IPM which grew at a CAGR of 7.90%.
The company’s diversified product portfolio comprises 71 brands catering to a range of therapeutic areas such as women’s healthcare, cardio-diabeto, pain management, urology and others/multispecialty pharmaceuticals (comprising vitamins/minerals/nutrition (VMN), gastrointestinal and respiratory), as of June 30, 2025. It has an established track record of building and scaling brands, as is reflected in its core portfolio of 27 “engine” brands, which contributed to 72.34% of its domestic sales during MAT June 2025. Its “engine” brands include market-leading brands such as Cor, Trazer, Cor9, B-29 and Myoril during MAT June 2025, through which it has been able to establish its market presence and drive further growth across each of its focused therapeutic areas. In terms of MAT June 2025 domestic sales, its Myoril, Cor and Trazer brands each hold the 1 rank in their respective sub-groups, COR-9 ranked third in its sub-group, and B29 ranked fifth in its sub-group.
Given that it operates in the therapeutic areas of women’s health, cardio-diabeto, pain management and urology, among others, in terms of prescriptions, cardiology, diabetology, gynaecology, urology and orthopaedic are targeted specialties where it has a major presence. It was also the third fastest growing Indian pharmaceutical company in terms of prescriptions in targeted specialties (among consultant physicians, cardiologists, diabetologists, gynaecologists, orthopaedics and urologists) between MAT June 2022 and 2025. Its Pan-India marketing and distribution network, supported by a growing field force of 2,671 medical representatives across 22 states in India (as of June 30, 2025), enables it to engage with healthcare professionals and hospitals effectively, further consolidating its presence in the IPM and ensuring deep penetration in its focused therapeutic areas.
Proceed is being used for:
- Achieving the benefits of listing the Equity Shares on the Stock Exchanges and for the Offer for Sale of Equity Shares of face value of Rs 10 each by its Promoter Selling Shareholders
Industry Overview
The global pharmaceuticals industry is characterised by the concentration of consumption, production and innovation in a relatively small number of high-income and developed regions such as North America and Europe. The global pharmaceuticals market has clocked approximately 5% CAGR, from approximately $1,250 billion in 2019 to approximately $1,583 billion in 2024. After clocking strong growth in 2021 and 2022 on account of pentup demand, the market is estimated to have moderated in 2023. The global market continued healthy expansion in Calendar Year 2024, aided by growth in key regulated and semi-regulated markets. Pharmaceutical market is expected to grow at a healthy pace, aided by volume growth in some of the key pharmerging markets and new product introductions in developed markets. Further, the global pharmaceutical market is expected to sustain 5.5-6.5% CAGR from 2024 to 2028 to reach $2,100 to $2,200 billion by 2029.
The Indian pharmaceuticals industry is the world’s third largest by volume and fourteenth largest by value. Indian pharmaceutical industry was valued at approximately Rs 4.5 trillion (including bulk drugs and formulation exports) as of financial year 2025. At present, low-value generics constitute a large part of India’s exports. The country accounts for approximately 3.5% of total drugs and medicines exported globally to more than 200 countries and territories, including highly regulated markets such as the US, the UK, the European Union and Canada. the Indian domestic formulation market, holding a market size of approximately Rs 2.3 trillion, accounted for approximately 2% of the overall global pharmaceutical market. The domestic market (consumption) logged a healthy CAGR of 9% between financial years 2020 and 2025. It is expected to clock a CAGR of 8-9% to reach Rs 3.3-3.5 trillion by financial year 2030, aided by strong demand on account of rising incidences of chronic diseases, awareness and access to quality healthcare.
The Indian domestic formulation industry can be categorised into the chronic and acute therapy segments. The chronic segment mainly comprises anti-diabetic, cardiovascular and oncology therapies, whereas the acute segment mainly includes anti-infective, gastro-intestinal, and pain and analgesic therapies. As of Financial Year 2025, chronic and acute therapies constituted 55% and 45% of the total domestic formulation market, respectively. Anti-diabetic and cardiovascular therapies together accounted for nearly a fifth of the Indian domestic formulation market, given the growing prevalence of chronic diseases in the country. Anti-diabetic and cardiovascular therapies constituted approximately 9% and approximately 13%, respectively, of all therapies provided by the Indian domestic formulation market. Sedentary lifestyles and poor dietary habits have resulted in growing incidence of chronic diseases in the Indian population, which is expected to drive the growth of these therapies in the next few years.
