Thank you. Good afternoon, everyone.

I, Amey Chalke, on behalf of JM Financial, welcome you all to the 2Q and H1 FY '26 earning call of Corona Remedies Limited. At the outset, I thank the management of Corona Remedies for giving us this opportunity to host 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 remarks from the management team, followed by the Q&A session.

I will now hand over call to the 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 '26 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. 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 will 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, 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 its line extension as per the market need. Let us talk about these seven brand trademarks.

The first is Noklot and Noklot CV. By this brand trademark, Corona is going to enter in 1,500+ crore antiplatelet market.

Out of seven, one is Noklot. Three products are from the infertility: Fostine, Menodac, and Ovidac.

Three in the women's healthcare: Fys, Vegeston, and Luprofect. With this initiative, Corona will grow, invested and expanded in a disciplined manner.

Corona has also creating a diversified product portfolio, both organically and inorganically. Today, we have a portfolio of 70+ brands with prominent brands like B29, Myo-D, Tricium, Cor-Tel, Obimet, etc.

We have 38 brands today having annual sales more than ₹10 crore, 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 MAT September '25 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 backward integration, marketing arrangements, and diversified product offerings.

Our track record with acquired brands have been strong, having acquired brands from giants like Glaxo, Abbott, Sanofi, etc. We have been successful in scaling those brands considerably, and the similar line we are hoping the great outcome with Zydus Bayer acquisition too.

Apart from the brand acquisition, we also have in-licensing some brands in women's healthcare and neurology therapies from Swiss giant Ferring Pharmaceuticals, which is a Swiss multinational biopharm company. Corona is one of the only three Indian company to have an 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 Europe 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 the facilities.

This includes capacity of around 400 million tablet 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 Science 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 Pharmalab, 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 specific 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 focus on the middle of pyramid. The company target specialists and super-specialist 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 specialist and super-specialist, 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 generations, capital allocation, and speedy and steady profitability, our return ratios has been healthy.

We are a net cash surplus company. Going forward, our intent and strategy is to increase our market share across our key therapies 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 gap 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 remains a key growth driver for Corona. We are also intensifying our engagement with specialist, super-specialist prescribers 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 1/3 of the Indian pharmaceutical market, providing considerable opportunity to expand into additional therapeutic areas such as infertility, nephrology, CNS, oncology, dermatology, 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 15% 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. On 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 spreaded over 11.9 acres, which will save significant electricity cost. 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 equity.

We have 40% of total workforce at Solan plant are female employees. As far as governance is concerned, the World Bank Group awarded the Corona with EDGE Advanced Certificate, recognizing the company for energy and water-saving measures.

We have A+ credit rating, EU GMP 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.

Thank you, Nirav. Firstly, a warm welcome to everyone to our Q2 and H1 FY '26 earnings call.

Before I take you through the financial performance, let me update you the premise of sharing Q2 and H1 FY '26 results in the month of Jan '26. 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 15th December, we need to publish the results of previous quarter, that is Q2 FY '26, within 21 days. We have published our results within the stipulated time.

Let me take this opportunity to take you through the financial performance for the quarter and half year ended 30th September 2025. Coming to the quarterly performance first, revenue for Q2 FY '26 stood at ₹361 crores, with a growth of 15% YoY, with India business contributing to 96.5% of its total revenue.

EBITDA stood at ₹78.5 crores, reflecting a growth of 17.4% on a YoY basis, whereas the EBITDA margins improved by around 40 bps and stood at 21.7%. Profit after tax stood at ₹52 crores compared to ₹43 crores in Q2 FY '25, reflecting a growth of around 22% on a YoY basis.

Speaking of our H1 FY '26 performance, revenue for H1 FY '26 stood at ₹708 crores compared to ₹605 crores in H1 FY '25, reflecting a growth of 17% on a YoY basis, with India business contributing to 96.4% of its total revenue. EBITDA for H1 FY '26 grew by 27.5% on a YoY basis and stood at ₹148 crores, whereas the EBITDA margin has seen a healthy improvement of around 170 bps.

