Rubicon Research
- P/E
- 97.05
Key Fundamentals
SmallcapPharmaceuticals & BiotechnologyHealthcarePrice-based figures as of · EPS basis: Consolidated · TTM
- ROCE
- 28.40%
- Debt to Equity
- 0.24
- EPS (TTM)
- ₹17.69
- Book Value
- ₹77.86
- Market Cap
- —
- P/E (TTM)
- 97.05
- P/B
- 22.05
- ROE
- 27.00%
- Dividend Yield
- 0.09%
- EBITDA
- ₹408 Cr
- 52W High
- ₹1,899.00
- 52W Low
- ₹609.25
- Day Range
- ₹1,705.00 – ₹1,728.50
- Volume
- 81,936
Peer Comparison
Healthcare › Pharmaceuticals
| ₹1,773.40 | 38.81 | ₹4,29,049 Cr | 4.77 | 0.90% | 16.00% | 20.50% | ₹61,631 Cr | ₹10,987 Cr | |
| ₹10,037.50 | 91.10 | ₹2,65,269 Cr | 15.90 | 0.30% | 16.50% | 22.00% | ₹11,230 Cr | ₹2,925 Cr | |
| ₹4,738.50 | 78.61 | ₹1,77,061 Cr | 9.81 | 0.82% | 27.40% | 15.20% | ₹17,400 Cr | ₹2,099 Cr | |
| ₹1,188.10 | 26.44 | ₹1,25,446 Cr | 4.37 | 0.08% | 21.20% | 21.10% | ₹28,592 Cr | ₹4,593 Cr | |
| ₹2,323.80 | 114.81 | ₹1,25,228 Cr | 20.72 | 0.04% | 18.30% | 17.80% | ₹7,270 Cr | ₹1,090 Cr | |
| ₹1,374.00 | 35.59 | ₹1,14,543 Cr | 2.96 | 0.58% | 11.20% | 13.00% | ₹33,228 Cr | ₹3,184 Cr | |
| ₹1,402.00 | 33.59 | ₹1,12,454 Cr | 3.20 | 0.93% | 11.60% | 15.50% | ₹28,324 Cr | ₹3,356 Cr | |
| Rubicon Research (this company) | ₹1,716.80 | 97.05 | ₹28,405 Cr | 22.05 | 0.09% | 27.00% | 28.40% | ₹1,936 Cr | ₹289 Cr |
| Median 8 companies | ₹1,745.10 | 58.71 | ₹1,25,337 Cr | 7.29 | 0.44% | 17.40% | 19.15% | ₹22,862 Cr | ₹3,055 Cr |
Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.
Tapetide Score
Data-driven rating, 0–100, as of . How it works →
Overall score
Data confidence 100/100
Category scores
- Quality
- 31
- Poor
- Returns, margins, earnings quality 22% weight
- Valuation
- 16
- Poor
- Cheap vs sector & own history 24% weight
- Growth
- 99
- Strong
- Sales & profit trajectory 9% weight
- Financial Health
- 57
- Good
- Solvency, leverage, coverage 9% weight
- Momentum
- 93
- Strong
- Trend strength, vol-adjusted 12% weight
- Ownership
- 62
- Good
- FII/DII/promoter flows 24% weight
The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.
Key Insights
Strengths
4- Company has reduced debt.
- Company is expected to give good quarter
- Company has delivered good profit growth of 52.0% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 27.5%
Weaknesses
3- Stock is trading at 18.3 times its book value
- Promoter holding has decreased over last quarter: -8.51%
- Working capital days have increased from 68.8 days to 104 days
Technical Indicators
| Group | Signal | Bearish | Neutral | Bullish |
|---|---|---|---|---|
| Overall | Strong Bullish | 3 | 3 | 13 |
| Oscillators | Neutral | 3 | 3 | 3 |
| Moving Averages | Strong Bullish | 0 | 0 | 10 |
Oscillators
Neutral
Overall
Strong Bullish
Moving Averages
Strong Bullish
Key readings
- RSI (14)
- 66.07
- Neutral
- MACD (12,26,9)
- 8.61
- Bullish
- SMA (50)
- 1,661.49
- Bullish
- SMA (200)
- 1,217.35
- Bullish
As of
Analyst Rating
2 of 2 analysts rate Buy, 0 Hold, 0 Sell.
As of
Growth Rate
From the financial statements below. 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.
Revenue
| 5Y | +40.98% |
|---|---|
| 3Y | +64.50% |
| 1Y | +36.60% |
| TTM | +46.78% |
Net profit
| 5Y | +51.45% |
|---|---|
| 3Y | Turned to profit |
| 1Y | +84.33% |
| TTM | +91.39% |
Operating cash flow
| 5Y | +27.02% |
|---|---|
| 3Y | Turned positive |
| 1Y | +28.93% |
| TTM | — |
TTM: Reported once a year, so there is no trailing-twelve-month figure.
