Stock market indices
Nifty 500
Market Cap
₹23,977 Cr
RUBICON · NSE
Share Price
₹1,436.60
-0.82% today
Revenue
₹1,754 Cr
FY 2025-26 · +36.6% YoY
EBITDA
₹400 Cr
Margin 22.8%
Net Profit
₹247 Cr
FY 2025-26 · +85.4% YoY
P/E (TTM)
85.4x
P/B 19.1x
ROE
27.0%
ROCE 27.7%
Debt / Equity
0.40
Interest cover 11.9x
About Rubicon Research Limited
Data last updated:
Rubicon Research Limited is a public limited company based in Thane, Maharashtra, India, a subsidiary of General Atlantic Singapore Rr. It operates in the chemical products segment of the chemicals sector. It was incorporated on 06 May 1999 and has been in existence for over 27 years.
Rubicon Research is part of the Nifty 500 index.
The company is registered with the Registrar of Companies (ROC), Mumbai, under CIN L73100MH1999PLC119744. Its GSTIN is 27AABCR1422M1ZF (Maharashtra). It is a listed company as per MCA records. Its shares are listed on BSE: 544578 and NSE: RUBICON.
The company has an authorised share capital of ₹23.9 Cr and a paid-up capital of ₹16.55 Cr. It was formerly known as Rubicon Consultants Private Limited. It is led by directors including Pratibha Sudhir Pilgaonkar (Managing Director) and Shantanu Rastogi.
Its last annual general meeting (AGM) was held on 26 August 2026, and its latest financial statements are for the year ended 31 March 2026. The registered office is at Medone House B – 75 Road No. 33 Wagle Estate Thane West, Maharashtra, India – 400604.
As per the latest consolidated financials for FY 2025-26, the company reported a revenue of ₹1,753.96 Cr, a growth of 36.6% compared to the previous year. For the same year it recorded a net profit of ₹246.69 Cr (net margin 14.1%) and EBITDA of ₹400.24 Cr (EBITDA margin 22.8%). The net worth stands at ₹1,288.82 Cr (up 138.2% YoY). Total assets are valued at ₹1,619.16 Cr (up 61.6% YoY).
The company has about 827 employees on its provident fund (EPFO) records.
The company is associated with 1 brand: Rubicon Research. As per MCA filings, the company has open charges of ₹948.26 Cr and satisfied charges of ₹160.69 Cr on record. Court records list 4 cases involving the company, including 4 filed against it; 1 case is pending. The company has 22 deals on record (13 secondary share transfers, 4 funding rounds, 3 market trades), with disclosed funding of ₹260.6 Cr; the latest was in August 2026. Its 9 peer companies in the Pharma industry (Formulations), with the same principal business activity (chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products) are compared by revenue, 4 larger and 5 smaller; the largest is Orchid Pharma Limited with revenue of ₹949.4 Cr. The company has 13 MSME Form 1 returns on record between 2019 and 2023, listing 730 overdue payments to 90 micro and small suppliers.
The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website rubicon.co.in.
Company details
CIN L73100MH1999PLC119744
Registration Number 119744
Incorporation Date 06 May 1999
ROC Mumbai
Listing Status Listed - Listed on NSE (RUBICON); Listed on BSE (544578)
Company Status Active
Date of Last AGM 26 August 2026
Date of Balance Sheet 31 March 2026
Parent Company General Atlantic Singapore Rr
Compliance Status Active Compliant
Name history
Rubicon Research has undergone 2 name changes throughout its history. The company was previously known as Rubicon Consultants Private Limited, and Rubicon Research Limited. The current legal name is Rubicon Research Limited.
| Company Name | Status |
|---|---|
| Rubicon Research Limited | Current |
| Rubicon Consultants Private Limited | Previous |
CIN history
Rubicon Research has 2 previous CINs, indicating changes in the company's corporate structure or registration details. The current CIN is L73100MH1999PLC119744, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| L73100MH1999PLC119744 | Current |
| U73100MH1999PTC119744 | Previous |
| U73100MH1999PLC119744 | Previous |
Key People
Pratibha Sudhir Pilgaonkar Managing Director Shantanu Rastogi Director Parag Suganchand Sancheti Director Recognitions & Rankings of Rubicon Research
Contact details
Rubicon Research Limited's registered office is in Thane, Maharashtra.
- Social Media
- Registered AddressMedone House B – 75 Road No. 33 Wagle Estate Thane West, Maharashtra, India – 400604
- IndustryChemicals, Chemical Products, Medicinal Chemical & Botanical Products, Pharmaceuticals
Comprehensive company report
Rubicon Research Limited - one report that includes everything
- Company details, directors and signatories
- Historical financials and ratios
- Shareholding pattern and group structure
- Charges with holder and property details
- Legal cases, compliance and MCA filings
₹799 ₹999 20% off excluding 18% GST
Secure checkout · GST invoice included
Brands
Rubicon Research operates one associated brand: Rubicon Research. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Drug development services are offered through proprietary delivery technologies. | rubicon.co.in |
Business activity
The main business activities of Rubicon Research are manufacturing and professional, scientific and technical. In detail, this covers chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products and scientific research and development. 2 activity segments are registered with the MCA.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| C | Manufacturing | C6 | Chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products | |
| M | Professional, Scientific and Technical | M5 | Scientific research and development |
To see the full business activity and turnover split of Rubicon Research Limited, buy the company report.
