Rubicon Research Ltd
RUBICON NSE
Rubicon Research Ltd
HealthcareNSE: RUBICON BSE: 544578 Pharmaceuticals & Biotechnology
Key Fundamentals
SmallcapPharmaceuticalsHealthcareMarket Cap
₹26,737 Cr
Volatility
Moderate
P/E Ratio
91.53
EBITDA
₹408 Cr
Return on Equity
19.14%
Debt to Equity
0.24
Book Value
₹77.86
52W High
₹1,684.1
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 20.7 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 2d 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 18h ago Positives 3
- US facility acquisition $2.9M Jul 22
Subsidiary acquired a USFDA-inspected manufacturing facility in New Jersey for USD 2.9 million, to focus on specialty products.
- AGM: Dividend & KIA merger 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 agenda.
- Record date fixed for dividend Jul 20
Record date set as Aug 7, 2026 for final dividend of ₹1.50 per share, confirming shareholder payout ahead of Aug 26 AGM.
Neutral 3
- Q1FY27 earnings call scheduled Aug 7
Q1FY27 earnings conference call set for Aug 14, 2026 at 6:00 PM IST to discuss quarter ended June 30, 2026.
- BRSR report filed for FY26 Aug 3
Rubicon submitted its Business Responsibility and Sustainability Report for FY 2025-26 covering ESG practices, workforce data, and governance frameworks.
- TDS deadline for FY26 dividend Jul 29
Shareholders urged to submit tax documents by Aug 10, 2026 to ensure correct TDS deduction on the proposed ₹1.50/share dividend.
TL;DR: Rubicon Research is on an expansion footing with a USD 2.9M US facility acquisition signaling deeper specialty pharma ambitions, while rewarding shareholders with a ₹1.50 dividend and pursuing inorganic growth via the KIA Health Tech merger. No material headwinds are visible in recent newsflow. The trend is constructive heading into the Aug 14 earnings call, which will be the next key catalyst for direction.
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
Board Meeting Outcome for Unaudited Financials Results For Quarter Ended June 30 2026
14 Aug - Q1 FY27 results approved; consolidated revenue ₹5,343.38 million, PAT ₹847.81 million. 14 Aug - Q1 FY27 results approved; consolidated revenue ₹5,343.38 million, PAT ₹847.81 million.
2
Announcement under Regulation 30 (LODR)-Change in Management
14 Aug - Board approved Rohit Saraogi as CFO-designate from August 14, 2026 and reappointed Venkat Changavalli as chairman until June 10, 2027. 14 Aug - Board approved Rohit Saraogi as CFO-designate from August 14, 2026 and reappointed Venkat Changavalli as chairman until June 10, 2027.
3
Announcement under Regulation 30 (LODR)-Monitoring Agency Report
14 Aug - Monitoring agency report for quarter ended June 30, 2026; no deviation, utilization timeline extended to March 31, 2027. 14 Aug - Monitoring agency report for quarter ended June 30, 2026; no deviation, utilization timeline extended to March 31, 2027.
4
Audio Recording Of Earnings Conference Call For The Quarter Ended 30Th June, 2026.
14 Aug - Audio recording of Q1 FY26 earnings conference call held on 14 August 2026 uploaded online. 14 Aug - Audio recording of Q1 FY26 earnings conference call held on 14 August 2026 uploaded online.
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 ₹26737.43 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 91.53. 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 ₹1,684.1. 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 0.09%. 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]