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 ₹ 29,870 Cr.
- Current Price ₹ 1,804
- High / Low ₹ 1,819 / 571
- Stock P/E 127
- Book Value ₹ 82.0
- Dividend Yield 0.08 %
- ROCE 21.0 %
- ROE 18.7 %
- Face Value ₹ 1.00
Pros
- Company has reduced debt.
- Company is expected to give good quarter
- Company has delivered good profit growth of 29.0% CAGR over last 5 years
Cons
- Stock is trading at 22.0 times its book value
- Company has high debtors of 199 days.
- Working capital days have increased from 120 days to 197 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.
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 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|
| 263 | 331 | 400 | 394 | 631 | 1,074 | 1,306 | 1,456 | |
| 173 | 220 | 360 | 375 | 557 | 803 | 994 | 1,083 | |
| Operating Profit | 90 | 111 | 40 | 18 | 73 | 271 | 312 | 372 |
| OPM % | 34% | 34% | 10% | 4.7% | 12% | 25% | 24% | 26% |
| 18 | 11 | 17 | 25 | 26 | 19 | 10 | 12 | |
| Interest | 6 | 9 | 9 | 19 | 31 | 34 | 31 | 28 |
| Depreciation | 18 | 28 | 32 | 36 | 35 | 32 | 38 | 40 |
| Profit before tax | 84 | 85 | 17 | -11 | 34 | 223 | 253 | 316 |
| Tax % | 29% | 38% | 1% | 53% | 29% | 25% | 26% | |
| 59 | 53 | 17 | -17 | 24 | 168 | 188 | 235 | |
| EPS in Rs | 116.53 | 104.46 | 32.90 | -33.31 | 1.60 | 10.87 | 11.40 | 14.46 |
| Dividend Payout % | 2% | 0% | 0% | -2% | 1% | 0% | 13% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 32% |
| 3 Years: | 49% |
| TTM: | 35% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 29% |
| 3 Years: | 136% |
| TTM: | 50% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 14% |
| 3 Years: | 19% |
| Last Year: | 19% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 5 | 5 | 5 | 5 | 15 | 15 | 17 |
| Reserves | 350 | 406 | 424 | 281 | 461 | 652 | 1,337 |
| 30 | 93 | 169 | 320 | 412 | 408 | 276 | |
| 59 | 65 | 81 | 144 | 129 | 265 | 346 | |
| Total Liabilities | 445 | 570 | 678 | 750 | 1,017 | 1,341 | 1,976 |
| 151 | 177 | 181 | 199 | 232 | 259 | 416 | |
| CWIP | 2 | 4 | 3 | 25 | 10 | 6 | 26 |
| Investments | 35 | 32 | 19 | 0 | 34 | 36 | 43 |
| 256 | 356 | 476 | 526 | 741 | 1,040 | 1,490 | |
| Total Assets | 445 | 570 | 678 | 750 | 1,017 | 1,341 | 1,976 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| 9 | 47 | -71 | -75 | 83 | 30 | 39 | |
| -84 | -29 | -43 | -32 | -130 | -10 | -270 | |
| 76 | 52 | 65 | 123 | 46 | -34 | 297 | |
| Net Cash Flow | 1 | 70 | -49 | 16 | -1 | -15 | 66 |
| Free Cash Flow | -41 | 47 | -71 | -119 | 27 | -40 | -156 |
| CFO/OP | 40% | 72% | -156% | -394% | 136% | 21% | 43% |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 194 | 169 | 213 | 209 | 146 | 170 | 199 |
| Inventory Days | 360 | 373 | 203 | 609 | 309 | 305 | 365 |
| Days Payable | 213 | 212 | 206 | 353 | 167 | 218 | 275 |
| Cash Conversion Cycle | 341 | 330 | 210 | 465 | 288 | 258 | 290 |
| Working Capital Days | 191 | 168 | 159 | 75 | 53 | 110 | 197 |
| ROCE % | 21% | 5% | 1% | 9% | 26% | 21% |
Insights
In beta| Mar 2015 | Mar 2017 | Mar 2019 | Mar 2021 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| R&D spend as % of operating revenue % |
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| Number of active approved products (ANDAs + NDAs) count |
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| Number of products commercialized in the US count |
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| Product commercialization rate in the US % |
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| Top 10 products share of revenue % |
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| Oral Solids manufacturing capacity utilization % |
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| R&D productivity (incremental revenue multiple on lagging R&D spend) x |
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| Specialty products share of gross profit % |
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Extracted by Screener AI
Documents
Announcements
- Announcement under Regulation 30 (LODR)-Newspaper Publication
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Audio Recording Of Earnings Conference Call For The Quarter Ended 30Th June, 2026.
- Audio recording of Q1 FY26 earnings conference call held on 14 August 2026 uploaded online.
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Announcement under Regulation 30 (LODR)-Monitoring Agency Report
- Monitoring agency report for quarter ended June 30, 2026; no deviation, utilization timeline extended to March 31, 2027.
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Announcement under Regulation 30 (LODR)-Change in Management
- Board approved Rohit Saraogi as CFO-designate from August 14, 2026 and reappointed Venkat Changavalli as chairman until June 10, 2027.
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Board Meeting Outcome for Unaudited Financials Results For Quarter Ended June 30 2026
- Q1 FY27 results approved; consolidated revenue ₹5,343.38 million, PAT ₹847.81 million.
Concalls
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Aug 2026TranscriptPPT REC
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Jun 2026Transcript PPT REC
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Feb 2026Transcript PPT REC
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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.