Pros and strengths
Second fastest-growing pharma company among IPM Top 30: The company is an India-focused branded pharmaceutical formulation company engaged in developing, manufacturing and marketing products in women’s healthcare, cardio-diabeto, pain management, urology and other therapeutic areas. It is the second fastest growing company among the top 30 companies in the IPM in terms of domestic sales between MAT June 2022 and MAT June 2025. Between MAT June 2022 and MAT June 2025, its domestic sales grew at a CAGR of 16.77%, compared to the IPM which grew at a CAGR of 9.21%, during this period. It had a higher share of new product launches after June 2022 with sales greater than Rs 50 million in MAT June 2025 (with a 14.43% share), compared to the 30 largest pharmaceutical companies within the IPM (with 11.40%) and the overall IPM (with 5.60%).
Diversified brand portfolio driving balanced therapeutic growth: The company has a diversified portfolio of products with 71 brands (as of June 30, 2025) catering to a range of therapeutic areas such as women’s healthcare, cardio-diabeto, pain management, urology and others. The targeted therapy areas of women’s healthcare, cardio-diabeto, pain management and urology contributed 68.26% of its domestic sales for MAT June 2025, growing at a 22.40% CAGR over MAT June 2022 to MAT June 2025. Of its targeted therapeutic areas, its women’s healthcare segment contributed to 28.56%, cardio-diabeto (comprising cardio-vascular and anti-diabetic areas) contributed 23.38%, pain management contributed 11.79% and urology contributed 4.53% to its domestic sales for MAT June 2025. This reflects business diversity among its key therapies and enables it to reduce concentration risks in its business, while also propelling business across multiple therapeutic areas. Through the strength of its brand portfolio, the company has been able to consistently outperform the IPM in terms of domestic sales growth between MAT June 2022 and MAT June 2025, within these targeted therapeutic areas.
Specialist-focused strategy driving superior prescription growth: The company’s strategy of focusing on specialist doctors has driven its growth to outpace overall prescription growth in the IPM over MAT June 2022 to 2025. By strategically deploying its marketing and distribution personnel across urban and semi-urban areas, constitute the largest portion of the IPM based on sales in MAT June 2025), it has positioned itself to capture value in the “middle of the pyramid” market segment. As a result, a majority of its sales are in urban and semi-urban areas, contributing to 75.11% of its domestic sales in MAT June 2025. Specialists and super-specialists contributed 75.75% of its prescriptions during MAT June 2025, as compared to 60.96% for the overall IPM during this period. This approach has improved its market positioning, with its rank improving from 37th in MAT June 2022 to being the 29th largest pharmaceutical company in India in MAT June 2025.
Strong manufacturing capabilities backed by global quality certifications: The company operates two manufacturing facilities located in the states of Gujarat and Himachal Pradesh, with a new hormone manufacturing facility proposed to be commissioned in the state of Gujarat, which is expected to commence manufacturing operations during the first quarter of Financial Year 2027. As of June 30, 2025, its manufacturing facilities were spread over an aggregate of 2.83 hectares and had an aggregate installed capacity for formulations of 1,285.44 million units per annum, with a total of 11 production lines. The company is focused on process excellence and quality, with one of its manufacturing facilities based at Gujarat producing oral solids (tablets) being EU GMP and WHO GMP-certified while another facility that manufactures oral solids (tablets) and liquids based at Himachal Pradesh being approved for WHO GMP. Through its extensive manufacturing capabilities, it offers 11 production lines. It employed a total of 761 employees across its manufacturing facilities as of June 30, 2025.
