Rubicon Research Ltd
Incorporated in 1999, Rubicon Research Limited is a pharmaceutical company engaged in the development, manufacturing, & commercialization of differentiated formulations.[1]
- Market Cap ₹ 10,405 Cr.
- Current Price ₹ 630
- High / Low ₹ 888 / 571
- Stock P/E 60.7
- Book Value ₹
- Dividend Yield 0.00 %
- ROCE 26.4 %
- ROE 29.4 %
- Face Value ₹ 1.00
Pros
- Company has delivered good profit growth of 23.8% CAGR over last 5 years
Cons
- Promoter holding has decreased over last quarter: -24.2%
- Company has a low return on equity of 13.4% over last 3 years.
- Company might be capitalizing the interest cost
- Company has high debtors of 170 days.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Healthcare Healthcare Pharmaceuticals & Biotechnology Pharmaceuticals
Part of BSE IPO
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| 263 | 331 | 400 | 394 | 631 | 1,074 | |
| 173 | 220 | 360 | 375 | 557 | 803 | |
| Operating Profit | 90 | 111 | 40 | 18 | 73 | 271 |
| OPM % | 34% | 34% | 10% | 5% | 12% | 25% |
| 18 | 11 | 17 | 25 | 26 | 19 | |
| Interest | 6 | 9 | 9 | 19 | 31 | 34 |
| Depreciation | 18 | 28 | 32 | 36 | 35 | 32 |
| Profit before tax | 84 | 85 | 17 | -11 | 34 | 223 |
| Tax % | 29% | 38% | 1% | 53% | 29% | 25% |
| 59 | 53 | 17 | -17 | 24 | 168 | |
| EPS in Rs | 116.53 | 104.46 | 32.90 | -33.31 | 1.60 | 10.87 |
| Dividend Payout % | 2% | 0% | 0% | -2% | 1% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 32% |
| 3 Years: | 39% |
| TTM: | 70% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 24% |
| 3 Years: | 118% |
| TTM: | 592% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 12% |
| 3 Years: | 13% |
| Last Year: | 29% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 5 | 5 | 5 | 5 | 15 | 15 | 15 |
| Reserves | 350 | 406 | 424 | 281 | 461 | 652 | 742 |
| 30 | 93 | 169 | 320 | 412 | 408 | 532 | |
| 59 | 65 | 81 | 144 | 129 | 265 | 304 | |
| Total Liabilities | 445 | 570 | 678 | 750 | 1,017 | 1,341 | 1,594 |
| 151 | 177 | 181 | 199 | 232 | 259 | 392 | |
| CWIP | 2 | 4 | 3 | 25 | 10 | 6 | 26 |
| Investments | 35 | 32 | 19 | 0 | 34 | 36 | 36 |
| 256 | 356 | 476 | 526 | 741 | 1,040 | 1,140 | |
| Total Assets | 445 | 570 | 678 | 750 | 1,017 | 1,341 | 1,594 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| 9 | 47 | -71 | -75 | 83 | 30 | |
| -84 | -29 | -43 | -32 | -130 | -10 | |
| 76 | 52 | 65 | 123 | 46 | -34 | |
| Net Cash Flow | 1 | 70 | -49 | 16 | -1 | -15 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| Debtor Days | 194 | 169 | 213 | 209 | 146 | 170 |
| Inventory Days | 360 | 373 | 203 | 609 | 309 | 305 |
| Days Payable | 213 | 212 | 206 | 353 | 167 | 218 |
| Cash Conversion Cycle | 341 | 330 | 210 | 465 | 288 | 258 |
| Working Capital Days | 191 | 168 | 159 | 75 | 53 | 110 |
| ROCE % | 21% | 5% | 1% | 9% | 26% |
Documents
Announcements
- Shareholder Meeting / Postal Ballot-Scrutinizer"s Report 8 Dec
-
Intimation For Updation Of Corporate Identification Number ("CIN") Of The Company
20 Nov - CIN changed to L73100MH1999PLC119744 after equity shares listed effective 16 October 2025.
-
Announcement under Regulation 30 (LODR)-Earnings Call Transcript
18 Nov - Transcript of Earnings Call - Q2 FY 2025-26
- Newspaper Publication - Financial Results 14 Nov
-
Board Meeting Outcome for Outcome Of The Board Meeting Held On Thursday, 13Th November 2025
13 Nov - Approved standalone/consolidated Q2/H1 Sep 30, 2025 results; IPO ₹13,775m completed; listed Oct 16, 2025.
Concalls
-
Nov 2025Transcript PPT
Business Profile[1]
Rubicon Research Limited is a formulation-focused pharmaceutical company focusing predominantly on the United States. The company has established a strong presence in the US generic and specialty drug market, which contributed 99.5% of its revenue in Q1 FY26.