Ladies and gentlemen, good day and welcome to Q1 and FY 2027 earnings conference call of CORONA Remedies Limited. As a reminder, all participant lines will be in the listen only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance in the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Maulik Varia from 360 ONE Capital. Thank you, and over to you, sir.
Hi. Thank you. Good morning, everyone. On behalf of 360 ONE Capital, we welcome you all on Q1 FY 2027 earnings conference call of CORONA Remedies Limited. Today on the call, we are joined by Mr. Nirav Mehta, Managing Director and CEO, Mr. Ankur Mehta, Joint Managing Director, and Mr. Bhavin Bhagat, Chief Financial Officer at CORONA Remedies Limited. We will begin the call with opening remarks from the management, followed by a Q&A session. Thank you, and over to you, Nirav, sir.
Good morning, ladies and gentlemen. Thank you all for joining us on quarter one FY 2027 earning conference call for CORONA Remedies Limited. Along with me on the call, I am joined by our Joint Managing Director, Mr. Ankur Mehta, our Chief Financial Officer, Mr. Bhavin Bhagat, other members of senior management team and Strategic Growth Advisors, SGA, our investor relationship advisor. We have uploaded our result, press release, and investor presentation on the stock exchange and on company's website. I hope everybody has had the opportunity to go through the same. The Indian pharmaceutical market, IPM, is witnessing one of its strongest growth phases. The IPM delivering sustainable double-digit monthly growth of over 10% since last December 2025. As per PharmaTrac, CORONA has continued to outperform the market, emerging as the fastest-growing pharmaceutical company amongst top 30 pharmaceutical companies.
This strong performance has helped us improve our ranking by three positions over the past year, reaching from 29 to 26 positions in IPM. We are pleased to report yet another strong quarterly performance in quarter one FY 2027 after listing, making our fourth consecutive quarter of robust growth. During the quarter, CORONA's revenue grew by 21.9% year-on-year, surpassing our stated growth guidance of 15%. Our India business delivered an impressive 22.7% year-on-year revenue growth in quarter one FY 2027, significantly outperforming the Indian pharmaceutical market, which grew by 11.6% during the same period. This performance reflects growth at nearly 2x the pace of IPM, underscoring the strength of our product portfolio, market execution, and brand positioning. This sustained momentum reflects our disciplined execution, commitment to growth, reflection of our brand building, and the continued trust that healthcare professionals place in our products.
Most importantly, it reinforces our confidence in the strength and sustainability of our long-term growth strategy. Our growth during the quarter was broad-based, driven by the healthy product mix of volume growth, price growth, and new introduction growth, and continued brand building. As per PharmaTrac in May-June 2026, our volume growth stood 6.3%, significantly ahead of the IPM's volume growth of 1.3%, which means we have grown in volume growth by 5x than the IPM. This reflects strong demand for our products among healthcare professionals and patients. Driven by strength of our brands, we continue to build a portfolio of sustainable brands that deliver consistent market-beating growth over the long term. Similarly, May to June 2026, as per PharmaTrac, new product introduction continued approximately 3.4% to our growth compared to 2.9% of IPM.
This is on the back of our ability to consistently launch relevant new products with strong market acceptance while leveraging our existing field force and relationships to drive effective cross-selling. Our price-led growth was approximately 8.7% compared to 5.6% of the IPM as per May-June PharmaTrac data. This demonstrates the pricing power of our brand and our ability to implement price increases ahead of broader market, supported by sustained volume growth and strong brand equity. CORONA operates across four key therapeutic areas: women's healthcare, cardiometabolic, pain management, and urology. We are pleased to share that we have established a strong leadership position across these focused therapies. We currently rank fifth in the Indian pharmaceutical market in both women's healthcare and pain management, ninth in urology, and 20th in the highly competitive cardio-diabetes segment, despite being a relatively late entrant.
This achievement reflects our focused therapeutic strategy, differentiated marketing initiative, and disciplined execution by our field force. Our performance across all four therapies continues to outpace the market. As per PharmaTrac, in women's healthcare, we delivered a revenue growth of approximately 23.3%, nearly 2.5x the IPM growth, and 9.4% in urology. We grew 27.6% compared to the IPM of 14.9%. In cardio, diabeto, and pain management, we outperformed the market by 1.7x and 1.54x respectively. Our strategy of focusing on middle-of-the-pyramid specialist segment has enabled us to deepen prescription share, strengthen relationship with healthcare professionals, and build a portfolio of sustainable high-growth chronic brands. Our engine brand strategy continues to deliver strong results by consistently scaling up high-potential brands into meaningful growth platforms. As per PharmaTrac, in May-June 2023, we had one brand with annual revenues exceeding INR 100 crore.
