Rubicon Research Ltd
RUBICON NSE
Rubicon Research Ltd
HealthcareNSE: RUBICON BSE: 544578 Pharmaceuticals & Biotechnology
Key Fundamentals
SmallcapPharmaceuticalsHealthcareMarket Cap
₹29,577 Cr
Volatility
High Risk
P/E Ratio
101.98
EBITDA
₹408 Cr
Return on Equity
19.14%
Debt to Equity
0.24
Book Value
₹77.86
52W High
₹1,808
52W Low
₹570.75
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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43 extracted metrics + investor summaries across FY20–FY26.
Tapetide Score
Data-driven rating, 0–100. How it works →
Technical Indicators
Key Insights
Strengths
4- Company has reduced debt.
- Company is expected to give good quarter
- Company has delivered good profit growth of 52.0% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 27.5%
Weaknesses
2- Stock is trading at 23.0 times its book value
- Working capital days have increased from 68.8 days to 104 days
Growth Rate
Revenue Growth
36.79% ↗
Net Income Growth
83.56% ↗
Cash Flow Change
28.82% ↗
ROE
-22.95% ↘
ROCE
-30.01% ↘
EBITDA Margin (Avg.)
11.35% ↗
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 5d agoAI opinion · based on fundamentals
Risk high
Rubicon Research Ltd is a healthcare company with a market cap of ₹27,091 Cr, trading at a PE of 111x and 21.26x book value. The company has demonstrated strong profit growth of 52% CAGR over 5 years and 27% ROE over 3 years, but its valuation multiples are significantly elevated relative to earnings and book value.
Bull Case 7
- Exceptional profit growth with 5-year compounded profit CAGR of 52% and TTM profit growth of 85%
- Strong 3-year compounded profit CAGR of 155%, indicating accelerating earnings momentum
- Consistent return on equity of 27% over both the last year and 3-year period, reflecting efficient capital deployment
- Robust revenue growth with 5-year compounded sales CAGR of 41% and 3-year sales CAGR of 65%
- TTM sales growth of 37% suggests continued top-line momentum in the current period
- Company has reduced debt, improving balance sheet strength and financial flexibility
- 5-year ROE of 16% shows the company has maintained above-average returns even over a longer horizon
Bear Case 8
- PE ratio of 111x is extremely elevated, pricing in significant future growth with little margin of safety
- Price-to-book ratio of 21.26x indicates the stock trades at a steep premium to its net asset value
- Working capital days have increased from 68.8 days to 104 days, signaling potential cash conversion deterioration
- Dividend yield of just 0.09% offers negligible income return to shareholders at current prices
- At 111x earnings, even a slight deceleration in the 85% TTM profit growth could trigger a sharp de-rating
- 52-week high and low data unavailable (reported as 0), limiting visibility on recent price volatility and drawdown risk
- Debt-to-equity, EPS, and ROCE data are unavailable, reducing transparency on key financial health indicators
- 10-year growth track record data is largely unavailable, making it difficult to assess long-term consistency beyond 5 years
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 20h ago Positives 3
- US facility acquired for $2.9M Jul 22
Subsidiary acquired a USFDA-inspected manufacturing facility in New Jersey for USD 2.9 million, to focus on specialty products.
- ₹1.50 dividend & merger proposed Aug 11
27th AGM scheduled for Aug 26, 2026 with ₹1.50/share dividend proposal, KIA Health Tech merger approval, and new ESOP plan on the agenda.
- Record date fixed for dividend Jul 20
August 7, 2026 set as record date for the ₹1.50 per share final dividend, confirming shareholder payout timeline.
Neutral 4
- Q1FY27 results filed with exchanges Aug 15
Unaudited standalone and consolidated financial results for Q1 ended June 30, 2026 filed with BSE and NSE.
- Q1FY27 earnings call scheduled Aug 7
Earnings conference call set for August 14, 2026 at 6:00 PM IST to discuss quarterly performance.
- BRSR report submitted for FY26 Aug 3
Business Responsibility and Sustainability Report for FY 2025-26 filed, covering ESG practices, workforce data, and governance frameworks.
- TDS deadline set for dividend Jul 29
Shareholders urged to submit tax documents by August 10, 2026 for correct TDS deduction on the proposed ₹1.50/share dividend.