Financials of Rubicon Research Limited
FY 2025-26 filings availableRubicon Research Limited reported revenue of ₹1,753.96 Cr (up 36.6% YoY) for FY 2025-26.
Financial Highlights
FY 2025-26 · ConsolidatedRevenue
₹1,754 Cr
+36.6% YoY
EBITDA
₹400 Cr
+51.5% YoY
Profit After Tax
₹247 Cr
+85.4% YoY
Net Worth
₹1,289 Cr
+138.2% YoY
Total Assets
₹1,619 Cr
+61.6% YoY
Total Debt
₹311 Cr
-25.5% YoY
Revenue vs Net Profit ₹ Cr
Margin trends
Financial summary ₹ Cr
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 1,754 | 1,284 | 854 | 394 | 314 | 315 | 263 |
| Revenue growth | +36.6% | +50.4% | +117.0% | +25.5% | -0.4% | +19.7% | - |
| EBITDA | 400 | 264 | 155 | 18.48 | (39.23) | 91.65 | 80.59 |
| EBITDA margin | +22.8% | +20.6% | +18.1% | +4.7% | -12.5% | +29.1% | +30.6% |
| Profit before tax | 321 | 195 | 103 | (11.06) | (66.11) | 63.10 | 74.01 |
| Net profit | 247 | 133 | 90.99 | (16.93) | (67.56) | 30.43 | 47.82 |
| Net profit margin | +14.1% | +10.4% | +10.7% | -4.3% | -21.6% | +9.7% | +18.2% |
| EPS (₹) | 14.95 | 8.72 | 5.98 | (33.31) | (132.38) | 60.53 | 97.46 |
| Balance sheet | |||||||
| Total assets | 1,619 | 1,002 | 847 | 609 | 482 | 474 | 379 |
| Net worth | 1,289 | 541 | 385 | 286 | 305 | 374 | 340 |
| Total debt | 311 | 418 | 425 | 320 | 175 | 93.28 | 30.27 |
| Cash & bank | 346 | 116 | 58.39 | 58.91 | 52.60 | 85.99 | 35.80 |
| Net working capital | 974 | 614 | 501 | 363 | 255 | 270 | 194 |
| Cash flow | |||||||
| Cash from operations | 205 | 159 | 21.01 | (74.75) | (62.63) | 61.67 | 5.47 |
| Cash from investing | (407) | (64.99) | (68.38) | (32.31) | (45.91) | (46.09) | (84.34) |
| Cash from financing | 283 | (39.81) | 43.55 | 123 | 63.05 | 51.50 | 80.07 |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 534 | 514 | 476 | 412 | 352 | 358 | 313 | 296 |
| Revenue growth (YoY) | +51.6% | +43.5% | +51.7% | +39.2% | +11.3% | - | - | - |
| Other income | 5.68 | 2.61 | 3.79 | 0.70 | 0.63 | 0.10 | 0.49 | 2.66 |
| EBITDA | 129 | 119 | 108 | 94.30 | 79.11 | 72.48 | 69.90 | 61.66 |
| EBITDA margin | +24.2% | +23.1% | +22.7% | +22.9% | +22.4% | +20.2% | +22.3% | +20.8% |
| Depreciation | 15.14 | 12.27 | 11.55 | 11.87 | 9.57 | 9.66 | 9.42 | 8.15 |
| Interest | 9.29 | 10.36 | 9.77 | 11.42 | 10.62 | 11.85 | 7.82 | 7.02 |
| Profit before tax | 110 | 98.69 | 90.60 | 71.71 | 59.55 | 51.07 | 53.15 | 49.15 |
| Tax | 25.59 | 21.90 | 17.79 | 17.85 | 16.25 | 14.81 | 15.08 | 14.68 |
| Net profit | 84.78 | 76.79 | 72.81 | 53.86 | 43.30 | 36.26 | 38.07 | 34.47 |
| EPS (₹) | 5.08 | 4.60 | 4.41 | 3.47 | 2.79 | 2.34 | 2.46 | 2.23 |
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 1,306 | 1,074 | 631 | 394 | 400 | 331 | 263 |
| Revenue growth | +21.6% | +70.3% | +60.2% | -1.6% | +20.7% | +26.0% | - |
| EBITDA | 311 | 270 | 73.12 | 18.48 | 40.06 | 111 | 89.74 |
| EBITDA margin | +23.8% | +25.1% | +11.6% | +4.7% | +10.0% | +33.6% | +34.1% |
| Profit before tax | 253 | 223 | 34.07 | (11.06) | 16.91 | 85.37 | 83.67 |
| Net profit | 189 | 168 | 24.33 | (16.93) | 16.31 | 52.94 | 57.79 |
| Net profit margin | +14.5% | +15.7% | +3.9% | -4.3% | +4.1% | +16.0% | +22.0% |