Today, we have two such brands, and similarly, the number of brands gathering annual revenues of over INR 10 crore has increased from 32 brands in May-June 2023 to more than 40 brands in May-June 2026. This scaling up of our brand portfolio reinforces the strength of our commercial model and gives us confidence in our ability to create many more enduring market-leading brands in years ahead. Speaking of specific highlights of the quarter one FY 2027. During the quarter, we have successfully commercialized India's most advanced EU-GMP-approved women's hormone manufacturing facility. This state-of-art facility enables us to manufacture complex hormonal products that meet global quality standards, providing a significant competitive advantage in the development and commercialization of advanced therapies for women's healthcare. The facility is designed to serve several niche and high-growth segments, including hormonal disorders, fertility care, menopause management, and hormonal replacement therapy.
It houses multiple dosage forms, including tablet, soft gelatin capsules, ointment, and gels. With a single specialized manufacturing ecosystem enhancing our manufacturing flexibility, operational efficiency, and ability to address evolving patient and market needs, this investment represents an important milestone in strengthening our manufacturing capabilities and reinforces our long-term commitment to building a differentiated, diversified, and innovative-led product portfolio. We have successfully renewed the EU-GMP certification for our Ahmedabad oral solid dosage form facility, reaffirming our commitment to manufacturing medicines that meet the highest global standard. Guided by our philosophy of one world, one quality, this certification strengthens our ability to serve the India business while also supporting our long-term strategy of expanding into regulated and emerging international markets. It reinforces our manufacturing excellence and enhances our credibility as trusted global quality pharmaceutical manufacturer.
We continue to significantly outperform the market in chronic and semi-chronic therapies, which now contributes around 73.4% of our total portfolio. We have successfully integrated Wokadine, which were acquired on the last day of FY 2026, into our brand-building strategy, and expect this focused execution to drive sales acceleration and deliver growth in the coming quarters. We have realigned our field force and established a dedicated IVF task force focused on gynecology and women's healthcare. This specialized team will deepen market penetration, strengthen brand adoption, and build a sustainable growth platform for the future. In the pharmaceutical industry, sustained success requires continuous innovation, adaptability, and the ability to evolve with changing patient needs and market dynamics. In line with this philosophy, we have significantly strengthened our focus on R&D with investment directed towards improving process efficiencies, developing differentiated formulations, and identified new product opportunities across our focus therapies.
We are also augmenting our R&D team by adding meaningful talent to enhance our research and development capabilities. This investment will not only strengthen our innovation pipeline, but also create a strong foundation for sustainable long-term growth and reinforce our competitive positioning. Our growth strategy remains focused on expanding market share across our core therapy areas by strengthening our chronic portfolio and offering comprehensive solutions across patient life cycles. We will continue to drive growth through focused new product launches, addressing unmet patient needs, complemented by brand extension, acquisition, and in-licensing opportunities. At the same time, we are deepening our engagement with the specialists and super specialists through our strong field force to further strengthen our presence in high-value therapy segments. Supported by diversified portfolio, strong brand, and an expanding distribution network, experienced leadership, and disciplined capital allocation, we remain confident of delivering sustainable growth and profitability.
We continue to target 15% revenue growth and 20% PAT growth over the FY 2027. I would like to hand over the call over our Chief Financial Officer, Mr. Bhavin Bhagat, to take you through financial and operational performance. Thank you so much, and over to you, Bhavin bhai.
Thank you so much, Nirav b hai. A warm welcome to everyone to our Q1 FY 2027 earnings call. I will take you through the financial performance for the quarter. Speaking of performance, revenue for Q1 FY 2027 stood at INR 422 crore, versus INR 347 crore in Q1 FY 2026, reflecting a healthy growth of 21.9% year-over-year. Revenue growth, excluding acquired portfolio, that is Wokadine, stood at 21.4%. Revenue from India business stood at 97%, whereas the revenue growth for India business stood at 22.7%. EBITDA stood at INR 93 crore versus INR 70 crore in Q1 FY 2026, a growth of 33.5% on a year-over-year basis. EBITDA margin improved by around 190 basis points and stood at 22%. Profit after tax stood at INR 60 crore, compared to INR 46 crore in Q1 FY 2026, a growth of 30.1% year-over-year.
