Rubicon Research Limited · NSE:RUBICON
Rubicon Research — Q2 FY2026 Earnings Presentation
23 slides from Rubicon Research's earnings presentation, Nov 13, 2025
Slide 1: Investor Presentation filing letter to stock exchanges
Rubicon® .,..........--. RESEARCH INNOVATION I QUALITY I CARE Date: 13th November, 2025 To, To, The Manager The Manager Listing Department Listing Department BSE Limited National Stock Exchange of India Phiroze Jeejeebhoy Towers Limited Dalal Street – Fort Exchange Plaza, 5th floor Mumbai 400 001 Pl
Slide 2: Rubicon Research Limited Investor Presentation Q2 FY 2025-26
Rubicon® RESEARCH ~ INNOVATION I QUALITY I CARE Rubicon Research Limited Investor Presentation Q2 FY 2025-26
Slide 3: Notice to reader
Rubicon® Notice to reader .,......-___ RESEARCH INNOVATION I QUALITY I CARE 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 Discl
Slide 4: Agenda
Agenda 1 Consolidated Financial Overview 4 - 11 2 Company Overview 12 - 21 3
Slide 5: Consolidated Financial Overview
01 Consolidated Financial Overview
Slide 6: Q2 Financial Highlights
Rubicon® Q2 Financial Highlights (₹ millions) .,,.....-___ RESEARCH INNOVATION I QUALITY I CARE Operating Operating PAT Revenue EBITDA Q2FY26 4,120 943 539 Q2FY25 2,960 617 345 Y-o-Y 39.2% 52.9% 56.2% 5
Slide 7: Q2 Performance Summary
Rubicon® Q2 Performance Summary .,......-___ RESEARCH INNOVATION I QUALITY I CARE o 39% revenue growth YoY, broad based as o Top 5 products - 30% of revenue vs 34% Q1 FY26 Revenue Growth o Top 10 products – 51% of revenue vs 56% Q1 FY26 o Pricing remained stable driven by our focus on specialty / di
Slide 8: Q2 Performance Summary (continued)
Rubicon® Q2 Performance Summary (continued) .,......-___ RESEARCH INNOVATION I QUALITY I CARE o Strong revenue ramp up coupled with own manufacturing capacity constraint in select dosage forms led to increased revenue from outsourced manufacturing. Gross Margin o This trend is expected to continue u
Slide 9: Summary Income Statement
Rubicon® Summary Income Statement .,,.....-___ RESEARCH INNOVATION I QUALITY I CARE ₹ in Million Q2 FY26 Q2 FY25 % Growth H1 FY26 H1 FY25 % Growth Revenue from Operations 4,120 2,960 39% 7,645 6,127 25% Gross Margin 2,773 2,103 32% 5,204 4,359 19% Gross Margin (%) 68.7% 72.7% 69.4% 72.5% Operating P
Slide 10: Robust Growth Trajectory
Rubicon® Robust Growth Trajectory .,,.....-___ RESEARCH INNOVATION I QUALITY I CARE Operating Revenue (₹Mn) Operating EBITDA (₹Mn) PAT (₹Mn) EBITDA 20.8 22.9 19.9 22.7 PAT 11.6 13.1 9.8 12.7 Margin (%) Margin (%) 1,734 972 7,645 6,127 1,219 4,120 943 539 600 2,960 617 345 Q2 FY25 Q2 FY26 H1 FY25 H1
Slide 11: Summary Balance Sheet
Rubicon® Summary Balance Sheet .,,.....-___ RESEARCH INNOVATION I QUALITY I CARE ₹ in Million 30-Sep-25 31-Mar-25 Shareholders Funds 6,474 5,410 Borrowings 5,166 3,932 Sources of Funds 11,641 9,342 Fixed Assets 5,342 3,338 Cash & Cash Equivalents 1,514 1,162 Non-current Liabilities (net of assets) (
Slide 12: Summary Cash Flow Statement
Rubicon® Summary Cash Flow Statement .,,.....-___ RESEARCH INNOVATION I QUALITY I CARE ₹ in Million H1 FY2026 H1 FY2025 Cash flows from operating activities: Profit before tax 1,313 903 Non-Cash / Non operating items 560 371 Operating cash flows before working capital changes 1,873 1,274 Working Cap
