Pharma stocks · Micro cap · NSE
Rubicon Research is an R&D driven, formulations manufacturing and marketing company focused on regulated markets. It specializes in specialty products, drug-device combinations, and complex generics, holding 76 active ANDAs and 8 active NDAs. The company operates 3 manufacturing sites and 2 USFDA inspected R&D facilities.
SMA20 -12.1% / mo · RSI oversold · MACD − · sector +4.9pp vs Nifty 500 (3M)
Latest mapped FPI equity flow was not positive. View sector evidence
Adjusted completed-session prices, rebased to 100
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend supports entry, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Revenue +51.7% · PAT +97.7% YoY
Price trend and sector-relative-strength timing.
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Financial-only signal; management claim evidence is not sufficient yet.
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Rev +52% YoY · PAT +98% YoY · margin expansion · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹534 Cr | +51.7% | +3.9% |
| EBITDA | ₹129 Cr | +63.3% | +8.4% |
| Operating margin | 24.0% | +200 bps | +100 bps |
| PAT | ₹85 Cr | +97.7% | +10.4% |
| PAT margin | 15.9% | +370 bps | +94 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Updated 21/10/2026
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Signals are conflicting — long-term uptrend intact. RSI 29. Wait for confirmation.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
U-Score 58 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Top U-Score contributors and drags from the latest stored fundamentals.
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
12 stored score snapshots. Latest stored move: +0 points.
Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Growth engines, risks, management commitments and evidence-backed delivery
Q4 FY26 Revenue from Operations surged 43.5% YoY to INR 5,139 Mn. EBITDA grew 67.2% YoY to INR 1,213 Mn, and PAT more than doubled, up 111.8% YoY to INR 768 Mn, driven by strong product performance and stable pricing.
Rubicon delivered robust Q4 FY26 results with strong revenue and profit growth, underpinned by its specialty product focus and high R&D productivity. The Arinna acquisition provides a strategic entry into the India CNS market. Key to sustaining momentum will be the successful ramp-up of the Pithampur site and reducing reliance on outsourced manufacturing to improve gross margins.
Focus on specialty/differentiated products drives stable pricing and contributed 32.8% to gross profit in Q4 FY26.
Incremental revenue multiple on lagging R&D spend increased to 5.9x in FY26, providing strong future revenue visibility.
Scaled US revenue 32x in 10 years, with a wide basket of 76 active ANDAs and 8 active NDAs.
Achieved early mover advantage in intra-nasal drug delivery with 5 products approved and commissioned one of the largest single-site nasal spray capacities.
Pithampur site qualified and product filed with USFDA; inspection date awaited. Expect to ramp up production in Q1 CY27, which would be GM% accretive.
Commissioned one of the largest single-site nasal spray capacities globally with state-of-the-art, fully automated European filling lines for unit dose and multi dose sprays.
Management continues to see strong revenue visibility in coming quarters.
Comparatively benign macro environment for India scale-up post Arinna acquisition, supported by proven R&D and larger balance sheet.
Rubicon is one of only 9 sites globally selected to participate in the US FDA's QMM program in 2024, indicating strong quality management practices.
Stronger than anticipated revenue traction requires commensurate increase in outsourced manufacturing, potentially contracting GM% in the near term.
USFDA inspection date for the Pithampur site is awaited, which could delay the expected production ramp-up in Q1 CY27.
Continued larger than anticipated reliance on outsourced manufacturing could further contract gross margins in the near term.
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is crucial for assessing overall growth and long-term trends in a seasonal business. QoQ is important for tracking sequential momentum, margin stability, and the impact of operational changes like outsourced manufacturing reliance.
Q4 FY26: INR 5,139 Mn (43.5% YoY, 8.1% QoQ); FY26: INR 17,540 Mn (36.6% YoY)
Q4 FY26: INR 1,213 Mn (67.2% YoY, 8.4% QoQ); FY26: INR 4,080 Mn (52.3% YoY)
Q4 FY26: INR 768 Mn (111.8% YoY, 5.5% QoQ); FY26: INR 2,467 Mn (83.6% YoY)
Q4 FY26: 66.3% (vs 66.5% in Q3 FY26)
Company remains on track for its guided INR 5,000 Mn+ R&D spend over 9 quarters (FY26, FY27, & Q1 FY28), fully expensed through P&L.
Expect to ramp up production from the Pithampur site in Q1 CY27, which is anticipated to be GM% accretive.
Roadmap for Arinna involves putting growth drivers in place, focusing on revenue growth that outperforms IPM, and then profitability.
Company continues to evaluate tactical measures to reduce reliance on outsourced manufacturing from a 2-3 quarter perspective, aiming for GM accretion.
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Pithampur Production Ramp-up | USFDA inspection date awaited for the qualified Pithampur site. | Timely USFDA inspection and successful production ramp-up in Q1 CY27. |
| Gross Margin Trend | Slight sequential drop to 66.3% due to increased outsourced manufacturing. | Improvement in GM% as own manufacturing capacity, especially Pithampur, comes online and reduces outsourcing reliance. |
| R&D Productivity | Incremental revenue multiple on lagging R&D spend at 5.9x in FY26. | Sustained R&D productivity at similar levels to ensure strong future revenue visibility for FY29/30 & beyond. |
| Arinna Integration & Performance | Phase 1 (putting growth drivers in place) is underway. | Evidence of revenue growth outperforming the Indian Pharma Market (IPM) and progress towards profitability in subsequent phases. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 95th percentile of the scored universe and 92nd percentile within Pharma. Main check: cash conversion is weak at 55/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
overall median 67 · Pharma: 92nd pctile, median 70 · Micro: 92nd pctile, median 73
21 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Latest exchange and company disclosures found within the past two years.
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