PAT margins for the quarter stood at 14.2% as compared to 13.3%, an increase of 90 basis points on a year-over-year basis. Revenue contribution from chronic segment stood at 73.4% in Q1 FY 2027. With that, I would like to open the floor for questions. Thank you.
Ladies and gentlemen, we will now begin with the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Our first question comes from the line of Pratik Dharmshi with Union Mutual Fund. Please go ahead.
Yeah. This is Pratik Dharmshi from Union Mutual Fund. Many congratulations, Nirav b hai, Bhavin bhai, for excellent set of numbers. A couple of questions from my side. One is on the overal IPM market. You have been telling that there is an acceleration post December, where healthy double-digit growth have been observed, both pricing plus volume growth has picked up. So can you dwell more about it? What is driving this at the industry level?
Yeah. Thank you, Pratik bhai. Pratik bhai, what I understand, this is about COVID, post-COVID, and post post-COVID. I think so industry has been anticipating the same thing that after Diwali, more or less around December 2026, everything will be normalized, and IPM will come into the force of around lower double-digit growth. That exactly has been happened. If you look at this Indian pharmaceutical market since last 20, 25 years, this has always been performed in the tune of lower single digit, and that has again come into force after few years of COVID, post-COVID, and post post-COVID. I think so now it is sustainable. According to me, this industry growth will continue to grow in the tune of around 10%, 9%-11% in between.
Got it. That's heartening to hear. Second was on your EU-GMP approved hormone manufacturing facility, which got commercialized. Will our focus be more on international side or domestic on the hormone strategy? Can you elaborate more on that as well?
Today, Pratik bhai, our 97% business is from India and about 3% is international. We are India-based, India-focused pharmaceutical company. If we look ahead for another three, four, five years also, I think so the CI of India business will always be more than 90%, and the international business will about a higher single digit after five years also. We will remain focused on India business. But to strengthen our philosophy of think hormone, think CORONA, which has been little complex in nature, and there are very few plants who are focusing on the hormone things, it will help us in India also, and it will start getting recognition in international market too. But we will remain focused on India business, and that will not from this year, but that three to five years minimum, we will be India-focused company.
Got it. Thank you, and all the best.
Thank you.
Thank you. Our next question comes from the line of Amey Chalke with JM Financial. Please go ahead.
Yeah. Thank you for taking my question and congrats to CORONA Management on the great set of numbers. I have first question on margins. Considering this is second quarter where our growth is coming 20% and more, our earlier expectations was maintaining 15%-16% kind of a growth for next two, three years. If we maintain this 20% kind of a growth, let's say, for this year and coming year, is there any scope for margin improvement, or you think that this, whatever the incremental growth we will get, you will try to reinvest further?
Yeah. Thank you, Amey bhai. See, margin performance is influenced by multiple factors, including product mix, operational efficiencies, and operating leverage. We remain focused on disciplined cost management and continuously strive to improve our operating efficiencies to support sustainable margin expansion. However, we also need to be mindful of the current operating environment, which remains volatile and can have a direct impact on input and ancillary cost. During the current quarter, a favorable product mix coupled with operating leverage contributed to the improvement in margin. While we are encouraged by this performance, we remain cautious about extrapolating the current margin profile into coming quarters.
Given the evolving cost environment due to geopolitical Southeast Asia risk, at this stage, it would be premature to comment on the sustainability of current levels, although our endeavor is to maintain margins within a similar range. As we have continuously communicated our FY 2027 guidance remains unchanged.
We continue to target 15% organic revenue growth and about 1.5%-2% inorganic revenue growth, resulted about 17% revenue growth and 20% PAT growth, and we remain confident in our ability to achieve these objectives.
Sure, sir. That is well articulated. I have second question on our Cardio- Diabeto division. This is typically a mass specialty segment, where we are at 20th rank. You also said in the opening remark, we entered this market bit late. Despite being late entrant, we have grown significantly here. For us to come under top 10, what do you think, what steps we need to take? Is it expanding into more metros, adding more specialists, or adding more brands? What is the thought process there for us to get into top 10? Thank you, sir.
