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Rubicon Research Ltd.

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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 MICROCAP250NIFTY TOTAL MKT
S.No.Name
1.SUNPHARMA1868.5037.06448315.740.862901.2326.5315299.8810.9819.1128.81
2.DIVISLAB9482.7586.06251737.220.32902.0065.503080.0027.8021.5140.75
3.TORNTPHARM4931.9086.01187593.620.77566.003.284921.0057.3219.2733.81
4.ZYDUSLIFE1129.0024.95112618.180.09990.20-34.908017.0023.9721.3924.54
5.CIPLA1368.0032.79110515.040.95785.55-39.187119.284.1316.0016.73
6.LAURUSLABS1933.2595.54104455.860.10362.07123.942026.3129.1018.2031.50
7.AUROPHARMA1690.0026.1997238.860.241032.0325.229150.3517.4412.7620.54
8.LUPIN2092.0017.3095660.020.861416.9816.018276.8934.2828.8629.59
9.DRREDDY1143.2029.6195420.610.70435.60-69.108099.80-5.2113.7510.63
10.MANKIND2266.0045.8293596.020.04574.0929.124030.5912.8913.2426.30
11.GLENMARK2439.5538.2968850.120.10482.83927.884018.4831.3520.3520.03
12.RUBICON1809.40103.9229951.340.08847.811857.955343.381415.8829.2224.16
Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
255245301278336302390428
186181240232257239284319
Operating Profit686461467962106108
OPM %26.84%26.10%20.38%16.54%23.51%20.63%27.23%25.31%
321212442
Interest671199856
Depreciation789810101011
Profit before Tax58515447625094111
Tax %25.46%25.13%25.33%25.90%25.67%24.93%25.66%25.49%
Net Profit4338403546377082
2.822.512.642.282.972.284.254.99

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
49651542633314004076311,0741,3061,456
40601191732203603665578049951,100
Operating Profit953590111404173270311356
OPM %17.73%8.22%22.77%34.12%33.63%10.02%10.17%11.60%25.13%23.79%24.44%
1461811172826201112
Interest3236991931343128
Depreciation5681828323335323840
Profit before Tax11318485171834223253316
Tax %17.33%22.71%28.53%29.40%37.98%1.41%30.38%28.54%24.97%25.56%25.49%
Net Profit11225953171324168188235
EPS0.000.000.00115.60104.4632.910.831.6010.8711.40—
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

Corporate actions

2026

Aug 7

₹ 1.50

Rs.1.5000 per share(150%)Final Dividend

2026

Jul 21

₹ 1.50

Rs.1.5000 per share(150%)Final Dividend

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital5555555151517
1771741963423944114244376261,305
2726422884155293369365221
Trade Payables410192232587498184262
1015384454487296148165
Total Liabilities2232303004425706788681,0161,3391,970
414468151177181183232259416
Capital Work in Progress19441432510626
115781835321926343643
7141938575899181258348
0000000252501713
Cash & Bank229337944464837251
5783142183221375490259242173
Total Assets2232303004425706788681,0161,3391,970

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
-3-15-103681-29-79833039
Cash from Investing-122171-85-32-86-34-130-10-272
Cash from Financing127-31676526512446-34297
1-16-067-5811-1-1464

Ratios

Standalone Figures in Rs. Crores / View Consolidated

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

Shareholding Pattern

Numbers in percentages

Aug 2019Mar 2020Mar 2021Mar 2022Mar 2023Oct 2025Dec 2025Mar 2026Jun 2026
27.678.468.468.468.4659.9959.9959.8659.76
0.000.000.000.000.009.387.997.547.52
0.0058.440.000.000.009.759.4410.029.43
Government0.000.000.000.000.000.000.000.000.00
17.1533.1033.1033.1033.1020.8922.5822.5823.30

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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