Rubicon Research Limited (RUBICON)
₹1,508.60 +2.13% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Rubicon Research's revenue was ₹534 Cr (+51.8% year on year, +4.0% on the previous quarter), and net profit ₹84.8 Cr (+97.2% year on year); the operating margin was 24.2%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹534 | +51.8% | +4.0% |
| Operating profit | ₹129 | +63.4% | +8.5% |
| Net profit | ₹84.8 | +97.2% | +10.1% |
| EPS (₹) | 5.13 | +82.6% | +10.3% |
| Operating margin | 24.2% | — | — |
RUBICON delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 53.5% of the RUBICON shares traded on NSE were taken to delivery, against the stock's own 20-session average of 52.81%. That is close to its usual level.
Delivery in the last 5 sessions: 50.9% · 54.9% · 56.2% · 60.7% · 53.5%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
The US FDA conducted an unannounced inspection of Rubicon Research's manufacturing facility in Satara, Maharashtra, from October 5 to October 9, 2026. The inspection concluded with the issuance of a Form 483 with 1 procedural observation, which the company confirmed does not pertain to data integrity. This marks the third unannounced US FDA inspection for Rubicon in FY2026-27, following reviews of its Toronto facility in April 2026 and Pithampur facility in July 2026. Given the single, procedural nature of the observation, Rubicon expects to resolve the matter collaboratively with the regulator.
- Unannounced US FDA inspection conducted from October 5 to October 9, 2026 at the Satara plant
- Issued a Form 483 with 1 observation, classified as procedural and not related to data integrity
- Follows two prior unannounced FY2026-27 inspections: Toronto R&D in April 2026 and Pithampur in July 2026
- Company had also acquired an East Brunswick, NJ site inspected by the US FDA in May 2026
Rubicon Research Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018, for the quarter ended September 30, 2026. The certificate was issued by MUFG Intime India Private Limited, the company's Registrar and Share Transfer Agent, on October 3, 2026. It confirms that securities received for dematerialisation during the period were properly verified, confirmed/rejected, and listed on stock exchanges. This is a mandatory and recurring administrative disclosure with no operational or financial impact.
- Compliance certificate submitted under Regulation 74(5) of SEBI Regulations, 2018
- Covers the quarter ended September 30, 2026
- Issued by RTA MUFG Intime India Private Limited dated October 3, 2026
Rubicon Research Limited announced that its Nomination and Remuneration Committee approved the allotment of 7,200 fully paid-up equity shares of face value INR 1 each on October 8, 2026. This allotment was executed pursuant to the exercise of employee stock options under the Employee Stock Option Scheme 2022. Following the allotment, the company's paid-up equity share capital increased marginally to INR 16,55,39,108 comprising 16,55,39,108 equity shares. The equity dilution from this allotment is negligible at approximately 0.004% of total share capital.
- Allotment of 7,200 fully paid-up equity shares of INR 1 each
- Allotment done under Rubicon Research Limited - Employee Stock Option Scheme 2022
- Total issued and paid-up share capital increased to INR 16,55,39,108 (16,55,39,108 shares of INR 1 each)
- Nomination and Remuneration Committee approval date: October 8, 2026
Rubicon Research Limited announced the voting results of its 27th Annual General Meeting held on August 26, 2026. All 9 resolutions were approved with requisite majorities, including the adoption of FY26 financials, declaration of final dividend, and the implementation of the ESOP 2026 plan (97.15% in favour). Additionally, shareholders approved the Scheme of Merger of wholly owned subsidiary KIA Health Tech Private Limited into the parent company under Section 233 with 99.45% votes in favour.
- All 9 ordinary and special resolutions approved at the 27th AGM held on August 26, 2026
- Scheme of Merger of WOS KIA Health Tech Private Limited approved with 99.45% votes in favour
- Rubicon Research Stock Options Plan 2026 (ESOP 2026) approved with 97.15% votes in favour
- Overall voter turnout saw 14,75,68,589 votes polled out of 16,55,31,908 total shares (89.15% turnout)
Rubicon Research Limited concluded its 27th Annual General Meeting on August 26, 2026, where 9 resolutions were presented to shareholders, including the adoption of FY26 financials, declaration of a final dividend, ESOP Plan 2026, and a merger scheme for wholly-owned subsidiary KIA Health Tech Private Limited. In the accompanying presentation, the company highlighted its manufacturing scale of over 6 billion oral solid units/year and over 50 million nasal spray vials/year. The company also summarized recent strategic acquisitions, including InvaTech's New Jersey facility (July 2026) and Arinna Lifesciences (April 2026).