| EPS (₹) | 11.40 | 10.87 | 1.60 | (33.31) | 32.91 | 104.46 | 116.52 |
| Balance sheet | |||||||
| Total assets | 1,641 | 1,085 | 892 | 609 | 600 | 508 | 391 |
| Net worth | 1,353 | 668 | 476 | 286 | 429 | 411 | 355 |
| Total debt | 276 | 408 | 412 | 320 | 169 | 92.93 | 30.27 |
| Cash & bank | 251 | 37.11 | 48.25 | 58.91 | 43.50 | 78.65 | 33.29 |
| Net working capital | 1,080 | 695 | 446 | 363 | 323 | 286 | 197 |
| Cash flow | |||||||
| Cash from operations | 38.71 | 29.65 | 83.20 | (74.75) | (71.10) | 46.85 | 9.25 |
| Cash from investing | (270) | (10.22) | (130) | (32.31) | (43.20) | (28.88) | (84.14) |
| Cash from financing | 297 | (34.05) | 45.86 | 123 | 65.22 | 52.18 | 75.91 |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 428 | 390 | 302 | 336 | 278 | 301 | 245 | 255 |
| Revenue growth (YoY) | +53.8% | +29.6% | +23.2% | +32.0% | +1.7% | - | - | - |
| Other income | 2.41 | 3.58 | 4.30 | 1.51 | 1.44 | 11.97 | 2.33 | 2.82 |
| Total expenses | 303 | 284 | 239 | 257 | 215 | 240 | 181 | 186 |
| EBITDA | 125 | 106 | 62.25 | 79.10 | 63.14 | 61.31 | 63.90 | 68.41 |
| EBITDA margin | +29.2% | +27.2% | +20.6% | +23.5% | +22.7% | +20.4% | +26.1% | +26.8% |
| Depreciation | 10.57 | 10.17 | 9.51 | 9.78 | 8.30 | 8.57 | 7.93 | 7.32 |
| Interest | 6.01 | 5.40 | 7.51 | 9.21 | 8.85 | 10.78 | 7.25 | 6.38 |
| Profit before tax | 111 | 94.18 | 49.53 | 61.62 | 47.43 | 53.93 | 51.05 | 57.53 |
| Tax | 28.21 | 24.17 | 12.35 | 15.82 | 12.28 | 13.66 | 12.83 | 14.65 |
Financial Statements
Figures in ₹ Cr; negatives in brackets. Updated 22 Oct 2026
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 534 | 514 | 476 | 412 | 352 | 358 | 313 | 296 |
| Revenue growth (YoY) | +51.6% | +43.5% | +51.7% | +39.2% | +11.3% | - | - | - |
| Other income | 5.68 | 2.61 | 3.79 | 0.70 | 0.63 | 0.10 | 0.49 | 2.66 |
| EBITDA | 129 | 119 | 108 | 94.30 | 79.11 | 72.48 | 69.90 | 61.66 |
| EBITDA margin | +24.2% | +23.1% | +22.7% | +22.9% | +22.4% | +20.2% | +22.3% | +20.8% |
| Depreciation | 15.14 | 12.27 | 11.55 | 11.87 | 9.57 | 9.66 | 9.42 | 8.15 |
| Interest | 9.29 | 10.36 | 9.77 | 11.42 | 10.62 | 11.85 | 7.82 | 7.02 |
| Profit before tax | 110 | 98.69 | 90.60 | 71.71 | 59.55 | 51.07 | 53.15 | 49.15 |
| Tax | 25.59 | 21.90 | 17.79 | 17.85 | 16.25 | 14.81 | 15.08 | 14.68 |
| Net profit | 84.78 | 76.79 | 72.81 | 53.86 | 43.30 | 36.26 | 38.07 | 34.47 |
| EPS (₹) | 5.08 | 4.60 | 4.41 | 3.47 | 2.79 | 2.34 | 2.46 | 2.23 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 1,754 | 1,284 | 854 | 394 | 314 | 315 | 263 |
| Revenue growth | +36.6% | +50.4% | +117.0% | +25.5% | -0.4% | +19.7% | - |
| Other income | 7.73 | 3.63 | 18.50 | 25.48 | 16.85 | 10.13 | 18.07 |
| Total expenses | 1,354 | 1,020 | 699 | 375 | 353 | 223 | 182 |
| Employee cost | 256 | 211 | 125 | 97.12 | 78.90 | 55.82 | 42.91 |
| EBITDA | 400 | 264 | 155 | 18.48 | (39.23) | 91.65 | 80.59 |
| EBITDA margin | +22.8% | +20.6% | +18.1% | +4.7% | -12.5% | +29.1% | +30.6% |
| Depreciation | 45.26 | 36.59 | 38.97 | 36.06 | 34.01 | 29.31 | 18.45 |
| Interest | 42.17 | 36.78 | 31.26 | 18.96 | 9.72 | 9.37 | 6.20 |
| Profit before tax | 321 | 195 | 103 | (11.06) | (66.11) | 63.10 | 74.01 |