TL;DR: Rubicon Research is executing on US market expansion with a $2.9M New Jersey facility acquisition and rewarding shareholders with a ₹1.50 dividend. The KIA Health Tech merger and new ESOP plan signal growth ambitions. No visible headwinds in recent newsflow. The trend is constructive, with the key near-term catalyst being Q1FY27 earnings details and AGM outcomes on Aug 26.
Quarterly Results
| Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|
| Sales | 296 | 313 | 358 | 352 | 412 | 476 | 514 | 534 |
| Expenses | 234 | 244 | 286 | 273 | 318 | 367 | 395 | 405 |
| Operating Profit | 62 | 70 | 72 | 79 | 94 | 108 | 119 | 129 |
| OPM % | 21% | 22% | 20% | 22% | 23% | 23% | 23% | 24% |
| Other Income | 3 | 0 | 0 | 1 | 1 | 4 | 3 | 6 |
| Interest | 7 | 8 | 12 | 11 | 11 | 10 | 10 | 9 |
| Depreciation | 8 | 9 | 10 | 10 | 12 | 12 | 12 | 15 |
| PBT | 49 | 53 | 51 | 60 | 72 | 91 | 99 | 110 |
| Tax % | 30% | 28% | 29% | 27% | 25% | 20% | 22% | 23% |
| Net Profit | 34 | 38 | 36 | 43 | 54 | 73 | 77 | 85 |
| EPS in Rs | 2.27 | 2.5 | 2.35 | 2.81 | 3.49 | 4.42 | 4.65 | 5.13 |
Profit & Loss
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|
| Sales | 263 | 315 | 314 | 394 | 854 | 1,284 | 1,754 | 1,936 |
| Expenses | 182 | 223 | 353 | 375 | 699 | 1,020 | 1,354 | 1,486 |
| Operating Profit | 81 | 92 | -39 | 18 | 155 | 264 | 400 | 450 |
| OPM % | 31% | 29% | -12% | 4.7% | 18% | 21% | 23% | 23% |
| Other Income | 18 | 10 | 17 | 25 | 18 | 4 | 8 | 13 |
| Interest | 6 | 9 | 10 | 19 | 31 | 37 | 42 | 41 |
| Depreciation | 18 | 29 | 34 | 36 | 39 | 37 | 45 | 51 |
| PBT | 74 | 63 | -66 | -11 | 103 | 195 | 321 | 371 |
| Tax % | 33% | 51% | 2% | 53% | 12% | 31% | 23% | — |
| Net Profit | 49 | 31 | -67 | -17 | 91 | 134 | 247 | 288 |
| EPS in Rs | 97.46 | 60.53 | -132 | -33.31 | 5.98 | 8.72 | 14.95 | 17.69 |
| Div. Payout % | 2% | 2% | 0% | -2% | 0% | 0% | 10% | — |
Balance Sheet
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 5 | 5 | 5 | 5 | 15 | 15 | 17 |
| Reserves | 335 | 369 | 300 | 281 | 370 | 526 | 1,272 |
| Borrowings | 30 | 93 | 175 | 320 | 425 | 418 | 311 |
| Other Liabilities | 60 | 71 | 79 | 144 | 300 | 493 | 727 |
| Total Liabilities | 430 | 538 | 560 | 750 | 1,109 | 1,451 | 2,327 |
| Fixed Assets | 157 | 188 | 193 | 199 | 307 | 327 | 532 |
| CWIP | 2 | 6 | 3 | 25 | 10 | 7 | 41 |
| Investments | 19 | 14 | 0 | 0 | 0 | 0 | 27 |
| Other Assets | 252 | 330 | 364 | 526 | 793 | 1,118 | 1,728 |
| Total Assets | 430 | 538 | 560 | 750 | 1,109 | 1,451 | 2,327 |
Cash Flow
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Operating | 5 | 62 | -63 | -75 | 21 | 159 | 205 |
| Investing | -84 | -46 | -46 | -32 | -68 | -65 | -407 |
| Financing | 80 | 52 | 63 | 123 | 44 | -40 | 283 |
| Net Cash Flow | 1 | 67 | -45 | 16 | -4 | 54 | 81 |
| Free Cash Flow | -54 | -10 | -117 | -119 | -35 | 91 | -24 |
| CFO/OP | 40 | 104 | 138 | -394 | 25 | 75 | 78 |
Ratios
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 194 | 158 | 162 | 209 | 129 | 92 | 106 |
| Inventory Days | 360 | 508 | 502 | 609 | 428 | 574 | 550 |
| Days Payable | 183 | 271 | 320 | 353 | 252 | 263 | 285 |
| Cash Conversion Cycle | 371 | 395 | 345 | 465 | 305 | 403 | 371 |
| Working Capital Days | 183 | 149 | 107 | 75 | 57 | 46 | 104 |
| ROCE % | — | 17% | -12% | 1% | 19% | 26% | 28% |
Documents
1
Intimation Under Regulation 30 Of The SEBI (LODR) Regulations, 2015 ('SEBI Listing Regulations') - Completion Of Acquisition Of Securities In Arinna Lifesciences Limited
30 Apr - Rubicon completed 85% secondary acquisition of Arinna Lifesciences on April 30, 2026; Arinna becomes subsidiary. 30 Apr - Rubicon completed 85% secondary acquisition of Arinna Lifesciences on April 30, 2026; Arinna becomes subsidiary.
