RUBICON
Rubicon Research share price & financials
- Price
- ₹1,439.6
- Market cap
- ₹29.7k Cr
- Sector
- Healthcare
- Calls analysed
- 4
Rubicon Research Limited Q1 FY27
What went well
- Revenue from operations grew 51% YoY to INR534.3 crores, demonstrating strong top-line performance.
- Operating EBITDA increased by 63.2% YoY to INR129.1 crores, with margin expanding to 24.2% from 22.4% in Q1 previous year.
- PAT surged 96% YoY to INR84.8 crores, resulting in an EPS of INR5.08.
What to watch
- Net cash flow from operating activity was INR28.5 crores, impacted by delays in GST refunds, though normalization is expected in Q2 FY27.
- A slight sequential drop in USD revenues was noted due to tactical measures to shed lower-margin businesses, impacting top-line growth in that segment.
What Rubicon Research Limited does
Rubicon Research is an R&D-driven formulations, manufacturing and marketing company built around complex generics, drug-device combinations (including nasal sprays) and branded specialty products sold mainly into the US regulated market. It began in 1999 as a contract development organisation and has progressively moved up the value chain to its own ANDA filings, its own US front-end, and, since 2024, branded specialty launches through its US subsidiary Validus Pharmaceuticals. Manufacturing is carried out across its own cGMP sites in India (Ambernath and Satara, plus the newly acquired Pithampur plant) alongside outsourced third-party capacity, supported by USFDA-inspected R&D centres in India and Canada. In FY26 it also acquired an 85% stake in Arinna Lifesciences to build a branded CNS/chronic-disease business in the Indian market.
Segments
- Specialty Products
- Generics (ANDA-based)
- Validus Pharmaceuticals (US branded platform)
- Arinna Lifesciences (India CNS)
- Approved products (ANDAs + NDAs)
- 84 total approved (76 ANDAs, 8 NDAs) as of Mar 2026
- Products under USFDA review
- 24 (as of Mar 2026)
- Manufacturing sites
- 3 sites (Ambernath, Satara, Pithampur) making oral solids, oral liquids, ointments and drug-device nasal spray products
- USFDA-inspected R&D facilities
- 2, located in India and Canada
- US states licensed to market (Validus)
- 43 states
- Ambernath manufacturing site
- 14,000 sq. m cGMP facility; one of the largest single-site nasal spray manufacturing capacities in the world
Guidance record · Q1 FY27
what the last two calls moved 10 tracked 1 delivered 0 missed 9 open- R&D Productivity Multiplier delivered said Q3 FY26 Promised: upward of 5x Q1 FY27: Stands at 5.5x, which meets the 'upward of 5x' target.
- EBITDA Margin revised up said Q2 FY26 Promised: Sustain at current levels (~22.9%) Q1 FY27: Achieved 24.2% margin in Q1. Management revised full-year FY27 guidance upwards from the previous 22-23% range.
- R&D Spend as % of Revenue on track said Q2 FY26 Promised: 10-11% over 5 years Q1 FY27: 10.9% for the quarter, remaining within the long-term target range.
All 10 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 54.0%, net profit up 134.3% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 255 | 245 | 301 | 278 | 336 +32% | 302 +23% | 390 +30% | 428 +54% |
| EBITDA | 68 | 64 | 61 | 63 | 79 +16% | 62 −3% | 106 +74% | 125 +98% |
| Net profit | 43 | 38 | 40 | 35 | 46 +7% | 37 −3% | 70 +75% | 82 +134% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +192.2% 1Y
1Y: ₹628.2 on 16 Oct 2025 → ₹1,835.4. High ₹1,860.6 (8 Sept 2026), low ₹577.25 (24 Oct 2025).