| Tax | 73.80 | 60.16 | 11.85 | 5.84 | 1.01 | 32.43 | 24.60 |
| Net profit | 247 | 133 | 90.99 | (16.93) | (67.56) | 30.43 | 47.82 |
| Net profit margin | +14.1% | +10.4% | +10.7% | -4.3% | -21.6% | +9.7% | +18.2% |
| EPS (₹) | 14.95 | 8.72 | 5.98 | (33.31) | (132.38) | 60.53 | 97.46 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Equity & liabilities | |||||||
| Share capital | 16.51 | 15.41 | 15.21 | 5.07 | 5.07 | 5.07 | 5.07 |
| Reserves & surplus | 1,272 | 526 | 370 | 281 | 300 | 369 | 335 |
| Shareholders' funds (net worth) | 1,289 | 541 | 385 | 286 | 305 | 374 | 340 |
| Minority interest | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Secured loans | 259 | 393 | 396 | 318 | 169 | 92.93 | 30.27 |
| Unsecured loans | 51.64 | 24.44 | 28.11 | 2.12 | 5.80 | 0.35 | 0.00 |
| Total debt | 311 | 418 | 425 | 320 | 175 | 93.28 | 30.27 |
| Total liabilities | 1,619 | 1,002 | 847 | 609 | 482 | 474 | 379 |
| Assets | |||||||
| Gross block | 788 | 540 | 492 | 359 | 317 | 278 | 218 |
| Net block | 532 | 327 | 307 | 199 | 193 | 188 | 157 |
| Capital work in progress | 40.60 | 6.91 | 9.68 | 24.51 | 2.64 | 5.67 | 1.60 |
| Investments | 26.59 | 0.05 | 0.05 | 0.05 | 0.05 | 13.85 | 19.38 |
| Inventories | 729 | 522 | 300 | 167 | 89.59 | 62.26 | 37.77 |
| Sundry debtors | 509 | 324 | 301 | 225 | 140 | 136 | 140 |
| Cash & bank balances | 346 | 116 | 58.39 | 58.91 | 52.60 | 85.99 | 35.80 |
| Loans & advances | 98.09 | 102 | 103 | 50.49 | 46.64 | 41.55 | 31.86 |
| Total current assets | 1,682 | 1,063 | 763 | 502 | 328 | 326 | 246 |
| Total current liabilities | 708 | 449 | 263 | 139 | 73.86 | 56.38 | 51.63 |
| Net working capital | 974 | 614 | 501 | 363 | 255 | 270 | 194 |
| Total assets | 1,619 | 1,002 | 847 | 609 | 482 | 474 | 379 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | 105 | 50.60 | 54.43 | 38.67 | 84.16 | 10.91 | 9.70 |
| Net cash from operating activities | 205 | 159 | 21.01 | (74.75) | (62.63) | 61.67 | 5.47 |
| Net cash from investing activities | (407) | (64.99) | (68.38) | (32.31) | (45.91) | (46.09) | (84.34) |
| Net cash from financing activities | 283 | (39.81) | 43.55 | 123 | 63.05 | 51.50 | 80.07 |
| Net change in cash | 80.68 | 54.37 | (3.82) | 15.76 | (45.49) | 67.08 | 1.21 |
| Closing cash | 346 | 116 | 58.39 | 58.91 | 52.60 | 85.99 | 35.80 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Sales growth | +36.6% | +50.4% | +117.0% | +25.5% | -0.4% | +19.7% | - |
| EBITDA growth | +51.5% | +71.0% | +736.5% | +147.1% | -142.8% | +13.7% | - |
| PBT growth | +64.8% | +89.1% | +9998.0% | +83.3% | - | -14.7% | +9997.0% |
| Net income growth | +85.4% | +46.3% | +637.5% | +74.9% | -322.0% | -36.4% | - |
| Revenue CAGR (3Y) | +64.6% | +60.0% | +39.5% | +14.4% | - | - | - |
| EBITDA CAGR (3Y) | +178.7% | - | +19.0% | -38.8% | - | - | - |
| Profitability & leverage | |||||||
| Net income margin | +14.1% | +10.5% | +10.7% | -4.3% | -21.4% | +9.8% | +18.8% |
| Return on capital employed | +27.7% | +25.0% | +18.4% | +1.5% | -11.8% | +17.0% | +21.2% |
| Return on net worth | +27.0% | +29.0% | +27.1% | -5.7% | -19.8% | +8.6% | +14.5% |
