SEBI Reg. Investment Advisor

Download App

MoneyWorks4Me

Rubicon Research Ltd (RUBICON)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544578 NSE: RUBICON Miscellaneous | Small Cap | Rubicon Research Share Price

₹1,302.75 -71.80 (-5.22%)

As on 03-Jul'26 16:59

Rubicon Research Ltd (RUBICON)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544578 NSE: RUBICON Miscellaneous | Small Cap | Rubicon Research Share Price

₹1,302.75 -71.80 (-5.22%)

As on 03-Jul'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹22,733 Cr.
Current Price
₹1,302.8
52-Week Low / High
₹571 / 1,468
TTM EPS
₹11.4
TTM Sales
₹1,306 Cr.
Book Value per Share
₹81.8
P/E Ratio
120.81
Industry PE
83.4
Price to Book (P/B)
16.80
Price to Sales (P/S)
17.41
EV/EBITDA
70.74
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
30.64%
Outperforms industry median
Return on Capital Employed (ROCE)
26.65%
Outperforms industry median
Return on Assets (ROA)
14.23%
Operating Profit Margin
25.2%
Net Profit Margin
15.6%
Gross Profit Margin
23.8%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
70.31%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
269.12%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
588.05%
Asset Quality
Promoter Holding
59.86%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹1,337 Cr.
Equity
₹16.5 Cr.
Face Value
₹1
All Time Low / High
₹571.00 / 1468.00

Rubicon Research stock performance

Key Ratios
mw4me loader

Check Before You Invest

Quality

Somewhat Good

Valuation

Overvalued

Price Trend

Strong
Q.1 Is Rubicon Research Ltd a good quality company?
Rubicon Research Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does Rubicon Research Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Rubicon Research Ltd vs industry peers?
Rubicon Research Ltd revenue CAGR is 32.49%, compared to the industry median CAGR of 0%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of Rubicon Research Ltd?
Promoters hold 59.86% of the Rubicon Research Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Rubicon Research Ltd over the last decade?
Over the last - year(s), the stock has delivered a CAGR of N/A% based on the current price.

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Rubicon Research Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % 7.4%3%1.6%14.4%28.2%21.2%4.7%5.5%7.9%26.7%-
Value Creation
Index
-0.3-0.7-0.90.31.50.9-0.6-0.5-0.30.9-

Growth Parameters

Sales 39.248.965.21542633314004076311,0741,306
Sales YoY Gr.-24.8%33.4%136%71%26%20.7%1.9%54.7%70.3%-
Adj EPS 0.20.10.11.33.33.21.1-0.30.910.511.4
YoY Gr.--40%-22.2%1757.1%154.6%-3.9%-65.4%-123.6%NA1105.8%-
BVPS (₹) 4.812.912.714.322.826.327.428.229.741.681.8
Adj Net
Profit
0.91.20.918.450.448.316.8-413.2162188
Cash Flow from Ops. 7.6-4.3-15.4-10.79.346.9-37.1-7983.229.7-
Debt/CF from Ops. 3.8-6.4-1.9-4.73.32-4.6-44.813.3-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales 44.5%32.5%39%70.3%
Adj EPS 60.3%26%112.1%1105.8%
BVPS27.2%12.8%15%40%
Share Price - - - -

Key Financial Parameters

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
1.91.10.59.718.112.64-0.92.928.318.4
Op. Profit
Mgn %
25.117.88.223.234.133.61010.211.625.223.2
Net Profit
Mgn %
2.32.51.41219.214.64.2-12.115.114.4
Debt to
Equity
0.60.20.20.30.10.20.40.70.90.60.1
Working Cap
Days
342330365272256274324457371288224
Cash Conv.
Cycle
131151178122139164176264194134111

