Rubicon Research Limited · NSE:RUBICON
Rubicon Research — Q2 FY2026 Earnings Presentation
22 slides from Rubicon Research's earnings presentation, November 2025
Slide 1: Rubicon Research Limited Investor Presentation Q2 FY 2025-26
Rubicon Research Limited Investor Presentation Q2 FY 2025-26
Slide 2: 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 3: Agenda
Agenda 1 Consolidated Financial Overview 4 - 11 2 Company Overview 12 - 21 3
Slide 4: Consolidated Financial Overview
01 Consolidated Financial Overview
Slide 5: Q2 Financial Highlights
Q2 Financial Highlights (₹ millions) 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 6: Q2 Performance Summary
Q2 Performance Summary 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 / differentiated products o Strong visibility for sustained rev
Slide 7: Q2 Performance Summary (continued)
Q2 Performance Summary (continued) 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 until Pithampur plant ramps up in Q1 CY2027 (Pithampur and w
Slide 8: Summary Income Statement
Summary Income Statement ₹ 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 Pre-R&D EBITDA 1,406 913 54% 2,552 1,921 33% Pre-R&D EBITDA
Slide 9: Robust Growth Trajectory
Robust Growth Trajectory 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 FY26 Q2 FY25 Q2 FY26 H1 FY25 H1 FY26 Q2 FY25 Q2 FY26 H1 FY2
Slide 10: Summary Balance Sheet
Summary Balance Sheet ₹ 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) (451) (57) •Inventory (At Cost) 6,302 5,216 •Trade Receivabl
Slide 11: Summary Cash Flow Statement
Summary Cash Flow Statement ₹ 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 Capital Changes (704) 39 Cash generated from / (used in) opera
Slide 12: Company Overview
02 Company Overview
Slide 13: Rubicon Research – At a Glance
Rubicon Research – At a Glance 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 US FDA branded and non- complex generics approved across and
Slide 14: 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 Gx + • Own ANDA revenues Specialty • Sales via thir
Slide 15: Decadal Financial Performance
Decadal Financial Performance ₹ 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% Operating EBITDA Pre R&D 128 105 698 1,863 2,618 3,967 2,552 •
Slide 16: Disciplined capital allocation and industry-leading capital efficiency
Disciplined capital allocation and industry-leading capital efficiency 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 growth investments funded by internal accruals 6,526 • Deb
Slide 17: Approvals, Sales and Distribution
Approvals, Sales and Distribution 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 2025 markets non-branded FY23 FY24 FY25 H1 FY26 prescriptio
Slide 18: Wide ranging R&D capabilities backed by robust infrastructure
Wide ranging R&D capabilities backed by robust infrastructure • ~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 potent • In-house analytical and compounds characterizatio
Slide 19: Manufacturing facilities with a strong track record of compliance
Manufacturing facilities with a strong track record of compliance Ambernath Satara Pithampur, Indore1 Manufacturing Sites USFDA inspected Indore FDA, Health Canada, MHRA FDA, Health Canada, MHRA FDA Jan 23 Mar 24 Nov 24 Jan 23 Received 1st ANDA approval July 22 Acquisition Completed on June Strong T
Slide 20: 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 Impopharma Canada Meditab’s Satara Validus AimRx 3PL LLC Alkem’s Pithampur Ltd. manufacturing site Pharmaceuticals LLC (FY 2026) manufacturing site (FY 2020) (FY
Slide 21: 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 22: 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