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Rubicon Research Q2 FY27 results: net profit up 67.9% to ₹90.43 crore, revenue up 39.9%
Rubicon Research Limited reported consolidated Q2 FY27 revenue of ₹576.38 crore, up 39.9% from Q2 FY26, while EBITDA rose 52.8% to ₹144.09 crore and the EBITDA margin expanded to 25.0%. Net profit increased 67.9% to ₹90.43 crore and basic EPS rose to ₹5.47 from ₹3.49.
Key points
- Consolidated Q2 FY27 revenue was ₹576.38 crore, up 39.9% from ₹412.02 crore in Q2 FY26 and 7.9% from ₹534.34 crore in Q1 FY27.
- EBITDA was ₹144.09 crore and the margin was 25.0%, compared with ₹94.30 crore and 22.9% a year earlier and ₹129.12 crore and 24.2% in the previous quarter.
- Net profit was ₹90.43 crore, up 67.9% from ₹53.85 crore in Q2 FY26 and 6.7% from ₹84.78 crore in Q1 FY27.
- Basic EPS was ₹5.47, compared with ₹3.49 in Q2 FY26 and ₹5.13 in Q1 FY27.
- H1 FY27 revenue was ₹1,110.72 crore and net profit was ₹175.21 crore, up 45.3% and 80.3% from H1 FY26.
How did Rubicon Research perform in Q2 FY27?
Rubicon Research reported consolidated revenue of ₹576.38 crore for Q2 FY27, up 39.9% from ₹412.02 crore in Q2 FY26 and 7.9% from ₹534.34 crore in Q1 FY27. EBITDA rose to ₹144.09 crore from ₹94.30 crore a year earlier and ₹129.12 crore in the previous quarter. The EBITDA margin increased to 25.0% from 22.9% and 24.2%, respectively.
Profit before tax was ₹116.92 crore, compared with ₹71.70 crore in Q2 FY26 and ₹110.37 crore in Q1 FY27. Net profit rose to ₹90.43 crore from ₹53.85 crore a year earlier and ₹84.78 crore in the previous quarter. Basic EPS was ₹5.47, against ₹3.49 in Q2 FY26 and ₹5.13 in Q1 FY27.
On a standalone basis, Q2 FY27 revenue was ₹383.57 crore and profit after tax was ₹60.62 crore. The standalone presentation also reported profit before tax of ₹45.81 crore. The consolidated results include Arinna, which contributed ₹194 Mn of revenue and no material EBITDA contribution in the quarter, according to the investor presentation.
The company’s investor presentation reported Q2 FY27 revenue of ₹5,764 Mn, EBITDA of ₹1,464 Mn and PAT of ₹904 Mn. It also stated that the Arinna consolidation added revenue of ₹194 Mn, compared with ₹128 Mn in Q1 FY27, while EBITDA contribution was not material in either quarter.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 576.38 | 534.34 | 412.02 | +39.9% | +7.9% |
| Other income | 2.29 | 5.68 | 0.70 | +227.1% | −59.7% |
| Total expenses | 461.75 | 429.65 | 341.01 | +35.4% | +7.5% |
| EBITDA | 144.09 | 129.12 | 94.30 | +52.8% | +11.6% |
| EBITDA margin | 25.0% | 24.2% | 22.9% | +2.1 pp | +0.8 pp |
| Profit before tax | 116.92 | 110.37 | 71.70 | +63.1% | +5.9% |
| Tax | 26.50 | 25.59 | 17.85 | +48.5% | +3.6% |
| Net profit | 90.43 | 84.78 | 53.85 | +67.9% | +6.7% |
| EPS (₹) | 5.47 | 5.13 | 3.49 | +56.7% | +6.6% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Rubicon Research's costs and profit?
Total expenses increased to ₹461.75 crore in Q2 FY27 from ₹341.01 crore in Q2 FY26, a rise of ₹120.74 crore. Cost of materials was ₹175.39 crore, up ₹33.21 crore, while employee cost was ₹90.47 crore, up ₹27.11 crore. Other expenses rose ₹33.19 crore to ₹160.99 crore, and depreciation increased ₹6.17 crore to ₹18.04 crore.
