MarketFriction

Rubicon Research Ltd

NSE RUBICON · BSE 544578 · Pharmaceuticals
₹1,630.90 +0.71%
NSE close2026-10-01
52 week range570.75 - 1,899.00
Market cap₹26,634 Cr.
P/E92.4
IPO 2025 · +236% since Nifty 500Smallcap 250 ASM long-term Price band 20% Delivery 39.9%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales296313358352412476514534
Expenses234244286273318367395405
Operating Profit6270727994108119129
OPM %21%22%20%22%23%23%23%24%
Other Income30011436
Interest7812111110109
Depreciation89101012121215
Profit before tax49535160729199110
Tax %30%28%29%27%25%20%22%23%
Net Profit3438364354737785
EPS in Rs2.272.502.352.813.494.424.655.13
Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales2633153143948541,2841,7541,936
Expenses1822233533756991,0201,3541,486
Operating Profit8192-3918155264400450
OPM %31%29%-12%4.7%18%21%23%23%
Other Income18101725184813
Interest69101931374241
Depreciation1829343639374551
Profit before tax7463-66-11103195321371
Tax %33%51%2%53%12%31%23%
Net Profit4931-67-1791134247288
EPS in Rs97.4660.53-132.39-33.315.988.7214.9517.69
Dividend Payout %2%2%-0%-2%0%0%10%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth%41%65%47%
Compounded Profit Growth%52%155%89%
Stock Price CAGR%%%%
Return on Equity%16%27%27%
Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital5555151517
Reserves3353693002813705261,272
Borrowings3093175320425418311
Other Liabilities607179144300493727
Total Liabilities4305385607501,1091,4512,327
Fixed Assets157188193199307327532
CWIP2632510741
Investments1914000027
Other Assets2523303645267931,1181,728
Total Assets4305385607501,1091,4512,327
Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity562-63-7521159205
Cash from Investing Activity-84-46-46-32-68-65-407
Cash from Financing Activity80526312344-40283
Net Cash Flow167-4516-45481
Free Cash Flow-54-10-117-119-3591-24
CFO/OP40%104%138%-394%25%75%78%
Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days19415816220912992106
Inventory Days360508502609428574550
Days Payable183271320353252263285
Cash Conversion Cycle371395345465305403371
Working Capital Days183149107755746104
ROCE %17%-12%1%19%26%28%
Dec 2025Mar 2026Jun 2026
Promoters59.99%59.86%59.76%
FIIs7.99%7.54%7.52%
DIIs9.45%10.02%9.43%
Public22.57%22.57%23.29%
No. of Shareholders31,91433,73843,254