- Conducted 27th AGM covering 9 ordinary and special resolutions, including employee stock option plans and subsidiary merger.
- Showcased manufacturing capacity exceeding 6 billion units/year in oral solids and over 50 million vials/year in nasal sprays.
- Highlighted R&D setup with >210 scientists, >40 regulatory professionals, and clean USFDA track record (zero Form 483s at Canada R&D in April 2026).
- Detailed recent M&A roadmap including Arinna Lifesciences (60 CNS brands, April 2026) and InvaTech's New Jersey formulation site (July 2026).
Rubicon Research reported a 52% YoY jump in Q1 FY27 revenue from operations to ₹534.3 crore (INR 5,343 million), driven by strong demand and specialty portfolio expansion. Operating EBITDA grew 63.2% YoY to ₹129.1 crore with margins at 24.2%, while PAT surged 96% YoY to ₹84.8 crore (partially aided by a one-off insurance claim). The newly consolidated Arinna acquisition added ₹12 crore to revenue with neutral EBITDA impact. Specialty products contributed 36% of gross profit, and ROCE remained robust at 36% despite ~25% of capital employed in pre-revenue assets.
- Revenue from operations grew 52% YoY to ₹534.3 crore; USD revenues grew 32% YoY to $55 million
- PAT increased 96% YoY to ₹84.8 crore with quarterly EPS reaching ₹5.08
- Gross margin improved sequentially by ~140 bps to 67.7%, driven by selective shedding of lower-margin contracts
- Pithampur plant has ~₹150 crore capital invested; EIR is awaited and commercial ramp-up is targeted over the next 9-12 months
Rubicon Research Limited has made available the audio recording of its earnings conference call held on August 14, 2026, for the quarter ended June 30, 2026. The recording has been uploaded to the company's website in compliance with SEBI LODR Regulations. For the quarter ended June 2026, the company reported revenue of Rs 534.34 crore and a net profit of Rs 84.78 crore. This filing is a standard regulatory intimation following the quarterly earnings release.
- Earnings conference call was conducted on August 14, 2026, for the quarter ended June 30, 2026
- Audio recording link published on company website as per Regulation 30 and 46 of SEBI LODR Regulations
- Company posted revenue of Rs 534.34 crore and net profit of Rs 84.78 crore in the June 2026 quarter
Rubicon Research has announced a leadership transition effective August 14, 2026, appointing Rohit Saraogi as CFO-Designate. The current CFO, Nitin Jajodia, will transition to a business-focused role as Chief Commercial Officer (CCO) to support the company's next growth phase. Additionally, the tenure of Chairman Venkat Changavalli has been extended until June 10, 2027. These changes come as the company targets a 25-39% growth rate and prepares to ramp up its newly acquired Pithampur facility.
- Rohit Saraogi appointed as CFO-Designate effective August 14, 2026, with over 24 years of experience in MNCs like Diageo and Coca-Cola.
- Current CFO Nitin Jajodia to move into an operating role as Chief Commercial Officer (CCO).
- Chairman Venkat Changavalli's term extended from September 18, 2026, to June 10, 2027.
- Company reported a net profit of ₹72.80 cr on revenue of ₹475.53 cr in the Dec 2025 quarter.
- Management transition aims to support a projected growth rate of 25-39% and a 93% product commercialization rate.
Rubicon Research reported a robust Q1 FY27 with revenue growing 51.6% YoY to ₹534.3 crore and PAT nearly doubling to ₹84.8 crore. The company successfully integrated the ₹175.9 crore Arinna Lifesciences acquisition and secured its first US manufacturing footprint via the $2.9 million acquisition of InvaTech Pharma. Gross margins improved to 67.7% as the company tactically reduced low-margin outsourced business to manage capacity constraints. Management maintained a high pre-tax ROACE of 36% despite significant capital being locked in pre-revenue assets.
- Revenue from operations increased 51.6% YoY to ₹5,343 million in Q1 FY27.
