Rubicon Research Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹26,652 Cr
- P/E
- 92.47
- ROE
- 26.96%
- PEG
- 0.61
- Price to sales
- 13.76
- Debt to equity
- 0.24
- 52W high / low
- ₹1,861 / ₹610
- Sales growth (5Y)
- 41.00%
- EBITDA margin
- 23.26%
- Net profit margin
- 14.06%
- Promoter holding
- 59.76%
- Sales (last year)
- ₹1,936 Cr
Incorporated in 1999, Rubicon Research Limited is a pharmaceutical company engaged in the development, manufacturing, & commercialization of differentiated formulations.[1]
Guidance scorecard · Q1 FY27 call
What Rubicon Research Ltd's management guided
and where it ranks in Pharmaceuticals & Biotechnology
Pharmaceuticals & Biotechnology
RevenueQ1 FY27 call
20–40%- Revenue growth remains strong and broad-based, driven by a specialty and differentiated product portfolio.
- USD revenue for Q1 was $55 million, up 32% year-on-year, despite a slight sequential drop due to tactical measures.
- Expect strong revenue traction in coming quarters with a continued focus on higher margin specialty products.
- Product commercialization rate remains strong at 88%, supporting sustained revenue growth.
- New facility ramp-up at Pithampur expected to start commercialization in calendar year 2027 with significant capacity expansion headroom available for medium to long term growth.
- Pipeline and approvals are on track as per plan, supporting future revenue expansion.
2 more points from Rubicon Research Ltd's call on revenue
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MarginsQ1 FY27 call
FlatSee what Rubicon Research Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- The Pithampur facility has around INR 1,500 million capital sitting pre-revenue with commercialization and ramp-up expected from Q1; capacity utilization is planned to scale up gradually over the next 6-12 months.
- The Pithampur site spans nearly 30 acres, with only 5-6 acres currently utilized, leaving significant headroom for quick capacity expansion over the next 2-3 years.
- Manufacturing infrastructure investments are strategically aligned with product portfolio needs and involve capacity expansion as revenue visibility increases.
- The company follows a portfolio-based CMO/manufacturing strategy balancing risk diversification and capacity building.
2 more points from Rubicon Research Ltd's call on capex
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FundraisingQ1 FY27 call
See what Rubicon Research Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
- The company shared that they provide updates on specialty portfolio gross profit and number of specialty products once a year.
- Management emphasized consistent revenue growth and strong visibility for revenue in coming quarters.
- The ramp-up of the Pithampur manufacturing facility is planned for the next 6-12 months, indicating expected volume increase tied to orders.
- The focus remains on securing higher margin business and selectively letting go of lower margin contracts, implying a qualitative improvement in order book quality.
Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Pharmaceuticals & Biotechnology
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Pharmaceuticals & Biotechnology companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹556 Cr | 22.1 | |
| 2 | 40%+ | Up 0–2% | ₹215 Cr | 22.2 | |
| 3 | 40%+ | Flat | ₹16,144 Cr | — | |
| 4 | 40%+ | Flat | ₹6,072 Cr | 48.0 | |
| 5 | 40%+ | Flat | ₹40 Cr | — | |
| 6 | 20–40% | Up 2%+ | ₹50,220 Cr | 43.8 |
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Pro shows every company guiding 40%+ revenue growth →Full Pharmaceuticals & Biotechnology rankingFinancials of Rubicon Research Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Rubicon Research Ltd
Quarterly Results
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
Profit & Loss
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
Balance Sheet
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
Cash Flows
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
Ratios
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% |
Guidance history
How Rubicon Research Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 20–40% | Flat | Planned | — | — |
| Q4 FY26 call → | 20–40% | Flat | Planned | Planned | — |
| Q3 FY26 call → | 20–40% | Flat | Planned | — | — |
| Q2 FY26 call → | 20–40% | Flat | Planned | — | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
92 out of 100 — Strengthening
Over the past year its share price has done better than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | +164.1% | 97% |
| Last 6 months | +66.0% | 93% |
| Last 3 months | +8.0% | 80% |
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Rubicon Research Ltd: 0.4 × 97 + 0.4 × 93 + 0.2 × 80 = 92.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Rubicon Research Ltd's management said in earlier quarters
Others in Pharmaceuticals & Biotechnology this season
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25.85% increase) . Key results statement takeaways from Accretion Pharmaceuticals Ltd's Q2 FY27 results statement — and how it ranks against sector peers.
- Sigachi Industries Ltd (Q2 FY27)
Year-on-Year (YoY) Revenue Growth: 18.09% (Q2 FY27 vs Q2 FY26) . Key investor presentation takeaways from Sigachi Industries Ltd's Q2 FY27 investor presentation
- Advanced Enzyme Technologies Ltd (Q2 FY27)
Q2 FY27 revenue from operations: ₹2,145 million, up 16% YoY from ₹1,845 million in Q2 FY26 (Page 13, 5). Key investor presentation takeaways from Advanced Enzym
- IOL Chemicals (Q2 FY27)
Q2 FY27 revenue from operations: ₹795.0 Cr, a 40.1% year-on-year (YoY) increase from ₹567.5 Cr in Q2 FY26 (Page 7). Key investor presentation takeaways from IOL