Fundamentals

Market Cap₹ 26,634 Cr.
Current Price₹ 1,609
Stock P/E92.4
Book Value₹ 78.1
ROCE28.4 %
ROE27.0 %
Dividend Yield0.09 %
Face Value₹ 1.00
Compounded Sales Growth (TTM)47%
Compounded Profit Growth (TTM)89%
Consolidated figures.
Valuation
Market capRs 26,997 Cr
Enterprise valueRs 27,257 Cr
P/E (TTM)130.92x
Price to book94.27x
Price to sales16.89x
EV / EBITDA75.88x
EV / EBIT86.10x
EV / sales17.06x
Earnings yield0.76%
Dividend yield0.00%
Profitability
Operating margin (excl. other income)4.70%
Operating margin (incl. other income)11.17%
EBITDA margin22.48%
Pre-tax margin17.08%
Net profit margin12.90%
Net margin, latest quarter15.31%
ROE-5.71%
ROCE1.46%
ROA-2.58%
ROE, 3-year average-5.62%
ROCE, 3-year average2.28%
ROA, 3-year average-2.82%
ROIC (approx.)88.44%
Tax rate-52.85%
Other income / net worth8.90%
Growth
Sales growth (latest year)25.50%
Sales CAGR, 3 years14.37%
Sales growth QoQ15.41%
Profit growth QoQ35.19%
Sales growth YoY (latest quarter)51.73%
Profit growth YoY (latest quarter)91.23%
Per share
EPS (TTM)Rs 12.46
EPS (latest year)Rs -33.31
EPS (latest quarter)Rs 4.40
EPS, 3-year averageRs -35.06
Book value per shareRs 17.30
Sales per shareRs 96.55
Cash flow per shareRs -4.52
Free cash flow per shareRs -1.45
Dividend per share (latest year)Rs 0.49
Dividend per share, 3-year averageRs 0.66
Dividends
Dividend payout, 3-year average1.66%
Efficiency
Asset turnover0.52x
Fixed asset turnover1.97x
Inventory turnover0.99x
Inventory days368 days
Debtor days209 days
Debtors turnover1.75x
Creditor days285 days
Cash conversion cycle371 days
Working capital days104 days
Leverage
Total debtRs 320 Cr
Cash and bankRs 59 Cr
Net debtRs 261 Cr
Debt to equity1.12x
Net debt / EBITDA0.73x
Interest coverage7.25x
Current ratio (filing 2026-03-31)2.01x
Quick ratio (filing 2026-03-31)1.14x
Trade payables (filing 2026-03-31)Rs 377 Cr
Owners' fund to total sources38.20%
Debt to assets42.64%
Cash flow
Cash from Operating Activity (latest year)Rs -75 Cr
Cash from Investing Activity (latest year)Rs -32 Cr
Cash from Financing Activity (latest year)Rs 123 Cr
Net Cash Flow (latest year)Rs 16 Cr
Free cash flow (latest year)Rs -24 Cr
FCFE (approx.: FCF + change in debt)Rs 121 Cr
Cash from ops / profit, 5 years0.64x
Statement figures
Net sales (TTM)Rs 1,598 Cr
Net sales (latest year)Rs 394 Cr
Sales (latest quarter)Rs 476 Cr
Operating profit excl. other income (latest year)Rs 18 Cr
Operating profit (latest quarter)Rs 108 Cr
Other income (TTM)Rs 5 Cr
EBITDA (TTM)Rs 359 Cr
PBDT (TTM)Rs 316 Cr
Profit before tax (TTM)Rs 273 Cr
Tax (latest year)Rs 6 Cr
Net profit (TTM)Rs 206 Cr
Net profit (latest year)Rs -17 Cr
Net profit (latest quarter)Rs 73 Cr
Depreciation (TTM)Rs 43 Cr
Depreciation (latest quarter)Rs 12 Cr
Interest (TTM)Rs 44 Cr
Cost of goods sold (latest year)Rs 166 Cr
Total expenditure (latest year)Rs 375 Cr
Total income (latest year)Rs 419 Cr
Share capitalRs 5 Cr
ReservesRs 281 Cr
Shareholders' fundsRs 286 Cr
Total assetsRs 750 Cr
Net blockRs 199 Cr
Capital work in progressRs 25 Cr
InvestmentsRs 0 Cr
ReceivablesRs 225 Cr
InventoryRs 167 Cr
Other liabilitiesRs 144 Cr
Shares outstanding (crore)16.55
Ownership
Promoter holding59.76%
Computed by MarketFriction from the consolidated statements. Returns use average balances.
Not enough history to build valuation bands (needs two years of profits and prices).
PeriodRUBICONNifty 50Difference
1 week-2.7%-2.8% +0.1 pts
1 month-10.5%-6.8% -3.7 pts
3 months+24.8%-7.6% +32.4 pts
6 months+111.0%+0.4% +110.6 pts
53 mutual fund schemes hold about ₹4,301 Cr. Over three months 21 bought more and 16 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
Kotak Mid Cap Fund0.96%688 -1%
Motilal Oswal Small Cap Fund4.52%368 -18%
HDFC Balanced Advantage Fund0.30%323 +100%
Kotak Large & Mid Cap Fund0.93%301 +100%
SBI Multicap Fund1.22%300 +100%
HDFC Flexi Cap Fund0.21%243 +100%
ICICI Pru Flexi Cap Fund0.85%219 +100%
Bajaj Finserv Flexi Cap Fund1.82%149 -23%
Axis ELSS-Tax Saver Fund0.45%147 +100%
Kotak Manufacture in India Fund4.85%143 -7%
ICICI Pru Small Cap Fund1.31%129 +100%
ICICI Pru Small Cap Fund1.31%125 +100%
HDFC Innovation Fund3.57%114 +14%
Bajaj Finserv Small Cap Fund3.98%105 -24%
HDFC Pharma and Healthcare Fund2.82%93 +33%
HDFC Large & Mid Cap Fund0.27%81 +100%
HDFC Multi Cap Fund0.39%81 +100%
Kotak ELSS Tax Saver Fund1.14%73 +100%
Canara Rob Manufacturing Fund3.31%58 -0%
Motilal Oswal Focused Fund3.05%56 -45%
Axis Flexi Cap Fund0.34%47 +100%
Axis Flexi Cap Fund0.34%45 +100%
HDFC Value Fund0.49%40 +100%
HDFC ELSS-Tax Saver Fund0.25%40 +100%
TRUSTMF Small Cap Fund1.34%38 -25%

