NSE: RUBICON · BSE: 544578 · ISIN INE506V01022
Rubicon Research Limited stock analysis
Rubicon Research Limited ranks #26 in the TickerSutra evidence-ranked universe with a score of 77/100 and 89% data confidence. The latest captured fundamentals show ROCE of 28.4%, quarterly sales growth of 51.6% and quarterly profit growth of 95.8%.Watchlist candidate
INVESTMENT EVIDENCE
What supports—and challenges—the thesis
Evidence in favour
- ROCE is 28.4%
- Low debt/equity of 0.24×
- 64.5% three-year sales CAGR
- Institutional ownership is rising
- CWIP indicates an active capacity pipeline
- No promoter shares are reported as pledged
Risks and constraints
- CFO/EBITDA is below 0.6×
- Valuation is above 40× earnings
Still unresolved: Related-party exposure · Broad media sentiment
FINANCIAL TRAJECTORY
Recent operating history
| Period | Revenue | Operating profit | Net profit | Operating margin |
|---|---|---|---|---|
| 2022 | ₹314cr | ₹-39cr | ₹-67cr | -12.0% |
| 2023 | ₹394cr | ₹18cr | ₹-17cr | 4.7% |
| 2024 | ₹854cr | ₹155cr | ₹91cr | 18.0% |
| 2025 | ₹1,284cr | ₹264cr | ₹134cr | 21.0% |
| 2026 | ₹1,754cr | ₹400cr | ₹247cr | 23.0% |
| TTM | ₹1,936cr | ₹450cr | ₹288cr | 23.0% |
EXCHANGE EVENT TRIGGERS
Latest corporate disclosures
RoutineTrading Window-XBRLNSE · 29 Sept 2026 · Structured filingRubicon Research Limited has informed the Exchange about Closure of Trading Window
Rubicon Research Limited has informed the Exchange about Closure of Trading Window
Open original XBRL sourceRubicon Research Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
MANAGEMENT COMMENTARY
Signals from filed documents
CAPEX should therefore follow demand and this approach allows us to tailor our investments better to our portfolio needs. We incur outsourced manufacturing cost and suffer gross margin pressure in the short term but we protect the trust our customers place in us to be a reliable supplier. When Pithampur comes online and ramps up through calendar year 2027, we should see some outsourced production moving back in-house
Profit Before Tax and Profit After Tax increased by 64.8% and 83.6%, respectively, reflecting operating leverage, a favourable product mix and stable pricing across key markets. The Company's balance sheet strengthened significantly during the year, supported by IPO proceeds, debt reduction and strong cash generation, resulting in Shareholders' Funds (Net Worth) increasing to H12,888 million. EBITDA margin improved t
Again, this is broadly in line with our last four quarters in terms of concentration. For us, the pricing continues to remain stable because of our portfolio which is focused on specialty and differentiated products. As mentioned again, we continue to see very strong visibility for revenue in coming quarters.
This is a large site with capabilities in steroids, hormones, and high-potency oncology products — areas where we currently have no internal manufacturing. The US FDA recently inspected the facility from 29 June to 3 July 2026 and issued 2 procedural observations in Form 483. We are confident of a successful and timely inspection closure and expect commercial production to ramp up from Q1 CY27 as previously guided.
Plus as we mentioned, the si te is roughly around 30 acres, we have only utilized 6 acres. Even with the current building incrementally if we build the site, I think there is enough headroom for capacity expansion fairly quickly. So I think there the next two -three years, I think the capacity the facility is extremely there is a lot of land or f ootprint available to grow that business from Pithampur.
This broad- based growth has been driven by both market share gains in established products and the successful commercialisation of new product launches. Nuanced portfolio strategy reflected in sustained market economics US Generics Price Erosion by Therapy Area Rubicon’s Portfolio 8.0% 1.3% 21.8% -0.1% -5.2 Cardiovascular 11.2% Alimentary Tract and Metabolism Oncology Nervous System Industry Average Source: Frost &
Total Income increased by 36.79% to H17,617 million, while EBITDA grew by 52.3% to H4,080 million. Profit Before Tax and Profit After Tax increased by 64.8% and 83.6%, respectively, reflecting operating leverage, a favourable product mix and stable pricing across key markets. The Company's balance sheet strengthened significantly during the year, supported by IPO proceeds, debt reduction and strong cash generation, r
As of March 31, 2026, 24 products were under active review with the USFDA, while the Company's commercialisation rate for approved products stood at 91.7%. Specialty Products The Company's Specialty products portfolio contributed 32.3% of gross profit in FY2026, compared with 26.9% in FY2025, and this contribution is expected to increase further as the Specialty portfolio expands through new product approvals. Its di
The US FDA recently inspected the facility from 29 June to 3 July 2026 and issued 2 procedural observations in Form 483. We are confident of a successful and timely inspection closure and expect commercial production to ramp up from Q1 CY27 as previously guided. Our two existing manufacturing sites — Ambernath and Satara — continue to be inspected by multiple global regulators with a strong compliance record.
This broad- based growth has been driven by both market share gains in established products and the successful commercialisation of new product launches. Nuanced portfolio strategy reflected in sustained market economics US Generics Price Erosion by Therapy Area Rubicon’s Portfolio 8.0% 1.3% 21.8% -0.1% -5.2 Cardiovascular 11.2% Alimentary Tract and Metabolism Oncology Nervous System Industry Average Source: Frost &
And we have technically given away relatively lower margin business. And again, also look at also look at that if we are letting go of a relatively lower margin business, okay, in that choice making, we will do that only if we are securing a higher margin business. Prateek Shrivastava: Fair enough, fair enough, sir.
• We continue to expand our pipeline with consistent launches and regulatory filings, aiming to increase commercialised products significantly. • Geographic expansion into markets such as Canada, the UK, Kingdom of Saudi Arabia and Australia further support top-line growth. • We have improved cash operating cycles and working capital efficiency, supporting financial stability.
HOW TO READ THIS PAGE
Evidence, freshness and limitations
What does the TickerSutra score mean?
The score ranks captured evidence across financial quality, growth, moat and margins, regulatory catalysts, governance, institutional trend and valuation comfort. It is a research-prioritization tool—not a buy recommendation or price target.
Which sources support this page?
Financial history, ownership and pledge data, NSE and BSE filings, annual reports and available earnings-call transcripts are combined here. Use the source trail and original exchange document before relying on a decision-critical fact.
Why can an item be unresolved?
Unresolved means the current captured source window did not provide enough evidence for that check. It does not establish that a risk or relationship is absent.
Maintained by TickerSutra Research · Snapshot updated 29 Sept 2026 · Read the methodology · Read the disclaimer
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