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales3949651542633314004076311,074
Operating Expenses + 294060119173220360366557804
Manufacturing Costs334726631109379109
Material Costs5914354555103125214308
Employee Cost 121422283441597485128
Other Costs 1014204968618874179259
Operating Profit 10953590111404173270
Operating Profit Margin (%) 25.1%17.7%8.2%22.8%34.1%33.6%10.0%10.2%11.6%25.1%
Other Income + 0146181117282620
Exceptional Items 0000000000
Interest 3323699193134
Depreciation 5568182832333532
Profit Before Tax 311318485171834223
Tax 20092532061056
Profit After Tax 111225953171324168
PAT Margin (%) 2.3%2.5%1.5%14.2%22.5%16.0%4.2%3.1%3.9%15.6%
Adjusted EPS (₹)0.20.10.11.63.93.51.10.81.610.9
Dividend Payout Ratio (%)0%0%0%0%1.70%1%4.60%2%0.10%0%

Valuation of Rubicon Research - Standalone

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

mw4me loader

Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 48181179201347399416429452642
Share Capital 2155555551515
Reserves 27177174196342394411424437626
Debt +242326422482155293357355
Long Term Debt912122843863979364
Short Term Debt15111414194391196264290
Minority Interest0000000000
Trade Payables4410192232587498184
Others Liabilities 1514153848574972109159
Total Liabilities 922232303004425706788681,0161,339

Fixed Assets

Net Fixed Assets +37414468151177181183232259
Gross Block657582111211265299334410461
Accumulated Depreciation283438436088119152178202
CWIP 1516255724325106
Investments 01157818353219263436
Inventories27141938575899181258
Trade Receivables19243784140154234350252501
Cash Equivalents 1229337944464837
Others Assets 181830454267142139259241
Total Assets 922232303004425706788681,0161,339

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity + 8-4-15-11947-37-798330
PBT 311318485171834223
Adjustment 651016202625405268
Changes in Working Capital 1-10-26-57-68-31-71-13613-235
Tax Paid -2-1-0-0-27-33-8-0-16-27
Cash Flow From Investing Activity + -8-122171-85-32-86-34-130-10
Capex -8-7-23-64000-37-56-70
Net Investments 00-3-4-14300-11-4
Others -0-1144270-72-35-863-6364
Cash Flow From Financing Activity + -0127-31676526512446-34
Net Proceeds from Shares 014700000008
Net Proceeds from Borrowing 000002804410-30
Interest Paid -3-3-2-2-6-10-18-28-33
Dividend Paid 000000-1-0-0-0
Others 2-17-119822566986421
Net Cash Flow -11-16-067-5811-1-14

Financial Ratio

PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)3.161.150.5311.4821.5514.194.093.015.5330.64
ROCE (%)7.443.021.6214.4328.2121.214.715.457.9126.65
Asset Turnover Ratio0.450.310.290.580.710.660.640.530.670.91
PAT to CFO Conversion(x)8-4-15-0.50.150.89-2.18-6.083.460.18
Working Capital Days
Receivable Days166.50161.60172.40144.40155.80161.90176.80261.60174.40128.10
Inventory Days13.9034.9060.1039.6039.605252.107081.1074.70
Payable Days247.90167.80189.60153.80168.10180.10160193.60146.50167.10

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.00
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Rubicon Research Ltd FAQs

The current trading price of Rubicon Research on 03-Jul-2026 16:59 is ₹1,302.8.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 02-Jul-2026 the market cap of Rubicon Research stood at ₹22,732.7 Cr

The latest P/E ratio of Rubicon Research as of 02-Jul-2026 is 120.8.

The latest P/B ratio of Rubicon Research as of 02-Jul-2026 is 16.80.

The 52-week high of Rubicon Research is ₹1,468 and the 52-week low is ₹571.0.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Rubicon Research is ₹1,306 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Rubicon Research Ltd is a average quality company.

The key valuation ratios of Rubicon Research Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Rubicon Research Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing

About Rubicon Research Ltd

Rubicon Research was incorporated on May 6, 1999, as a private limited company under the Companies Act, 1956, under the name ‘Rubicon Consultants Private Limited’, pursuant to a certificate of incorporation issued by the RoC.