Finance costs were ₹11.41 crore, down ₹0.01 crore from ₹11.42 crore in Q2 FY26. Other income increased ₹1.59 crore to ₹2.29 crore from ₹0.70 crore. There was no exceptional item in either quarter. Tax expense rose ₹8.65 crore to ₹26.50 crore from ₹17.85 crore.
Against Q1 FY27, total expenses were higher by ₹32.10 crore. Cost of materials increased ₹21.46 crore, other expenses ₹10.40 crore, employee cost ₹4.80 crore, depreciation ₹2.90 crore and finance costs ₹2.12 crore, while other income fell ₹3.39 crore to ₹2.29 crore from ₹5.68 crore. There was no exceptional item in either quarter.
The filing does not provide a further explanation for the movement in each cost line. The company’s presentation stated that revenue growth was broad-based, pricing remained stable because of its focus on specialty and differentiated products, and specialty products contributed 36% of gross profit.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 175.39 | 142.18 | +33.21 | +23.4% |
| Employee cost | 90.47 | 63.36 | +27.11 | +42.8% |
| Finance costs | 11.41 | 11.42 | −0.01 | −0.1% |
| Depreciation | 18.04 | 11.87 | +6.17 | +52.0% |
| Other expenses | 160.99 | 127.80 | +33.19 | +26.0% |
| Total expenses | 461.75 | 341.01 | +120.74 | +35.4% |
| Other income | 2.29 | 0.70 | +1.59 | +227.1% |
| Tax | 26.50 | 17.85 | +8.65 | +48.5% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In H1 FY27, consolidated revenue was ₹1,110.72 crore, up 45.3% from ₹764.51 crore in H1 FY26. Total income rose to ₹1,118.69 crore from ₹765.84 crore, while profit before tax increased to ₹227.29 crore from ₹131.26 crore.
H1 FY27 net profit was ₹175.21 crore, compared with ₹97.15 crore in H1 FY26, while EPS rose to ₹10.6 from ₹6.3. The investor presentation reported H1 FY27 revenue of ₹11,107 Mn, operating EBITDA of ₹2,732 Mn, PAT of ₹1,752 Mn and EPS of ₹10.49, reflecting its own presentation basis.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 1,111 | 764.51 | +45.3% |
| Profit before tax | 227.29 | 131.26 | +73.2% |
| Net profit | 175.21 | 97.15 | +80.3% |
| EPS (₹) | 10.60 | 6.30 | +68.3% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets increased to ₹2,760.81 crore on 30 September 2026 from ₹2,326.71 crore on 31 March 2026. Total equity rose to ₹1,431.07 crore from ₹1,288.82 crore, while borrowings increased to ₹398.37 crore from ₹259.37 crore. Cash and cash equivalents were ₹209.01 crore, compared with ₹185.65 crore at the previous balance sheet date.
Inventories increased to ₹790.37 crore from ₹728.99 crore and trade receivables to ₹577.67 crore from ₹508.71 crore. Trade payables fell to ₹368.04 crore from ₹377.46 crore. The investor presentation reported net debt of ₹1,159 Mn on 30 September 2026, compared with net cash of ₹866 Mn on 31 March 2026.
Net cash flow from operating activities in H1 FY27 was ₹98.86 crore, lower than ₹104.48 crore in H1 FY26. Cash used in investing activities was ₹171.91 crore against ₹163.96 crore, and financing cash flow was ₹87.64 crore against ₹91.13 crore. Capital expenditure was ₹94.94 crore, compared with ₹165.08 crore a year earlier.
The investor presentation reported H1 FY27 operating cash flow of ₹989 Mn, investing cash outflow of ₹1,719 Mn and financing cash flow of ₹876 Mn. It stated that the investing outflow included utilisation of bank deposits of ₹947 Mn, the ₹1,759 Mn Arinna acquisition, ₹291 Mn for the New Jersey manufacturing facility excluding non-cash right-of-use, and capex of ₹658 Mn.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 2,761 | 2,327 |
| Total equity | 1,431 | 1,289 |
| Borrowings | 398.37 | 259.37 |
| Cash and equivalents | 209.01 | 185.65 |
| Inventories | 790.37 | 728.99 |
| Trade receivables | 577.67 | 508.71 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 98.86 | 104.48 |
| Cash from investing | −171.91 | −163.96 |
| Cash from financing | 87.64 | 91.13 |
| Capital expenditure | 94.94 | 165.08 |
Source: Company's results filing (XBRL).