| Debt / equity | 0.40 | 0.91 | 1.11 | 0.84 | 0.39 | 0.17 | 0.09 |
| Long-term debt / equity | 0.14 | 0.21 | 0.32 | 0.27 | 0.15 | 0.06 | 0.01 |
| Interest cover | 11.88 | 16.16 | 27.04 | -107.85 | -13.27 | 15.03 | 9.98 |
| Efficiency & per share | |||||||
| Fixed asset turnover | 2.64 | 2.49 | 2.01 | 1.17 | 1.05 | 1.27 | 1.21 |
| Inventory turnover | 2.80 | 3.12 | 3.65 | 3.06 | 4.13 | 6.29 | 6.96 |
| Debtors turnover | 4.21 | 4.11 | 3.24 | 2.16 | 2.27 | 2.28 | 1.88 |
| EPS (₹) | 14.95 | 8.72 | 5.98 | (33.31) | (132.38) | 60.53 | 97.46 |
| Dividend per share (₹) | 1.50 | 0.02 | 0.02 | 0.50 | 0.50 | 1.00 | 1.97 |
| Book value per share (₹) | 78.07 | 35.10 | 25.31 | 564.84 | 602.36 | 737.96 | 671.60 |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 428 | 390 | 302 | 336 | 278 | 301 | 245 | 255 |
| Revenue growth (YoY) | +53.8% | +29.6% | +23.2% | +32.0% | +1.7% | - | - | - |
| Other income | 2.41 | 3.58 | 4.30 | 1.51 | 1.44 | 11.97 | 2.33 | 2.82 |
| Total expenses | 303 | 284 | 239 | 257 | 215 | 240 | 181 | 186 |
| EBITDA | 125 | 106 | 62.25 | 79.10 | 63.14 | 61.31 | 63.90 | 68.41 |
| EBITDA margin | +29.2% | +27.2% | +20.6% | +23.5% | +22.7% | +20.4% | +26.1% | +26.8% |
| Depreciation | 10.57 | 10.17 | 9.51 | 9.78 | 8.30 | 8.57 | 7.93 | 7.32 |
| Interest | 6.01 | 5.40 | 7.51 | 9.21 | 8.85 | 10.78 | 7.25 | 6.38 |
| Profit before tax | 111 | 94.18 | 49.53 | 61.62 | 47.43 | 53.93 | 51.05 | 57.53 |
| Tax | 28.21 | 24.17 | 12.35 | 15.82 | 12.28 | 13.66 | 12.83 | 14.65 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 1,306 | 1,074 | 631 | 394 | 400 | 331 | 263 |
| Revenue growth | +21.6% | +70.3% | +60.2% | -1.6% | +20.7% | +26.0% | - |
| Other income | 10.83 | 19.68 | 26.43 | 25.48 | 17.38 | 10.74 | 18.07 |
| Total expenses | 995 | 804 | 557 | 375 | 360 | 220 | 173 |
| Employee cost | 164 | 128 | 84.71 | 97.12 | 59.29 | 41.29 | 33.68 |
| EBITDA | 311 | 270 | 73.12 | 18.48 | 40.06 | 111 | 89.74 |
| EBITDA margin | +23.8% | +25.1% | +11.6% | +4.7% | +10.0% | +33.6% | +34.1% |
| Depreciation | 37.75 | 32.01 | 34.95 | 36.06 | 31.51 | 27.77 | 18.07 |
| Interest | 30.96 | 34.29 | 30.53 | 18.96 | 9.02 | 9.00 | 6.07 |
| Profit before tax | 253 | 223 | 34.07 | (11.06) | 16.91 | 85.37 | 83.67 |
| Tax | 64.62 | 55.74 | 9.73 | 5.84 | 0.24 | 32.43 | 24.60 |
| Net profit | 189 | 168 | 24.33 | (16.93) | 16.31 | 52.94 | 57.79 |
| Net profit margin | +14.5% | +15.7% | +3.9% | -4.3% | +4.1% | +16.0% | +22.0% |
| EPS (₹) | 11.40 | 10.87 | 1.60 | (33.31) | 32.91 | 104.46 | 116.52 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Equity & liabilities | |||||||
| Share capital | 16.51 | 15.41 | 15.21 | 5.07 | 5.07 | 5.07 | 5.07 |
| Reserves & surplus | 1,337 | 652 | 461 | 281 | 424 | 406 | 350 |
| Shareholders' funds (net worth) | 1,353 | 668 | 476 | 286 | 429 | 411 | 355 |
| Secured loans | 116 | 329 | 304 | 318 | 155 | 81.63 | 30.27 |
| Unsecured loans | 160 | 79.32 | 108 | 2.12 | 14.42 | 11.30 | 0.00 |
| Total debt | 276 | 408 | 412 | 320 | 169 | 92.93 | 30.27 |
| Total liabilities | 1,641 | 1,085 | 892 | 609 | 600 | 508 | 391 |
| Assets | |||||||
| Gross block | 652 | 461 | 410 | 359 | 299 | 265 | 211 |