See, Cardio- Diabeto is our most focused therapies. Today, if you look at we are 20th rank in the IPM. But as far as consolidation business is concerned, we are in top 10. More or less, we can't change the history. But if you look at the present, we are in top 10 as far as consolidating new business is concerned. This cardiometabolic has been growing around 15% as far as IPM is concerned, and we are in top 10 already. Portfolio has been well-placed. There is possibilities to do new launches also. But on our brand building, new introductions, I think so we are well-placed as of now, and we'll continue to focus on the cardiovascular. Our endeavor is to continue to maintain the momentum of top 10 in consolidated new business.
Sure, sir. Last question to Bhavin bhai. Depreciation cost has gone up to INR 13 crore for this quarter. I believe this is maybe the capitalization of the hormonal plant. Should we expect this number going ahead as a normal depreciation?
Amey bhai, we capitalized hormonal block by the end of this quarter, that is June 30th . The depreciation impact has not been there in the amortization or depreciation. The major impact in the amortization or depreciation earlier in FY 2026, if you see Q1 FY 2026, the depreciation amortization was INR 10 crore, which has increased to INR 13.4 crore. The major impact is because of the amortization of Wokadine, their brands which we acquired in the last quarter of FY 2026.
Okay. Going ahead, we will expect the further increase on account of the hormonal block.
Yes.
Sure, sir. Thank you so much. I will join back.
Thank you. Our next question come from the line of Alankar Garude with Kotak Bank. Please go ahead.
Hi, thank you for the opportunity, and congrats to the team on a very strong set of numbers. Sir, first question. Did you see any impact of higher raw material prices in the first quarter? You spoke about being cautious given the geopolitical issues. The question basically is, given the gross margins were so strong in the first quarter, and you also spoke about a better product mix, can we expect a higher impact of the raw material inflation in the second quarter versus the first quarter?
See, Alankar, thank you so much. The impact global geopolitical disturbance has started around 27th, 28th of February. And we already have about 70- 90 days of stock. So it's not impacted much in the quarter one. By June 2026, the last month of the quarter, we have started getting the new stocks after this disturbance. It is very difficult to predict as of now, but the answer is yes, 100 basis points here and there we may get the hit. And that's why we are trying to reduce other operating things and try to maintain the guidance which we have been told about 20% PAT growth. Disturbance will come geopolitical. How much and till what time, it's been difficult to predict as of now. But we are trying our level best to maintain the guidance which we've been given.
Got it, Nirav bhai. That is helpful. The second question is, if you look at the growth which is spelled out by Bhavin bhai on the organic ex-Wokadine domestic number. Wokadine was broadly about INR 28 crore-INR 30 crore in FY 2026. And if I just take that extrapolation into the first quarter, Wokadine sales seem to have come down, at least on a year-over-year basis. Just trying to understand whether you took any corrective steps in the first quarter, and can you take us through the journey towards that 25% sales growth that you had outlined for this portfolio or this molecule in the previous quarter?
Alankar ji, as you mentioned about INR 28 crore- INR 30 crore of the revenue, that was the external revenue. There is the internal revenue of Dr. Reddy's was INR 20 crore. We have eyed a 25% growth for coming three years down the line to make the brand double in coming three years of INR 20 crore- INR 40 crore. Having said that, this is the first quarter of the launch of Wokadine. So in the first quarter, there are all possibilities to integrate the brand in the supply chain, which is most important. In India, we are an India-focused company.
Supply chain comes to biggest milestone of the pillar which we need to achieve. So the things are in place in the first quarter. So first quarter can't be considered for the future coming quarters numbers perspective, but we are eyeing what we have commented of our 25% growth of INR 20 crore in Wokadine.
We are eyeing to achieve those numbers in coming quarters.
Got it, sir. The other question is, you are not going to add any MRs in FY 2027. Now, given that you are demonstrating such strong growth, I understand the volatility on the raw material side, and there would also be some under-recoveries from the hormonal facility. Would it be fair to assume that there can be meaningful operating leverage if I take a two to three-year view hereon?
I could not get it. So you are talking on revenue growth and sustainability of the revenue growth, or asking something else?
