Ladies and gentlemen, good day and welcome to the Q2 and H1 FY 2026 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 during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. Before we begin, I would like to point out that this conference call may contain forward-looking statements about the company which are based on the beliefs, opinions, and expectation of the company as on date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. I now hand over the conference call to Mr. Amey Chalke from JM Financial.
Thank you, and over to you.
Thank you. Good afternoon, everyone. I, Amey Chalke, on behalf of JM Financial, welcome you all to the 2Q and H1 FY 2026 earning call of CORONA Remedies Limited. At the outset, I thank the management of CORONA Remedies for giving us this opportunity to hold the call. We are looking forward to have an insightful interaction on the quarterly earnings and the company outlook. Today, from the company, we have with us Mr. Nirav Mehta, Managing Director and CEO, Mr. Ankur Mehta, Joint Managing Director, Mr. Bhavin Bhagat, Chief Financial Officer. We will begin with the remarks from the management team, followed by the Q&A session. I will now hand over call to Mr. Nirav Mehta. Thank you and over to you, sir.
Good afternoon, ladies and gentlemen. At the outset, I would like to wish everybody a happy and healthy 2026. Thank you all for joining us on the Q2 and H1 FY 2026 earning call of CORONA Remedies Limited. Along with me on the call, I am joined by our Joint Managing Director, Mr. Ankur Mehta, our CFO, Mr. Bhavin Bhagat, along with senior management team and SGA, our investor relationship partner. We have uploaded our results, press release, and investor presentation on the stock exchanges and on company's website. I hope everybody has had the opportunity to go through the same. 2025 has been a milestone year for CORONA. Company got listed on stock exchanges on 15th of December 2025.
I would like to take this opportunity to thank entire team at CORONA, all stakeholders and investors who believed in our growth journey and continue to show faith in our business. As this is the maiden earning call, I would like to begin by give you all a brief fundamental overview of CORONA Remedies Limited. CORONA, we have a core philosophy of CCC. The first C stands for culture. We truly believe that whatever today we are in this 21 years has been fundamentally been based on the first C, that is culture. We believe in ruthless execution as a part of culture. We believe internal promotion, adaptability, humbleness. These are the points where we differentiate our company from the other companies as far as culture is concerned. The second C is courage. We have developed a courage of accepting the mistakes and improvising.
At the same time, we believe in robust inorganic and in-licensing opportunity as a part of courage. Culture, courage, and the third C is commitment. We are committed for global quality products, value creation for the stakeholders and long-term sustainable growth. CORONA Remedies Limited, established in 2004, is an India-focused branded pharmaceutical company engaged in the development, manufacturing, and marketing of formulation across key therapeutics areas like women's healthcare, cardiometabolic, pain management, urology, and as well as such as gastrointestinal and respiratory therapies. Approximately 96% of company's revenue are delivered from the Indian market. Our women healthcare, CORONA offers a brand across the life cycle ranging from menarche to menopause, along with the pregnancy, post-pregnancy, pre and post-menopausal categories.
In cardio-diabeto, the company offers brand across various stages of the treatment from insulin resistance, pre-diabetic to diabetic and diabetic-related complications, along with cardiac disorders such as hypertension, dyslipidemia, and ischemic heart disease. In the pain management, CORONA offers a diversified portfolio of formulation across multiple dosage forms, including oral tablet and capsule, topical sprays and ointments, and parenteral injectable preparation indicated for the management of pain associated with musculoskeletal spasm and neuropathy. In urology, CORONA has a brand offering from multiple disorders such as BPH, benign prostate hyperplasia, overactive bladder, urinary tract infection, and stone management. In the month of July 2025, CORONA has acquired seven brands trademark from Bayer Zydus Pharma. We shall leverage brand equity and knowledge transfer of these seven brand trademarks and launch each line extension as per the market need.
Let us talk about the seven brand trademarks. The first is Noklot and Noklot-CV. By this brand trademark, CORONA is going to enter in +INR 1,500 crore antiplatelet market. Out of seven, one is Noklot, three products are from the infertility, Fostine, Menodac, and Ovidac, and three in the women's healthcare, Spyea, Vageston, and Luprofact. With this initiative, CORONA will grow, invested, and expanded in a disciplined manner. CORONA is also creating a diversified product portfolio, both organically and inorganically. Today, we have a portfolio of 70+ brands with prominent brands like B29, Myoril, Tricium, Cortel, Obimet, et cetera.
We have 38 brands today having annual sales more than INR 10 crores, with many of other brands ranking amongst top five in the respective categories. In the past few years, we have consistently outpaced the Indian pharmaceutical market, growing at more than 1.5x IPM. As per PharmaTrac data, CORONA is number one fastest-growing pharmaceutical company amongst top 30 pharma company as per March September 2025 data. An important and differentiating factor driving our overall growth is volumes. CORONA's healthy volume growth trajectory is on back of our focus on the chronic and semi-chronic segment, which contributes approximately 70%+ our total revenues.
Along the journey, we have also executed strategic brand acquisition and in-licensing arrangements to address therapy gaps in our portfolio and to establish complementary capabilities such as secure integration, marketing arrangements, and diversified product offerings. Our track record with acquired brands has been strong, having acquired brands from giants like Glaxo, Abbott, Sanofi, et cetera. We have been successful in scaling those brands considerably and in a similar line we are hoping for a great outcome with Bayer Zydus acquisition too. Apart from the brand acquisition, we also have in-licensed some brands in women's healthcare and urology therapies from Swiss giant Ferring Pharmaceuticals, which is a Swiss multinational biopharm company. CORONA is one of the only three Indian companies to have in-licensed any brand from Ferring.
Speaking of our manufacturing capabilities, we operate two manufacturing facilities in India, one in Gujarat and the other in Himachal Pradesh, Solan City. Both facilities are WHO GMP-certified. Additionally, our Gujarat facility is also EU GMP-certified. We have a total installed annual capacity of 1.65 billion tablets or capsules, 20 million sachets, and 10 million bottles across both facilities. This includes capacity of around 400 million tablets and capsules, which was recently commissioned at our Gujarat facility in December 2025. We also operate two R&D centers, both of which are located within the two manufacturing facilities respectively. Our R&D centers are approved by Department of Scientific and Industrial Research. With respect to procurement and supply chain management, CORONA maintains a well-diversified base of API and excipient suppliers.
In line with its focus on backward integration and support chain security, the company has also invested in La Chandra Pharmalabs, which operates an EU GMP and WHO GMP-certified hormonal API manufacturing facility in the state of Gujarat. Following this investment, La Chandra supplies hormone API to Gujarat under a right to first refusal arrangement and develop specified APIs enabling enhanced backward integration across CORONA's manufacturing and R&D operations. With respect to our distribution and sales capabilities, CORONA adopts a differentiated strategy focused on the middle of the pyramid. The company targets specialists and super specialists doctors through the strategic development of marketing and distribution team across urban and semi-urban market, which together account for the largest share of Indian pharmaceutical industry.
By strengthening our field force in this market and maintaining a clear focus on specialists and super specialists, CORONA is well-positioned to capture value in the middle of the pyramid and strengthen overall marketing positioning. Our pan-India presence, supported by an expanding network of distributors and medical representatives, enables deeper engagement with medical profession and hospitals, driving improved market presentation and reinforcing our positioning within the Indian pharmaceutical market. While we have considerable presence in the Western market including Gujarat, Maharashtra, Goa, Madhya Pradesh, and Chhattisgarh, we are also augmenting our footprint in other regions simultaneously. CORONA is led by an experienced and dynamic leadership team. All members of the senior leadership come with multi-decadal experience in their respective field of experience. Apart from technical capabilities, understanding of the industry and operating environment, and business acumen, CORONA has consistently maintained strong financial prudence and commercial discipline.
We have given equal attention to revenue and profitability, resulting in speedy growth and stable margins. Cash flows have been cornerstone of our journey and will continue to be so on. We have strong track of EBITDA to OCF conversions, which has enabled us to reinvest for growth over the past two decades. Owing to our disciplined cash flow generation, capital allocation, and the steady profitability, our return ratios have been healthy. We are a net cash surplus company. Going forward, our intent and strategy is to increase our market share across our key therapy areas by focusing on chronic, sub-chronic segment, offering products across the life cycle of a patient. The strategy is primarily focused on launching new products that address unmet patient needs within existing therapeutic areas.