How has Rubicon Research done over the last 5 quarters?
Revenue increased across the five quarters from Q2 FY26 to Q2 FY27, rising from ₹412.02 crore to ₹576.38 crore. The period’s highest revenue was ₹576.38 crore in Q2 FY27, while the lowest was ₹412.02 crore in Q2 FY26. The direction remained upward in the latest quarter.
Net profit also rose through the five-quarter series, from ₹53.85 crore in Q2 FY26 to ₹90.43 crore in Q2 FY27. The highest net profit was ₹90.43 crore in the latest quarter, and the lowest was ₹53.85 crore in Q2 FY26.
The EBITDA margin increased from 22.9% in Q2 FY26 to 25.0% in Q2 FY27. It dipped to 22.7% in Q3 FY26 before rising for the next three quarters. Q2 FY27 was the period’s highest margin, while Q3 FY26 was the lowest.
What else did the company announce?
The board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026 on 5 November 2026. The company also filed an investor presentation for the results and a limited review report from its statutory auditors. The available same-day filings do not report a dividend, fund raise or appointment.
The board meeting began at 2.30 PM IST and concluded at 3.45 PM IST. The company stated that the financial results and limited review report would be published with a QR code and web link, and made available on its website under the Investors Section.
What did Rubicon Research's management say?
Management raised FY27 operating EBITDA margin guidance to 24%+ and said the company was on track to achieve guidance of INR 5,000 Mn+ in R&D spend over FY26, FY27 and Q1 FY28. Management also said some recent approvals would be commercialised in the coming quarter and maintained a paperless manufacturing operations target by 2026.
Management said R&D productivity was expected to remain at similar levels to the past, providing revenue visibility for FY29/30 and beyond. It also said net working capital would normalise to the typical 125-130 days over coming quarters; working capital stood at 117 days, compared with 126 days at FY26.
The investor presentation identified regulatory observations as watchpoints. Management said Ambernath had five procedural FDA observations, comprising three system-improvement and two product-application observations; Satara had one and Pithampur had two. Responses had been submitted for Satara and Pithampur, with EIRs awaited, while Ambernath’s evaluation remained open.
Management stated that the observations did not relate to data integrity. It also highlighted net debt of ₹1,159 Mn at 30 September 2026, compared with net cash of ₹866 Mn at 31 March 2026, and said ₹3,962 Mn of capital employed related to the Pithampur plant, CSN facility, New Jersey facility and Arinna, which were pre-revenue or yet to materially contribute to returns.
How did other Pharmaceuticals companies do?
Among 66 Pharmaceuticals companies that had filed for the quarter as of 5 November 2026, the median revenue growth was 19.8%. Rubicon Research’s revenue growth of 39.9% was higher than the median.
| Rubicon Research revenue growth (YoY) | +39.9% |
|---|---|
| Median of 66 other Pharmaceuticals companies | +19.8% |
| Companies with slower revenue growth than Rubicon Research | 54 of 66 |
| Companies with faster revenue growth than Rubicon Research | 12 of 66 |
| Companies whose net profit rose | 44 of 61 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Rubicon Research's revenue in Q2 FY27?
Revenue from operations was ₹576.38 crore, up 39.9% from ₹412.02 crore in Q2 FY26 (consolidated).
Did Rubicon Research make a profit in Q2 FY27?
Yes. Net profit was ₹90.43 crore, against a net profit of ₹53.85 crore in Q2 FY26.
What was Rubicon Research's EPS in Q2 FY27?
Basic earnings per share were ₹5.47, against ₹3.49 in Q2 FY26.
When did Rubicon Research announce its Q2 FY27 results?
On 5 November 2026, in a filing to the NSE.
Sources
- Board Meeting Intimation for Q 2 Ended September, 2026. (BSE, 27 October 2026) · PDF
- Outcome of Board Meeting (NSE, 5 November 2026) · PDF
- The investor presentation (5 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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