2
Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A
27 Apr - Rubicon Research says it is not a Large Corporate under SEBI debt fundraising rules; outstanding borrowing Rs 40.17 crore. 27 Apr - Rubicon Research says it is not a Large Corporate under SEBI debt fundraising rules; outstanding borrowing Rs 40.17 crore.
3
Disclosure Under Regulation 30 Of SEBI (LODR) Regulations, 2015 - Outcome Of USFDA Inspection At The Company'S R&D Facility In Canada
24 Apr - USFDA inspection of Concord, Ontario R&D facility ended April 24, 2026 with no Form-483 issued. 24 Apr - USFDA inspection of Concord, Ontario R&D facility ended April 24, 2026 with no Form-483 issued.
4
Disclosure Under Regulation 30 Of SEBI (LODR) Regulations, 2015 - Outcome Of USFDA Inspection At The Company'S R&D Facility In Canada
24 Apr - USFDA inspection at Concord, Ontario R&D facility ended April 24, 2026 with no Form-483 issued. 24 Apr - USFDA inspection at Concord, Ontario R&D facility ended April 24, 2026 with no Form-483 issued.
5
Intimation Under Regulation 30 Of The SEBI (LODR) Regulations, 2015 ('SEBI Listing Regulations') - Completion Of Acquisition Of Securities In Arinna Lifesciences Limited
30 Apr - Rubicon completed 85% secondary acquisition of Arinna Lifesciences on April 30, 2026; Arinna becomes subsidiary. 30 Apr - Rubicon completed 85% secondary acquisition of Arinna Lifesciences on April 30, 2026; Arinna becomes subsidiary.
Frequently Asked Questions about Rubicon Research Ltd
What does Rubicon Research Ltd do?
Incorporated in 1999, Rubicon Research Limited is a pharmaceutical company engaged in the development, manufacturing, & commercialization of differentiated formulations.[1]
Where is Rubicon Research Ltd (RUBICON) listed?
Rubicon Research Ltd is listed on the Indian stock exchanges. It is listed on NSE: RUBICON and BSE: 544578. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Rubicon Research Ltd belong to?
Rubicon Research Ltd operates in the Healthcare sector within the Pharmaceuticals & Biotechnology industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Rubicon Research Ltd?
Rubicon Research Ltd has a market capitalisation of approximately ₹29577.05 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Rubicon Research Ltd?
The Price-to-Earnings (PE) ratio of Rubicon Research Ltd is 101.98. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Rubicon Research Ltd?
Over the past 52 weeks, Rubicon Research Ltd has traded between a low of ₹570.75 and a high of ₹1,808. This range helps investors understand the stock's price volatility and recent trading levels.
Does Rubicon Research Ltd pay dividends?
Yes, Rubicon Research Ltd has a dividend yield of 0.08%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Rubicon Research Ltd?
Rubicon Research Ltd has a Return on Equity (ROE) of 19.14%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Rubicon Research Ltd on Tapetide?
On Tapetide, you can view Rubicon Research Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.
Company Information
Incorporated in 1999, Rubicon Research Limited is a pharmaceutical company engaged in the development, manufacturing, & commercialization of differentiated formulations.[1]