No, I will elaborate on that, sir. The question is on margins. Firstly, you are not going to add any medical reps in FY 2027. On the other hand, the top line growth is very strong. The commentary on the top line growth is also very strong. If I take a two to three-year view, it is safer to assume that the under-recoveries from the hormonal block will also come down. Looking at EBITDA margins with, say, a three-year view, should there be a meaningful operating leverage benefit that should play out? That is the question.
See, Alankar ji, we have not added any MR in FY 2027, but if you look at the last quarter of FY 2026, we have added two teams into our kitty by adding around 400 medical representatives. If you consider task force or other medical representative, put together 400 as a number. We are leveraging this number in FY 2027. By going ahead, we will continue to remain about the guidance of 6%-8% addition of medical representative, which is in the tune of 200-250 medical representative every year. I think so on a broader guideline of 15% revenue growth and 20% PAT growth, we can able to achieve in FY 2027 and near-term future also.
Fair enough. Sir, would you call out the under-recoveries from the hormone facility in first quarter?
It has just started on 30th of June. First year, I think so the turnover ratio will be little less than one, and then moving ahead, we will go to the turnover ratio of three. One to three, one to two, and two to three.
Got it, sir. Final question from my side. How has been the initial offtake in the two semaglutide brands?
Semaglutide has been a very interesting point where everybody's been talking about semaglutide in this market. What I understand, this GLP-1 market, for us, we should be maintaining about top 10 position in the semaglutide market and we are expecting about INR 1,500 crore-INR 1,800 crore market, and we will be well-positioned over there. Our focus is off with semaglutide. We are more focusing on our other engine brands, which have been told earlier also, and I think so we are getting a good result out of it.
Got it, sir. That's helpful. Thank you, and all the best.
Thank you.
Thank you. Our next question comes from the line of Gopal Bhatt with Baroda BNP AM. Please go ahead.
Hello. Yeah. Am I audible?
Yes, sir.
Okay. Yeah. Congrats to the management for a good set of results. I had a couple of questions. I think there have been questions earlier from participants on the margins, so I won't ask on the trajectory. But just to understand the structure better, I see that you have a high share of chronic, and that gets reflected in your gross margins as well, which are quite high and industry-leading. But yeah, employee costs and other expenses are a little higher than, say, larger peers in the industry. Could you just explain the reason for the higher costs there? And, yeah, maybe just a guidance on how you are optimizing those costs and trying to bring it up to larger peers in the industry. That would be my first question.
Gopal ji, answering to your question, you have to see CORONA from a three to four years length when you see the employee cost. If you've seen the last 3 and a half years, we have deployed 1,000 medical reps in the system. So today our medical reps are 3,111. So almost 35% medical reps have been deployed in the last three years. So of course, the employee cost would be high because the PCPM, what they generate compared to the peers would be lower. But to a larger extent, what we have explained in our earlier questions, that the operating leverage will come in play in coming years down the line, with the help of which this employee cost will come down.
Okay. Other expenses is also a little bit higher on the, I mean, around 30%.
Yes.
What would be the reason for that and what could be the measures to optimize that as well?
In the other expense, broad major part comes from the sales promotion expense, which is being governed by the UCPMP guidelines, which is linked to the revenue. To be very honest, it is variable in nature and not fixed in nature. This we would like to continue in coming years down the line, no matter in a lower percentage trajectory, which also will improve our operating leverage in coming years down the line.
Okay. Got it. That's clear. Secondly, just wanted to check with you that how much is the share of in-house manufacturing for CORONA right now? I of course understand now you have come up with a new plant. But yeah, generally, how much is in-house versus, say, outsourced for CORONA?
It is about 60/40. 60% in-house and 40% outsourced. It will remain more or less 60/40 for FY 2027.
Okay. Got it. Thank you.
Thank you. Ladies and gentlemen, anyone who wishes to ask a question may press star and one on their touch-tone telephone. Our next question comes from the line of Sidharth Negandhi with CWC. Please go ahead.
Hi. Congratulations, Nirav bhai, Bhavin b hai, on a great set of numbers. Three questions. One, you had mentioned 15% organic growth and acquired 1%-2% acquired brand growth. On the current quarter, was it more the acquired brands that led that growth or the organic brands? Sorry if I missed this because I joined a minute or so, a couple of minutes late. That is one. Second one is on the facility, the hormone facility that you set up. Currently, I am assuming there is no revenue coming from there, but what is the cost relating to that facility that are sitting in the P&L right now? If you could give us some color on that. The third one is to understand your new entry into the INR 10 crore club. You have two new entries.
Are these your own organic new introductions or some of the smaller brands that you have acquired which have scaled up to INR 10 crore?
Yeah. So thank you for giving us the compliments. Let me give you the answer of first and third, and then Bhavin bhai will give you the answer of second. As far as this quarter is concerned, overall, our revenue growth is 21.9%, but you split this 21.9%, it is about 22.7% on India business. If you further divide it from organic and inorganic, 21.4% is coming from the organic growth. So more or less about 21%, 22% overall growth, majority is from the organic side only. International, we have not grown this quarter, and that is why from 22.7% India growth, we have gone down to 21.9% revenue growth. As far as your guidance on 15%, 17%, and for medium-term or long-term, our stated revenue growth guidance of 15% organic growth for FY 2027 should not be interpreted based on the performance of any single quarter.
Quarterly growth can vary due to several factors, including product mix, seasonality, and market dynamics. Therefore, it is important to assess our performance over the entire guidance period rather than annualizing quarterly numbers. Based on our current projections, strong brand portfolio and robust product pipeline, we remain confident in achieving our medium-term revenue growth guidance of 15% organically against the anticipated IPM growth of 10%. At the same time, we continuously strive to outperform both the industry and our own internal benchmarks. Any outperformance would naturally be beneficial for the company and its stakeholders. However, from a guidance perspective, we remain confident on maintaining our 15% organic revenue growth outlook or beating the IPM by 500 basis points. It is also important to note that our 15% growth guidance pertains solely to our organic business.
Any growth arising from the inorganic opportunities would be incremented to this target. As far as FY 2027 is concerned, we have given a guidance of 25% growth out of inorganic and 15% revenue growth out of organic. Hope I can able to answer your first and third question. Now over to Bhavin Bhai for second question.
Sidharth bhai, about the hormone cost, I would like to take you through first the key therapeutic areas of the company. Women's healthcare plays 30% of the total revenue split of domestic business as far as CORONA is concerned. Out of the 30%, 30% comes with the hormone side. Hormone is always an important play area or playbook for CORONA since years. Earlier we used to manufacture our hormonal products at Solan manufacturing facility. Now it will be shifting to an EU-GMP approved manufacturing facility with a concept of one world, one quality. It means we will be catering to the domestic as well as the international market. As far as the hormonal costs are concerned, it was already placed in the P&L of which we are generating the revenues in the day one.
Having said that, from a CapEx standpoint, we had already invested INR 130 crore CapEx in our new EU-GMP approved hormonal facility, which Nirav bhai mentioned, the asset turn by the end of this year would be in tune of near to 1%, will increase in coming years down the line.
Okay. Thank you, Bhavin bhai. Nirav, just one follow-up. The two new entries into the INR 10 crore club, are they your-
Yeah
-organic brands?
All organic.
Okay.
Both are organic.
Okay. Just a follow-up on the organic and inorganic brand, what you mentioned, 15% organic revenue growth and 25% growth on the inorganic brands. All the brands that you acquired in the last couple of years, on that, what is the growth trajectory this quarter and broadly what growth trajectory. I understand you have a longer term guidance of 25%, but what was that in this quarter?
To be very honest, when we acquired a brand, first four quarter, we are considering as inorganic and others is organic. The brand which has been acquired before a full quarter is been a part into the organic growth portfolio of the company. It's been very difficult to now identify that what is the organic and inorganic brands we're now organically growing. But still, I will do it and advise SGA to give you the synopsis of this.
Sure.
Still, Bhavin bhai also would like to add into it.
Sidharth bhai, what Nirav bhai mentioned, I would like to just add into it, that out of INR 100 growth what company has earned, 85% came from the organic side. Only 15% came from the inorganic, which you are talking about the brand which we acquired before three, four years back. Having said that, whatever we are growing, which is hardcore on an organic basis, inorganic, yes, what we are mentioning the 25% for the Wokadine part which we acquired in the last year, would be growing for coming two to three years down the line.
Clear. Bhavin bhai, just to clarify, I understand that the revenue on the hormone side is already there. What I meant to understand is, from the new plant, there is no revenue, but before the setup, at least there must be certain costs sitting there, right? Is there-
Yes.
Is there a certain level of cost that is already sitting there, save for which the profits would have been even higher? That's all.