| Net block | 416 | 259 | 232 | 199 | 181 | 177 | 151 |
| Capital work in progress | 25.65 | 6.39 | 9.68 | 24.51 | 2.64 | 4.42 | 1.60 |
| Investments | 43.39 | 35.71 | 33.71 | 0.05 | 18.62 | 32.32 | 35.30 |
| Inventories | 348 | 258 | 181 | 167 | 57.55 | 56.58 | 37.77 |
| Sundry debtors | 713 | 501 | 252 | 225 | 234 | 154 | 140 |
| Cash & bank balances | 251 | 37.11 | 48.25 | 58.91 | 43.50 | 78.65 | 33.29 |
| Loans & advances | 102 | 154 | 88.75 | 50.49 | 63.35 | 50.69 | 39.74 |
| Total current assets | 1,414 | 950 | 571 | 502 | 398 | 340 | 251 |
| Total current liabilities | 335 | 256 | 125 | 139 | 74.89 | 53.34 | 53.71 |
| Net working capital | 1,080 | 695 | 446 | 363 | 323 | 286 | 197 |
| Total assets | 1,641 | 1,085 | 892 | 609 | 600 | 508 | 391 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | 25.85 | 40.47 | 41.76 | 38.67 | 78.65 | 8.50 | 7.48 |
| Net cash from operating activities | 38.71 | 29.65 | 83.20 | (74.75) | (71.10) | 46.85 | 9.25 |
| Net cash from investing activities | (270) | (10.22) | (130) | (32.31) | (43.20) | (28.88) | (84.14) |
| Net cash from financing activities | 297 | (34.05) | 45.86 | 123 | 65.22 | 52.18 | 75.91 |
| Net change in cash | 65.93 | (14.62) | (1.29) | 15.76 | (49.08) | 70.14 | 1.02 |
| Closing cash | 251 | 37.11 | 48.25 | 58.91 | 43.50 | 78.65 | 33.29 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Sales growth | +21.6% | +70.3% | +60.2% | -1.6% | +20.7% | +26.0% | - |
| EBITDA growth | +15.1% | +269.1% | +295.7% | -53.9% | -64.0% | +24.1% | - |
| PBT growth | +13.2% | +555.3% | +9998.0% | - | -80.2% | +2.0% | +9997.0% |
| Net income growth | +12.2% | +592.1% | +243.7% | -203.8% | -69.2% | -8.4% | - |
| Revenue CAGR (3Y) | +49.2% | +39.0% | +23.9% | +14.4% | - | - | - |
| EBITDA CAGR (3Y) | +156.2% | +88.9% | -13.1% | -41.0% | - | - | - |
| Profitability & leverage | |||||||
| Net income margin | +14.4% | +15.6% | +3.9% | -4.3% | +4.2% | +16.0% | +22.5% |
| Return on capital employed | +20.8% | +26.1% | +8.6% | +1.3% | +4.7% | +21.0% | +28.0% |
| Return on net worth | +18.6% | +29.3% | +6.4% | -4.7% | +4.0% | +13.8% | +21.2% |
| Debt / equity | 0.34 | 0.72 | 0.96 | 0.68 | 0.31 | 0.16 | 0.14 |
| Long-term debt / equity | 0.11 | 0.16 | 0.27 | 0.22 | 0.12 | 0.06 | 0.06 |
| Interest cover | 11.34 | 14.41 | 79.98 | -107.85 | 105.50 | 10.76 | 8.47 |
| Efficiency & per share | |||||||
| Fixed asset turnover | 2.35 | 2.46 | 1.64 | 1.20 | 1.42 | 1.39 | 1.63 |
| Inventory turnover | 4.31 | 4.89 | 3.62 | 3.50 | 7.01 | 7.02 | 9.22 |
| Debtors turnover | 2.15 | 2.85 | 2.64 | 1.72 | 2.06 | 2.25 | 2.34 |
| EPS (₹) | 11.40 | 10.87 | 1.60 | (33.31) | 32.91 | 104.46 | 116.52 |
| Dividend per share (₹) | 1.50 | 0.02 | 0.02 | 0.50 | 0.00 | 0.00 | 1.97 |
| Book value per share (₹) | 81.97 | 43.33 | 31.29 | 564.84 | 845.39 | 811.56 | 701.08 |
To see the full year-wise statements and ratios of Rubicon Research Limited, buy the company report.
Board of directors of Rubicon Research Limited
Rubicon Research has 8 current directors and 16 former directors. Current directors are listed first, with their designation and appointment date.
