Rubicon Research Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2020 • Manufacturing: 95.1% • Pharmaceutical service: 4.9% • Unallocable: 0.0%
AI Sector View
AI GENERATEDHealthcare
This stance relies on proxies and positioning because no direct pharma-export or healthcare operating series exists in the dataset. The depreciated currency at 95.23 (Sep/26) can support export earnings, inflation at 4.45% (Jul/26) is manageable for a defensive sector, and consumer spending remains large at INR 44743 billion (Jun/26). Strong FPI inflow of INR 10620 crore over 3 months to 2026-08-31 from INR -11381 crore in the prior 3 months adds a real sector-specific tailwind, but confidence stays capped because the fundamental drivers are indirect proxies.
PROS
- Company has delivered good profit growth of 51.7% CAGR over last 5 years
- Promoters have been increasing their shareholding - up 32.1pp over 2 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 29.1%
- Company has a healthy return on capital (ROCE) of 25.2%
- Latest quarter profit grew 95.8% YoY, showing strong momentum
- Company has delivered good sales growth of 41.0% CAGR over last 5 years
CONS
- Receivables are growing faster than sales - a possible quality concern
- Equity base is being diluted - shares outstanding up 225.6%
- Working capital days have increased from 42 to 82 days
- Stock is trading at 10.1x its book value
- Though reporting repeated profits, the company pays out little dividend (10.0%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| SUNPHARMA | 1842.00 | 36.54 | 441957.50 | 0.87 | 2901.23 | 26.53 | 15299.88 | 10.98 | 19.11 | 28.81 |
| DIVISLAB | 9326.00 | 84.64 | 247576.00 | 0.32 | 902.00 | 65.50 | 3080.00 | 27.80 | 21.51 | 40.75 |
| TORNTPHARM | 4975.00 | 86.76 | 189233.01 | 0.76 | 566.00 | 3.28 | 4921.00 | 57.32 | 19.27 | 33.81 |
| ZYDUSLIFE | 1119.50 | 24.74 | 111670.55 | 0.09 | 990.20 | -34.90 | 8017.00 | 23.97 | 21.39 | 24.54 |
| CIPLA | 1365.00 | 32.72 | 110272.68 | 0.95 | 785.55 | -39.18 | 7119.28 | 4.13 | 16.00 | 16.73 |
| LAURUSLABS | 1970.35 | 97.37 | 106460.42 | 0.10 | 362.07 | 123.94 | 2026.31 | 29.10 | 18.20 | 31.50 |
| DRREDDY | 1161.00 | 30.07 | 96906.38 | 0.69 | 435.60 | -69.10 | 8099.80 | -5.21 | 13.75 | 10.63 |
| AUROPHARMA | 1675.45 | 25.97 | 96401.69 | 0.24 | 1032.03 | 25.22 | 9150.35 | 17.44 | 12.76 | 20.54 |
| LUPIN | 2096.00 | 17.34 | 95842.92 | 0.86 | 1416.98 | 16.01 | 8276.89 | 34.28 | 28.86 | 29.59 |
| MANKIND | 2277.00 | 46.04 | 94050.37 | 0.04 | 574.09 | 29.12 | 4030.59 | 12.89 | 13.24 | 26.30 |
| GLENMARK | 2416.90 | 37.94 | 68210.88 | 0.10 | 482.83 | 927.88 | 4018.48 | 31.35 | 20.35 | 20.03 |
| RUBICON | 1838.35 | 105.58 | 30430.56 | 0.08 | 847.81 | 1857.95 | 5343.38 | 1415.88 | 29.22 | 24.16 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|
| 296 | 313 | 358 | 352 | 412 | 476 | 514 | 534 | |
| 234 | 244 | 286 | 294 | 318 | 367 | 395 | 430 | |
| Operating Profit | 62 | 70 | 72 | 59 | 94 | 108 | 119 | 105 |
| OPM % | 20.83% | 22.30% | 20.24% | 16.72% | 22.89% | 22.74% | 23.10% | 19.59% |
| 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 |
| Profit before Tax | 49 | 53 | 51 | 60 | 72 | 91 | 99 | 110 |
| Tax % | 29.87% | 28.37% | 29.02% | 27.29% | 24.89% | 19.64% | 22.19% | 23.19% |
| Net Profit | 0 | 0 | 0 | 43 | 54 | 73 | 77 | 85 |
| 2.27 | 2.50 | 2.37 | 2.81 | 3.49 | 4.46 | 4.66 | 5.13 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|
| 65 | 154 | 263 | 315 | 314 | 394 | 854 | 1,284 | 1,754 | 1,936 | |