- PAT grew 95.8% YoY to ₹848 million, with fully diluted EPS rising to ₹5.08.
- Acquired InvaTech Pharma's US facility for an enterprise value of $2.9 million in July 2026.
- Specialty portfolio contribution to gross profit reached 36% in Q1 FY27.
- Capital employed in pre-revenue or recently acquired assets (Pithampur, Arinna, NJ) stands at ₹3,537 million.
Rubicon Research reported a strong Q1 FY27 with revenue growing 51.6% YoY to ₹534.3 cr and PAT nearly doubling to ₹84.8 cr. The company successfully consolidated the ₹175.9 cr Arinna Lifesciences acquisition and completed the $2.9 million purchase of InvaTech Pharma, marking its first US manufacturing footprint. Gross margins improved to 67.7% as the company tactically shifted away from lower-margin business to manage capacity constraints. Management is targeting CY2027 for operationalizing new sites in Pithampur and New Jersey to reduce reliance on third-party outsourcing.
- Revenue from operations increased 51.6% YoY to ₹5,343 million in Q1 FY27.
- PAT surged 95.8% YoY to ₹848 million, with diluted EPS rising to ₹5.08 from ₹2.79.
- Acquired InvaTech Pharma (USA) for $2.9 million, adding a USFDA-inspected facility for oral solids and liquids.
- Specialty portfolio contribution to Gross Profit reached 36% in Q1 FY27, up from 32.5% in H1 FY26.
- Consolidated Arinna Lifesciences following a ₹1,759 million acquisition, adding 160 sales reps and 60 CNS brands.
Rubicon Research delivered a robust Q1 FY27 performance, with consolidated revenue growing 51.6% YoY to ₹534.34 cr and PAT surging 95.8% YoY to ₹84.78 cr. The results are bolstered by the integration of Arinna Lifesciences (85% stake acquired for ₹175.92 cr in April 2026). The company continues its aggressive expansion, acquiring a New Jersey manufacturing facility for USD 2.9 million post-quarter. R&D remains a priority, with ₹60.07 cr (11.2% of revenue) invested during the quarter.
- Consolidated revenue from operations grew 51.6% YoY to ₹534.34 cr.
- Net profit (PAT) increased 95.8% YoY to ₹84.78 cr from ₹43.30 cr in the year-ago period.
- Completed the acquisition of an 85% stake in Arinna Lifesciences for ₹175.92 cr on April 30, 2026.
- Post-quarter acquisition of a manufacturing facility in New Jersey, USA, for an enterprise value of USD 2.9 million.
- R&D revenue expenditure for the quarter stood at ₹60.07 cr, representing 11.2% of consolidated revenue.
Rubicon Research has issued a corrigendum to its FY 2025-26 Integrated Annual Report to rectify typographical errors in the Management Discussion & Analysis (MD&A) section and align shareholding categories. The update clarifies the 85% stake acquired in Arinna Lifesciences and ensures shareholding patterns match the March 31, 2026, filings. While administrative, the report reiterates key operational metrics including a 93% commercialization rate (76 of 82 approved products) and a pre-tax ROACE of 33% for H1 FY26. The company continues to focus on its Rs 149 crore Pithampur facility acquisition to drive future growth.
- Corrected typographical errors in the Management Discussion & Analysis section on pages 76-78
- Confirmed the acquisition of an 85% stake in Arinna Lifesciences Limited
- Maintains a high commercialization rate of 93%, with 76 out of 82 approved products commercialized
- Acquired Alkem’s Pithampur manufacturing site for Rs 149 crore in June 2025 to expand capacity
- Reported pre-tax ROACE improvement to 33% in H1 FY26 from 30% in FY25
Rubicon Research Limited has scheduled its earnings conference call for Friday, August 14, 2026, to discuss financial results for the quarter ended June 30, 2026. The call will feature senior management, including the CEO and CFO, providing insights into the company's 'way forward.' Investors will likely seek updates on the Pithampur facility, acquired for ₹149 crore, which is slated for operationalization by mid-CY2026. The company previously reported a net profit of ₹72.80 crore for the quarter ended December 2025.
- Earnings conference call scheduled for August 14, 2026, at 06:00 PM IST.
- Management to discuss financial performance for the quarter ended June 30, 2026 (Q1 FY27).