Risks and concerns
Revenue vulnerability due to therapy-specific dependence: The therapeutic areas of women’s healthcare, cardio-diabeto and pain management contributed to an aggregate of Rs 2,257.26 million (or 65.14%) and Rs 7,465.54 million (or 62.40%) of its revenue from operations for the three months ended June 30, 2025 and the Financial Year 2025, respectively. If its products in these or other therapeutic areas which contribute significantly to its revenue from operations do not perform as expected or if competing products become available and gain wider market acceptance, its business, results of operations, financial condition and cash flows may be adversely affected.
Revenue concentration risk from India-focused operations: The company derives a significant majority of its revenue from its operations within India (constituting 96.34% and 96.33% of its revenue from operations during the three months ended June 30, 2025 and the Financial Year 2025, respectively). In the event of a fall in demand for its products in India, or if it fails to successfully expand into international markets, its business, results of operations, financial conditions and cash flows may be adversely affected.
Regional sales concentration may impact business stability: The company has derived a significant portion of its domestic sales from the states of Gujarat, Maharashtra, Chhattisgarh, Goa and Madhya Pradesh (which is classified as the “West Zone”). The company has garnered 47.30%, 46.72%, 46.02% and 49.09% of its total MAT domestic sales from West Zone in FY25, FY24, FY23 and FY22 respectively. Any adverse developments affecting its sales in these regions could have an adverse effect on its business, results of operations, financial condition and cash flows.
Dependence on third-party suppliers for raw materials and APIs: The company is dependent on third-party suppliers to procure its raw materials and finished goods, with whom it does not have long term contracts, with its total purchases aggregating to 19.87% and 27.96% of its total expenses for the three months ended June 30, 2025 and the Financial Year 2025, respectively. Further, it relies on La Chandra Pharmalab Private Limited, its Associate and Group Company, for the supply of certain active pharmaceutical ingredients in its women’s healthcare therapeutic area. It cannot assure that it will be in a position to fully control or direct the operations of such suppliers to ensure an uninterrupted supply of raw materials and APIs.
Outlook
Corona Remedies is a pharmaceutical company developing, manufacturing, and marketing products in women’s healthcare, cardiology, pain management, urology, and other therapeutic areas. It is second fastest growing company in the top 30 Indian pharmaceutical companies by domestic sales from MAT June 2022 to MAT June 2025, well-positioned to seize opportunities in the Indian market. On the concern side, the company derives a significant majority of its revenue from its operations within India and in the event of a fall in demand for its products in India, or if it fails to successfully expand into international markets, its business, results of operations, financial conditions and cash flows may be adversely affected. Moreover, the therapeutic areas of women’s healthcare, cardio-diabeto and pain management contributed the majority of its revenue and if its products in these or other therapeutic areas which contribute significantly to its revenue from operations do not perform as expected or if competing products become available and gain wider market acceptance, its business, results of operations, financial condition and cash flows may be adversely affected.
The issue has been offering 65,04,980 shares in a price band of Rs 1008-1062 per equity share. The aggregate size of the offer is around Rs 655.70 crore to Rs 690.83 crore based on lower and upper price band respectively. Minimum application is to be made for 14 shares and in multiples thereon, thereafter. On performance front, the company’s revenue from operations increased by 17.93% to Rs 11,964.15 million for the Financial Year 2025 from Rs 10,144.74 million for the Financial Year 2024. The company’s profit after tax for the period increased by 65.11% to Rs 1,494.34 million for the Financial Year 2025 from Rs 905.03 million for the Financial Year 2024.
The company seeks to expand its medical representative network across its operational regions to deepen market penetration. It adopts digitalization in its learning and development, process monitoring and field force effectiveness, which it expects will help it to improve its field force productivity. The company is also intensifying its engagement with super-specialist prescribers in metro, semi-metro, and urban centers through its medical representative network, to enhance its presence in high-value therapeutic segments. It intends to strategically increase its network of medical representatives to broaden its reach and improve access to key healthcare professionals, particularly in specialized therapeutic areas such as women’s healthcare, cardiodiabeto, urology and pain management. It continues to strengthen its footprint in high-growth distribution channels, including hospitals and pharmacy chains, which play a critical role in expanding market access and driving prescription growth. Through these initiatives, it aims to enhance its existing strong rankings within the IPM and its Covered Markets and advance its therapy area-specific rankings.