Operating margin· change in pp
| 5Y | −6.40 pp |
|---|---|
| 3Y | +18.24 pp |
| 1Y | +2.25 pp |
| TTM | +1.78 pp |
Revenue by year
| Mar 2020 | ₹263 Cr |
|---|---|
| Mar 2021 | ₹315 Cr |
| Mar 2022 | ₹314 Cr |
| Mar 2023 | ₹394 Cr |
| Mar 2024 | ₹854 Cr |
| Mar 2025 | ₹1,284 Cr |
| Mar 2026 | ₹1,754 Cr |
Net profit by year
| Mar 2020 | ₹49.00 Cr |
|---|---|
| Mar 2021 | ₹31.00 Cr |
| Mar 2022 | −₹67.00 Cr |
| Mar 2023 | −₹17.00 Cr |
| Mar 2024 | ₹91.00 Cr |
| Mar 2025 | ₹134 Cr |
| Mar 2026 | ₹247 Cr |
Analyst Forecasts
AI Analysis — Bull vs Bear
As of 2026-11-02, Rubicon Research Ltd trades at ₹1,667.4 with a market cap of ₹28,110.63 crore and a trailing P/E of 94.26. The company has demonstrated exceptional profit growth of 52% CAGR over five years and maintains a strong ROE of 19.14%, but the stock trades at a steep 21.42x book value and has seen a notable decline in promoter holding.
- Compounded profit growth of 155% over the last 3 years signals a sharp acceleration in earnings power
- 5-year compounded profit CAGR of 52% reflects sustained long-term earnings momentum
- 3-year average ROE of 27% indicates consistently efficient capital allocation
- ROCE of 24.33% as of 2026-11-02 demonstrates strong returns on total capital employed, well above typical cost of capital
- Debt-to-equity ratio of just 0.24 as of 2026-11-02 reflects a conservatively financed balance sheet, and the company has been actively reducing debt
- TTM sales growth of 47% shows the top line continues to expand at a healthy clip alongside profit growth
- 5-year compounded sales CAGR of 41% indicates durable revenue expansion over a meaningful time horizon
- Stock has appreciated 143% over the past 1 year, reflecting strong market recognition of the company's improving fundamentals
- Price-to-book ratio of 21.42 as of 2026-11-02 implies the stock is priced for near-flawless execution going forward
- Promoter holding decreased by 8.51% over the last quarter, a significant reduction that may signal reduced insider confidence or dilution
- Working capital days have risen from 68.8 to 104 days, suggesting deteriorating cash conversion efficiency and potential strain on operating cash flows
- Dividend yield of just 0.09% as of 2026-11-02 offers negligible income return to shareholders
- The stock trades only 12.2% below its 52-week high of ₹1,899 but 174.8% above its 52-week low of ₹607.15, indicating an extended move that could be vulnerable to mean reversion
- TTM EPS of ₹17.69 relative to a share price of ₹1,667.4 highlights the significant premium investors are paying per rupee of current earnings
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
TL;DR: Rubicon Research is building a strong FDA compliance record with three successful unannounced inspections in FY27 across geographies, plus a newly acquired US manufacturing facility. The single procedural Form 483 observation at Satara is a minor regulatory item but not a data integrity concern. The stock reacted positively, suggesting investor confidence remains intact. The forward outlook hinges on successful resolution of the Satara observation and continued execution across its expanding multi-site manufacturing footprint.
- FDA Form 483 observation issued Oct 9
Rubicon Research received one procedural US FDA Form 483 observation after an unannounced inspection of its Satara manufacturing facility from October 5-9, 2026. While described as procedural and not related to data integrity, the observation remains an open regulatory item until resolved.
- Third successful FDA inspection in FY27 Oct 9
The Satara inspection marks the third successful unannounced US FDA inspection in FY 2026-27, following Toronto R&D (April 2026) and Pithampur manufacturing (July 2026), demonstrating a strong regulatory compliance track record.
- First unannounced Satara FDA inspection Oct 9
A successful outcome would mark the first successful unannounced US FDA inspection of the Satara site, whose previous FDA inspection in January 2023 had been pre-announced.
- Stock up on inspection confidence Oct 9
Shares traded at ₹1,546.60 versus previous close of ₹1,533.70, with 7,706 shares across 744 trades and net turnover of ₹117.50 lakh, reflecting positive market sentiment.
- Satara inspection procedural in nature Oct 9
The company stated the single Form 483 observation is procedural and does not relate to data integrity, and expressed confidence in concluding the evaluation in a timely manner.