- Call to be led by CEO Mr. Parag Sancheti and CFO Mr. Nitin Jajodia.
- Company maintains a high commercialization rate of 93% with 76 approved products commercialized.
- Focus remains on the Pithampur plant ramp-up expected by mid-CY2026 to alleviate capacity constraints.
Rubicon Research Limited has released its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26, revealing a total turnover of ‡1,306.08 crore. The company is highly export-oriented, with 98.44% of its revenue derived from international markets, primarily the United States. It operates 3 manufacturing plants in India and maintains a workforce of 1,303 employees. The report highlights a net worth of ‡1,320.98 crore and identifies innovation and product quality as its primary business drivers and risks.
- Exports accounted for 98.44% of the total turnover of ‡1,306.08 crore in FY 2025-26
- Company reported a net worth of ‡1,320.98 crore as of the end of the financial year
- Permanent employee turnover rate improved to 19.74% in FY26 from 24.39% in FY25
- Total workforce includes 1,303 employees and 582 workers across 3 national plants
- Pharmaceutical products (NIC Code 21002) contribute 100% of the company's turnover
Rubicon Research has issued a detailed communication regarding the tax deduction at source (TDS) for its recommended final dividend of ₹1.50 per equity share for FY 2025-26. The dividend is subject to shareholder approval at the upcoming Annual General Meeting (AGM) scheduled for August 26, 2026. The company has fixed August 7, 2026, as the record date to determine eligible shareholders. Tax will be deducted at 10% for resident individuals with a valid PAN (if dividend exceeds ₹10,000) and 20% for those without a valid PAN.
- Recommended a final dividend of ₹1.50 per equity share for the financial year ended March 31, 2026.
- Fixed Friday, August 7, 2026, as the Record Date for determining shareholder eligibility.
- Standard TDS rate of 10% for resident individuals with PAN; 20% for those without PAN or Aadhaar linkage.
- Deadline for submitting tax-related documents (Form 121/41) is Monday, August 10, 2026.
- The 27th Annual General Meeting (AGM) to approve the dividend is scheduled for August 26, 2026.
Financial Performance
Revenue Growth by Segment
Operating revenue reached INR 4,120 million in Q2 FY26, representing a 39% YoY growth from INR 2,960 million. H1 FY26 revenue stood at INR 7,645 million, up 25% YoY from INR 6,127 million. Growth is broad-based across specialty and generic portfolios.
Geographic Revenue Split
The US market is the dominant revenue contributor with USD revenue of $47 million in Q2 FY26, growing 33% YoY from $35 million. Other geographies are being explored but currently do not contribute materially to the total revenue mix.
Profitability Margins
Gross Margin (GM) for Q2 FY26 was 68.7%, a decrease from 72.7% YoY, primarily due to increased outsourced manufacturing costs. PAT Margin improved to 13.1% in Q2 FY26 from 11.6% YoY, driven by operational efficiencies and higher EBITDA.
EBITDA Margin
Operating EBITDA margin improved to 22.9% in Q2 FY26 compared to 20.8% in Q2 FY25, a 210 bps increase. Absolute Operating EBITDA grew 53% YoY to INR 943 million, supported by a shift toward high-margin specialty products.
Capital Expenditure
Significant investment in the Pithampur facility acquisition totaling INR 149 crore (INR 1,490 million) in H1 FY26. Total H1 FY26 investing cash outflows were INR 164 crore compared to INR 27.4 crore in H1 FY25.
Credit Rating & Borrowing
Total borrowings stood at INR 516.6 crore as of September 30, 2025, up from INR 393.2 crore in March 2025. Debt is primarily used for working capital and the Pithampur acquisition; specific interest rate percentages were not disclosed.
Operational Drivers
Raw Materials
Active Pharmaceutical Ingredients (APIs) and excipients for specialty formulations; specific chemical names were not disclosed. Outsourced manufacturing services currently represent a significant cost component due to internal capacity constraints.
Import Sources
Sourced from a network of contract manufacturing partners across North America, Europe, and India.
Key Suppliers
Not specifically named in the documents, though the company utilizes a global network of CMOs and API suppliers.
