Investor Presentation
RUBICON · price
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Rubicon Research reported strong Q4 FY26 results with revenue of ₹5,139 million, up 43.5% YoY, and PAT of ₹768 million, more than doubling from ₹362 million in Q4 FY25. Full-year FY26 revenue reached ₹17,540 million, up 36.6% YoY. USD revenue was $56 million for Q4, representing 35% YoY growth with ~98% USD denomination. The company received 12 product approvals in FY26 with 24 products under USFDA review and maintains a 92% commercialization rate. Specialty products contributed 32.8% to Q4 gross profit. Gross margin was 66.3% (slight sequential drop from 66.5%) due to higher reliance on outsourced manufacturing, while Operating EBITDA margin held at 23.1%, within the guided 22-23% range. The Board recommended dividend of Rs 1.50 per share (150%, 10% payout ratio). R&D spend was ₹1,935 million (11% of revenue) with the company confirming ₹5,000+ million R&D investment over 9 quarters (FY26 + FY27 + Q1 FY28).
The strong revenue growth and doubling of PAT demonstrate execution capability, while management guidance that Operating EBITDA margins will sustain at 22-23% despite near-term gross margin pressure from outsourced manufacturing provides earnings visibility. The Pithampur site ramp-up expected in Q1 CY27 should be margin-accretive. Dividend signals confidence in cash generation.