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 ₹1,619, in a confirmed uptrend and 35 weeks into that stage. That is +54.9% against its own 200-day average. It sits at 100% of a 52-week range of ₹577 to ₹1,619. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 37 straight weeks.

Today the stock is in a confirmed uptrend — week 35 of stage 2, confirmed. At ₹1,619 it trades +54.9% versus its 200-day average and sits at 100% of its 52-week range (₹577–₹1,619).

Against the market, two honest reads. Cumulative: over the last 10 months the stock moved +162% while the NIFTY 500 moved −1% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 37 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.

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 93.0× P/E, at the pricey end of its own range (88th percentile). Its long-run median P/E is 65.5×, 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 93.0× is at the pricey end of its own range (88th percentile), against a long-run median of 65.5× 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.

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.

4-Factor Sector Score

62.3/100 — rank 7 of 44 in Pharma - Formulators · 73% evidence confidence

Rubicon Research Ltd scores 62.3 out of 100 against the 44 companies it is compared with in Pharma - Formulators, ranking 7. 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: 24.4 + 21.8 + 6.1 + 10 = 62.3. 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 ₹534 Cr of revenue in the Jun 26 quarter, +51.7% year on year. That is the 5th 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 ₹1,936 Cr.

FY26 revenue came in at ₹1,754 Cr (+36.6% on the year), capping 6 years at 37.2% compound. The latest quarter (Jun 26) printed ₹534 Cr, +51.7% year on year — the 5th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +46.7% growth against the decade's 37.2% — the current year is running faster than its own long-run rate.

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 24.0% in the Jun 26 quarter, +2.0 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 24.0%, +2.0 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 +1.7 pp year on year while gross margin went −2.4 pp — the gain came mostly from the gross line: input costs and pricing.

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 ₹85.0 Cr of net profit in the Jun 26 quarter, +97.7% year on year. It is the 5th consecutive quarter of growth. Full-year FY26 profit was ₹247 Cr. The 6-year compound rate is 30.9%. That is 15.9% of the quarter's revenue. The same quarter a year earlier earned ₹43.0 Cr.

Jun 26 profit was ₹85.0 Cr, +97.7% year on year — the 5th 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 +51.7% and the margin +2.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.

Pace comparison, last four quarters: profit +90.6% vs revenue +46.7%. 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.

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 ₹284 Cr of capital spending, ₹−79.0 Cr was left as free cash.

FY26: operating cash of ₹205 Cr against reported profit of ₹247 Cr, leaving free cash of ₹−79.0 Cr after ₹284 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 24 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.

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 371 days in FY26, down from 395 days in FY21. Capital spending ran ₹470 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 ₹1,783 Cr sits inside the business at any moment.

FY26: debtors at 106 days, inventory at 550 days — roughly 18.1 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 371 days, tighter than FY21's 395.

The full loop: cash goes out to suppliers and production on day 0; stock waits 550 days to sell; customers pay about 106 days after that; and suppliers themselves are paid at 285 days — netting out to the 371-day cycle.

In money terms: at FY26 sales of ₹1,754 Cr, each day of the cycle holds about ₹4.8 Cr — so the 371-day loop keeps roughly ₹1,783 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹470 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 ₹41.0 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.

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 +11.5 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: 23.5% − 12.0% = a +11.5 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.

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.

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 — .

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 reads 8.61. A Z-score above roughly 3 reads as safe and below roughly 1.8 as the distress zone, so this sits well clear of distress. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure.

Why it matters: a Z-score of 8.61 sits well clear of the distress zone — the balance sheet is not the risk here.

The safety line in one sentence: the Z-score reads 8.61.

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