EBITDA margins stood at 20.9%. Profit after tax for H1 FY '26 stood at ₹98.5 crores compared to ₹73 crores in H1 FY '25, reflecting a strong growth of 35% on a YoY basis.

On the return ratios front, our annualized ROE for H1 FY '26 stood at 31.1%, whereas our annualized ROCE for H1 FY '26 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.

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 grow 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, means from starting from menarche, pregnancy care, pre-pregnancy, post-pregnancy care, we have been available everywhere.

As far as our infertility segment is concerned, we are meeting the doctors, fertility, but not been available with core infertility portfolio. We have acquired with Bayer Zydus about few products in this segment on infertility, like Fostine, Menodac, Ovidac, and Luprofect.

We are under process of validation as of now. 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 this products.

Specialized team of about less than 50 people across the nation who are going to meet only a infertility specialist. We are under development.

I think so within couple of months, we are going to launch, and then we are strengthening our women healthcare position by infertility product range also.

Got it, sir. 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. As far as infertility doctors are concerned, they're also treating a pregnancy, they're also treating pre- and post-pregnancy, and the menarche and menopause issues also.

We have been available with that doctor in that particular portfolio. 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, and where shall we expect these therapies to be in terms of scale for us over, say, in 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, rheumatology, CNS, dermatology, gastrointestinal.

What we have decided, we'll unlock this each therapy at the right time, starting with the infertility in this year. Slowly and gradually, we will unlock each therapies in 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 onto the other therapy to grow. At the same time, today, as far as our covered market is concerned, whenever 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 this 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?

Absolutely. As far as the middle of the pyramid is concerned, a specialist and super-specialist, which is the biggest chunk of IPM, Indian pharmaceutical market, we have been super focused over there.

Whatever therapies we are entering from today to tomorrow to day after, our focus will remain strong on the specialist and super-specialist.

Got it, sir. One final question, if I may.

See, 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, very important segment for any growing pharmaceutical industry at the time of launching new product, validation, bioequivalence, 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+ 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.

Hello, sir. Good afternoon, sir.

Sir, am I audible?

Audible, sir.

Sir, I just had two questions. Sir, wanted to understand the engines brand 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 engines brand approach in a slightly more detailed manner and how does it help in our overall growth.

Look at the Indian pharmaceutical market, I think so it's about ₹2,32,000 crore market, growing at the speed of about 8.5% on year-on-year. This, I'm talking about ₹2,32,000 crore, this whole market is about prescription-based branded formulation market.

Now, how you differentiate brand from a product? To just give you 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 flavor, a quality adherence, and the confidence in the set 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. Giving you a classical example of our number one brand, B29, which is about ₹150 crore+ brand, B29.

It is in a vitamin, mineral, but it is the brand for diabetic neuropathy management. Whenever we have launched this brand, we have launched this brand in the science part of it, that whatever ingredients this brand has, is been helping a diabetic patient to delay the neuropathy management.

We try to take the road of a little differentiated manner, try to put a science into it, a unmet need of the patients and the medical fraternity, and then on the basis of science and consistency, we try to make that product, convert into the brand. I think so, if you look at the India, it's about branded formulation market.

If you just try to understand, it seems only a branded formulation market, but it is comes with the complex supply chain management. Hence, if you look at this 8.5% growth, hypothetically, it is ₹2,32,000 crore market, 8.5% growth is been bringing whatever crore on the table every year, about 79% of that market is been diversified from the top 50 company, and the rest is been diversified between 51 to 1300, 1400 ranked company.

It's been a market where more or less big become bigger, that story goes on because of the complex supply chain and the brand management phenomena.

Okay. Sir, lastly, sir, can you just highlight the strategy for our international business, like 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 have about 3.5% contribution with the international business. We are going ahead to develop a hormonal, complex generic, female hormonal product portfolio, with help of the La Chandra as a backward integration, a forward integration block on the hormones, we already set in Ahmedabad.

It's EU GMP-approvable plant, which is going to kickstart by the end of the Q2 or the early of Q3 of FY '27. Once we'll start that plant, simultaneously we are developing, and at that time, we will develop our dossiers in the women's healthcare.

The theme for international market remain think hormone, think Corona. It's absolutely a niche in the segment.

