Rubicon Research Limited · NSE:RUBICON
Rubicon Research — Q4 FY2025-26 Earnings Presentation
36 slides from Rubicon Research's earnings presentation, May 29, 2026
Slide 1: Stock exchange intimation letter
Date: May 29, 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: 544578
Slide 2: Rubicon Research Limited Investor Presentation Q4 FY 2025-26
Rubicon Research Limited Investor Presentation Q4 FY 2025-26
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 4-14 2 Company Overview 15-34 3
Slide 5: Consolidated Financial Overview
01 Consolidated Financial Overview
Slide 6: Q4 Financial Highlights
Q4 Financial Highlights (₹ millions) Revenue from Operations EBITDA PAT Q4FY26 5,139 1,213 768 Q4FY25 3,581 726 362 Y-o-Y 43.5% 67.2% 111.8% 5
Slide 7: Summary Income Statement
Summary Income Statement ₹ in Million Q4 FY26 Q4 FY25 % Growth Q3 FY 26 FY26 FY25 % Growth Revenue from Operations 5,139 3,581 43.5% 4,755 17,540 12,843 36.6% Gross Profit 3,332 2,405 38.6% 3,126 11,661 8,867 31.5% Operating Pre-R&D EBITDA 1,781 1,086 1,604 5,938 3,967 Pre-R&D EBITDA (%) 34.7% 30.3%
Slide 8: Summary Balance Sheet
Summary Balance Sheet ₹ in Million 31-Mar-26 31-Mar-25 Shareholders Funds 12,888 5,410 Borrowings 2,594 3,932 Sources of Funds 15,482 9,342 Fixed Assets 5,726 3,338 Cash & Cash Equivalents* 3,460 1,162 Net Non-current Assets / (Liabilities) 133 (57) •Inventory (At Cost) 7,290 5,216 •Trade Receivable
Slide 9: Summary Cash Flow Statement
Summary Cash Flow Statement ₹ in Million FY2026 Q4 FY2026 FY2025 Cash flows from operating activities: Profit before tax 3,205 987 1,945 Non-Cash / Non operating items 1,076 372 934 Operating cash flows before working capital changes 4,282 1,359 2,879 Working Capital Changes (1,146) (202) (900) Cash
Slide 10: Q4 Performance Summary
Q4 Performance Summary o 43% revenue growth YoY, broad based as o Top 5 products – 39% of revenue in Q4 vs 34%/30%/35% in Q1/Q2/Q3 FY26 Revenue Growth o Top 10 products – 57% of revenue in Q4 vs 56%/51%/ 53% in Q1/Q2/Q3 FY26 o Pricing continues to remain stable driven by our focus on specialty / dif
Slide 11: Q4 Performance Summary (continued)
Q4 Performance Summary (continued) o Slight drop in sequential gross margin @66.3% (vs 66.5% in Q3). We had flagged off in our Q3FY 26 update that strong revenue traction coupled with own manufacturing capacity constraint had led to a larger reliance on outsourced manufacturing since the last quarte
Slide 12: R&D spends and their impact on revenue growth
R&D spends and their impact on revenue growth o R&D expenses were 11.6 % of operating revenue for Q4 FY26 o R&D spend is a lead indicator of future revenue in our business o We measure R&D productivity as incremental revenue to lagging total R&D spend (given typical timeline involved for R&D spend t
Slide 13: ESOP Update
Rubicon: ESOP Update NESE INNOVATION | QUALITY | CARE * Board approved a proposal to create an ESOP pool, subject to shareholders approval * The P&L impact of the same is factored in the EBITDA guidance 12
Slide 14: Recent acquisition: Arinna Lifesciences
Recent acquisition: Arinna Lifesciences CNS focused India formulations company • EV: 200 Cr (cash and LEADERSHIP debt free) 1 60 Brands (CNS Portfolio) Vivek Seth Prior to Arinna, Vivek led the • 85% stake acquired Founder, continues as expansion of an Indian for ~₹ 176 Cr at Managing Director compa
Slide 15: Building on Arinna's India market platform
Building on Arinna’s India market platform Focus on Capital & Enable growth Scale capability investments vs Arinna When Rubicon entered US balance couldn'tscale make by itself – products market 10 years ago… sheet e.g. Division expansion ? Balance sheet was small, limited investable cash; WHAT ? R&D
Slide 16: Company Overview
02 Company Overview
Slide 17: Rubicon Research – At a Glance
Rubicon Research – At a Glance Full Spectrum Specialty products, Wide basket of 76 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 18: 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 19: 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 20: 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 21: 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 22: Consistent regulatory track record, underpinned by a robust quality culture
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 OSD OSD OSD OSD OSD OSD Multi-dose Unit-dose nasal spray nasal spray Ambernath site (OSD, nasal) VAI VAI VAI NAI NAI VAI EIR 45
Slide 23: 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 24: 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 37.3% 1st 35.3
Slide 25: 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 26: Moats around the business – Efficient R&D
Moats around the business – 4 Efficient R&D ROI driven approach across the development lifecycle o R&D is a lead indicator of future revenues 17,222 12,621 R&D spend (FY 22+FY23 Incr. 5.9x 13,458 Revenue 8,398 R&D spend +Q1FY24)= R&D spend (FY 21+FY22 4.1x 9,691 Incr. 2,261 Mn Revenue (FY 20+FY21 3.
Slide 27: US specialty play - combines strong development capabilities with economic research
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 2,387 – Specialty classification linked only to competitive intensity t
Slide 28: Validus – capability building ahead of branded specialty products launch
Validus – capability building ahead of branded specialty products launch 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 coverage in select territ
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
Slide 30: Approvals, Sales and Distribution
Approvals, Sales and Distribution Number of products approved US Sales and marketing companies (wholly owned subsidiaries) 84 Active approved products as of Established marketing, sales, and 14 31 Mar 2026 distribution platform in the US 12 12 12 24 products under review with USFDA markets non-brand
Slide 31: Efficient use of infrastructure reflected in Fixed Asset Turnover
Efficient use of infrastructure reflected in Fixed Asset Turnover 3,500 5.1 4.6x 4.3x ✓ Capacity optimization through planning and 4.6 cost-effective debottlenecking 3,000 4.0x 4.1 2,500 3.6 ✓ Proprietary process technologies that enable consistency and reduce batch times 3.1 2,000 2.2x 2.6 ✓ Large
Slide 32: Manufacturing capabilities
Manufacturing capabilities Robust platform with substantial headroom for expansion Ambernath Satara Pithampur, Indore Manufacturing Sites USFDA inspected Indore Oral Liquids – Solutions and Suspensions Oral Solids Oral Solids – Over 6 Bn units per year Dosage Forms High Potent including Oncology - T
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 Domestic Formulation Impopharma Meditab’s Satara Validus AimRx 3PL LLC Alkem’s Pithampur Arinna Lifesciences Canada Ltd. manufacturing site Pharmaceuticals (FY 2
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
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