How the price took the results
close before → close after
- Q1 FY27
- −0.1%
- 14 Aug
- Q4 FY26
- +3.9%
- 29 May
- Q3 FY26
- +4.8%
- 3 Feb
- Q2 FY26
- +4.3%
- 13 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
| Year ending | FY26 |
|---|---|
| Revenue | ₹1.3k Cr |
| Operating profit | ₹310 Cr |
| Operating margin | 23.7% |
| Interest | ₹31 Cr |
| Depreciation | ₹38 Cr |
| Net profit | ₹188 Cr |
| Net margin | 14.4% |
| Cash from operations | ₹39 Cr |
| Free cash flow | ₹-156 Cr |
| ROCE | 21.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹5 Cr | ₹5 Cr | ₹5 Cr | ₹15 Cr | ₹15 Cr | ₹17 Cr |
| Reserves | ₹406 Cr | ₹424 Cr | ₹281 Cr | ₹461 Cr | ₹632 Cr | ₹1.3k Cr |
| Borrowings | ₹93 Cr | ₹169 Cr | ₹320 Cr | ₹412 Cr | ₹568 Cr | ₹276 Cr |
| Other liabilities | ₹65 Cr | ₹81 Cr | ₹144 Cr | ₹129 Cr | ₹567 Cr | ₹346 Cr |
| Total liabilities | ₹570 Cr | ₹678 Cr | ₹750 Cr | ₹1.0k Cr | ₹1.8k Cr | ₹2.0k Cr |
| Fixed assets | ₹177 Cr | ₹181 Cr | ₹199 Cr | ₹232 Cr | ₹501 Cr | ₹416 Cr |
| Capital work in progress | ₹4 Cr | ₹3 Cr | ₹25 Cr | ₹10 Cr | ₹34 Cr | ₹26 Cr |
| Investments | ₹32 Cr | ₹19 Cr | ₹0 Cr | ₹34 Cr | ₹0 Cr | ₹43 Cr |
| Other assets | ₹356 Cr | ₹476 Cr | ₹526 Cr | ₹741 Cr | ₹1.2k Cr | ₹1.5k Cr |
| Total assets | ₹570 Cr | ₹678 Cr | ₹750 Cr | ₹1.0k Cr | ₹1.8k Cr | ₹2.0k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Dec 2025, the public added +0.72 pp while FIIs trimmed −0.47 pp. The shareholder count grew 36% to 43,254.
- Promoters
- 59.8%
- FIIs
- 7.5%
- DIIs
- 9.4%
- Public
- 23.3%
Since Dec 2025
- Public +0.72 pp
- FIIs −0.47 pp
- Promoters −0.23 pp
How it drifted, 3 quarters
Ownership split by quarter, oldest first. Dec '25: Promoters 60.0%, FIIs 8.0%, DIIs 9.4%, Public 22.6%.Mar '26: Promoters 59.9%, FIIs 7.5%, DIIs 10.0%, Public 22.6%.Jun '26: Promoters 59.8%, FIIs 7.5%, DIIs 9.4%, Public 23.3%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Motilal Oswal Small Cap Fund Mutual fund +0.17 pp 1.73% held
- Bajaj Finserv Flexi Cap Fund Mutual fund +0.11 pp 1.33% held
The same filing shows 2 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Rubicon Research Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| General Atlantic Singapore Rr Pte Ltd | 35.83% | −0.06 pp |
| Shivanand Shankar Mankekar HUF | 13.52% | unchanged |
| Surabhi Parag Sancheti | 7.92% | unchanged |
| Sumant Pilgaonkar | 7.90% | unchanged |
| Pratibha Sudhir Pilgaonkar | 3.89% | unchanged |
| Sudhir D Pilgaonkar | 3.89% | unchanged |
| Amansa Investments Ltd | 3.12% | unchanged |
| Kotak Midcap Fund Mutual fund | 2.85% | unchanged |
| Motilal Oswal Small Cap Fund Mutual fund | 1.73% | +0.17 pp |
| Fidelity Funds - India Focus Fund Global fund house | 1.42% | unchanged |
| Nomura Funds Ireland Public Limited Company- Nomura Funds Ireland - India Equity Fund Global fund house | 1.35% | −0.33 pp |
| Bajaj Finserv Flexi Cap Fund Mutual fund | 1.33% | +0.11 pp |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in RUBICON
Filings to Aug 2026
1 new, 0 added, 0 trimmed, 0 sold out — net +16.48 L shares (+519.6%).
- Held by funds
- ₹347 Cr
- 2 schemes
- Biggest holder
- SBI MultiCap Fund
- ₹300 Cr · 1.2% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI MultiCap Fund SBI Mutual Fund | ₹300 Cr | new | Aug '26 |
| HDFC Pharma and Healthcare Fund HDFC Mutual Fund | ₹47 Cr | held | Oct '25 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
0 added, 0 trimmed — net +16.48 L shares (+519.6%)
- Funds are sitting on
- -11%
- vs est. average cost
- Held by funds
- ₹347 Cr
- 2 schemes · ≈ 0.95% of the company
- Biggest holder
- SBI MultiCap Fund
- ₹300 Cr · 1.2% of that fund
- Longest holder
- HDFC Pharma and Healthcare Fund
- 10 mo · since Oct '25
Shares held by these funds −41%
Oct '25 3.17 L shares Jul '26
What the price assumes
- Growth the price implies
- 51.6% a year
- for 7 years, fading to 4%
- It has actually compounded at
- Not enough history
- The gap
- —
- between what it did and what it must do
All earnings calls (4)
Read the Q1 FY27 call →Learn to analyse Rubicon Research Limited
Guides on how to read this kind of business and the numbers that matter.