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10 Yrs X-Ray 
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Analyst Note 
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About
Rubicon Research Ltd (RUBICON)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544578 NSE: RUBICON Pharmaceuticals & Drugs | Small Cap | Rubicon Research Share Price
₹1,807.05 -13.00 (-0.71%)
As on 02-Sep'26 09:49
Rubicon Research Ltd (RUBICON)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544578 NSE: RUBICON Pharmaceuticals & Drugs | Small Cap | Rubicon Research Share Price
₹1,807.05 -13.00 (-0.71%)
As on 02-Sep'26 09:49
Key Metrics
Valuation Multiples
Market Cap
₹30,128 Cr.
Current Price
₹1,807.1
52-Week Low / High
₹571 / 1,896
TTM EPS
₹14.2
TTM Sales
₹1,456 Cr.
Book Value per Share
₹84.8
P/E Ratio
127.95
Industry PE
54.5
Price to Book (P/B)
21.45
Price to Sales (P/S)
20.70
EV/EBITDA
78.45
Dividend Yield
0.08%
Profitability Efficiency
Return on Equity (ROE)
19.17%
Outperforms industry median
Return on Capital Employed (ROCE)
21.23%
Outperforms industry median
Return on Assets (ROA)
11.37%
Operating Profit Margin
24.3%
Net Profit Margin
14.41%
Gross Profit Margin
22.2%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
21.63%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
15.1%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
12.31%
Asset Quality
Promoter Holding
59.76%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹1,388 Cr.
Equity
₹16.6 Cr.
Face Value
₹1
All Time Low / High
₹571.00 / 1896.15
Check Before You Invest
Quality
Somewhat GoodValuation
OvervaluedCheck Valuation charts
Price Trend
Strong
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?
Revenue growth of Rubicon Research Ltd vs industry peers?
Rubicon Research Ltd revenue CAGR is 31.56%, compared to the industry median CAGR of 5.82%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Rubicon Research Ltd?
Promoters hold 59.76% of the Rubicon Research Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
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 endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
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'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 3% | 1.6% | 14.4% | 28.2% | 21.2% | 4.7% | 5.5% | 7.9% | 26.7% | 21.2% | - |
| Value Creation Index ⓘ | -0.7 | -0.9 | 0.3 | 1.5 | 0.9 | -0.6 | -0.5 | -0.3 | 0.9 | 0.6 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 48.9 | 65.2 | 154 | 263 | 331 | 400 | 407 | 631 | 1,074 | 1,306 | 1,456 |
| Sales YoY Gr. | - | 33.4% | 136% | 71% | 26% | 20.7% | 1.9% | 54.7% | 70.3% | 21.6% | - |
| Adj EPS ⓘ | 0.1 | 0.1 | 1.3 | 3.3 | 3.2 | 1.1 | -0.3 | 0.9 | 10.5 | 11.7 | 14.2 |
| YoY Gr. | - | -22.2% | 1757.1% | 154.6% | -3.9% | -65.4% | -123.6% | NA | 1105.8% | 11.3% | - |
| BVPS (₹) ⓘ | 12.9 | 12.7 | 14.3 | 22.8 | 26.3 | 27.4 | 28.2 | 29.7 | 41.6 | 80.1 | 84.8 |
| Adj Net Profit ⓘ | 1.2 | 0.9 | 18.4 | 50.4 | 48.3 | 16.8 | -4 | 13.2 | 162 | 193 | 235 |
| Cash Flow from Ops. ⓘ | -4.3 | -15.4 | -10.7 | 9.3 | 46.9 | -37.1 | -79 | 83.2 | 29.7 | 38.7 | - |
| Debt/CF from Ops. ⓘ | -6.4 | -1.9 | -4.7 | 3.3 | 2 | -4.6 | -4 | 4.8 | 13.3 | 6.7 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 44.1% | 31.6% | 47.4% | 21.6% | ||||
| Adj EPS ⓘ | 71.7% | 29.7% | NA | 11.3% | ||||
| BVPSⓘ | 22.5% | 25% | 41.6% | 92.4% | ||||
| Share Price | - | - | - | - | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 1.1 | 0.5 | 9.7 | 18.1 | 12.6 | 4 | -0.9 | 2.9 | 28.3 | 19.1 | 17.3 |
| Op. Profit Mgn % ⓘ | 17.8 | 8.2 | 23.2 | 34.1 | 33.6 | 10 | 10.2 | 11.6 | 25.2 | 24.3 | 25.6 |
| Net Profit Mgn % ⓘ | 2.5 | 1.4 | 12 | 19.2 | 14.6 | 4.2 | -1 | 2.1 | 15.1 | 14.8 | 16.2 |
| Debt to Equity ⓘ | 0.2 | 0.2 | 0.3 | 0.1 | 0.2 | 0.4 | 0.7 | 0.9 | 0.6 | 0.2 | - |
| Working Cap Days ⓘ | 330 | 365 | 272 | 256 | 274 | 324 | 457 | 371 | 288 | 312 | 153 |
| Cash Conv. Cycle ⓘ | 151 | 178 | 122 | 139 | 164 | 176 | 264 | 194 | 134 | 164 | 84 |
Valuation of Rubicon Research - Standalone