Sidharth bhai, see, just to tell you that whatever the cost which have been levied in the hormone plant before its commercialization are at CapEx level. All the costs are being capitalized in nature.
Yes.
Any new cost we will be incurring after commercialization would be part of an OpEx.
Clear.
Hope I answered your question.
Absolutely. Thank you so much, and all the best.
Thank you.
Thank you. Our next question comes from the line of Rahul Jeewani from IIFL Capital Services Limited . Please go ahead.
Yeah. Thanks for taking my question. Sir, this 21% organic growth which we saw during the quarter, can you split this growth between volume, price, and new launches for the quarter in terms of the growth split? And if you can also talk about how the traction has been on the IVF portfolio for which you launched this dedicated MR team a quarter back.
Yeah. Let me give you a first answer first and then the second answer second. As far as, Rahul bhai, split between volume. Volume, we have grown by 6.3%, which has been about 1.3% of the IPM. So it has been 5x more. As far as new introduction is concerned, we have grown by 3.4% versus IPM is 2.9%. And about pricing, it is 8.7% versus market is 5.6%. So this is [Non-English content] split. Majorly, significance jump is from the volume side of the growth, where we have grown about 5x than the market.
Sure, Nirav bhai. So that is on a MAT June 2026 basis, which I saw in the presentation. What I was looking for is for the quarter. For the quarter, June 2026, what was the split of growth?
Rahul bhai, it is in tune of the same percentage allocation of what 6.3, 8.7, 3.4 comprise of for the MAT basis. You can extrapolate the things from the quarter standpoint. It is more or less near to the same.
In terms of the growth proportion contribution?
Yes. 22.7% domestic India business growth. You please extrapolate off the 6.3, 8.7, 3.4. It is near to that.
Okay. Sure, sir. If you can talk about the ramp-up seen on the IVF business as well.
IVF business, we have just started from the month of April, and this is probably the first quarter where we are looking at the thing.
Gotcha.
I think our team, our task force team is working towards establishing the concept, our company, and try to talk on the technology part of it. We have started good. They are, I think, working in the right direction, but it is too early to comment. Give me another two, three quarters, we can give more color on the IVF task force. As of now, IVF task force has started generating the business.
Sure, sir. On the Bayer Zydus portfolio as well, you talked about Wokadine, but how has that, the acquired Bayer Zydus portfolio done and what is your expectation on that?
Yeah. The Bayer Zydus portfolio, more or less everything has been set. Then we have launched that Noklot brand in the cardiometabolic vertical also in the last month of this quarter, that is in the month of June. We have given about INR 7 crore as the acquisition cost, and in the quarter we have recovered INR 7 crore out of it. It has been negligible. Honestly, we are lucky to get this acquisition. First quarter, we have got the revenue out of it, and then long way to go.
Okay. For the first quarter revenue contribution from this portfolio, you are saying, sir, was INR 7 crore.
The acquisition cost is about INR 7 crore. I am just telling that we have tried to recover. Things are going in the right track.
Sure, sir. On this new hormonal plant, what kind of a ramp-up do you expect on the export business because of this hormonal facility getting commissioned? Because through this facility you are trying to target some of these, let us say, ROW markets. If you can talk about the export trajectory as well from a next two to three-year perspective.
Rahul, our plant has just started on 30th of June, which is the last day of the quarter 1, FY 2027. We are in the final stage of developing the dossiers. I think so by November, December 2026, we will be ready with the dossier after completion of the bioequivalence, et cetera. We have already international teams set to go ahead with the lot of agreement has been done, promising agreement has been done. Then we will send this dossier to the concerned countries, to our partner. They are going to register it. That will take another 12 to 18 months. I think so we are projecting FY 2028, 2029 to kick off this plant on an international level, and we are high hope with international market also.
Sure, sir. So export-
I am pretty sure that international businesses also grow from 3% to a higher single digit in three to four years, but then India business will continue to focus about 90%+ .
Sure, sir. So this asset turnover, which you talked about the plant between 1x- 3x over the next three years, that scale-up is essentially would be driven by the domestic business.
Domestic and international.
But sir, you are saying that international revenue will at least take, let's say, two years to start flowing.
Major is domestic. If you look at two years, it is major domestic. Third year, international share will start adding into the domestic business.
Sure, sir. Last question from my side for Bhavin bhai. Yes, sir. This depreciation and amortization expense which you talked about, the impact from the Wokadine acquisition looks a bit high to me. Can you talk about that?
Yes. Wokadine, we acquired for INR 97 crore plus GST. Let's remove the GST part out of it. We have amortized for 10 years. It comes to INR 10 crore a year. A quarter would be in tune of INR 2.5 crore , somewhere around. Then we acquired the brand from Bayer of INR 7 crore which we again amortize for 10 years. The major part of the amortization comprise of Wokadine and Bayer in it.
Sure, sir. I was working with the 20-year amortization period, so that's the difference. Okay. And sir, what kind of an impact should we build in because of the hormonal plant, starting from 2Q as far as depreciation and amortization is concerned?
It would not be much because we have capitalized and we will be depreciating the hormonal plant for 20 years. INR 130 crore CapEx divide by 20, if I just do, it comes to INR 6.5 crore a year.
Okay.
It will not have that much impact like amortization of the brands.
Okay, sir. Thank you. That is it from my side. Thank you.
Thank you. Our next question comes from the line of Bhavika Singhvi with Niveshaay . Please go ahead.
Yeah. Thank you for the opportunity. So sir, as we have announced this capacity of hormonal, EU-GMP approved . Just want to understand, do we have any dossier file for it in the EU market? As I say, you approved, so how we see it going to expand our business in the global market from this particular facility, and what is the asset turnover can be expected from this facility?
As far as turnover ratio is concerned, it will be little than one in FY 2027, and then gradually it will grow to two and to three in next three years of time. As far as dossier is concerned, we are in the final leg of preparing the dossier. Bioequivalence has been done, and we already been done the agreements with some European, from the emerging country, from U.K. and from the rest of the world.
Once the dossier is ready by November, December, we are going to give them for the filing. We will start getting the business in next 12-18 months once the dossier has been getting approved. I am hoping that FY 2029, I think so we are getting the good business starting from the or initial business starting from the international market.
Currently this facility will serve the domestic market?
Yeah.
Also, as we have already taken 24% stake in La Chandra Pharma Lab, which for the API thing in the hormonal side. Any new update on that? Have we increased the stake or what is the status of that particular acquisition?
La Chandra Pharma Lab, we have 31% stake as CORONA Remedies Private Limited. La Chandra is the associate company of CORONA Remedies Limited. La Chandra is focusing towards the production of quality hormonal products like progesterone, dydrogesterone, norethisterone, medroxyprogesterone, so on and so forth. It is an API company. That is our backward integration for us. From taking this API, we are moving ahead with preparing the dossier because they already have huge EU-GMP approved. They have recently got U.S. DMF approval also. The quality part of it, La Chandra has been taking care as far as API is concerned. We are trying to take that API and would like to convert into the dossier and going ahead with the formulation facility.
Currently we are not doing much captive use of API from this particular facility?
Yeah. We are taking all the India business hormonal API like progesterone, dydrogesterone or the estradiol hemihydrate, estradiol valerate. All the API, norethisterone, medroxyprogesterone, we are taking from them only.
So 100% our captive consumption is getting fulfilled from this particular facility?
No. It's not about 100%. We are one of the big consumer of La Chandra or a customer of La Chandra. La Chandra also because they have a huge plant. Today in India, about 65% progesterone, La Chandra is manufacturing. So on and above CORONA, they are going to give to other companies also.
No. I'm asking about our capacity, the things which we are manufacturing, are 100% API consumption is happening from this particular facility, like we are buying from them?
I understand. You can estimate about 60%-65% API consumption from La Chandra Pharma Lab, and the others from the other part of the world. Other companies from the API.
Got it. Thank you so much.
Thank you. Ladies and gentlemen, due to the time constraint, that was the last question for today. I now hand the conference over to Mr. Nirav Mehta, Managing Director and CEO. Thank you. Over to you, sir.
Thank you all once again for joining us today on quarter one FY 2027 earning call. We will keep the investor and analyst community posted with any update relating to CORONA Remedies. We hope we have been able to address all your queries. For any further information, kindly get in touch with us or SGA, our investor relationship partner. Thank you. Thank you so much.
Thank you so much, sir. Ladies and gentlemen, on behalf of CORONA Remedies Limited, that concludes today's conference. Thank you for joining us and you may now disconnect your line.