Rubicon Research Ltd (RUBICON) — share price & stock analysis

Market cap

₹22,628 Cr

P/E

91.7×

ROE

27.0%

Book value / share

₹78.1

Revenue (FY26)

₹1,754 Cr

Profit after tax (FY26)

₹247 Cr

Weinstein stage

Stage 2 (29 weeks)

Data as of

1 July 2026

5 of the 5 things we track are currently moving the right way — nearly everything is pulling in the same direction.

Where the levels actually stand: ROCE 28% — a high-quality engine; effectively no debt; margins near the top of their band. Momentum says which way things are moving; these say where they are.

Read this number for what it is: it measures the DIRECTION of change, not the quality of the business. A mediocre business getting better scores high here; a great one having a soft quarter scores low. Profit, sales and margins count double.

The price is in a confirmed uptrend — 29 weeks and counting

Stock prices move through four repeating stages: basing (1), advancing (2), topping (3) and declining (4). This one is in Stage 2: advancing, 29 weeks in, confirmed.stage

The price sits above its rising 200-day average (₹872 today) — trends like this persist more often than they reverse, which is why the system rides them instead of guessing the top.dma_200

What would end it: two Friday closes in a row below the 200-day line. That is the house exit rule — mechanical, no debates.dma_200

From losing money in FY22 and FY23 to record profits

Over 6 years, sales went from ₹263 Cr to ₹1,754 Cr (about 37% a year), and profit from ₹49.0 Cr to ₹247 Cr.revenuenet_profit

The books show real losses in FY22 and FY23 (worst: ₹−67.0 Cr). Everything about today’s cheap-looking numbers must be read against that history — the recovery is what you are buying.net_profit

Sales exploded 44% last quarter

Mar 26 sales were ₹514 Cr, up 44% on the same quarter last year.revenue

Margins are widening — 20% → 23% in a year

Of every ₹100 of sales, the company keeps ₹23.1 as operating profit (a year ago it kept ₹20.2).opm_pct

Zoom out and this is the page's quiet hero: annual operating margin bottomed at −12.4% in FY22 and has been rebuilt to 22.8% — that recovery, not sales alone, is what powers the profit growth elsewhere on this page.operating_profit

The gross margin barely moved (69% → 67%), so the change came from running costs — the business is getting more efficient as it scales.gpm_pctopm_pct

Profit exploded 114% — mostly from selling more

Mar 26 profit after tax was ₹77.0 Cr, up 114% year on year.net_profit

Most of the profit becomes cash — but not all

Over the last 3 profitable years, the business reported ₹472 Cr of profit and collected ₹385 Cr of operating cash — about 82% conversion (2 loss years excluded — a negative denominator would flatter the ratio).operating_cash_flownet_profit

The gap sits in receivables: customers now take 106 days to pay, up from 92. Profit booked, cash pending.debtor_days

The cash cycle is tightening — money comes home faster

One rupee now takes about 337 days to go out the door as materials and come back as collected cash — down from 403 days the year before.cash_conversion_cycle

The biggest mover: inventory moving faster off the shelf (574 → 479 days).inventory_days

The asset base keeps compounding — this company builds

The productive asset base has gone from ₹157 Cr (FY20) to ₹532 Cr, with another ₹40.0 Cr of capacity under construction right now.fixed_assetscwip

The build is bigger than the cash engine: investing outflows (₹543 Cr) exceeded operating cash (₹385 Cr) over the last 3 years — the difference comes from debt or shareholders.investing_cash_flowoperating_cash_flow

Debt is small — but no longer zero, and growing

For every ₹100 shareholders have put in (and left in), the company has borrowed ₹24 — total borrowings have grown from ₹30.0 Cr to ₹311 Cr over the window.borrowings

The equity base grew even faster, so the ratio stays comfortable — but a 10× rise in absolute borrowings deserves a name (acquisitions, capex), not a shrug. Watch whether it keeps compounding.borrowings

Every ₹100 kept in the business now earns ₹28 — and the number is rising

Return on capital employed is 28.0% (a year ago: 26.0%). This is the single best test of business quality: what the company earns on the money it keeps.roce_pct

Worth studying deeper — with eyes open

The numbers lean positive, and the price is roughly fair to the delivery so far.

Best thing in the data: profit rising (₹36.0 Cr → ₹77.0 Cr).net_profit

Biggest worry: free cash flow falling (₹94.0 Cr → ₹−205 Cr).operating_cash_flow

One dissent worth hearing: our catalysts lens reads negative — “4 earnings trigger(s): Pithampur Capacity Unlock — Gross Margin Recovery, R&D Pipeline Commercialization — 24 Products Under FDA Review, Specialty Portfolio Mix”. When a lens disagrees with the committee, it is usually pointing at the thing that breaks first.

Machine-written research from Screener data — every number traces to its source column. Sector Alpha is not a SEBI-registered investment adviser; nothing here is a recommendation to buy or sell. Not investment advice.

Straight answers from the data