We will go worldwide, except US and Japan as of now, to start with, rest of the world: Europe, UK, 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 contribution of around 8%, 9%, higher single-digit contribution with international business too.

Okay. Perfect, sir.

That answers all my questions. Thank you, sir.

Thank you.

Hello, good afternoon. My question is pertaining to the slide 17...

Hello. Hello.

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 up 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 3.91, about ₹4 lakh. If you dissect this PCPM from the people who have joined 0 0 to three years, three to six years, and six to nine years, the productivity varies from ₹2.5 lakh to ₹8 lakh.

₹8 lakh from the people who have been joined, six- to nine-years range, three to six years is about ₹5 lakh, and about 0 to three years is about ₹2, 2.5 lakh. Considering that productivity will increase every year, but we have added about 600+ people in last three years of time, hence today our productivity is about ₹4 lakh.

If you look at the other geographies, a mature market or a western market, the productivity has gone to as high as ₹6 to 8 lakh.

Sure, sir. First question with respect to this would be that how many reps do you plan to add every year, and 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 with MR numbers by 5% to 7% on year-on-year, because today we are on a critical mass of around 2,600+ medical representative. By launching a new super-speciality therapies like infertility, spine, rheumatology, etc., we require that 5% to 7% people.

In that, we are going to add few organically required people also to cover the nook and corners of India. Our endeavor, Rahul, is to grow on 15% on revenue and 20% on PAT / EPS, and that be 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, the building is ready. We have got the state Schedule M license also.

We are now going to kickstart the commercial by the Q2 end of Q2 or early of Q3 of FY '27. Once we'll kickstart the commercial activities, by Q4, we are expecting about Q4 of FY '27, 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 the Hungary and all. Our endeavor is to kickstart this plant by taking WHO and been working hard for EU GMP-approvable approval also by the FY '27 end.

Sure. This plant will potentially then start contributing from a top-line perspective in FY '28 only?

Absolutely. We will transfer our India-based hormonal product in that plant and try to create the dossiers for the international market.

I think so for the first few quarters, it will a India-based product, and then, we will kickstart the international business with that plant with the hormones, female hormones.

Sir, the infertility specialists which we are targeting, I'm assuming that some of those hormonal products for India would be launched through this plant? Agreed.

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?

I think so

M&A is a talk of today as far as IPM is concerned. A very important thing is what you get in, how you get it, and what you can do out of it.

At Corona, we have practiced 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, we have got, this is seems to be a small acquisition, Bayer Zydus.

We have paid about ₹7.5, ₹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 a days to come. At the same time, we will continue to be optimistic as far as acquisition and in-licensing is concerned.

Sir. 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 multinationals 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 been in our fitment, we have been positive.

If it is not, we are not. It hardly make any difference whether it is a Indian company or a multinational company.

Interestingly, we got that opportunity with the multinational, but if we get tomorrow any opportunity from a 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.

Just a small correction, it's InCred Equities. Thank you so much for taking my questions.

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, so, seasonality doesn't matter much. 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 So, 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% to 27% on quarter-on the 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 is.

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% to 23% a sustainable margin band for FY '27, or do you plan to reinvest the gains into marketing or field force?

As I said you, madam, earlier also, our endeavor is about 20% PAT or EPS growth year-on-year for next four years. We have plan in place till FY '29, and that's why I'm telling you that we will look into it that we should grow about 20%+ PAT or EPS growth.

All right, sir. That is very helpful.

Thank you so much for giving me an opportunity to ask questions.

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?

You expect we need to change a bit there considering we have well above now ₹1,000 crore in terms of size of the business?

Amey-bhai, try to understand the India. If you look at India, it's all about semi-urban to urban, urban to semi-metro, and semi-metro to metro.

Everywhere, whatever been rural yesterday been semi-urban today and urban tomorrow to semi-metro to metro. The market shift is 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. Resulted, I think so India will be a 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.

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. We have a very small presence in gliptin, gliflozins.

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 the queue.

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 few years. We are trying to make that brands big to big to bigger with the Obimet-GX portfolio, which is 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 questions.

Thank you.

Thank you all once again for joining us today on the Q2 and H1 FY '26 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.