Quarterly Results
₹ Cr| Particulars | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 296 | 313 | 358 | 352 | 412 | 476 | 514 | 534 |
| Expenses | 234 | 244 | 286 | 273 | 318 | 367 | 395 | 405 |
| Operating Profit | 62 | 70 | 72 | 79 | 94 | 108 | 119 | 129 |
| OPM % | 21% | 22% | 20% | 22% | 23% | 23% | 23% | 24% |
| Other Income | 3 | 0 | 0 | 1 | 1 | 4 | 3 | 6 |
| Interest | 7 | 8 | 12 | 11 | 11 | 10 | 10 | 9 |
| Depreciation | 8 | 9 | 10 | 10 | 12 | 12 | 12 | 15 |
| PBT | 49 | 53 | 51 | 60 | 72 | 91 | 99 | 110 |
| Tax % | 30% | 28% | 29% | 27% | 25% | 20% | 22% | 23% |
| Net Profit | 34 | 38 | 36 | 43 | 54 | 73 | 77 | 85 |
| EPS (₹) | 2.27 | 2.5 | 2.35 | 2.81 | 3.49 | 4.42 | 4.65 | 5.13 |
Profit & Loss
₹ Cr| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|
| Sales | 263 | 315 | 314 | 394 | 854 | 1,284 | 1,754 | 1,936 |
| Expenses | 182 | 223 | 353 | 375 | 699 | 1,020 | 1,354 | 1,486 |
| Operating Profit | 81 | 92 | −39 | 18 | 155 | 264 | 400 | 450 |
| OPM % | 31% | 29% | −12% | 4.7% | 18% | 21% | 23% | 23% |
| Other Income | 18 | 10 | 17 | 25 | 18 | 4 | 8 | 13 |
| Interest | 6 | 9 | 10 | 19 | 31 | 37 | 42 | 41 |
| Depreciation | 18 | 29 | 34 | 36 | 39 | 37 | 45 | 51 |
| PBT | 74 | 63 | −66 | −11 | 103 | 195 | 321 | 371 |
| Tax % | 33% | 51% | 2% | 53% | 12% | 31% | 23% | — |
| Net Profit | 49 | 31 | −67 | −17 | 91 | 134 | 247 | 288 |
| EPS (₹) | 3.25 | 2.02 | −4.42 | −1.11 | 5.98 | 8.72 | 14.95 | 17.69 |
| Div. Payout % | 2% | 2% | 0% | Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number. | 0% | 0% | 10% | — |
Balance Sheet
₹ Cr| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Equity Capital | 5 | 5 | 5 | 5 | 15 | 15 | 17 |
| Reserves | 335 | 369 | 300 | 281 | 370 | 526 | 1,272 |
| Borrowings | 30 | 93 | 175 | 320 | 425 | 418 | 311 |
| Other Liabilities | 60 | 71 | 79 | 144 | 300 | 493 | 727 |
| Total Liabilities | 430 | 538 | 560 | 750 | 1,109 | 1,451 | 2,327 |
| Fixed Assets | 157 | 188 | 193 | 199 | 307 | 327 | 532 |
| CWIP | 2 | 6 | 3 | 25 | 10 | 7 | 41 |
| Investments | 19 | 14 | 0 | 0 | 0 | 0 | 27 |
| Other Assets | 252 | 330 | 364 | 526 | 793 | 1,118 | 1,728 |
| Total Assets | 430 | 538 | 560 | 750 | 1,109 | 1,451 | 2,327 |
Cash Flow
₹ Cr| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Operating | 5 | 62 | −63 | −75 | 21 | 159 | 205 |
| Investing | −84 | −46 | −46 | −32 | −68 | −65 | −407 |
| Financing | 80 | 52 | 63 | 123 | 44 | −40 | 283 |
| Net Cash Flow | 1 | 67 | −45 | 16 | −4 | 54 | 81 |
| Free Cash Flow | −54 | −10 | −117 | −119 | −35 | 91 | −24 |
| CFO/EBITDA | 40 | 104 | 138 | −394 | 25 | 75 | 78 |
Ratios
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Debtor Days | 194 | 158 | 162 | 209 | 129 | 92 | 106 |
| Inventory Days | 360 | 508 | 502 | 609 | 428 | 574 | 550 |
| Days Payable | 183 | 271 | 320 | 353 | 252 | 263 | 285 |
| Cash Conversion Cycle | 371 | 395 | 345 | 465 | 305 | 403 | 371 |
| Working Capital Days | 183 | 149 | 107 | 75 | 57 | 46 | 104 |
| ROCE % | — | 17% | −12% | 1% | 19% | 26% | 28% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Rubicon Research insights
66 extracted metrics across FY15–FY27.
Documents
- Q1 FY27 concall · Aug 2026Transcript PPT Recording
- Q4 FY26 concall · Jun 2026Transcript PPT Recording
- Q3 FY26 concall · Feb 2026Transcript PPT Recording
- Q2 FY26 concall · Nov 2025Transcript PPT
- 3 Feb 2026
- 13 Nov 2025
- 16 Jul 2025
- 17 Apr 2024
- General announcements 30 Oct 2026
- General announcements 9 Oct 2026
Frequently Asked Questions about Rubicon Research
What does Rubicon Research Ltd do?
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Company Information
Incorporated in 1999, Rubicon Research Limited is a pharmaceutical company engaged in the development, manufacturing, & commercialization of differentiated formulations.
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