Rubicon Research Ltd.

•

rubicon.co.inBSE: 544578NSE: RUBICON

Market Cap₹ 29,951 Cr.

Current Price

High / Low₹ 1,899 / 571

Stock P/E127.2

Book Value₹ 85

Price to Book9.65

Dividend Yield0.08 %

ROCE21.2 %

ROE19.2 %

Face Value₹ 1

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ABOUT

KEY POINTS

Revenue Breakup Mar 2020 • Manufacturing: 95.1% • Pharmaceutical business: 4.9% • Unallocable: 0.0%

AI Sector View

AI GENERATED

Healthcare

Buy

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.

Confidence

50%

View full sector analysis →

PROS

Company has delivered good profit growth of 28.9% CAGR over last 5 years
Promoters have been increasing their shareholding - up 32.1pp over 2 years
Latest quarter profit grew 134.5% YoY, showing strong momentum
Company has delivered good sales growth of 31.6% CAGR over last 5 years
Operating margins have improved to 23.8% from 17.1%

CONS

Receivables are growing faster than sales - a possible quality concern
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.40x)
Equity base is being diluted - shares outstanding up 225.6%
Working capital days have increased from 123 to 268 days
Stock is trading at 9.6x its book value

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

HealthcareHealthcarePharmaceuticals & Drugs

Part ofNIFTY MICROCAP250 NIFTY TOTAL MKT

S.No.	Name
1.	SUNPHARMA	1868.50	37.06	448315.74	0.86	2901.23	26.53	15299.88	10.98	19.11	28.81
2.	DIVISLAB	9482.75	86.06	251737.22	0.32	902.00	65.50	3080.00	27.80	21.51	40.75
3.	TORNTPHARM	4931.90	86.01	187593.62	0.77	566.00	3.28	4921.00	57.32	19.27	33.81
4.	ZYDUSLIFE	1129.00	24.95	112618.18	0.09	990.20	-34.90	8017.00	23.97	21.39	24.54
5.	CIPLA	1368.00	32.79	110515.04	0.95	785.55	-39.18	7119.28	4.13	16.00	16.73
6.	LAURUSLABS	1933.25	95.54	104455.86	0.10	362.07	123.94	2026.31	29.10	18.20	31.50
7.	AUROPHARMA	1690.00	26.19	97238.86	0.24	1032.03	25.22	9150.35	17.44	12.76	20.54
8.	LUPIN	2092.00	17.30	95660.02	0.86	1416.98	16.01	8276.89	34.28	28.86	29.59
9.	DRREDDY	1143.20	29.61	95420.61	0.70	435.60	-69.10	8099.80	-5.21	13.75	10.63
10.	MANKIND	2266.00	45.82	93596.02	0.04	574.09	29.12	4030.59	12.89	13.24	26.30
11.	GLENMARK	2439.55	38.29	68850.12	0.10	482.83	927.88	4018.48	31.35	20.35	20.03
12.	RUBICON	1809.40	103.92	29951.34	0.08	847.81	1857.95	5343.38	1415.88	29.22	24.16

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	255	245	301	278	336	302	390	428
	186	181	240	232	257	239	284	319
Operating Profit	68	64	61	46	79	62	106	108
OPM %	26.84%	26.10%	20.38%	16.54%	23.51%	20.63%	27.23%	25.31%
	3	2	12	1	2	4	4	2
Interest	6	7	11	9	9	8	5	6
Depreciation	7	8	9	8	10	10	10	11
Profit before Tax	58	51	54	47	62	50	94	111
Tax %	25.46%	25.13%	25.33%	25.90%	25.67%	24.93%	25.66%	25.49%
Net Profit	43	38	40	35	46	37	70	82
	2.82	2.51	2.64	2.28	2.97	2.28	4.25	4.99

