Corona Remedies IPO: Check the GMP, financial analysis, peer comparison and more

Corona Remedies Limited is launching its Initial Public Offering (IPO) to raise funds through a book-built offer. The IPO comprises a pure offer for the sale of 0.62 crore equity shares aggregating up to Rs. 655.37 crore. There is no fresh issue component in this IPO. 

Corona Remedies Limited’s IPO price band is set at Rs. 1,008 to Rs. 1,062 per share. The IPO opens for subscription on December 8, 2025, and closes on December 10, 2025. The shares will be listed on NSE and BSE on Monday, December 15, 2025. Here’s everything you need to know.

GMP of Corona Remedies Limited IPO

As of December 8th, 2025, the shares of Corona Remedies Limited in the grey market were trading at a 27.31 percent premium. The shares in the Grey Market traded at Rs. 1,352. This gives it a premium of Rs. 290 per share over the cap price of Rs. 1,062. 

Overview of Corona Remedies Limited

Corona Remedies Limited was founded in August 2004 and is a pharmaceutical company engaged in developing, manufacturing, and marketing medicines across key therapeutic areas. The company focuses on women’s healthcare, cardiology, pain management, urology, and several multispecialty segments that support strong and steady market demand.

As of June 30, 2025, Corona Remedies offers 71 brands across categories such as women’s health, cardio-diabetic care, pain relief, nutrition, gastrointestinal, and respiratory products. Its wide portfolio helps the company serve diverse patient needs and maintain a strong presence in multiple growing markets.

The company has a pan-India distribution network supported by 2,671 medical representatives operating in 22 states. This strong field force enables effective engagement with healthcare professionals and hospitals, boosting its visibility in the Indian Pharmaceutical Market.

Corona Remedies operates two manufacturing facilities in Gujarat with a total annual capacity of 128.54 crore units. Its rapid growth has made it the second fastest-growing company among the top 30 Indian pharmaceutical firms from MAT June 2022 to MAT June 2025.

Promoters of Corona Remedies Limited

The promoters include Dr Kirtikumar Laxmidas Mehta, Niravkumar Kirtikumar Mehta, and Ankur Kirtikumar Mehta. They collectively hold 66 percent of the pre-offer shareholding in the company. The promoter group also includes Minaxi Kirtikumar Mehta, Dipabahen Niravkumar Mehta, and Brinda Ankur Mehta.

Selling Shareholders of Corona Remedies Limited

The entire IPO is an Offer for Sale (OFS) of equity shares by the promoters, promoter group members, and investor shareholders of Corona Remedies Limited. Dr Kirtikumar Laxmidas Mehta (Promoter) is selling shares aggregating up to Rs. 129.84 crore, while Minaxi Kirtikumar Mehta (Promoter Group) is offloading shares worth up to Rs. 76.61 crore. Dipabahen Niravkumar Mehta and Brinda Ankur Mehta (Promoter Group) are each selling shares aggregating up to Rs. 10.39 crore. 

Among investor shareholders, Sepia Investments Limited is divesting shares worth up to Rs. 404.60 crore, Anchor Partners is selling shares amounting to Rs. 15.13 crore, and Sage Investment Trust is offering shares valued at up to Rs. 8.42 crore. The IPO includes no fresh issue of equity shares.

Lead Managers of Corona Remedies Limited IPO

The book-running lead managers of the Corona Remedies Limited IPO are JM Financial Limited, IIFL Capital Services Limited, and Kotak Mahindra Capital Company Limited. Bigshare Services Private Limited acts as the registrar for the offer.

Objectives of the Offer

Corona Remedies Limited IPO proceeds will go directly to the selling shareholders, Dr Kirtikumar Laxmidas Mehta, Minaxi Kirtikumar Mehta, Dipabahen Niravkumar Mehta and Brinda Ankur Mehta, and other investors. The company will not receive any funds from the offer. 

Financial Analysis of Corona Remedies Limited

Coming into financial highlights, Corona Remedies Limited’s consolidated revenue from operations has increased from Rs. 1,014.47 crore in FY24 to Rs. 1,196.42 crore in FY25, which represents a growth of 17.94 percent. The net profit has also grown by 65.12 percent from Rs. 90.50 crore in FY24 to Rs. 149.43 crore in FY25.