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 49 | 65 | 154 | 263 | 331 | 400 | 407 | 631 | 1,074 | 1,306 |
| Operating Expenses ⓘ + | 40 | 60 | 119 | 173 | 220 | 360 | 366 | 557 | 804 | 995 |
| Operating Profit ⓘ | 9 | 5 | 35 | 90 | 111 | 40 | 41 | 73 | 270 | 311 |
| Operating Profit Margin (%) | 17.7% | 8.2% | 22.8% | 34.1% | 33.6% | 10.0% | 10.2% | 11.6% | 25.1% | 23.8% |
| Other Income ⓘ + | 1 | 4 | 6 | 18 | 11 | 17 | 28 | 26 | 20 | 11 |
| Interest ⓘ | 3 | 2 | 3 | 6 | 9 | 9 | 19 | 31 | 34 | 31 |
| Depreciation ⓘ | 5 | 6 | 8 | 18 | 28 | 32 | 33 | 35 | 32 | 38 |
| Profit Before Tax ⓘ | 1 | 1 | 31 | 84 | 85 | 17 | 18 | 34 | 223 | 253 |
| Tax ⓘ | 0 | 0 | 9 | 25 | 32 | 0 | 6 | 10 | 56 | 65 |
| Profit After Tax | 1 | 1 | 22 | 59 | 53 | 17 | 13 | 24 | 168 | 188 |
| PAT Margin (%) | 2.5% | 1.5% | 14.2% | 22.5% | 16.0% | 4.2% | 3.1% | 3.9% | 15.6% | 14.4% |
| Adjusted EPS (₹) | 0.1 | 0.1 | 1.6 | 3.9 | 3.5 | 1.1 | 0.8 | 1.6 | 10.9 | 11.4 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 1.70% | 1% | 4.60% | 2% | 1.30% | 0.20% | 13.20% |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 181 | 179 | 201 | 347 | 399 | 416 | 429 | 452 | 642 | 1,322 | |
| Debt + | 23 | 26 | 42 | 24 | 82 | 155 | 293 | 357 | 355 | 211 | |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Trade Payables | 4 | 10 | 19 | 22 | 32 | 58 | 74 | 98 | 184 | 262 | |
| Others Liabilities ⓘ | 14 | 15 | 38 | 48 | 57 | 49 | 72 | 109 | 159 | 176 | |
| Total Liabilities ⓘ | 223 | 230 | 300 | 442 | 570 | 678 | 868 | 1,016 | 1,339 | 1,970 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 41 | 44 | 68 | 151 | 177 | 181 | 183 | 232 | 259 | 416 | |
| CWIP ⓘ | 16 | 25 | 57 | 2 | 4 | 3 | 25 | 10 | 6 | 26 | |
| Investments ⓘ | 115 | 78 | 18 | 35 | 32 | 19 | 26 | 34 | 36 | 43 | |
| Inventories | 7 | 14 | 19 | 38 | 57 | 58 | 99 | 181 | 258 | 348 | |
| Trade Receivables | 24 | 37 | 84 | 140 | 154 | 234 | 350 | 252 | 501 | 713 | |
| Cash Equivalents | 2 | 2 | 9 | 33 | 79 | 44 | 46 | 48 | 37 | 251 | |
| Others Assets ⓘ | 18 | 30 | 45 | 42 | 67 | 142 | 139 | 259 | 241 | 173 | |
| Total Assets ⓘ | 223 | 230 | 300 | 442 | 570 | 678 | 868 | 1,016 | 1,339 | 1,970 | |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | -4 | -15 | -11 | 9 | 47 | -37 | -79 | 83 | 30 | 39 |
| Cash Flow From Investing Activity ⓘ + | -122 | 17 | 1 | -85 | -32 | -86 | -34 | -130 | -10 | -272 |
| Cash Flow From Financing Activity ⓘ + | 127 | -3 | 16 | 76 | 52 | 65 | 124 | 46 | -34 | 297 |
| Net Cash Flow ⓘ | 1 | -1 | 6 | -0 | 67 | -58 | 11 | -1 | -14 | 64 |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 1.15 | 0.53 | 11.48 | 21.55 | 14.19 | 4.09 | 3.01 | 5.53 | 30.64 | 19.17 |
| ROCE (%) | 3.02 | 1.62 | 14.43 | 28.21 | 21.21 | 4.71 | 5.45 | 7.91 | 26.65 | 21.23 |
| Asset Turnover Ratio | 0.31 | 0.29 | 0.58 | 0.71 | 0.66 | 0.64 | 0.53 | 0.67 | 0.91 | 0.79 |
| PAT to CFO Conversion(x) | -4 | -15 | -0.5 | 0.15 | 0.89 | -2.18 | -6.08 | 3.46 | 0.18 | 0.21 |
| Working Capital Days | ||||||||||
| Receivable Days | 161.60 | 172.40 | 144.40 | 155.80 | 161.90 | 176.80 | 261.60 | 174.40 | 128.10 | 169.80 |
| Inventory Days | 34.90 | 60.10 | 39.60 | 39.60 | 52 | 52.10 | 70 | 81.10 | 74.70 | 84.60 |
| Payable Days | 167.80 | 189.60 | 153.80 | 168.10 | 180.10 | 160 | 193.60 | 146.50 | 167.10 | 234.10 |
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Rubicon Research Ltd FAQs
The current trading price of Rubicon Research on 02-Sep-2026 09:49 is ₹1,807.1.
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 01-Sep-2026 the market cap of Rubicon Research stood at ₹30,127.6 Cr
The latest P/E ratio of Rubicon Research as of 01-Sep-2026 is 128.0.
The latest P/B ratio of Rubicon Research as of 01-Sep-2026 is 21.45.
The 52-week high of Rubicon Research is ₹1,896.2 and the 52-week low is ₹571.0.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Rubicon Research is ₹1,456 ( 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.
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