Slide 13: Company Overview
02 Company Overview
Slide 14: Rubicon Research – At a Glance
Rubicon® Rubicon Research – At a Glance .,,.....-___ RESEARC H INNOVATION I QUALITY I CARE Full Spectrum Specialty products, Wide basket of 73 Robust Pipeline of Sales and marketing Capabilities drug-device active ANDAs and 9 products under capabilities for combinations and active NDAs review with U
Slide 15: Our Evolution from a service provider to a specialty products company
Rubicon® Our Evolution from a service provider to a specialty products company .,,.....-___ RESEARCH INNOVATION I QUALITY I CARE Branded Specialty Products 2024 onwards Drug Device Combinations 2023 onwards • Intra-nasal sprays Own front-end + Specialty products • Direct customer relationships 2022
Slide 16: Decadal Financial Performance
Rubicon® Decadal Financial Performance .,,.....-___ RESEARCH INNOVATION I QUALITY I CARE ₹ in Million FY15 FY17 FY19 FY21 FY24 FY25 H1 FY26 Operating Revenue 392 489 1,538 3,147 8,539 12,843 7,645 Gross Margin -5* -1* 937 2,476 5,564 8,867 5,204 • Gross Margin % -507% -15% 73% 83% 66% 71% 69.4% Oper
Slide 17: Disciplined capital allocation and industry-leading capital efficiency
Rubicon® .,,.....-___ RESEARCH Disciplined capital allocation and industry-leading capital efficiency INNOVATION I QUALITY I CARE Sources of funds and deployment – FY2020 to H1 FY26 (₹ Millions) • Limited equity capital raised – less than USD 25 million since inception • Entire R&D spend and most of
Slide 18: Approvals, Sales and Distribution
Rubicon® Approvals, Sales and Distribution .,......-___ RESEARCH INNOVATION I QUALITY I CARE Number of products approved US Sales and marketing companies (wholly owned subsidiaries) 12 14 12 Established marketing, sales, and 82 Active approved distribution platform in the US 8 products as of 30 Sep
Slide 19: Wide ranging R&D capabilities backed by robust infrastructure
Rubicon® Wide ranging R&D capabilities backed by robust infrastructure .,,.....-___ RESEARCH INNOVATION I QUALITY I CARE • ~38,000 sft facility in Thane • ~13,000 sft nasal & USFDA inspected R&D centres • 3 separate laboratories for inhalation center in Ontario in India & Canada general, sterile and
Slide 20: Manufacturing facilities with a strong track record of compliance
Rubicon® Manufacturing facilities with a strong track record of compliance .,,.....-___ RESEARCH INNOVATION I QUALITY I CARE Ambernath Satara Pithampur, Indore1 Manufacturing Sites USFDA inspected Indore FDA, Health Canada, MHRA FDA, Health Canada, MHRA FDA r \ f ' f Received 1st ANDA approval f Acq
Slide 21: M&A initiatives have focused on adding new capabilities
Rubicon® M&A initiatives have focused on adding new capabilities .,,.....-___ RESEARCH INNOVATION I QUALITY I CARE Development Manufacturing Sales & Marketing Logistics & Distribution Manufacturing Validus PHARMACEUTICALS Impopharma Canada Meditab’s Satara Validus AimRx 3PL LLC Alkem’s Pithampur Ltd
Slide 22: Board of Directors
Rubicon® Board of Directors .,,.....-___ RESEARCH INNOVATION I QUALITY I CARE 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 strat
Slide 23: 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