Red flags

F-score 3 of 8
explainReceivables outrunning sales Receivables grew 61% vs sales +25% in 2026
lookInventory outrunning sales Inventory grew 87% vs sales +25% in 2026
lookRepeated losses Net loss in each of the last two years
lookAuditor change Auditor change 2026-02-03: Rubicon Research Limited has informed the Exchange regarding Change in Auditors of the company.
lookOn NSE surveillance On NSE surveillance: ASM long-term
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026
Sales ₹534 Cr +51.7% vs Jun 2025. Net profit ₹85 Cr +97.7%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-08-07Dividend - Rs 1.50 Per Share
DateTypeWhat it says
2026-08-26Shareholder meetingVoting results.
2026-08-26Shareholder meetingProceedings of Annual General Meeting held on August 26, 2026
2026-08-19UpdatesTranscript of Earnings Call Q1 FY 2026-27.
2026-08-14General UpdatesAudio Recording of Earnings Call
2026-08-14Monitoring Agency ReportMonitoring Agency Report for the quarter ended June 30, 2026.
2026-08-14Change in ManagementChange in Management
2026-08-14Investor PresentationInvestor Presentation
2026-08-14Investor PresentationInvestor Presentation
2026-08-14Board meeting outcomeRubicon Research Limited has submitted to the Exchange, the financial results for the quarter ended Jun 30, 2026.
2026-08-13UpdatesCorrigendum to the Integrated Annual Report for the financial year 2025-26 .
2026-08-07General UpdatesEarnings Call
2026-08-03UpdatesBusiness Responsibility and Sustainability Report for the financial year 2025-26 .
2026-07-29UpdatesCommunication on tax deduction at source on Dividend .
2026-07-22UpdatesFiling of Scheme of Merger of Kia Health Tech Private Limited (Wholly Owned Subsidiary) with Rubicon Research Limited For Disclosure Purposes Only, ...
2026-07-22Press ReleaseA press release dated July 22, 2026, titled "Intimation under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,...
2026-07-20Record DateRecord date for the purpose of Dividend is 07-Aug-2026.
2026-07-20Board meeting outcomeOutcome of Board Meeting held on July 20, 2026.1. Date of 27th Annual General Meeting and Record Date for payment of final dividend on equity shares f...
2026-07-20UpdatesAllotment of ESOPs.
2026-07-09UpdatesCertificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for theQuarter ended June 30, 2026..
2026-07-03General UpdatesGeneral Updates
2026-06-19Disclosure under SEBI TakeovRubicon Research Limited has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) read with Regulation 31(5) of SEBI (Substantial Acq...
2026-06-10Disclosure under SEBI TakeovRubicon Research Limited has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Subs...
2026-06-02UpdatesEarnings Call Transcript.
2026-05-30UpdatesAudio Recording of earnings call.
2026-05-29UpdatesAllotment of ESOP.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Long Term Additional Surveillance Measure (Long Term ASM): stage 1Scrip PE is greater than 50 (4 trailing quarters)
Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.Updated 2026-10-03