Current Directors
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Shantanu Rastogi | Director | 03 Apr 2019 | 7 Years 6 Months | Current |
| Parag Suganchand Sancheti | Director | 27 Jan 2017 | 9 Years 8 Months | Current |
| Pratibha Sudhir Pilgaonkar | Managing Director | 01 Jun 2000 | 26 Years 4 Months | Current |
| Pradnya Nandkumar Saravade Also directs: Asg Hospital Limited, Jio Credit Limited | Director | 03 Feb 2026 | 0 Years 8 Months | Current |
| Milind Anil Patil Also directs: Parag Milk Foods Limited | Director | 11 Jul 2024 | 2 Years 3 Months | Current |
| Kumarapuram Gopalakrishnan Ananthakrishnan Also directs: Gujarat Themis Biosyn Ltd, Cohance Lifesciences Limited, Sapala Organics Private Limited and 1 more | Director | 11 Jun 2024 | 2 Years 4 Months | Current |
Showing 6 of 8 current directors. View all directors
Peer comparison
Rubicon Research Limited is compared with the 9 companies closest to it by revenue in the Pharma industry (Formulations), with the same principal business activity (chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products), from the latest filed financials of each company.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Rubicon Research Limitedthis company | ₹1,753.96 Cr (FY 2026) | ₹246.69 Cr | 14.1% | 36.6% | Thane, Maharashtra, India | |
| Orchid Pharma Limited | ₹949.4 Cr (FY 2025) | 12.0% | Chengalpattu, Tamil Nadu, India | |||
| Fresenius Kabi India Private Limited | ₹934 Cr (FY 2025) | 10.0% | Ranjangaon, Maharashtra, India | |||
| Lee Pharma Limited | ₹928.7 Cr (FY 2025) | 2.0% | Hyderabad, Telangana, India | |||
| Punjab Chemicals and Crop Protection Limited | ₹901.95 Cr (FY 2025) | -4.0% | Derabassi, Punjab, India | |||
| Fresenius Kabi Oncology Limited | ₹848.26 Cr (FY 2025) | 4.0% | New Delhi, Delhi, India | |||
| Scott Edil Pharmacia Limited | ₹847.96 Cr (FY 2025) | 7.0% | Chandigarh, India | |||
| Bliss GVS Pharma Limited | ₹846.22 Cr (FY 2025) | 6.0% | Mumbai, Maharashtra, India | |||
| Apex Laboratories Private Limited | ₹834.88 Cr (FY 2025) | 7.0% | Chennai, Tamil Nadu, India | |||
| Gufic Biosciences Limited | ₹823.43 Cr (FY 2025) | 2.0% | Mumbai, Maharashtra, India |
To see the full peer comparison of Rubicon Research Limited, buy the company report.
Charges & borrowings
Open charges
₹948.26 Cr
Satisfied charges
₹160.69 Cr
Breakdown by lending institutions
Latest charge details
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 16 Sep 2026 | 101404627 | The Hongkong and Shanghai Banking Corporation Limited | ₹70 Cr | Open | |
| 20 May 2025 | 101120909 | Others | ₹70 Cr | Open | |
| 22 Apr 2024 | 100915519 | Others | ₹50 Cr | Open | |
| 21 Aug 2023 | 100766942 | Dbs Bank Ltd | ₹1.3 Cr | Open | |
| 21 Jul 2023 | 100753618 | Dbs Bank Ltd | ₹20 Cr | Open |
To see the full charge records of Rubicon Research Limited, buy the company report.
Total charge records: 41 View all charges
Deals & funding
Rubicon Research Limited has 22 deals on record (13 secondary share transfers, 4 funding rounds, 3 market trades), with disclosed funding of ₹260.6 Cr; the latest was in August 2026.
Total deals
22
Secondary share transfers
13
Funding rounds
4
Market trades
3
IPO
1
Disclosed funding
₹260.6 Cr
Deals on record (5 of 22)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Aug 2026 | Market trade | ₹2,159.61 Cr | Buyer: Hdfc Mutual Fund, Icici Prudential Mutual Fund, Kotak Mahindra Mutual Fund Seller: General Atlantic Singapore Rr Pte Ltd |
| Oct 2025 | Market trade | ₹174.72 Cr | Buyer: Nomura Funds Ireland Plc Nomura Funds Ireland India Equity Fund, Junomoneta Finsol Private Limited Seller: Junomoneta Finsol Private Limited |
| Oct 2025 | IPO | ₹1,377.5 Cr | Investors: Societe Generale, HDFC Life Insurance Company Limited Seller: General Atlantic Singapore RR Pte. Ltd |
| Sep 2025 | Secondary share transfer | Undisclosed | Buyer: Think Investments, 360 ONE (IIFL Asset Management) Seller: General Atlantic |
| Aug 2025 | Secondary share transfer | Undisclosed | Buyer: Amansa Capital Seller: General Atlantic |
To see the full deal history of Rubicon Research Limited, buy the company report.
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal cases
Rubicon Research Limited has 4 court cases on record: 4 filed against it. 1 case is pending and 3 are disposed.
Total cases
4
Filed against the company
4
Pending
1
Disposed
3
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| District courts | 4 | 4 | 1 |
Cases on record (4 of 4)
| Court | Type of case | Party | Status |
|---|---|---|---|
| District court, Thane, Maharashtra | Civil suit | Filed against the company by Hesiba Manpower and Security Pvt Ltd | Disposed |
| District court, Thane, Maharashtra | Civil suit | Filed against the company by Maharashtra Private Security Guard Through Priyanka Nikam | Pending |
| District court, Mumbai City Civil Court, Maharashtra | Interim or miscellaneous application | Filed against the company by an individual | Disposed |
| District court, Mumbai City Civil Court, Maharashtra | Interim or miscellaneous application | Filed against the company by an individual | Disposed |
To see the full case history of Rubicon Research Limited, buy the company report.
