Rubicon Research
Rubicon Research
HealthcareKey Fundamentals
SmallcapPharmaceuticalsHealthcareTapetide Score
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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 20.9 times its book value
- Working capital days have increased from 68.8 days to 104 days
Growth Rate
AI Analysis — Bull vs Bear
Rubicon Research Ltd has a market capitalisation of about ₹27,912 crore. It has grown quickly: sales compounded at 65% over 3 years and 47% on a TTM basis, while profit compounded at 155% over 3 years and 89% TTM. Last-year ROE was 27%. The stock trades at 96.4x earnings and 21.56x book value with a 0.09% dividend yield, and working capital days have risen from 68.8 to 104.
- Sales have compounded at 65% over the last 3 years and 41% over 5 years, showing sustained top-line growth.
- Profit has compounded at 155% over 3 years and 52% over 5 years, well ahead of sales growth, which suggests operating leverage and margin expansion.
- Growth is still high recently: TTM sales growth is 47% and TTM profit growth is 89%.
- ROE was 27% last year and averaged about 27.5% over 3 years, up from a 5-year average of 16%, which points to better capital efficiency.
- The company has reduced debt, which lowers financial risk as its ₹27,912 crore market-cap business scales.
- Profit has grown about 1.9x faster than sales over 5 years (52% vs 41% CAGR), consistent with a richer product mix or scale benefits.
- The company is expected to report a good quarter, which may support continued momentum after 89% TTM profit growth.
- At 96.4x P/E, the stock prices in many years of high growth, leaving little room for execution misses or a growth slowdown from the current 47% TTM sales rate.
- A price-to-book of 21.56x is very high even with a 27% ROE. At these multiples, the implied earnings yield is only about 1%.
- Working capital days have risen from 68.8 to 104, an increase of about 51%. This ties up more cash and may mean growth is partly funded through receivables or inventory.
- The 5-year ROE average of 16% is much lower than the 3-year figure of 27%, so the history of high returns is short and not yet proven across cycles.
- The 0.09% dividend yield gives almost no income support if the valuation compresses.
- Profit CAGR of 155% over 3 years likely reflects a low base, and TTM profit growth has already slowed to 89%, so further normalisation is possible.
- There is no multi-year stock price history (stock CAGR data unavailable, 52-week range not reported), so there's limited public-market track record for a company valued at ₹27,912 crore.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Major promoter stake reduction Aug 27
General Atlantic Singapore RR Pte. Ltd. sold 1.4 crore shares (8.45% stake) on Aug 25-26, reducing its holding from 35.83% to 27.34%. Large promoter sell-downs can signal reduced long-term conviction and create overhang concerns.
- Record high on institutional demand Aug 26
Rubicon Research surged 6.44% to a record high of ₹1,818.8 on NSE. The General Atlantic block deal at ₹1,660/share was absorbed by 10 domestic and global institutions including Kotak MF (16.56 lakh shares, ₹275 crore) and Nomura Holdings (12.04 lakh shares, ₹199.9 crore), signaling strong institutional appetite.
- Revenue up 37% in FY26 Aug 26
At its 27th AGM on August 26, Rubicon Research reported FY26 revenue of ₹17,540 Mn, a 37% year-on-year increase. Shareholders also approved a stock option plan and the merger of subsidiary KIA Health Tech.
- Block deal market-wide activity Aug 26
Rubicon's block deal was part of a broader market session with significant institutional transactions across Physicswallah (₹550 crore), Billionbrains Garage Ventures (₹2,217.3 crore from Ribbit Capital), and Adani Energy Solutions. Post-earnings season focus is shifting to stock-specific catalysts.
TL;DR: Rubicon Research is delivering strong fundamental performance with 37% revenue growth in FY26 and hit a record high stock price of ₹1,818.8. The General Atlantic stake sale of 8.45% is a notable overhang, but the fact that marquee institutions like Kotak MF and Nomura absorbed the block deal at ₹1,660/share reflects robust demand. The key risk is continued promoter selling — General Atlantic still holds 27.34% — but the growth trajectory and institutional interest suggest the trend remains constructive for now.
Quarterly Results
| Particulars | 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
| Particulars | 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
| Particulars | 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
| Particulars | 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
| Particulars | 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% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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66 extracted metrics + investor summaries across FY15–FY27.
Documents
Frequently Asked Questions about Rubicon Research
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Company Information
Incorporated in 1999, Rubicon Research Limited is a pharmaceutical company engaged in the development, manufacturing, & commercialization of differentiated formulations.[1]
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