Corona Remedies IPO Detail

Established in 2004, Corona Remedies is an Indian pharmaceutical company offering 71 brands across women's healthcare, cardio-diabeto, pain management, urology, gastrointestinal, respiratory, and nutrition (VMN) therapies. Its broad therapy coverage lets it serve both acute and chronic healthcare needs across multiple segments.

The company has consistently outperformed industry growth, emerging as one of the fastest-growing among the top 30 companies in the Indian Pharmaceutical Market (IPM).

They have a robust network of 2,671 medical representatives across India in over 22 states.

With that said, Corona Remedies' manufacturing capability is another key strength. It operates two cGMP-compliant facilities in Gujarat and Himachal Pradesh, enabling high-quality, cost-efficient production. The company is also setting up a dedicated hormone manufacturing facility in Gujarat, expected to commence operations in Q1 FY 2027.

The following are the upcoming IPO details of Corona Remedies.

Before applying for the IPO, investors should know how much each category can apply.

Since the Corona Remedies IPO is an OFS (Offer-for-Sale) issue, the company will receive "No proceeds from the Offer." The amounts will be directed to the Selling Shareholders, in proportion to their shareholding.

The shareholding of Corona Remedies Limited is divided between Dr. Kirtikumar Laxmidas Mehta, Niravkumar Kirtikumar Mehta, and Ankur Kirtikumar Mehta.

Here's the table showing Corona Remedies Limited's financial performance from FY 2023 to FY 2025 and as of June 30, 2025.

(in crores)

Based on the restated consolidated financials of Corona Remedies, for FY 2024-25 and as of Jun 30, 2025, the following performance metrics can be considered.

(Note: * denotes that the figure is not annualized for the period.)

Here's a brief business overview of the Corona Remedies Limited IPO that explains the strengths and weaknesses to help you make informed decisions.

Strengths

1. Diversified Portfolio of 71 Brands

   The company operates across women's healthcare, cardio-diabetes, pain management, urology, gastrointestinal, respiratory, and VMN (vitamins–minerals–nutrition). This branching reduces dependency on any single therapy and widens revenue opportunities.

2. Strong Brand Performance Across Segments

   A large base of mid-sized brands ensures steady and diversified revenue. As of June 2025, the portfolio includes:

   • 1 brand generating ₹1,000+ crore (B-29 brand)
   • 6 brands generating ₹500–1,000 crore
   • 7 brands generating ₹300–500 crore
   • 24 brands generating ₹100–300 crore

3. Strong Manufacturing & R&D Capability

   Being the fastest-growing among the top 30 Indian pharma companies reflects strong execution and market acceptance. Between MAT June 2024–2025, the company recorded a 13.58% domestic sales CAGR compared to 7.90% IPM (Indian Pharmaceutical Market) growth.

4. One of the Fastest Growing Companies in IPM

   The company already has two cGMP-compliant facilities in Gujarat & Himachal Pradesh. They plan to set up a new hormone plant in Gujarat to be commissioned in Q1 FY27.

   Likewise, they are enabling continuous focus on differentiated and specialty products through R&D. This gives the company scale and supports expansion into niche therapies.

5. One of the Fastest Growing Companies in IPM

   Corona Remedies has a strong MR network and consistent brand-building, which have driven high recall among specialists and super-specialists. This supports repeat prescriptions and premium brand positioning.

6. One of the Fastest Growing Companies in IPM

   They have a robust presence in retail, hospitals, and pharmacy chains, which helps the company diversify distribution and expand prescription coverage.

Future Strategies / Plans

1. Expand Medical Representative Network

   The company plans to increase MR coverage across metro, semi-metro, and urban regions via.

   • Use digital tools for training and productivity
   • Engage more super-specialists in high-value therapy segments

2. Strengthen Hospital & Pharmacy Chain Channels

   Corona Remedies aims to widen its presence in corporate hospitals, medical colleges, and pharmacy chains while improving prescription conversion through institutional outreach. This will help deepen its share in fast-growing urology and chronic-care segments.

3. Launch New Products in Core Therapy Areas

   In addition to their existing range, the pharma firm wants to

   • Introduce products focused on unmet patient needs
   • Launch targeted line extensions within existing therapies.
   • Use strong brand equity to speed up doctor adoption.

4. Expand Into New High-Growth Therapies

   The company plans to enter therapy areas with large patient volumes and long-term prescription cycles. Its strong distribution and marketing network will help scale new verticals faster.

5. Scale Urology Division Through Institution-Led Strategy

   • Focus on corporate hospitals and medical colleges.
   • Promote niche, value-added urology products.
   • Build early relationships with resident/PG doctors for long-term prescription loyalty.

6. Strategic Acquisitions & In-Licensing

   The company will selectively acquire or in-license brands that strengthen its key therapy areas. This approach helps expand the portfolio without long R&D timelines.

7. Overseas Expansion With a Focused Approach

   To expand their market presence, Corona Remedies plans to;

   • Enter select international markets similar to India's therapy landscape.
   • Use partnerships or asset-light entry models.
   • Scale existing strong brands in overseas markets where relevant.

Potential Risks

1. Revenue Concentration

   One brand earns over ₹1,000 crore, and six brands earn ₹500–1,000 crore. Any issues with these key brands could significantly impact total revenue.

2. Margin Pressure

   Rising raw-material/API costs or government-imposed price caps can compress gross and EBITDA margins, as seen in historical financials.

3. Working Capital & Liquidity Risk

   High inventory and long receivable cycles (60–120 days) may strain liquidity, affecting the ability to fund operations, expansions, or debt servicing.

4. Debt / Expansion Financing Risk

   Funding new facilities (e.g., hormone plant) or expanding the MR network may increase interest costs; delays in revenue realization could affect leverage ratios.

5. Regulatory & Compliance Risk

   Non-compliance with cGMP or other quality standards could disrupt production and sales, impacting financial performance.

6. Product Launch & Execution Risk

   Delays in approvals, slow adoption, or scaling challenges may affect projected revenues and returns on capital expenditure

Here's how you can check your IPO allotment status for Corona Remedies.

1. Visit the allotment portal : https://ipo.bigshareonline.com/IPO_Status.html .
2. Select "Corona Remedies" from the company dropdown.
3. Enter any of these details - PAN, Application Number, DP/Client ID, or Account Number/IFSC.
4. Click on the "Submit" button to view your allotment status.

According to the RHP, the registrar for the Corona Remedies IPO is Bigshare Services Private Limited.

Phone: +91-22-6263 8200

Email: ipo@bigshareonline.com

The lead managers handling the IPO process of Aequs Ltd are;

• JM Financial Ltd.
• IIFL Capital Services Ltd.
• Kotak Mahindra Capital Co.Ltd.