Rubicon Research Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Rubicon Research Ltd trades at ₹1,440, in a confirmed uptrend and 31 weeks into that stage. That is +54.3% against its own 200-day average. It sits at 100% of a 52-week range of ₹577 to ₹1,440. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 33 straight weeks.

Today the stock is in a confirmed uptrend — week 31 of stage 2, confirmed. At ₹1,440 it trades +54.3% versus its 200-day average and sits at 100% of its 52-week range (₹577–₹1,440).

Against the market, two honest reads. Cumulative: over the last 10 months the stock moved +133% while the NIFTY 500 moved −2% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 33 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 100th percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Rubicon Research Ltd trades at 102.0× P/E, about the priciest it has ever traded. Its long-run median P/E is 62.4×, measured across 0.8 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 102.0× is about the priciest it has ever traded, against a long-run median of 62.4× measured over 0.8 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Rubicon Research Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 5 quarters across 1 curve, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

58.4/100 — rank 12 of 43 in Pharma - Formulators · 69% evidence confidence

Rubicon Research Ltd scores 58.4 out of 100 against the 43 companies it is compared with in Pharma - Formulators, ranking 12. Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.

The four contributions add to the total exactly: 23.7 + 19.7 + 5 + 10 = 58.4. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Rubicon Research Ltd reported ₹514 Cr of revenue in the Mar 26 quarter, +43.6% year on year. That is the 4th straight quarter of year-on-year growth. Over 6 years it has compounded at 37.2% a year. The last full year, FY26, came in at ₹1,754 Cr. The last four reported quarters add to ₹1,754 Cr.

Rubicon Research Ltd reported ₹514 Cr of revenue in the Mar 26 quarter, +43.6% year on year. That is the 4th straight quarter of year-on-year growth. Over 6 years it has compounded at 37.2% a year. The last full year, FY26, came in at ₹1,754 Cr. The last four reported quarters add to ₹1,754 Cr.

FY26 revenue came in at ₹1,754 Cr (+36.6% on the year), capping 6 years at 37.2% compound. The latest quarter (Mar 26) printed ₹514 Cr, +43.6% year on year — the 4th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +36.5% growth against the decade's 37.2% — the current year is running in line with its own long-run rate.

→ Revenue grew — did margins hold as it scaled? Next: 23.0% this quarter (+3.0 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Rubicon Research Ltd's operating margin is 23.0% in the Mar 26 quarter, +3.0 percentage points against the same quarter a year ago. Across 7 fiscal years the operating margin has ranged −12.0% to 31.0%. The current quarter sits inside that band.

Rubicon Research Ltd's operating margin is 23.0% in the Mar 26 quarter, +3.0 percentage points against the same quarter a year ago. Across 7 fiscal years the operating margin has ranged −12.0% to 31.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 23.0%, +3.0 pp against the same quarter a year ago. Across 7 fiscal years the operating margin has ranged −12.0%–31.0%.

Why the margin moved: operating margin went +2.9 pp year on year while gross margin went −1.8 pp — the gain came mostly from the gross line: input costs and pricing.

→ Margins held — did that reach the bottom line? Next: profit +113.9% in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Rubicon Research Ltd earned ₹77.0 Cr of net profit in the Mar 26 quarter, +113.9% year on year. It is the 4th consecutive quarter of growth. Full-year FY26 profit was ₹247 Cr. The 6-year compound rate is 30.9%. That is 15.0% of the quarter's revenue. The same quarter a year earlier earned ₹36.0 Cr.

Rubicon Research Ltd earned ₹77.0 Cr of net profit in the Mar 26 quarter, +113.9% year on year. It is the 4th consecutive quarter of growth. Full-year FY26 profit was ₹247 Cr. The 6-year compound rate is 30.9%. That is 15.0% of the quarter's revenue. The same quarter a year earlier earned ₹36.0 Cr.

Mar 26 profit was ₹77.0 Cr, +113.9% year on year — the 4th consecutive quarter of growth. On the full year, FY26 printed ₹247 Cr (+84.3%), and the 6-year compound rate is 30.9%.

Why profit moved: revenue contributed +43.6% and the margin +3.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.

Pace comparison, last four quarters: profit +82.6% vs revenue +36.5%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

→ Profit rose — but did the cash follow? Next: 82% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 82% of Rubicon Research Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹205 Cr of operating cash against ₹247 Cr of profit. After ₹283 Cr of capital spending, ₹−78.0 Cr was left as free cash.

FY26: operating cash of ₹205 Cr against reported profit of ₹247 Cr, leaving free cash of ₹−78.0 Cr after ₹283 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 82% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 82%: the cash cycle tightened 58 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.

Router verdict: the bigger cash user is investment — capital spending ran 3.9× depreciation over three years, so the next section's job is to check what that build-out is buying.

→ So follow the cash to where it goes. Next: ₹469 Cr of building over 3 years.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Rubicon Research Ltd's cash conversion cycle runs 337 days in FY26, down from 395 days in FY21. Capital spending ran ₹469 Cr over the last 3 years. At FY26 sales of ₹1,754 Cr each day of that cycle holds about ₹4.8 Cr, so roughly ₹1,619 Cr sits inside the business at any moment.

FY26: debtors at 106 days, inventory at 479 days — roughly 15.8 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 337 days, tighter than FY21's 395.

The full loop: cash goes out to suppliers and production on day 0; stock waits 479 days to sell; customers pay about 106 days after that; and suppliers themselves are paid at 248 days — netting out to the 337-day cycle.

In money terms: at FY26 sales of ₹1,754 Cr, each day of the cycle holds about ₹4.8 Cr — so the 337-day loop keeps roughly ₹1,619 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹469 Cr over the last 3 fiscal years against ₹121 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹40.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 28% and the ROIC − WACC spread is +11.6 pp.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Rubicon Research Ltd earns a ROCE of 28% in FY26. That is up from a trough of −12% in FY22. Return on invested capital clears the cost of that capital by +11.6 percentage points, so growth here adds value rather than only size. The wiring behind it is 14.1% net margin on 0.75× asset turns.

FY26 ROCE is 28%, recovered from a FY22 trough of −12% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 14.1% net margin × 0.75× asset turns × 1.81× balance-sheet leverage ≈ 19.1% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 23.6% − 12.0% = a +11.6 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. A spread this wide means every rupee reinvested creates more than a rupee of value — the engine compounds.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.24.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Rubicon Research Ltd carries total debt of ₹311 Cr against shareholder equity of ₹1,289 Cr as of Mar 26, a debt-to-equity of 0.24 — effectively unlevered. On the annual view that ratio went from 0.80 in FY25 to 0.24 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Mar 26: total debt of ₹311 Cr against shareholder equity of ₹1,289 Cr — a debt-to-equity of 0.24. On the annual view, debt-to-equity went from 0.80 (FY25) to 0.24 (FY26). The returns on this page are earned, not borrowed.

→ Who owns this, and are they adding or leaving? Next: the register is quiet.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

No holder of Rubicon Research Ltd moved a full percentage point over the last two years — the register is quiet. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — .

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Rubicon Research Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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