By identifying gaps in patient care and unmet medical needs, we aim to introduce brand line extensions that cater to evolving therapeutic landscapes. Apart from growing organically, brand acquisition and in-licensing arrangements remain a key growth driver for CORONA. We are also intensifying our engagement with specialists, super specialists, prescriber in metro, semi-metro, urban and semi-urban caters through our medical representative network to enhance our presence in high-value therapeutic segment. In addition to consolidating our presence in existing therapy areas, we are also strategically expanding our presence in additional therapeutic areas, leveraging existing brand equity and market positioning. We are currently catering to roughly one-third of the Indian pharmaceutical market, providing considerable opportunity to expand into additional therapeutic areas such as infertility, nephrology, CNS, oncology, dermatology, so on and so forth.
Given our diversified and expanding product portfolio, healthy brand strength, wide and growing marketing and distribution network, experienced leadership and financial discipline, we are on track to deliver CAGR 15% revenue growth and 20% PAT or EPS growth for next three to four years. Before handing over to CFO, Bhavin Bhagat on the financial number, lastly, let me touch upon the very important point on the ESG. ESG is environment, social, and governance responsibility. All and above growth in revenue and profitability, we are equally committed for ESG too. As far as environment is concerned, existing solar power plant of 1.3 MW at Bhayla plant and investment in 4.25 MW in upcoming solar park spread over 11.9 acres, which will save significant electricity costs. Protection of environment by tree plantation. Effluent treatment plant, ETP, at Bhayla plant for achieving zero liquid discharge. Yes, you heard right, zero liquid discharge.
Social responsibility. Financial assistance to young talented for promotion of sports and education. Blood donation camps organized by head office and manufacturing facilities. Investing in employee training increased by 50%, and promoting gender equality, we have 40% of total workforce at solar plant are female employees. As far as governance is concerned, the World Bank Group awarded the CORONA with EDGE, advance certificate recognizing the company for energy and water-saving measures. We have A+ credit rating, EU cGMP certified plant, one world, one quality, and we are working with the QR code technology for product counterfeiting on the strip. This is the brief on ESG. I would now like to hand over the call to our CFO, Mr. Bhavin Bhagat, to take you through financial and operation performance. Thank you, and over to you, Bhavin Bhagat .
Thank you, Nirav Mehta. Firstly, a warm welcome to everyone to our Q2 and H1 FY 2026 earnings call. Before I take you through the financial performance, let me update you the premise of sharing Q2 and H1 FY 2026 results in the month of January 2026. As per the SEBI regulation, when a company gets listed, they need to publish the results of previous quarter within 21 days from the date of getting listed. As we got listed on December 15, we need to publish the results of previous quarter, that is Q2 FY 2026 within 21 days. We have published our results within the stipulated time. Now, let me take this opportunity to take you through the financial performance for the quarter and half year ending September 30, 2025. Coming to the quarterly performance first.
Revenue for Q2 FY 2026 stood at INR 361 crores with a growth of 15% YoY, with India business contributing to 96.5% of its total revenue. EBITDA stood at INR 78.5 crores, reflecting a growth of 17.4% on a YoY basis, whereas the EBITDA margins improved by around 40 basis points and stood at 21.7%. Profit after tax stood at INR 52 crores compared to INR 43 crores in Q2 FY 2025, reflecting a growth of around 22% on a YoY basis. Speaking of our H1 FY 2026 performance, revenue for H1 FY 2026 stood at INR 708 crores compared to INR 605 crores in H1 FY 2025, reflecting a growth of 17% on a YoY basis with India business contributing to 96.4% of its total revenue.
EBITDA for H1 FY 2026 grew by 27.5% on a YoY basis and stood at INR 148 crores, whereas the EBITDA margin has seen a healthy improvement of around 170 basis points. EBITDA margin stood at 20.9%. Profit after tax for H1 FY 2026 stood at INR 98.5 crores compared to INR 73 crores in H1 FY 2025, reflecting a strong growth of 35% on a YoY basis. On the return ratios front, our annualized ROE for H1 FY 2026 stood at 31.1%, whereas our annualized ROCE for H1 FY 2026 stood at 49.7%. OCF to EBITDA stood healthy at 76.5%, whereas last but not the least, the net working capital days stood at the best of the class of 23 days. With that, I would like to open the floor for questions. Thank you.
Thank you. Ladies and gentlemen, we will now begin 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 their handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We take the first question from the line of Alankar Garude from Kotak Institutional Equities. Please go ahead.