In the June Quarter 2025, Corona Remedies Limited has reported a consolidated revenue from operations of Rs. 346.54 crore and a net profit of Rs. 46.20 crore. Corona Remedies Limited has a PAT Margin of 12.49 percent and an EBITDA Margin of 20.55 percent. Further, Corona Remedies Limited’s revenue and net profit have grown at a CAGR of 16.33 percent and 32.65 percent, respectively, over the last two years. 

In terms of return ratios, the company’s ROCE and ROE stand at 27.50 percent and 41.32 percent, respectively. Corona Remedies Limited has an earnings per share (EPS) of Rs. 24.43, and its debt-to-equity ratio is 0.10x.

Corona Remedies Limited Vs Peers

Corona Remedies Limited reported revenue of Rs. 1,196.42 crore with a Return on Net Worth (RoNW) of 24.65 percent. In comparison, Abbott India Limited (Standalone) recorded revenue of Rs. 6,409.15 crore and a RoNW of 33.41 percent, while Alkem Laboratories Limited posted Rs. 12,964.52 crore in revenue with a RoNW of 18.07 percent. 

Similarly, Eris Lifesciences Limited achieved Rs. 2,893.64 crore in revenue and a RoNW of 12.21 percent, whereas GlaxoSmithKline Pharmaceuticals Limited reported Rs. 3,749.21 crore in revenue with a RoNW of 47.54 percent. J.B. Chemicals & Pharmaceuticals Limited earned Rs. 3,917.99 crore with a RoNW of 19.21 percent.

Mankind Pharma Limited recorded revenue of Rs. 12,207.44 crore and a RoNW of 13.89 percent, while Pfizer Limited (Standalone) posted Rs. 2,281.35 crore with a RoNW of 18.20 percent. Sanofi India Limited (Standalone) recorded revenue of Rs. 2,013.20 crore with a strong RoNW of 48.05 percent, and Torrent Pharmaceuticals Limited generated Rs. 11,516.09 crore with a RoNW of 25.18 percent.

Corona Remedies Limited’s net asset value per share stands at Rs. 99.14, compared to Rs. 1,992.14 for Abbott India Limited, Rs. 1,002.37 for Alkem Laboratories Limited, Rs. 209.73 for Eris Lifesciences Limited, and Rs. 115.19 for GlaxoSmithKline Pharmaceuticals Limited. 

Similarly, J.B. Chemicals & Pharmaceuticals Limited reports a NAV of Rs. 220.88, while Mankind Pharma Limited stands at Rs. 352.51. Pfizer Limited’s net asset value per share is Rs. 921.88, and Sanofi India Limited records Rs. 373.68. Torrent Pharmaceuticals Limited reports a NAV of Rs. 224.28.

Strengths of Corona Remedies Limited

• Strong chronic therapy focus drives stable revenue growth across key pharmaceutical segments consistently.
• A diversified product portfolio enhances therapeutic coverage and supports resilience in competitive markets effectively.
• Robust profitability and healthy return ratios reflect efficient operations and strong financial discipline companywide.
• An extensive domestic distribution network ensures a broad market reach and strengthens brand visibility nationwide.
• Experienced promoter group provides strategic leadership and supports long-term business expansion initiatives effectively.

Weaknesses of Corona Remedies Limited

• High dependence on domestic markets increases exposure to regional economic and regulatory uncertainties significantly.
• Limited international presence restricts global market opportunities and reduces diversification benefits for growth.
• The entire IPO being OFS limits fresh capital infusion for future expansion or capacity development.
• Intense pharmaceutical competition pressures pricing margins and impacts long-term profitability and sustainability significantly.
• Concentration in chronic therapies creates dependency risks during therapy-specific demand fluctuations or pricing pressures.

Conclusion

Corona Remedies Limited’s IPO offers investors access to a fast-growing mid-sized pharmaceutical company with a strong domestic presence and rising profitability. The company’s financial performance, chronic segment strength, and efficient capital management support its growth outlook. Investors should review the company’s fundamentals, competitive landscape, and risk profile before considering their subscription decision.

Written By – Nikhil Naik

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