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	49	65	154	263	331	400	407	631	1,074	1,306	1,456
	40	60	119	173	220	360	366	557	804	995	1,100
Operating Profit	9	5	35	90	111	40	41	73	270	311	356
OPM %	17.73%	8.22%	22.77%	34.12%	33.63%	10.02%	10.17%	11.60%	25.13%	23.79%	24.44%
	1	4	6	18	11	17	28	26	20	11	12
Interest	3	2	3	6	9	9	19	31	34	31	28
Depreciation	5	6	8	18	28	32	33	35	32	38	40
Profit before Tax	1	1	31	84	85	17	18	34	223	253	316
Tax %	17.33%	22.71%	28.53%	29.40%	37.98%	1.41%	30.38%	28.54%	24.97%	25.56%	25.49%
Net Profit	1	1	22	59	53	17	13	24	168	188	235
EPS	0.00	0.00	0.00	115.60	104.46	32.91	0.83	1.60	10.87	11.40	—
Dividend Payout %	0.00%	0.00%	0.00%	1.69%	0.96%	4.56%	1.99%	1.25%	0.18%	13.16%	—

COMPOUNDED SALES GROWTH

10 Years:: 42%
5 Years:: 32%
3 Years:: 47%

COMPOUNDED PROFIT GROWTH

10 Years:: 70%
5 Years:: 29%
3 Years:: 145%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: —

RETURN ON EQUITY

10 Years:: 11%
5 Years:: 12%
3 Years:: 18%
Last Year:: 19%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	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	5	15	15	17
	177	174	196	342	394	411	424	437	626	1,305
	27	26	42	28	84	155	293	369	365	221
Trade Payables	4	10	19	22	32	58	74	98	184	262
	10	15	38	44	54	48	72	96	148	165
Total Liabilities	223	230	300	442	570	678	868	1,016	1,339	1,970
	41	44	68	151	177	181	183	232	259	416
Capital Work in Progress	1	9	44	1	4	3	25	10	6	26
	115	78	18	35	32	19	26	34	36	43
	7	14	19	38	57	58	99	181	258	348
	0	0	0	0	0	0	0	252	501	713
Cash & Bank	2	2	9	33	79	44	46	48	37	251
	57	83	142	183	221	375	490	259	242	173
Total Assets	223	230	300	442	570	678	868	1,016	1,339	1,970

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-3	-15	-10	36	81	-29	-79	83	30	39
Cash from Investing	-122	17	1	-85	-32	-86	-34	-130	-10	-272
Cash from Financing	127	-3	16	76	52	65	124	46	-34	297
	1	-1	6	-0	67	-58	11	-1	-14	64

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Aug 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Oct 2025	Dec 2025	Mar 2026	Jun 2026
	27.67	8.46	8.46	8.46	8.46	59.99	59.99	59.86	59.76
	0.00	0.00	0.00	0.00	0.00	9.38	7.99	7.54	7.52
	0.00	58.44	0.00	0.00	0.00	9.75	9.44	10.02	9.43
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	17.15	33.10	33.10	33.10	33.10	20.89	22.58	22.58	23.30

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-08-26

Shareholders meeting

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

Shareholders meeting

2026-08-26 - Rubicon Research Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 26, 2026

2026-08-19

Updates

2026-08-19 - Rubicon Research Limited has informed the Exchange regarding 'Transcript of Earnings Call Q1 FY 2026-27'.

2026-08-15

Copy of Newspaper Publication

2026-08-15 - Rubicon Research Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-14

General Updates

2026-08-14 - Rubicon Research Limited has informed the Exchange about Audio Recording of Earnings Call

2026-08-14

Monitoring Agency Report

2026-08-14 - Monitoring Agency Report for the quarter ended June 30, 2026.

2026-08-14

Change in Management

2026-08-14 - Rubicon Research Limited has informed the Exchange about change in Management

2026-08-14

Investor Presentation

2026-08-14 - Rubicon Research Limited has informed the Exchange about Investor Presentation

2026-08-14

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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