Rubicon Research Limited (RUBICON)
Micro CapPharma 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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend supports entry, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Excellent · 90/100Rev +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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
Specialty/Differentiated Products
Focus on specialty/differentiated products drives stable pricing and contributed 32.8% to gross profit in Q4 FY26.
R&D Productivity
Incremental revenue multiple on lagging R&D spend increased to 5.9x in FY26, providing strong future revenue visibility.
US Market Expansion
Scaled US revenue 32x in 10 years, with a wide basket of 76 active ANDAs and 8 active NDAs.
Drug-Device Combinations
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 Production Ramp-up
Pithampur site qualified and product filed with USFDA; inspection date awaited. Expect to ramp up production in Q1 CY27, which would be GM% accretive.
Nasal Spray Capacity
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.
Strong Revenue Visibility
Management continues to see strong revenue visibility in coming quarters.
Benign Macro Environment for India
Comparatively benign macro environment for India scale-up post Arinna acquisition, supported by proven R&D and larger balance sheet.
US FDA's Quality Management Maturity (QMM) Program
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.
Increased Reliance on Outsourced Manufacturing
Stronger than anticipated revenue traction requires commensurate increase in outsourced manufacturing, potentially contracting GM% in the near term.
Regulatory Delays for Pithampur
USFDA inspection date for the Pithampur site is awaited, which could delay the expected production ramp-up in Q1 CY27.
Gross Margin Pressure
Continued larger than anticipated reliance on outsourced manufacturing could further contract gross margins in the near term.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
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.
Revenue from Operations
Q4 FY26: INR 5,139 Mn (43.5% YoY, 8.1% QoQ); FY26: INR 17,540 Mn (36.6% YoY)
EBITDA
Q4 FY26: INR 1,213 Mn (67.2% YoY, 8.4% QoQ); FY26: INR 4,080 Mn (52.3% YoY)
PAT
Q4 FY26: INR 768 Mn (111.8% YoY, 5.5% QoQ); FY26: INR 2,467 Mn (83.6% YoY)
Gross Profit Margin
Q4 FY26: 66.3% (vs 66.5% in Q3 FY26)
R&D Spend Commitment
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.
Pithampur Production Ramp-up
Expect to ramp up production from the Pithampur site in Q1 CY27, which is anticipated to be GM% accretive.
Arinna Lifesciences Integration Roadmap
Roadmap for Arinna involves putting growth drivers in place, focusing on revenue growth that outperforms IPM, and then profitability.
Tactical Measures for Own Manufacturing
Company continues to evaluate tactical measures to reduce reliance on outsourced manufacturing from a 2-3 quarter perspective, aiming for GM accretion.
Numbers and claims to verify in the next filings
| 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.
Trend score and candlestick chart
70Bullishfull bull SMA stack · SMA20 +16.4% / mo · MACD − · near 52W high · sector +2.2pp vs Nifty (3M)
Technical chart
RUBICONdaily · 1Y · AUTO+135.3%Daily history is available from 2025-10-16; the requested 1Y window is partially covered.
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 58. Wait for confirmation.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~14.1% over last month) — short-term momentum positive.
- RSI(14) at 58 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 7% off 52W high · 210% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 57 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 57 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 19/20 to the score.
- Growth contributes 23/25 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Fair-value margin of safety is negative at -122.1%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Stored run vs live recompute
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: 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.
High Trust Lite: Promoter holding is 59.8%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
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
How to read this Trust Score
Healthy Trust · low confidenceRead 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.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 59.8%.
- ▸Promoter pledge is zero.
- ▸ROCE is 28.4%.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 102.00
- P/B
- 22.64
- EV/EBITDA
- 59.05
- Market Cap
- 29271.00Cr
Profitability
- ROE
- 27.00%
- ROCE
- 28.40%
- ROA
- 12.38%
- Dividend Y
- 0.08%
Growth (CAGR)
- Revenue 5Y
- 41.00%
- EPS 5Y
- 52.00%
- Revenue 3Y
- 65.00%
- EPS 3Y
- 130.00%
Balance Sheet
- Debt/Equity
- 0.24
- Interest Coverage
- 10.98×
- Altman Z
- 8.36
- Book Value
- 78.10
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 2/5
- OCF
- 205.00 Cr
- EPS TTM
- 17.69
Shareholding
- Promoter Hold
- 59.76%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 90%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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Peers
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.