Rubicon Research
Rubicon Research
HealthcareKey Fundamentals
SmallcapPharmaceuticalsHealthcareTapetide Score
Data-driven rating, 0–100. How it works →
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
2- Stock is trading at 23.5 times its book value
- Working capital days have increased from 68.8 days to 104 days
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoRubicon Research Ltd is a healthcare company with a market cap of ₹29,264 Cr, trading at a PE of 102.8x and 23x book value. The company has delivered exceptional profit growth of 52% CAGR over 5 years and 155% CAGR over 3 years, with TTM sales growth of 47%, though its valuation multiples are significantly elevated relative to earnings and book value.
- Exceptional 5-year compounded profit growth of 52% CAGR indicates strong and sustained earnings momentum
- 3-year compounded profit growth of 155% CAGR suggests an accelerating earnings trajectory in recent years
- Robust 3-year ROE of 27% and last-year ROE of 27% reflect efficient capital deployment and high profitability
- TTM sales growth of 47% demonstrates continued strong top-line expansion in the most recent period
- 5-year compounded sales CAGR of 41% shows consistent revenue scaling over a longer horizon
- Company has been reducing debt, improving balance sheet quality and lowering financial risk
- 3-year compounded sales CAGR of 65% indicates a sharp acceleration in revenue growth in recent years
- Company is expected to deliver a good upcoming quarter, suggesting near-term earnings visibility remains intact
- PE ratio of 102.8x is extremely elevated, pricing in significant future growth and leaving little margin of safety
- Price-to-book ratio of 23x is very high, meaning investors are paying a steep premium over the company's net asset value
- Working capital days have increased from 68.8 days to 104 days, a 51% deterioration that signals declining efficiency in cash conversion
- Dividend yield of just 0.08% offers negligible income return to shareholders at current price levels
- 5-year ROE of 16% is notably lower than the 3-year ROE of 27%, raising questions about whether recent high returns are sustainable or cyclically elevated
- Absence of 10-year financial history for sales, profit, and ROE limits the ability to assess long-term consistency and durability of the business
- At a market cap of ₹29,264 Cr with a 102.8x PE, the company needs to sustain very high growth rates for years to justify its current valuation, creating asymmetric downside risk if growth slows
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- Promoter stake sale 8.45% Aug 27
General Atlantic Singapore RR Pte. Ltd. sold 1.4 crore shares (8.45% stake) on Aug 25-26 at ₹1,660/share for ₹2,291.6 crore, reducing holding from 35.83% to 27.34%. While absorbed by 10 institutional buyers, continued promoter selling could weigh on sentiment.
- Q1 profit surges 96% YoY Aug 19
Q1FY27 net profit rose 96% YoY to ₹848 million with revenue up 51% to ₹5.3 billion. EBITDA margin expanded to 24.15% and full-year margin guidance was revised upward to 23%.
- Revenue up 37% in FY26 Aug 26
At its 27th AGM on Aug 26, Rubicon reported FY26 revenue of ₹17,540 Mn, up 37% YoY. Shareholders also approved a stock option plan and merger of subsidiary KIA Health Tech.
- Stock hits record high ₹1,818.8 Aug 26
Shares surged 6.44% to a record close of ₹1,818.8 on NSE, driven by strong institutional demand absorbing the General Atlantic block deal from Kotak MF, Nomura and other global investors.
- US plant acquisition Aug 19
Rubicon acquired a US manufacturing facility for USD 2.9 million, strengthening its presence in the key US market.
- FDA observations resolved Aug 19
Successfully resolved FDA observations at its Pithampur manufacturing plant, removing a key regulatory overhang.
- Q1FY27 results filed with exchanges Aug 15
Rubicon Research filed unaudited standalone and consolidated financial results for the quarter ended June 30, 2026 with BSE and NSE.
TL;DR: Rubicon Research is firing on all cylinders with 96% Q1 profit growth, 51% revenue growth, expanding margins, and a stock at record highs. Strategic moves like the US plant acquisition and FDA clearance at Pithampur strengthen the long-term outlook. The main risk is continued promoter selling by General Atlantic, which has reduced its stake from 35.83% to 27.34%, though institutional buyers have comfortably absorbed the supply so far. The trend is firmly improving, and if the company delivers on its upgraded 23% EBITDA margin guidance, the stock could sustain momentum.
Quarterly Results
| 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 in Rs | 2.27 | 2.5 | 2.35 | 2.81 | 3.49 | 4.42 | 4.65 | 5.13 |
Profit & Loss
| 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 in Rs | 97.46 | 60.53 | -132 | -33.31 | 5.98 | 8.72 | 14.95 | 17.69 |
| Div. Payout % | 2% | 2% | 0% | -2% | 0% | 0% | 10% | — |
Balance Sheet
| 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
| 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/OP | 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
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43 extracted metrics + investor summaries across FY20–FY26.
Documents
Frequently Asked Questions about Rubicon Research
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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.[1]
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