RUBICON

Rubicon Research Limited

Rubicon Research Limited (RUBICON) financial statements and selected valuation metrics through 30 June 2026.

Healthcare›Healthcare›Pharmaceuticals & Biotechnology›Pharmaceuticals

rubicon.co.in

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Key metrics

Price as of 2026-10-16

Stock price

₹1508.60

Market cap

24,932 Cr

Stock P/E

86.5

P/B

19.32

Dividend yield

0.0%

ROE (FY26)

19.1%

ROCE (FY26)

23.4%

Operating margin (FY26)

20.2%

Debt / equity (FY26)

0.20

OCF / EBITDA (FY26)

51.2%

OCF / EBITDA (3Y)

47.5%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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What you need to know

Rubicon Research develops, makes and sells specialty and differentiated pharmaceutical products, mainly to customers in the US, which accounted for ₹1,737 crore of its ₹1,754 crore revenue in FY26 (annual report, August 2026).

Company snapshot

26thBy market cap

Ranked among 119 companies in Pharmaceuticals.

What we see

Positives

✓Debt-to-equity of 0.20x — the company is largely funded by its own money, not borrowed funds.

Concerns

✗Only 48% of operating profit came in as cash over the last three years — much of it is tied up in unpaid bills or stock.

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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

Metric	Sept 2025	Dec 2025	Mar 2026	Jun 2026
Sales	412 Cr	476 Cr	514 Cr	534 Cr
Operating expenses (approx.)	318 Cr	367 Cr	395 Cr	405 Cr
EBITDA	94 Cr	108 Cr	119 Cr	129 Cr
OPM %	22.9%	22.7%	23.1%	24.2%
Other income	0.70 Cr	4 Cr	3 Cr	6 Cr
Interest	11 Cr	10 Cr	10 Cr	9 Cr
Depreciation	12 Cr	12 Cr	12 Cr	15 Cr
Profit before tax	72 Cr	91 Cr	99 Cr	110 Cr
Tax %	24.9%	19.6%	22.2%	23.2%
Net profit	54 Cr	73 Cr	77 Cr	85 Cr
EPS (₹)	₹3.49	₹4.46	₹4.66	₹5.13

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

Metric	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Sales	394 Cr	854 Cr	1,284 Cr	1,754 Cr	Sign in free for the trailing twelve months
Operating expenses (approx.)	375 Cr	699 Cr	1,028 Cr	1,354 Cr	Sign in free for the trailing twelve months
EBITDA	18 Cr	155 Cr	256 Cr	400 Cr	Sign in free for the trailing twelve months
OPM %	4.7%	18.1%	19.9%	22.8%	Sign in free for the trailing twelve months
Other income	25 Cr	18 Cr	12 Cr	8 Cr	Sign in free for the trailing twelve months
Interest	19 Cr	31 Cr	37 Cr	42 Cr	Sign in free for the trailing twelve months
Depreciation	36 Cr	39 Cr	37 Cr	45 Cr	Sign in free for the trailing twelve months
Profit before tax	-11 Cr	103 Cr	195 Cr	321 Cr	Sign in free for the trailing twelve months
Tax %	-52.8%	11.5%	30.9%	23.0%	Sign in free for the trailing twelve months
Net profit	-17 Cr	91 Cr	134 Cr	247 Cr	Sign in free for the trailing twelve months
EPS (₹)	₹-1.11	₹5.98	₹8.82	₹15.52	Sign in free for the trailing twelve months
Dividend payout %	—	—	—	0.1%	Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

Metric	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	5 Cr	15 Cr	15 Cr	17 Cr
Reserves	281 Cr	370 Cr	526 Cr	1,272 Cr
Borrowings	318 Cr	396 Cr	393 Cr	259 Cr
Other liabilities	145 Cr	328 Cr	517 Cr	779 Cr
Total liabilities	750 Cr	1,109 Cr	1,451 Cr	2,327 Cr
Fixed assets (net)	169 Cr	212 Cr	237 Cr	467 Cr
CWIP	25 Cr	10 Cr	7 Cr	40 Cr
Investments	0.05 Cr	0.05 Cr	0.05 Cr	27 Cr
Inventories	167 Cr	300 Cr	522 Cr	729 Cr
Trade receivables	225 Cr	301 Cr	324 Cr	509 Cr
Cash & bank	54 Cr	51 Cr	105 Cr	186 Cr
Other assets	110 Cr	235 Cr	257 Cr	369 Cr
Total assets	750 Cr	1,109 Cr	1,451 Cr	2,327 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

Metric	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from operating activity	-75 Cr	21 Cr	159 Cr	205 Cr
Cash from investing	-34 Cr	-69 Cr	-65 Cr	-410 Cr
Cash from financing	123 Cr	44 Cr	-40 Cr	283 Cr
Net cash flow	14 Cr	-4 Cr	55 Cr	81 Cr
Free cash flow (OCF − Capex)	-119 Cr	-35 Cr	91 Cr	-24 Cr

Ratios

Metric	Mar 2023	Mar 2024	Mar 2025	Mar 2026
ROCE %	1.3%	17.2%	24.8%	23.4%
ROE %	-5.9%	23.6%	24.8%	19.1%
Debtor days	208	129	92	106
Inventory days	403	442	419	431
Days payable	234	260	192	223
Cash conversion cycle	378	311	318	314
OCF / EBITDA %	-404.2%	13.6%	62.2%	51.2%
OCF / EBITDA % (3 years)	—	—	24.6%	47.5%
Debt / equity	1.11	1.03	0.73	0.20
Current ratio	1.39	1.33	1.35	2.01
Net debt / EBITDA	14.25	2.24	1.13	0.18