Capacity Expansion
Current manufacturing sites include Ambernath and Satara. The newly acquired Pithampur plant is expected to be operationalized by mid-CY2026 and fully ramped up by Q1 CY2027 to alleviate current capacity constraints.
Raw Material Costs
Gross margins are trending toward 68% (down from 72.5% in H1 FY25) as the company relies on higher-cost outsourced manufacturing to meet a 39% surge in demand until the Pithampur plant is operational.
Manufacturing Efficiency
Maintains a high commercialization rate of 93%, with 76 out of 82 approved products currently commercialized. ROACE (pre-tax) improved to 33% in H1 FY26 from 30% in FY25.
Logistics & Distribution
Distribution is managed through wholly-owned US subsidiaries, Advagen (non-branded) and Validus (branded), to optimize market access and payer coverage.
Strategic Growth
Expected Growth Rate
25-39%
Growth Strategy
Achieving growth through a robust pipeline of specialty products (32.5% of GP), ramping up the Pithampur facility to reduce outsourcing costs, and expanding the branded portfolio via Validus Pharmaceuticals. The company plans to maintain R&D spend at 10-11% of revenue to fuel new launches.
Products & Services
Specialty generic formulations, drug-device combinations, complex generics, and branded prescription medicines in CNS and other therapeutic areas.
Brand Portfolio
Raldesy, LopressorOS, and Equetro.
New Products/Services
Launched two new products from the pipeline in early 2025; specialty products now contribute 32.5% to gross profit compared to 13% in FY23.
Market Expansion
Focusing on the US market with plans to build blocks for other regulated geographies; however, US dominance is expected to continue in the near term.
Market Share & Ranking
Not disclosed as a specific industry rank, but positioned as a leading R&D-driven formulation player with a 93% US commercialization rate.
Strategic Alliances
Acquired Validus Pharmaceuticals to establish a branded sales and marketing platform in the US.
External Factors
Industry Trends
The industry is shifting toward complex generics and specialty products to avoid the price erosion of simple generics. Rubicon is positioned for this by increasing its specialty GP contribution from 13% to 32.5% over two years.
Competitive Landscape
Competes with global generic players and CDMOs; differentiates by targeting 'specialty' niches with 0-1 competitors for at least one year post-launch.
Competitive Moat
Moat is built on high R&D intensity (11% of revenue) and a 'culture of compliance.' Being one of only 8 companies globally selected for the FDA's QMM pilot program provides a significant competitive advantage in regulatory reliability.
Macro Economic Sensitivity
Sensitive to US healthcare policy and payer/PBM (Pharmacy Benefit Manager) formulary decisions which affect insurance coverage for branded products.
Consumer Behavior
Shift toward value-added medicines and drug-device combinations that improve patient adherence and address unmet needs.
Geopolitical Risks
Trade barriers or regulatory shifts in the US-India pharma corridor could impact the 33% YoY growth seen in US dollar revenues.
Regulatory & Governance
Industry Regulations
Strict adherence to US FDA Current Good Manufacturing Practice (cGMP) and participation in the Quality Maturity Model (QMM) program.
Environmental Compliance
Not specifically disclosed, though the company maintains US FDA-approved facilities which require stringent environmental and operational standards.
Taxation Policy Impact
Effective tax rate implied by PBT of INR 1,313 million and PAT of INR 972 million for H1 FY26 is approximately 26%.
Legal Contingencies
Not disclosed in the provided documents; however, the company appointed Avani Harish Shah as GM - Secretarial, Legal & Compliance in January 2026 to oversee these functions.
Risk Analysis
Key Uncertainties
The primary uncertainty is the timeline for the Pithampur plant operationalization; any delay beyond mid-2026 will prolong the 400 bps compression in gross margins.
Geographic Concentration Risk
High concentration in the US market, which accounts for the vast majority of the $47 million quarterly revenue.
Third Party Dependencies
Increased reliance on outsourced manufacturing (CMOs) to support the 39% revenue growth until internal capacity is expanded.
Technology Obsolescence Risk
Mitigated by a robust R&D pipeline and focus on complex drug-device combinations (e.g., intra-nasal sprays) that are harder to replicate.
Credit & Counterparty Risk
Trade receivables stood at INR 344.9 crore as of September 2025; receivables quality is supported by a 93% commercialization rate with major US wholesalers and pharmacy chains.
