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Rubicon Research (RUBICON)₹1,772+2.36%Pharmaceuticals
In the Jun 2026 quarter (consolidated), Rubicon Research reported sales of ₹535 Cr, up 51.8% from Jun 2025, and net profit of ₹85.19 Cr, up 97.4% year on year. For the year to Mar 2026, sales were ₹1,758 Cr and net profit ₹248 Cr.
Company filings, consolidated accounts; latest reported quarter Jun 2026
| Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|
| Sales | 296 | 314 | 359 | 353 | 413 | 477 | 515 | 535 |
| Expenses | 233 | 243 | 285 | 272 | 317 | 366 | 394 | 404 |
| Operating Profit | 62.03 | 70.07 | 72.06 | 79.02 | 94.14 | 108 | 119 | 129 |
| OPM % | 21.0% | 21.9% | 19.9% | 22.0% | 23.0% | 23.0% | 22.9% | 24.0% |
| Other Income | 2.99 | 0.00 | 0.00 | 0.99 | 0.99 | 3.99 | 2.99 | 5.98 |
| Interest | 6.98 | 7.97 | 11.97 | 10.98 | 10.97 | 9.98 | 9.97 | 8.97 |
| Depreciation | 8.02 | 9.02 | 10.03 | 10.02 | 12.03 | 12.03 | 12.03 | 15.03 |
| Profit before tax | 48.86 | 52.86 | 50.83 | 59.79 | 71.79 | 90.68 | 98.68 | 110 |
| Tax % | 30.0% | 28.0% | 29.0% | 27.1% | 25.0% | 20.0% | 22.0% | 23.0% |
| Net Profit | 34.11 | 38.12 | 36.08 | 43.15 | 54.16 | 73.26 | 77.28 | 85.19 |
| EPS (Rs) | 2.26 | 2.49 | 2.34 | 2.80 | 3.48 | 4.40 | 4.64 | 5.11 |
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|
| Sales | 264 | 316 | 315 | 395 | 857 | 1,286 | 1,758 | 1,941 |
| Expenses | 181 | 222 | 352 | 374 | 698 | 1,018 | 1,351 | 1,481 |
| Operating Profit | 81.04 | 92.03 | −39.04 | 18.02 | 155 | 264 | 400 | 451 |
| OPM % | 30.9% | 29.0% | −12.0% | 4.7% | 17.9% | 20.9% | 22.9% | 23.2% |
| Other Income | 17.95 | 9.96 | 16.96 | 24.92 | 17.94 | 3.99 | 7.98 | 13.95 |
| Interest | 5.99 | 8.98 | 9.97 | 18.94 | 30.90 | 36.91 | 41.89 | 39.89 |
| Depreciation | 18.06 | 29.09 | 34.07 | 36.09 | 39.08 | 37.11 | 45.13 | 51.12 |
| Profit before tax | 73.73 | 62.75 | −65.76 | −10.96 | 103 | 194 | 320 | 371 |
| Tax % | 33.0% | 51.0% | 2.0% | 53.0% | 12.0% | 31.0% | 23.0% | — |
| Exceptional items | 1.99 | 0.00 | 0.00 | 0.00 | 0.00 | 0.99 | 0.00 | — |
| Net Profit | 49.15 | 31.10 | −67.16 | −17.04 | 91.26 | 134 | 248 | 290 |
| EPS (Rs) | 97.07 | 60.31 | −131.91 | −33.17 | 5.96 | 8.69 | 14.90 | 17.63 |
| Dividend payout % | 2.0% | 2.0% | 0.0% | −2.0% | 0.0% | 0.0% | 10.0% | — |
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 4.99 | 4.99 | 4.99 | 5.00 | 14.98 | 14.97 | 16.97 |
| Reserves | 334 | 368 | 299 | 281 | 369 | 525 | 1,269 |
| Borrowings | 29.93 | 92.71 | 175 | 319 | 424 | 417 | 310 |
| Other Liabilities | 59.72 | 70.66 | 78.62 | 143 | 299 | 491 | 724 |
| Total Liabilities | 429 | 536 | 559 | 748 | 1,106 | 1,446 | 2,320 |
| Fixed Assets | 157 | 188 | 193 | 199 | 306 | 326 | 531 |
| CWIP | 2.01 | 6.02 | 3.01 | 25.09 | 10.02 | 7.02 | 41.15 |
| Investments | 19.05 | 14.02 | 0.00 | 0.00 | 0.00 | 0.00 | 27.04 |
| Other Assets | 251 | 329 | 363 | 524 | 791 | 1,114 | 1,722 |
| Inventories | 38.04 | 62.07 | 90.13 | 167 | 300 | 523 | 730 |
| Trade receivables | 140 | 136 | 140 | 225 | 302 | 325 | 510 |
| Cash & equivalents | 36.01 | 86.01 | 52.99 | 59.03 | 58.04 | 116 | 346 |
| Total Assets | 429 | 536 | 559 | 748 | 1,106 | 1,446 | 2,320 |
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Cash from operating activity | 5.02 | 62.14 | −63.15 | −75.25 | 21.06 | 159 | 206 |
| Cash from investing activity | −84.01 | −46.01 | −46.01 | −32.02 | −68.10 | −65.05 | −407 |
| Cash from financing activity | 80.32 | 52.21 | 63.20 | 123 | 44.17 | −40.14 | 284 |
| Net cash flow | 0.99 | 66.91 | −44.88 | 15.96 | −3.99 | 53.93 | 80.79 |
| Capex | 58.87 | 70.84 | 53.92 | 43.93 | 55.90 | 69.86 | 228 |
| Free cash flow | −54.11 | −10.01 | −117 | −119 | −35.06 | 91.14 | −24.06 |
| CFO / OP % | 40.0% | 104.0% | 138.0% | −394.0% | 25.0% | 75.0% | 78.0% |
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor days | 194 | 158 | 162 | 209 | 129 | 92 | 106 |
| Inventory days | 360 | 508 | 502 | 609 | 428 | 574 | 550 |
| Days payable | 182 | 270 | 319 | 352 | 251 | 262 | 284 |
| Cash conversion cycle | 372 | 396 | 346 | 466 | 306 | 404 | 372 |
| Working capital days | 183 | 149 | 107 | 75 | 57 | 46 | 104 |
| ROCE % | — | 17.0% | −12.0% | 1.0% | 19.0% | 25.9% | 27.9% |
For the Jun 2026 quarter, Rubicon Research reported sales of ₹535 Cr, up 51.8% year on year and net profit of ₹85.19 Cr, up 97.4% year on year. The operating margin was 24.0%.
Rubicon Research's sales for the year to Mar 2026 were ₹1,758 Cr; over the last twelve months they were ₹1,941 Cr.
Net profit for the year to Mar 2026 was ₹248 Cr, and ₹290 Cr over the last twelve months. Earnings per share over the same trailing period were ₹17.63.
Rubicon Research reported borrowings of ₹310 Cr at Mar 2026, against cash and equivalents of ₹346 Cr.
Cash from operations was ₹206 Cr in the year to Mar 2026; after capital spending, free cash flow was −₹24.06 Cr.