Rubicon Research Limited · NSE:RUBICON
Rubicon Research — Q3 FY2026 Earnings Presentation
23 slides from Rubicon Research's earnings presentation, Feb 3, 2026
Slide 1: Stock exchange covering letter
February 3, 2026 To, To, The Manager The Manager, Listing Department Listing Department, BSE Limited, National Stock Exchange of India Limited, Phiroze Jeejeebhoy Towers, Exchange Plaza, 5th floor, C-1 Block G, Dalal Street, Bandra Kurla Complex, Bandra (East), Mumbai- 400001. Mumbai - 400051 Scrip
Slide 2: Rubicon Research Limited Investor Presentation Q3 FY 2025-26
Rubicon Research Limited Investor Presentation Q3 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 4-11 2 Company Overview 12-21 3
Slide 5: Consolidated Financial Overview
01 Consolidated Financial Overview
Slide 6: Q3 Financial Highlights
Q3 Financial Highlights (₹ millions) Revenue from Operations EBITDA PAT Q3FY26 4,755 1,119 728 Q3FY25 3,134 704 381 Y-o-Y 51.7% 59.0% 91.2% 5
Slide 7: Summary Income Statement
Summary Income Statement ₹ in Million Q3 FY26 Q3 FY25 % Growth Q2 FY 26 9M FY26 9M FY25 % Growth Revenue from Operations 4,755 3,134 51.7% 4,120 12,400 9,261 33.9% Gross Margin 3,126 2,103 48.6% 2,773 8,329 6,462 28.9% Operating Pre-R&D EBITDA 1,604 960 1,406 4,156 2,881 Pre-R&D EBITDA (%) 33.7% 30.
Slide 8: Summary Balance Sheet
Summary Balance Sheet ₹ in Million 31-Dec-25 31-Mar-25 Shareholders Funds 11,938 5,410 Borrowings 2,853 3,932 Sources of Funds 14,791 9,342 Fixed Assets 5,500 3,338 Cash & Cash Equivalents 3,338 1,162 Non-current Liabilities (net of assets) (115) (57) •Inventory (At Cost) 6,848 5,216 •Trade Receivab
Slide 9: Summary Cash Flow Statement
Summary Cash Flow Statement ₹ in Million 9M FY2026 Q3 FY2026 FY2025 Cash flows from operating activities: Profit before tax 2,218 906 1,945 Non-Cash / Non operating items 704 144 934 Operating cash flows before working capital changes 2,922 1,050 2,879 Working Capital Changes (944) (239) (900) Cash
Slide 10: Q3 Performance Summary
Q3 Performance Summary o 52% revenue growth YoY, broad based as o Top 5 products - 35% of revenue vs 30% in Q2 FY26 & 34% in Q1 FY26 Revenue Growth o Top 10 products – 53% of revenue vs 51% in Q2 FY26 & 56% in Q1 FY26 o Pricing continues to remain stable driven by our focus on specialty / differenti
Slide 11: Performance Summary (continued)
Q2 Performance Summary (continued) o Sequential revenue traction in current quarter was stronger than anticipated which coupled with own manufacturing capacity constraint led to a larger sequential increase in revenue from outsourced manufacturing vs our anticipation o This led to sequential & yoy d
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 11.0 % of operating revenue for Q3 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
Slide 13: Company Overview
02 Company Overview
Slide 14: Rubicon Research – At a Glance
Rubicon Research – At a Glance Full Spectrum Specialty products, Wide basket of 74 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 15: 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 16: Decadal Financial Performance
Decadal Financial Performance ₹ in Million FY15 FY17 FY19 FY21 FY24 FY25 9M FY26 Revenue from Operations 392 489 1,538 3,147 8,539 12,843 12,400 Gross Margin -5* -1* 937 2,476 5,564 8,867 8,329 Operating EBITDA Pre R&D 128 105 698 1,863 2,618 3,967 4,156 • % of Operating Revenue 33% 22% 45% 59% 31%
Slide 17: Long Track Record of Disciplined capital allocation
Long Track Record of Disciplined capital allocation and industry- leading capital efficiency in run up to Oct’25 IPO Sources of funds and deployment – FY2020 to Pre-IPO (₹ Millions) • Limited equity capital raised – less than USD 25 million since inception till Oct’25 IPO • Entire R&D spend and most
Slide 18: 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 9 83 Active approved distribution platform in the US products as of 31 Dec 2025 markets non-branded FY23 FY24 FY25 9M FY26 prescriptio
Slide 19: 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 20: Manufacturing Sites
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 21: 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 22: 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 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