Hi. Thank you for the opportunity and congrats to the team on the listing as well as the good performance in the second quarter. Nirav, you mentioned about the fertility segment and wanting to go further in this segment. You also spoke about it in your opening remarks. Can you comment a bit about what exactly is your presence right now within the fertility segment when we talk about infertility specialists as well as the IVF-focused hospitals, which is what you have mentioned in the presentation, and how exactly do we plan to grow further in this segment?
Yeah. Good afternoon, Alankar. I think so, as you know that we are amongst top five or six companies in the women's healthcare portfolio. We have been available in menarche to menopause all the product. From starting from menarche, pregnancy care, pre-pregnancy, post-pregnancy care, we have been available everywhere. But as far as our infertility segment is concerned, we are meeting the doctor's fertility but not been available with a core infertility portfolio. We have acquired with Bayer Zydus about few products in the segment on infertility, like Fostine, Menodac, Ovidac and Luprofact. We are under process of validation as of now. And I think so in the few months of time from now, we are going to launch a separate team for infertility and entering in the infertility market with these products.
Specialized team of about less than 50 people across the nation who are going to meet only an infertility specialist. We are under development. I think so within couple of months, we are going to launch, and then we are strengthening our woman healthcare position by infertility product range also.
Got it, sir. So basically, would it be fair to say that as of now, our presence in this space is quite limited? The Bayer Zydus portfolio acquisition does help, but currently, it's just a fresh start for us as far as infertility specialist is concerned.
Alankar, you are right, but as far as infertility doctors are concerned, they are also treating pregnancy. They are also treating pre and post-pregnancy and the menarche and menopause issues also. We have been available with that doctor in that particular portfolio, but as far as core infertility portfolio is concerned, we are now going ahead with the Bayer Zydus acquisition products. We are under development, and we will launch in the core therapy of infertility within next three, four months of time.
Got it, sir. Secondly, how would you describe your current position in the newer therapeutic areas of Nephro, CNS, Onco and Derm? Where shall we expect these therapies to be in terms of scale for us over, say, the next three to five years?
As far as CORONA is concerned, today we have been available in women's healthcare, cardiometabolic, urology, and pain management. We are working to develop six, seven therapies today, like infertility, spine, rheumatoid, CNS, dermatology, just to inter them. What we have decided, we will unlock this each therapy at the right time, starting with the infertility in this year. Slowly and gradually, we will unlock each therapies in the next three to four to five years of time. Whenever we launch and enter into the new therapy, our aim is to take the leadership position in that therapy and then focus on to the other therapy to grow. At the same time today, as far as our covered market is concerned, wherever therapies we are, we are about 1.9% market share, and that market is growing by 10%, which is about 25% more than the IPM.
We are optimistically positive to grow deeper in the segments where we have been available and at the right time, we will unlock these therapies which I have been told about.
Got it, sir. Would it be fair to say that similar to our existing therapies, be it women's health or cardiometabolic, our focus will be more on the specialist and the super specialist segment rather than the GP segment?
Yeah, absolutely. As far as the middle of the pyramid is concerned, our specialist and super specialist, which is the biggest chunk of IPM, Indian pharmaceutical market, we have been super focused over there, and whatever therapies we are entering from today to tomorrow to the day after, our focus will remain strong on the specialist and super specialist.
Got it, sir. One final question, if I may. Broadly, if I look at our R&D spends have been relatively lower compared to what we see for other similar companies. With us now looking at newer therapeutic areas over the next few years, is there anything different which we need to do on the R&D side, whether it be beefing up our team or increasing our investments? Anything which you would like to highlight there, sir?
As far as R&D is concerned, it's really been very important segment for any growing pharmaceutical industry at the time of launching new product validations, bioequivalence, so on and so forth. As our revenue grows, I think so the percentage contribution to the R&D will remain less than 2%. Today, about 100 plus scientists are working in R&D. We will expand little, but if we grow on the revenues, like 15%+, I think so that percentage less than 2% will remain a less than 2%.
Got it, sir. That's it from my side. Thank you and all the best.
Thank you, sir.
Thank you. Ladies and gentlemen, if you wish to ask a question, please press star and one. We take the next question from the line of Yug Modi from AP Capital. Please go ahead.
