Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Rubicon Research Ltd
Quarter-by-quarter operating performance
| Sep 2024 | Dec 2024 | Jun 2025 | Sep 2025 | Dec 2025 | |
|---|---|---|---|---|---|
| Sales + | 296 | 313 | 352 | 412 | 476 |
| Expenses + | 234 | 244 | 273 | 318 | 367 |
| Operating Profit | 62 | 70 | 79 | 94 | 108 |
| OPM % | 21% | 22% | 22% | 23% | 23% |
| Other Income + | 3 | 0 | 1 | 1 | 4 |
| Interest | 7 | 8 | 11 | 11 | 10 |
| Depreciation | 8 | 9 | 10 | 12 | 12 |
| Profit before tax | 49 | 53 | 60 | 72 | 91 |
| Tax % | 30% | 28% | 27% | 25% | 20% |
| Net Profit + | 34 | 38 | 43 | 54 | 73 |
| EPS in Rs | 2.27 | 2.50 | 2.81 | 3.49 | 4.42 |
Financials of Rubicon Research Ltd
Annual income statement trend
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| Sales + | 263 | 315 | 314 | 394 | 854 | 1,284 |
| Expenses + | 182 | 223 | 353 | 375 | 699 | 1,028 |
| Operating Profit | 81 | 92 | -39 | 18 | 155 | 256 |
| OPM % | 31% | 29% | -12% | 5% | 18% | 20% |
| Other Income + | 18 | 10 | 17 | 25 | 18 | 12 |
| Interest | 6 | 9 | 10 | 19 | 31 | 37 |
| Depreciation | 18 | 29 | 34 | 36 | 39 | 37 |
| Profit before tax | 74 | 63 | -66 | -11 | 103 | 195 |
| Tax % | 33% | 51% | 2% | 53% | 12% | 31% |
| Net Profit + | 49 | 31 | -67 | -17 | 91 | 134 |
| EPS in Rs | 97.46 | 60.53 | -132.39 | -33.31 | 5.98 | 8.72 |
| Dividend Payout % | 2% | 2% | -0% | -2% | 0% | 0% |
Financials of Rubicon Research Ltd
Capital structure and asset base
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 5 | 5 | 5 | 5 | 15 | 15 | 15 |
| Reserves | 335 | 369 | 300 | 281 | 370 | 526 | 632 |
| Borrowings + | 30 | 93 | 175 | 320 | 425 | 418 | 568 |
| Other Liabilities + | 60 | 71 | 79 | 144 | 300 | 493 | 567 |
| Total Liabilities | 430 | 538 | 560 | 750 | 1,109 | 1,451 | 1,782 |
| Fixed Assets + | 157 | 188 | 193 | 199 | 307 | 327 | 501 |
| CWIP | 2 | 6 | 3 | 25 | 10 | 7 | 34 |
| Investments | 19 | 14 | 0 | 0 | 0 | 0 | 0 |
| Other Assets + | 252 | 330 | 364 | 526 | 793 | 1,118 | 1,248 |
| Total Assets | 430 | 538 | 560 | 750 | 1,109 | 1,451 | 1,782 |
Financials of Rubicon Research Ltd
Operating, investing and financing cash movement
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 5 | 62 | -63 | -75 | 21 | 159 |
| Cash from Investing Activity + | -84 | -46 | -46 | -32 | -68 | -65 |
| Cash from Financing Activity + | 80 | 52 | 63 | 123 | 44 | -40 |
| Net Cash Flow | 1 | 67 | -45 | 16 | -4 | 54 |
| Free Cash Flow | -54 | -10 | -117 | -119 | -35 | 91 |
| CFO/OP | 40% | 104% | 138% | -394% | 25% | 77% |
Financials of Rubicon Research Ltd
Working capital efficiency and return ratios
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| Debtor Days | 194 | 158 | 162 | 209 | 129 | 92 |
| Inventory Days | 360 | 508 | 502 | 609 | 428 | 574 |
| Days Payable | 183 | 271 | 320 | 353 | 252 | 263 |
| Cash Conversion Cycle | 371 | 395 | 345 | 465 | 305 | 403 |
| Working Capital Days | 183 | 149 | 107 | 75 | 57 | 46 |
| ROCE % | 17% | -12% | 1% | 19% | 26% |