For investors, it can be quite challenging to decide if the Corona Remedies IPO is a good investment or not. If you are unsure and still thinking about whether to apply or skip this IPO, don’t worry. In this article, we present the top key factors and a detailed review of the Corona Remedies IPO. This will help you analyze the strengths, risks, and financial details of the Corona Remedies IPO, improving your investment decision.
About Company
Corona Remedies is the India-focused branded pharmaceutical formulation company in India to offer fully integrated manufacturing for the aerospace sector. What sets them apart is that they provide fully integrated parts for aerospace, which gives them an advantage over other contract manufacturers who only offer a few services. Precision components are precisely machined parts made to exact requirements, primarily sold to original equipment manufacturers (OEMs) and system integrators. Other than the aerospace sector, the company also manufactures consumer products such as cookware and small home appliances, plastic products like outdoor toys, figurines, and toy vehicles.
Corona Remedies has the largest aerospace product portfolio in India, including components for engine systems, landing systems, cargo and interiors, structures, assemblies, and turning parts for aerospace clients. Even though the company’s main business is the aerospace sector, over the years it has also expanded into consumer electronics, plastics, and consumer durables. Furthermore, the company has produced over 4,500 aerospace products as of March 31, 2025.
Strengths
- Among the top 30 pharmaceutical companies in India, Corona Remedies is the 2nd fastest-growing company in India in the Indian Pharmaceutical market.
- The company has little to no debt remaining.
- Over the last 5 years, the company has offered good profit growth of 20.4% CAGR.
- Corona has maintained a healthy dividend payout of 25.0%.
- The company uses high-quality manufacturing facilities that follow strict Good Manufacturing Practices (cGMP) and strong R&D capabilities to offer unique pharmaceutical products.
Weaknesses
- In FY25, the company generated most of its revenue from India. If the demand for the products drops in India. Or not being able to grow its revenue in the International markets can badly affect the business, cash flow, and financial performance.
- Any slowdown, shutdown, or breakdown in the manufacturing facility can impact the business, financial condition, and cash flow.
- The company has to follow government pricing regulations, which can reduce the product prices and negatively impact the overall business performance.
- Unable to improve or maintain the reputation of the brand can badly impact the business, financial performance, and overall growth.
Corona Remedies IPO Review
| Reviewer | Recommendation |
| IPO Watch | May Apply |
| Lakshmishree Investment & Securities Ltd | Apply |
| Anand Rathi | Apply |
| Bajaj Financial Securities Limited | Not Rated |
| BP Equities (BP Wealth) | Apply |
| Canara Bank Securities Ltd | Apply |
| Capital Market | May Apply |
| GEPL Capital Ltd | Apply |
| Marwadi Shares and Finance Ltd | Apply |
| Nirmal Bang | Apply |
| SBICAP Securities Limited | Apply |
| Sushil Finance Ltd | Apply |
| Swastika Investmart Ltd | Apply |
| Ventura Securities Limited | Apply |
Corona Remedies IPO Details
| IPO Open Date: | December 8, 2025 |
| IPO Close Date: | December 10, 2025 |
| Face Value: | ₹10 Per Equity Share |
| IPO Price Band: | ₹1008 to ₹1062 Per Share |
| Issue Size: | ₹655.37 Crores |
| Offer-for-Sale | up to 61,71,101 equity shares |
| Registrar | Bigshare Services Pvt. Ltd. |
| IPO Lead Managers | JM Financial Ltd. IIFL Capital Services Ltd. Kotak Mahindra Capital Co. Ltd. |