| 61 | 122 | 182 | 223 | 353 | 375 | 699 | 1,028 | 1,355 | 1,510 | |
| Operating Profit | 5 | 32 | 81 | 92 | -39 | 18 | 155 | 256 | 399 | 426 |
| OPM % | 7.10% | 20.58% | 30.64% | 29.13% | -12.51% | 4.70% | 18.10% | 19.93% | 22.76% | 22.00% |
| 4 | 6 | 18 | 10 | 17 | 25 | 18 | 12 | 9 | 13 | |
| Interest | 2 | 3 | 6 | 9 | 10 | 19 | 31 | 37 | 42 | 41 |
| Depreciation | 6 | 8 | 18 | 29 | 34 | 36 | 39 | 37 | 45 | 51 |
| Profit before Tax | 0 | 27 | 74 | 63 | -66 | -11 | 103 | 195 | 321 | 371 |
| Tax % | 56.89% | 32.10% | 33.24% | 51.38% | -1.52% | -52.85% | 11.52% | 30.93% | 23.02% | 22.39% |
| Net Profit | 0 | 18 | 49 | 31 | -67 | -17 | 91 | 134 | 247 | 288 |
| EPS | 0.00 | 0.00 | 96.68 | 60.04 | 0.00 | 0.00 | 5.98 | 8.72 | 14.95 | — |
| Dividend Payout % | 0.00% | 0.00% | 2.02% | 1.65% | -1.13% | -1.50% | 0.33% | 0.23% | 10.04% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- 41%
- 3 Years:
- 65%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- 52%
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- —
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- 12%
- 3 Years:
- 29%
- Last Year:
- 28%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 5 | 5 | 5 | 5 | 5 | 5 | 15 | 15 | 17 |
| 174 | 192 | 327 | 357 | 288 | 267 | 346 | 499 | 1,241 | |
| 26 | 50 | 31 | 87 | 157 | 293 | 412 | 405 | 258 | |
| Trade Payables | 10 | 20 | 19 | 33 | 57 | 97 | 177 | 239 | 377 |
| 13 | 30 | 45 | 56 | 53 | 88 | 159 | 291 | 421 | |
| Total Liabilities | 227 | 296 | 427 | 538 | 560 | 750 | 1,109 | 1,450 | 2,314 |
| 44 | 69 | 157 | 188 | 193 | 199 | 307 | 327 | 532 | |
| Capital Work in Progress | 9 | 44 | 1 | 6 | 3 | 25 | 10 | 7 | 40 |
| 76 | 12 | 19 | 14 | 0 | 0 | 0 | 0 | 27 | |
| 14 | 19 | 38 | 62 | 90 | 167 | 300 | 522 | 729 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 301 | 324 | 509 | |
| Cash & Bank | 3 | 11 | 36 | 84 | 53 | 59 | 58 | 116 | 346 |
| 81 | 142 | 176 | 184 | 221 | 299 | 131 | 154 | 131 | |
| Total Assets | 227 | 296 | 427 | 538 | 560 | 750 | 1,109 | 1,450 | 2,314 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| -16 | -14 | 32 | 88 | -54 | -73 | 21 | 159 | 205 | |
| Cash from Investing | 20 | 4 | -84 | -36 | -55 | -34 | -69 | -65 | -410 |
| Cash from Financing | -3 | 16 | 80 | 52 | 63 | 123 | 44 | -40 | 283 |
| 1 | 7 | 1 | 73 | -55 | 14 | -4 | 55 | 78 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-26 - Rubicon Research Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 26, 2026. Further, the company has informed the Exchange regarding voting results.
2026-08-26 - Rubicon Research Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 26, 2026
2026-08-19 - Rubicon Research Limited has informed the Exchange regarding 'Transcript of Earnings Call Q1 FY 2026-27'.
2026-08-15 - Rubicon Research Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-14 - Rubicon Research Limited has informed the Exchange about Audio Recording of Earnings Call
2026-08-14 - Monitoring Agency Report for the quarter ended June 30, 2026.
2026-08-14 - Rubicon Research Limited has informed the Exchange about change in Management
2026-08-14 - Rubicon Research Limited has informed the Exchange about Investor Presentation
2026-08-14 - Rubicon Research Limited has informed the Exchange about Investor Presentation
News
Recent coverage and analyst commentary for RUBICON
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Rubicon Research Ltd.
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