Rubicon Research Q2 FY27 investor presentation: revenue up 39.9%, PAT up 67.9%
Q2 FY27 revenue up 39.9% to Rs 5,764 mn, PAT up 67.9% to Rs 904 mn, operating EBITDA margin 25.0% vs 22.9%.
By ScoutQuest · · 2 min read
- Q2 FY27 Revenue from Operations
- revenue up 39.9% to Rs 5,764 mn
- Q2 FY27 Profit After Tax
- PAT up 67.9% to Rs 904 mn
- Operating EBITDA Margin
- operating EBITDA margin 25.0% vs 22.9%
- Period
- Q2 FY27 and H1 FY27
- Positioning
- Rubicon Research presents itself as a late entrant that built leading US generics positions, holding #1 volume market share in five of the six products shown, with 2026 annual revenue of INR 1,762 Cr and a 240+ R&D team.
📈 Q2 FY27 revenue from operations rose 39.9% year on year to Rs 5,764 mn and profit after tax rose 67.9% to Rs 904 mn, with operating EBITDA of Rs 1,441 mn and an operating EBITDA margin of 25.0% against 22.9% in Q2 FY26. For H1 FY27 revenue was Rs 11,107 mn, up 45.3%, and PAT Rs 1,752 mn, up 80.3%, though the half-year profit includes a Rs 36 mn one-off insurance claim booked in Q1 FY27.
📈 The presentation shows FY26 revenue from operations of Rs 17,540 mn, operating EBITDA of Rs 4,002 mn and net profit after tax of Rs 2,467 mn, with ROACE at 36%; the decadal table puts revenue at Rs 8,539 mn in FY24 and Rs 12,843 mn in FY25, so the FY26 step is part of a longer multi-year build rather than a single-year move.
🏭 The balance sheet moved to net debt of Rs 1,159 mn at 30-Sep-26 from net cash of Rs 866 mn at 31-Mar-26, alongside the Rs 1,759 mn Arinna acquisition and the Rs 847 mn New Jersey facility. Days of net working capital improved to 117 from 126, but the company says this reflects quarterly fluctuations and would normalise to the typical 125-130 days over coming quarters.
🔬 On R&D, management says it is on track for its guidance of INR 5,000 Mn+ of spend across FY26, FY27 and Q1FY28, with INR 3,139 Mn already spent in six quarters, and states that FY27 carries the lowest lagging R&D spend of the last three cycles at INR 2,187 mn. The presentation says R&D productivity of 5.8x, coupled with an expectation that it stays at similar levels, provides strong visibility for FY29/30 and beyond.
Also from Rubicon Research
Board approves Q2 and H1 results; auditor review conclusion unmodified
5 Nov 2026
Committee approves grant of up to 68,982 stock options at Rs. 1,374.40 each
5 Nov 2026
USFDA issues Form 483 with 5 procedural observations after Ambernath plant inspection
30 Oct 2026
More numbers
- Revenue from operations, Q2 FY275,764 (₹ in Million)
- Profit after tax, Q2 FY27904 (₹ in Million)
- Operating EBITDA margin, Q2 FY2725.0%
- Revenue from operations, H1 FY2711,107 (₹ in Million)
- Profit after tax, H1 FY271,752 (₹ in Million)
- Net debt (net of cash & cash equivalents), 30-Sep-261,159 (₹ in Million)
- Days of net working capital, 30-Sep-26117
- R&D spend guidance, FY26 + FY27 + Q1FY285,000 (INR mn)
- Revenue from operations, FY2617,540 (₹ in Million)
- Annual revenue, 20261762 (INR Cr)
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