| Basis of Allotment | December 11, 2025 |
| IPO Listing Date: | December 15, 2025 |
| Listing | BSE, NSE |
Financial Performance Trend Details
| Particulars | 30 June 2025 | 31 Mar 2025 | 31 March 2024 |
| Total Income | ₹348.56 Crores | ₹1,202.35 Crores | ₹1,020.93 Crores |
| EBITDA | ₹71.80 Crores | ₹245.91 Crores | ₹161.19 Crores |
| EBITDA Margin | 20.72% | 20.55% | 15.89% |
| Profit after Tax (PAT) | ₹46.20 Crores | ₹149.43 Crores | ₹90.50 Crores |
| Net Worth | ₹607.02 Crores | ₹606.34 Crores | ₹480.41 Crores |
| Reserves and Surplus | ₹545.86 Crores | ₹545.18 Crores | ₹419.25 Crores |
| Total Borrowings | ₹106.65 Crores | ₹62.70 Crores | ₹134.14 Crores |
Key Indicators
| KPI | Values |
| ROE | 27.50% |
| ROCE | 41.32% |
| Debt/Equity | 0.10 |
| RoNW | 24.65% |
| PAT Margin | 12.49% |
| EBITDA Margin | 20.55% |
| Price to Book Value | 10.71 |
Peer Comparison with the Company
| Name of the Company | Face Value (₹) | Basic EPS (₹) | Diluted EPS(₹) | RONW (%) | P/E Ratio | NAV(₹) |
| Corona Remedies Limited | 10 | 24.43 | 24.43 | 24.65 | [●] | 99.14 |
| Listed Peers | ||||||
| Abbott India Limited | 10 | 665.62 | 665.62 | 33.41% | 45.17 | 1,992.14 |
| Alkem Laboratories Limited | 2 | 181.11 | 181.11 | 18.07% | 31.39 | 1,002.37 |
| Eris Lifesciences Limited | 1 | 25.85 | 25.81 | 12.21% | 61.81 | 209.73 |
| GlaxoSmithKline Pharmaceuticals Limited | 10 | 54.76 | 54.76 | 47.54% | 46.87 | 115.19 |
| J.B. Chemicals & Pharmaceuticals Limited | 1 | 42.45 | 41.56 | 47.50% | 42.60 | 220.88 |
| Mankind Pharma Limited | 1 | 41.37 | 41.33 | 4.40% | 417.03 | 940.03 |
| Pfizer Limited | 10 | 167.79 | 167.79 | 18.20% | 29.63 | 921.88 |
| Sanofi India Limited | 10 | 179.46 | 179.46 | 48.05% | 24.47 | 373.68 |
| Torrent Pharmaceuticals Limited | 5 | 56.47 | 56.47 | 25.18% | 65.91 | 224.28 |
Promoters & Track Records, if any
- Dr. Kirtikumar Laxmidas Mehta, born on February 2, 1947, aged 78 years, is one of the Promoters and Chairman, and Non-Executive Director of the Company. He holds 13,452,500 Equity shares, representing 22.00% of the pre-Offer paid-up Equity Share capital in the company.
- Niravkumar Kirtikumar Mehta, born on October 8, 1975, aged 50 years, is one of the Promoters and the Managing Director and Chief Executive Officer of the Company. He holds 13,458,000 Equity shares, representing 22.00% of the pre-Offer paid-up Equity Share capital in the company.
- Ankur Kirtikumar Mehta, born on April 27, 1979, aged 46 years, is one of the Promoters and the Joint Managing Director of the Company. He holds 13,458,000 Equity shares, representing 22.00% of the pre-Offer paid-up Equity Share capital in the company.
Industry Peer Group P/E ratio
The Pharmaceutical industry P/E ratio has ranged from a low of 24.47 to a high of 65.91, with an average of 43.74.
Corona Remedies IPO – Should You Apply or Not?
Corona Remedies IPO offers a Strong business model, diversified product portfolio, strong manufacturing capability, and consistent financial growth that supports future expansion. However, dependence on key brands, regulatory risks, and premium valuations remain important concerns.
As of December 7th, the GMP of the Corona Remedies IPO is ₹365, indicating a listing gain of around 34% to 36%. The verdict is that Short-term investors can consider applying for the IPO for listing gains due to attractive GMP and good market sentiment. Whereas Long-term investors must analyze the risks, like high valuation and dependency on 3rd party suppliers, before subscribing.
Please note:
Investors are advised to make their own decisions and apply entirely at their own risk. This article is written using information from the company’s RHP (Red Herring Prospectus) data and online sources. If you have any queries, kindly contact the IPO Watch Team.