Rubicon Research is a pharmaceutical formulations company, driven by innovation through focused research and development, with an increasing portfolio of specialty products and drug-device combination products targeting regulated markets and in particular the United States. Based on the peer set (of seven listed Indian companies assessed by F&S, and the company), it is the only Indian pharmaceutical player with a complete focus on regulated markets.

The company’s multi-disciplinary, data-driven, and return on investment (ROI) centric product selection framework is geared towards identifying sustainable opportunities for new product development. It identifies and pursues such opportunities in a manner that provides it a competitive advantage by leveraging its development, manufacturing, and commercialization capabilities to create and grow its share of the market.

Business area of the company

Rubicon Research, incorporated in 1999, is an integrated pharmaceutical company with business encompassing the entire value chain in the research, development and production of pharmaceutical products. Further, the company has robust sales and distribution capabilities in the US.

Products of the company

  • Metoprolol Tartrate
  • Cyclobenzaprine Hydrochloride
  • Carbidopa-Levodopa
  • Diclofenac Potassium
  • Baclofen
  • Rabeprazole Sodium
  • Lidocaine Hydrochloride
  • Tramadol Hydrochloride

History and milestones

  • 2007: Received investment from Kotak India Venture Fund - I, Kotak India Venture Limited and Kotak Employees Investment Trust.
  • 2011: Commencement of manufacturing of certain special drugs in Ambernath Manufacturing Facility.
  • 2011: Receipt of certificate of GMP compliance for Ambernath Manufacturing Facility for tablet manufacturing and secondary packaging by Medicines and Healthcare Products Regulatory Agency, United Kingdom.
  • 2013: Receipt of GMP clearance approval for Ambernath Manufacturing Facility from Department of Health and Ageing Therapeutic Goods Administration, Australian Government.
  • 2014: Receipt of approval for its product i.e., ‘metoprolol tartrate tablets’ from the Food & Drug Administration, United State of America.
  • 2016: Acquisition of majority stake by ECP III Pte Ltd.
  • 2017: Receipt of certificate of GMP compliance for Ambernath Manufacturing Facility from the Ministerio De Sandidad, Servicios Sociales E Igualdad, Spain.
  • 2019: Acquisition of majority stake by General Atlantic Singapore RR Pte. Ltd., from ECP III Pte. Ltd.
  • 2019: Acquisition of Impopharma Canada Limited by Rubicon Research Canada Limited
  • 2021: Acquired the business of Meditab Specialities Limited on a slump sale basis.
  • 2022: Set up own sales and marketing front end in US via its Material Subsidiary.
  • 2023: Receipt of certificate of GMP compliance for Satara Manufacturing Facility of non-sterile liquid drug manufacturer and pre-approval coverage provided for non-sterile liquid product by US FDA.
  • 2024: Acquisition of Validus Pharmaceuticals LLC.
  • 2024: ANDA pre-approval drug inspection of nasal spray block at Ambernath Manufacturing Facility by USFDA.
  • 2024: Receipt of supplement approval for Thane R&D Facility as a testing site of drug substance - lead test from USFDA.
  • 2024: Received USFDA establishment inspection report for Ambernath Manufacturing Facility.
  • 2024: Commencement of manufacturing of nasal products at Ambernath Manufacturing Facility.
  • 2025: Received new drug application approval from USFDA for Lopressor (Metoprolol Tartrate) oral solution.
  • 2025: Received USFDA establishment inspection report for Thane R&D Facility.
  • 2025: Acquisition of Pithampur Manufacturing Facility from Alkem Laboratories Limited.
  • 2025: Acquisition of AIM RX 3PL LLC.

You have 4 views remaining as a Guest User. To get DeciZen Rating of 3,500+ Stocks based on their Quality, Valuation and Price Trend Login Now

About MoneyWorks4Me

MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.

Our Vision

To become India’s most trusted, research-powered fiduciary advisory platform—where every investor, regardless of experience, can make calm, confident, and well-reasoned investment decisions.

What Makes MoneyWorks4Me Different

Our Approach: Ensuring compounding work its magic on client portfolio.

MoneyWorks4Me ensures this through: