Rubicon Research Limited · NSE:RUBICON
Rubicon Research — Q2 FY2027 Earnings Presentation
36 slides from Rubicon Research's earnings presentation, Nov 5, 2026
Slide 1: Stock exchange filing cover letter
Date: November 5, 2026 To, To, BSE Limited National Stock Exchange of India Limited Listing Department Listing Department Phiroze Jeejeebhoy Towers Exchange Plaza, 5th floor, Plot no. C/1, G Block Dalal Street – Fort Bandra Kurla Complex, Bandra (East), Mumbai 400 001 Mumbai - 400 051 Scrip Code: 54
Slide 2: Rubicon Research Limited Investor Presentation Q2 FY 2026-27
Rubicon Research Limited Investor Presentation Q2 FY 2026-27
Slide 3: Notice to reader
Notice to reader This presentation may contain statements that constitute “forward-looking statements” within the meaning of applicable laws and regulations, including the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. These statements rel
Slide 4: Agenda
Agenda 1 Consolidated Financial Overview 4-13 2 Company Overview 14-34 3
Slide 5: Consolidated Financial Overview
01 Consolidated Financial Overview
Slide 6: Q2 Financial Highlights
Q2 Financial Highlights (₹ millions) Revenue from Operations EBITDA PAT Q2FY27 5,764 1,464 904 Q2FY26 4,120 950 539 Y-o-Y 39.9% 54.1% 67.9% #Q2 FY27 Numbers include impact of consolidation post Arinna acquisition – Revenue of ₹ 194 Mn (vs ₹ 128 Mn in Q1 FY27) – contribution to EBITDA is not material
Slide 7: Summary Income Statement
Summary Income Statement ₹ in Million Q2 FY27 Q2 FY26 % Growth Q1 FY27 H1 FY27 H1 FY26 % Growth Revenue from Operations 5,764 4,120 39.9% 5,343 11,107 7,645 45.3% Gross Profit 3,808 2,773 37.3% 3,543 7,352 5,204 41.3% Operating Pre-R&D EBITDA 2,065 1,406 1,871 3,936 2,552 Pre-R&D EBITDA (%) 35.8% 34
Slide 8: Summary Balance Sheet
Summary Balance Sheet ₹ in Million 30-Sep-26 31-Mar-26 Total Equity 14,311 12,888 Net Debt (Net of Cash & Cash Equivalents) 1,159 (866) Sources of Funds 15,469 12,022 Fixed Assets 8,928 5,726 Net Non-current Assets / (Liabilities) (675) 133 •Inventory (At Cost) 7,904 7,290 •Trade Receivables 5,777 5
Slide 9: Summary Cash Flow Statement
Summary Cash Flow Statement ₹ in Million H1 FY2027 FY2026 Cash flows from operating activities: Profit before tax 2,273 3,205 Non-Cash / Non operating items 512 1,076 Operating cash flows before working capital changes 2,784 4,282 Working Capital Changes (1,263) (1,146) Cash generated from operating
Slide 10: Quarterly Performance Track Record – Strong & Consistent
Quarterly Performance Track Record – Strong & Consistent ₹ in Million Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Revenue from Operations 3,581 3,525 4,120 4,755 5,139 5,343 5,764 Gross Profit 2,405 2,430 2,773 3,126 3,332 3,543 3,808 Operating Pre-R&D EBITDA 1,086 1,146 1,406 1,604 1,78
Slide 11: Q2 Performance Summary
Q2 Performance Summary o 39.9% revenue growth YoY, broad based as o Top 5 products – 37% of revenue in Q2 FY27 vs 39%/39%/35%/30% in past 4 sequential quarters Revenue Growth o Top 10 products – 55% of revenue in Q2 FY27 vs 55%/57%/53%/51% in past 4 sequential quarters o Pricing continues to remain
Slide 12: Regulatory Update on US FDA Compliance of all facilities
Regulatory Update on US FDA Compliance of all facilities All our manufacturing as well as R&D facilities have been inspected by the USFDA in recent past. Facility Month of Nature of Outcome Remarks Inspection Inspection R&D Canada Apr-26 Unannounced Zero Observations EIR Received Thane Mar-25 Announ
Slide 13: Historical perspective on R&D spends
Historical perspective on R&D spends o R&D spend is a lead indicator of future revenue in our business o R&D expenses were 10.8 % of consolidated operating revenue for H1 FY27 and have ranged from 10-11% of revenue in FY25 and FY26 o All R&D expenses are charged to P&L in the period in which they ar
Slide 14: R&D Productivity and its Impact on revenue growth
R&D Productivity and its Impact on revenue growth INR million o We measure R&D productivity as Base Year FY21 FY22 FY23 FY24 FY25 FY26 FY27 incremental revenue in year 3 over 9 Product Sales 2,999 2,930 3,764 8,398 12,621 17,222 21,056^ quarters’ lagging total R&D spend 5,000 (given typical timeline
Slide 15: Company Overview
02 Company Overview
Slide 16: Rubicon Research – At a Glance
Rubicon Research – At a Glance Full Spectrum Specialty products, Wide basket of 82 Robust Pipeline of Sales and marketing Capabilities drug-device active ANDAs and 8 products under capabilities for combinations and active NDAs review with US FDA branded and non- complex generics approved across and
Slide 17: Our Evolution from a service provider to a specialty products company
Our Evolution from a service provider to a specialty products company Branded Specialty Products 2024 onwards Drug Device Combinations 2023 onwards • Intra-nasal sprays Own front-end + Specialty products • Direct customer relationships 2022 onwards Own ANDA revenues • Sales via third party distribut
Slide 18: Leadership and Pivots: Consistently moving up the value chain
Leadership and Pivots: Consistently moving up the value chain Contract CDMO + Specialty & Products & IP Development Services licensing Drug-Device Pratibha Pilgaonkar * Founder CEO MD Led Sun • Led R&D at Sun Pharma & SPARC Pharma’s US • Led India R&D at Ciba (Novartis) market foray and portfolio Ch
Slide 19: Decadal Financial Performance
Decadal Financial Performance ₹ in Million FY15 FY17 FY19 FY21 FY24 FY25 FY26 Revenue from Operations 392 489 1,538 3,147 8,539 12,843 17,540 Gross Margin -50* -12* 937 2,476 5,564 8,867 11,661 Operating EBITDA Pre R&D 128 105 698 1,863 2,618 3,967 5,938 • % of Operating Revenue 33% 22% 45% 59% 31%
Slide 20: Case study: drug-device combination capabilities
Ability to rapidly move strategies from the drawing board to the P&L Case study: drug-device combination capabilities Jul 2019 2020 2022 2023 2024 | 2025 Learnings • First nasal spray • First USFDA approval • Successful FDA product filed with (from CMO site) inspections of unit dose Identified intra
Slide 21: Moats around the business - Compliance
Moats around the business - 1 Compliance Consistent regulatory track record, underpinned by a robust quality culture Apr 13 Mar 15 Jul 16 Nov 17 Oct 19 Jan 23 Mar 24 Nov 24 Oct 26 OSD OSD OSD OSD OSD OSD Multi-dose Unit-dose OSD nasal spray nasal spray Ambernath site (OSD, nasal) VAI EIR VAI VAI NAI
Slide 22: Deep engagement with the US FDA – Shaping future regulation
Moats around the business - 1 Compliance Deep engagement with the US FDA – Shaping future regulation US FDA’s Quality Management Maturity (QMM) Program FDA’s Center for Drug Evaluation and Research (CDER) program to promote quality management maturity (QMM) at drug manufacturing establishments in or
Slide 23: Moats around the business – Market Share Execution
Moats around the business – 2 Market Share Execution Successfully built leading positions even as a late entrant in mature, competitive products Metoprolol Tartrate (CVS) Baclofen (CNS) Carbidopa Levodopa (CNS) % of Volume Market Share % of Volume Market Share % of Volume Market Share 1st 35.3% 1st
Slide 24: Moats around the business – Portfolio Selection
Moats around the business – 3 Portfolio Selection Proprietary algorithm for product selection that combines science and economics Nuanced portfolio strategy reflected in sustained market economics Demand trends, US Generics Price Erosion by Therapy Area, FY22-25 (Source: Frost & Sullivan) patient de
Slide 25: Moats around the business – Efficient R&D
Moats around the business – 4 Efficient R&D Historical perspective on R&D spends o R&D spend is a lead indicator of future revenue in our business o R&D expenses were 10.8 % of consolidated operating revenue for H1 FY27 and have ranged from 10-11% of revenue in FY25 and FY26 o All R&D expenses are c
Slide 26: Moats around the business – Efficient R&D
Moats around the business – 4 Efficient R&D R&D spends and its impact on revenue growth INR million o We measure R&D productivity as Base Year FY21 FY22 FY23 FY24 FY25 FY26 FY27 incremental revenue in year 3 over 9 Product Sales 2,999 2,930 3,764 8,398 12,621 17,222 21,056^ quarters’ lagging total R
Slide 27: US specialty play
US specialty play Combines strong development capabilities with economic research Increasing gross profit share of • Specialty products defined as those with 0 or 1 competitor for at least 1 year from launch specialty products – Specialty classification linked only to competitive intensity that impa
Slide 28: Validus Pharmaceuticals
Validus Pharmaceuticals Robust capabilities for commercializing branded specialty products Wider patient access and deeper payer and PBM relationships Expanded and focused HCP coverage with own field force + digital marketing initiatives Augmenting logistics and distribution capabilities HCP coverag
Slide 29: Moats + disciplined capital allocation driving industry-leading capital efficiency
Moats + disciplined capital allocation driving industry-leading capital efficiency Sources of funds and deployment – FY2020 to IPO in October 2025 (₹ Millions) • Limited equity capital raised: ✓ Only USD ~25 million since inception (1999) till IPO in Oct’25 ✓ Only INR 1,149 million (USD ~15 6,526 mi
Slide 30: Approvals, Sales and Distribution
Approvals, Sales and Distribution Number of ANDAs approved US Sales and marketing companies (wholly owned subsidiaries) 12 14 12 12 Established marketing, sales, and 90 Active approved products as of distribution platform in the US 6 30 Sep 2026 markets non-branded FY23 FY24 FY25 FY26 H1 FY27 prescr
Slide 31: Efficient use of infrastructure reflected in Fixed Asset Turnover
Efficient use of infrastructure reflected in Fixed Asset Turnover 5,000 4.6x 4.3x 4.6 ✓ Capacity optimization through planning and 4.0x 3.9x 4,500 4.1 cost-effective debottlenecking 4,000 3.6 3,500 ✓ Proprietary process technologies that enable 3.1 consistency and reduce batch times 3,000 2.2x 2.6 2
Slide 32: Manufacturing capabilities
Manufacturing capabilities Robust platform with substantial headroom for expansion Ambernath Satara Pithampur, Indore East Windsor, NJ Manufacturing Sites USFDA inspected Indore Oral Solids Oral Solids Dosage Forms Oral Solids – Over 6 Bn units per Oral Liquids – Solutions and year Suspensions - Tab
Slide 33: R&D engine driving growth
R&D engine driving growth Wide ranging capabilities with deep expertise R&D centres in India USFDA inspected • 35,000 sft facility in Thane • 13,000 sft nasal & inhalation center & Canada • 3 separate laboratories for general, of excellence in Toronto sterile and potent compounds • In-house analytic
Slide 34: M&A initiatives have focused on adding new capabilities
M&A initiatives have focused on adding new capabilities Development Manufacturing Sales & Marketing Logistics & Distribution Manufacturing India Formulations Manufacturing Impopharma Canada Meditab’s Satara Validus AimRx 3PL LLC Alkem’s Pithampur Arinna Lifesciences InvaTech’s New Ltd. manufacturing
Slide 35: Board of Directors
Board of Directors Parag Sancheti l Executive Director & CEO Pratibha Pilgaonkar l Managing Director ◼ Responsible for providing the organizational leadership and formulating the growth ◼ Focus primarily on the growth of R&D activities strategy ◼ Promoter, with 25 years of experience at Rubicon ◼ 12
Slide 36: Thank You
Registered office: MedOne House, Plot No B75 Road No 33, Wagle Estate Thank You Thane 400604, India Investor Contact: investors@rubicon.co.in