Hello, sir. Good afternoon, sir. Sir, am I audible?
Yeah, audible, sir.
Sir, I just have two questions. Sir, wanted to understand the Indian branded approach in a slightly more detailed manner. How does it help us in our overall growth? Some color on it would be helpful.
I couldn't get the question, sir.
Sir, I just wanted to understand our Indian branded approach in a slightly more detailed manner and how does it help in our overall growth?
If you look at the Indian pharmaceutical market, I think it is about INR 232,000 crore market growing at the speed of about 8.5% year-on-year. This, I am talking about INR 232,000 crore. This whole market is about prescription-based branded formulation market. How do you differentiate brand from a product? To just give you a simple understanding about a toothpaste to Colgate or a toothpaste to Close-Up or a toothpaste to Pepsodent is the market from generic to branded. Brand gives a flavors, a quality adherence, and the confidence in the said customer's mind. We have been available in four therapies like women's healthcare, cardiometabolic, urology, and pain management. We try to launch the product with little niche or little differentiated manner. Even give a classical example of our number one brand, B29, which is about INR 150 crore plus brand, B29.
It seems to me it is a vitamin mineral, but it is the brand for diabetic neuropathy management. Whenever we launch this brand, we launch this brand in the science part of it that whatever ingredients this brand has, it is been helping our diabetic patients to delay the neuropathy management. We try to take the road of a little differentiated manner, try to put a science into it, unmet need of the patients and the medical fraternity. Then on the basis of science and consistency, we try to make that product convert into the brand. I think if you look at India, it is about branded formulation market. If you just try to understand, it seems only a branded formulation market, but it is with the complex supply chain management.
Hence, if you look at this 8.5% growth, hypothetically it is INR 232,000 crore market. 8.5% growth is been bringing whatever crore on the table every year. About 79% of that market is being diversified from the top 50 company, and the rest is being diversified between 51 to 1,300, 1,400 rank company. It is been a market where more or less this become bigger. That story goes on because of the complex supply chain and the brand management phenomena.
Okay. Just sir, lastly, sir, can you just highlight the strategy for our international business? Which are the current geographies where we have a considerable presence, and how do we plan to enter newer geographies? How different is our product portfolio compared to India business?
As far as international is concerned, today, we are about 3.5% contribution with the international business. But we are going ahead to develop a hormonal complex generic female hormonal product portfolio with help of the La Chandra as a backward integration or forward integration block on the hormones we already set in Ahmedabad. It is new WHO GMP approval plant, which is going to kick start by the end of Q2 or the early of Q3 of FY 2027. Once we start that plant, we will develop simultaneously. We are developing, and at that time we will develop those years in the women's healthcare. The theme for international market remain Think hormone, think CORONA. It is absolutely a niche in this segment.
We will go worldwide, except U.S. and Japan as of now to start with rest of the world, Europe, U.K., Australia, New Zealand, Brazil, Mexico, Asia, and CIS Russia with the product portfolio. We will add general category products also from our plant into the international kitty. We are quite hopeful that with this in couple of years, we can have our CI of around 8%-9% higher single digit CI with international business too.
Okay. Perfect, sir. They are answers all. Thank you, sir.
Thank you.
Thank you. Ladies and gentlemen, if you wish to ask the question, please press star and one. We take the next question from the line of Aditya Chheda from InCred Asset Management. Please go ahead.
Hello, good afternoon.
Good afternoon.
My question is pertaining to slide 17.
Hello? Hello?
Aditya, are you there? Aditya, are you there? Since there is no response, we will move on to the next question, which is from the line of Rahul Jeewani from IIFL Capital Services Limited. Please go ahead.
Yeah. Thanks, sir, for taking my question. Sir, can you talk about the productivity or the PCPM for the domestic business, which, let's say, versus some of the other chronic heavy peers is slightly on the lower side. How do you see this productivity ramping us for us over the next three to four-year period? Can you also talk about how the productivity is between some of your mature divisions in India and some of the new divisions which you might have added over the past, let's say, two to three-year period?
Yeah. Good afternoon, Rahul . Look at today CORONA's PCPM per capita per month is about INR 3.9 lakhs, about INR 4 lakh. But if you dissect this PCPM from the people who have joined zero to three years, three to six years and six to nine years, the productivity varies from INR 2.5 lakh to INR 8 lakh. INR 8 lakh from the people who have joined six to nine years range. Three to six years is about INR 5 lakh, and about zero to three years is about INR 2, INR 2.5 lakh. Considering the productivity will increase every year, but we have added about 600+ people in last three years of time, and today our productivity is about INR 4 lakh.
But if you look at the other geographies, our mature market or western market, the productivity has gone to as high as INR 6 to INR 8 lakh.
Sure, sir. How do you, let's say, now we are targeting? First question with respect to this would be that how many reps do you plan to add every year? Then let's say from a three to four-year perspective, do we have any target productivity in mind in terms of reaching a desired productivity level?
As far as expansion is concerned, we have decided to expand the MR numbers by 5%-7% year-on-year, because today we are on a critical mark of around 2,600+ medical representative. By launching our new super specialty therapies like infertility, Spye, rheumatoid, et cetera, we require that 5%-7% people. In that, we are going to add few organically required people also to cover the nooks and corners of India. Our endeavor, Rahul Jeewani, is to grow on 15% on revenue and 20% on PAT/EPS, ATPS, and that's in mind while creating the model for next four to five years of time.
Sure, sir. The second question which I have is around the hormonal new plant which we were building. You said you will use that plant to ramp up the international business. Can you just update us in terms of progress at that plant? When do we expect to receive the WHO and the EU GMP approvals for that plant?
As I told earlier also, this plant is that when the building is ready, we have got the state Schedule M license also. We are now going to kickstart the commercial by the end of Q2 or early of Q3 of FY 2027. Once we'll kick-start the commercial activities, by Q4 of FY 2027, we are expecting about WHO, and by that time, we will try to take EU GMP inspection also. That all depends on EU GMP dates from Hungary and all. Our endeavor is to kick-start this plant by taking WHO and been working hard for EU GMP approval also by the FY 2027 end.
Sure. This plant will potentially then start contributing from a top-line perspective in FY 2028 only.
Absolutely. This plant will help. First of all, we will transfer our India-based hormonal product in that plant and try to create the doses for the international market. I think for the commercial, the first few quarters, it will be India-based product and then we will kick-start the international business with that plant, with the female hormones.
And sir, the infertility specialists which we are targeting, I am assuming that some of those hormonal products for India would be launched through this plant.
Agreed. You are absolutely right.
Sure, sir. Last question from my side, can you also talk about in terms of how you are seeing the M&A market in terms of acquisitions in India? Are you evaluating any further assets to, let's say, diversify your portfolio in the India business?
M&A is a talk of today as far as IPM is concerned, but very important thing is what you get it, how you get it, and what you can do out of it. At CORONA, we have practice whenever we see any inorganic or in-licensing opportunities, we try to create our own model that what we can do with that product range. Is it in a fitment? Is it a right to add in the therapies or enter into the new therapies? We are constantly evaluating it. It's not that easy, but it's not that difficult also. I think so in last year, July 25, as I mentioned, this seems to be a small acquisition by Zydus. We have paid about INR 7.5 crore, INR 8 crore behind that acquisition, but that will take us along with that acquisition.
Important is what you can do out of that acquisition. We are bullish into it. As of now, we are looking at two, three interesting opportunities, but it's Rahul, if you look at 100, you may get one or two. That sort of chances have been there. Nothing concrete as of now. After Zydus Bayer, our first focus is to make this acquisition more meaningful in the days to come. At the same time, we will continue to be optimistic as far as acquisition and in-licensing is concerned.
Yes, sir. One follow-up on that. In the past, we have acquired assets in India, largely from MNC companies. We haven't, let's say, acquired any assets from other Indian companies. Would you continue to adopt a similar approach in terms of acquiring some of these non-core portfolios from MNCs, which might come at a reasonable valuation as compared to some of the other assets?
It's nothing like a multinational or a top Indian company. There is no differentiator in our mind. The important is what sort of culture we are acquiring out of the brand, what sort of character we are acquiring from the brand. If that character is in our fitment, we have been positive. If it is not, we are not. So, it hardly makes any difference whether it is an Indian company or a multinational company. Interestingly, we got that opportunity with the multinational but if we get tomorrow any opportunity from an Indian company, and if it is in the fitment, we will definitely look into it.
Sure, sir. Thank you. Thanks for answering my questions. I will join back the queue.
Thank you. We take the next question from the line of Niharika Agarwal from InCred Asset Management. Please go ahead.
Just a small correction, sir. InCred Equities. Thank you so much for taking my question. I wanted to ask, since this is your first public earnings call, could you help us understand the seasonality in your business? Is H2 typically stronger than H1 in terms of margins or revenue?
We have more or less 70%+ chronic and semi-chronic portfolio. Seasonality doesn't matter much, but still, if you look at half one to half two, more or less it is 50/50, but 100 basis point minus in the first half versus 100 basis point. It's been more or less 100 basis point here and there as far as revenue and profitability, PAT margin is concerned. If you try to understand CORONA in a more deeper manner, half one, half two is 50/50, more or less 100 basis point here and there. If you look at our revenue split, our Q3 more or less October, November, December, is slightly been lesser as far as revenue growth is concerned with the other quarters because of this festive season.
More or less it is also 25%-27% on quarter to quarter split as far as revenue is concerned, and similarly in line with profitability. If you want to see CORONA, it is on 15% revenue growth on CAGR for next three to four years and 20% PAT or EPS for next three to four years. That's our endeavor.
Thank you so much, sir. I had one more question over here. Given the stabilization in raw material costs and your product mix shift towards chronic therapies, is 22%-23% a sustainable margin band for FY 2027, or do you plan to reinvest the gains into marketing or field force?
As I said to you, madam, earlier also, our endeavor is about 20% PAT on EPS growth year on year for next four years. We have plan in place till FY 2029, and that's why I'm telling you that we will look into it, that we should grow about 20% plus PAT or EPS growth.
All right, sir. That is very helpful. Thank you so much for giving me an opportunity to ask questions.
Thank you. We take the next question from the line of Amey Chalke from JM Financial. Please go ahead. Amey, please unmute your line and proceed with your question.
Yeah. Am I audible now?
Yeah.
Yeah. Hi, Nirav. Just had one question. We have been so far successful with our middle of the pyramid approach. On one aspect, you did clarify on the specialist side that it will continue. But going ahead, in terms of the geographic presence, where also this approach is applicable in terms of the city, urban and rural mix. Do you expect we need to change a bit there, considering we have well above now INR 1,000 crore in terms of size of the business.
Amey, try to understand India. If you look at India, it is all about semi-urban to urban to semi-metro, semi-metro to metro. Everywhere, whatever been rural yesterday, means semi-urban today and urban tomorrow to semi-metro to metro. The market shift has been happening in the specialist in each category from semi-urban to metro is been increasing heavily. If you look at the medical seats also today in India, about 70,000 specialist and super specialist seats has been added. I think so India will be an interesting specialist and super specialist market, and our focus will remain same on the middle of the pyramid specialist, which is the highest chunk to super specialist because that will take you to the newer segments. Our focus will remain same onto it.
Sure. Just last one, if I can squeeze in. On the diabetes side, our focus at present or at least the brand presence, we are largely into the metformin combination, which is a first-line therapy, but we have a very small presence in gliptin, gliflozin. Any thoughts over there as well as if you can also explain our GLP-1 strategy along with that. Thank you so much, and I will join back with you.
Yeah. As far as diabetic portfolio is concerned today, we have been available in sitagliptin which is DPP-4, dapagliflozin and empagliflozin which is SGLT2. We have been well diversified, been available in DPP-4, SGLT2, and we have launched this brand before a few years. We are trying to make that brand big to bigger with the Obimet GX portfolio which you have said rightly about the glimepiride metformin and the combination portfolio. As far as GLP-1 is concerned, yes, we are working with that GLP-1, and we are hopeful that we will launch at the right time in the Indian market off-patent.
Sure, sir. Thank you so much. Thank you for taking my question.
Thank you.
Thank you. Ladies and gentlemen, this was the last question, and we conclude the question and answer session. I now hand the conference over to the management for their closing comments.
Thank you all once again for joining us today on the Q2 and H1 FY 2026 earning call. We will keep the investor and analyst community posted with any update relating to CORONA Remedies Limited. We hope we have been able to address all your queries. For any further queries or information, kindly get in touch with us or SGA, our investor relations partner. Thank you so much and have a great day ahead.
Thank you. On behalf of CORONA Remedies Limited, that concludes this conference call. Thank you for joining us, and you may now disconnect your line.