Case records are compiled from court listings and may lag the court's own records. A case filed against a company is not a finding against it.
Credit ratings & regulatory alerts
Rubicon Research Limited was last rated by Care on 06 Apr 2022.
| Rating agency | Rated on | Rating |
|---|---|---|
| Care | 06 Apr 2022 |
To see the full credit ratings and regulatory alerts of Rubicon Research Limited, buy the company report.
MSME payment delays
Rubicon Research Limited has 13 MSME Form 1 returns on record between 2019 and 2023, listing 730 overdue payments to 90 micro and small suppliers. Companies must report dues to micro and small suppliers that stay unpaid for more than 45 days in a half-yearly MSME Form 1 return.
Suppliers with reported dues (5 of 90)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| Webtech Industries | |||
| Finar Limited | |||
| an individual supplier | |||
| an individual supplier | |||
| N.Sunderlal and Co. |
To see the full MSME payment records of Rubicon Research Limited, buy the company report.
Individuals and sole proprietors among the suppliers are not named.
GST
Rubicon Research has 1 GST registration: 1 active.
Total GSTINs
1
Active
1
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 27AABCR1422M1ZF | Maharashtra | Active | 01 Jul 2017 |
To see the full GST registrations and return filing status of Rubicon Research Limited, buy the company report.
Recent activity
Rubicon Research Limited has 25 board changes on record since 2000: 10 appointments and 15 cessations. The latest: Pradnya Nandkumar Saravade was appointed as Director on 03 Feb 2026.
Charges
A charge with The Hongkong And Shanghai Banking Corporation Limited amounted to Rs. 70.00 Cr with Charge ID 101404627 was registered on 16 Sep 2026.
Charges
A charge with Others of Rs. 70.00 Cr registered on 20 May 2025 with Charge ID 101120909 was modified on 16 Sep 2026.
Charges
A charge registered on 08 Feb 2022 via Charge ID 100555766 with Hdfc Bank Limited was fully satisfied on 16 Sep 2026.
AGM
Rubicon Research Limited last Annual general meeting of members was held on 26 Aug 2026 as per latest MCA records.
Filing
Rubicon Research Limited has filed its annual Financial statements for the year ended 31 Mar 2026 with Roc Mumbai Ii.
Appointed
Pradnya Nandkumar Saravade was appointed as Director.
Charges
A charge with The Hongkong And Shanghai Banking Corporation Limited of Rs. 196.00 Cr registered on 10 Sep 2020 with Charge ID 100386038 was modified on 15 Jan 2026.
Charges
A charge with Others amounted to Rs. 70.00 Cr with Charge ID 101120909 was registered on 20 May 2025.
Ceased
Anand Agarwal ceased to be Nominee Director.
Appointed
Anand Agarwal was appointed as Nominee Director.
Ceased
Pratik Umesh Shah ceased to be Company Secretary.
Appointed
Milind Anil Patil was appointed as Director.
101 earlier events are in the company report.
News
Frequently asked questions
Rubicon Research is an active public limited company based in Thane, Maharashtra, India. The company works in chemical products, within the chemicals industry. It was incorporated on 06 May 1999 (27+ years old) and is registered under CIN L73100MH1999PLC119744. Listed on BSE: 544578 and NSE: RUBICON.
Rubicon Research reported revenue of ₹1,753.96 Cr for FY 2025-26 (up 36.6% YoY) based on consolidated financials.
Rubicon Research has 8 current directors:
- Pratibha Sudhir Pilgaonkar - Managing Director
- Shantanu Rastogi - Director
- Parag Suganchand Sancheti - Director
- Pradnya Nandkumar Saravade - Director
- Milind Anil Patil - Director
- Kumarapuram Gopalakrishnan Ananthakrishnan - Director
- Changavalli Venkat - Director
- Varun Talukdar - Director
The latest financial statements of Rubicon Research on record with the MCA are for the year ended 31 March 2026. Its last annual general meeting was held on 26 August 2026. Year-wise statements from 2015 are in the company report.
The GSTIN of Rubicon Research is 27AABCR1422M1ZF, registered in Maharashtra.
The CIN (Corporate Identification Number) of Rubicon Research is L73100MH1999PLC119744. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Yes. Rubicon Research is a listed company as per MCA records. Its shares are listed on both BSE (code: 544578) and NSE (symbol: RUBICON).
Rubicon Research has 4 court cases on record: 4 filed against it. 1 is pending.
Rubicon Research was incorporated on 06 May 1999, making it 27+ years old. It is registered with the Registrar of Companies, Mumbai.
Rubicon Research has 22 deals on record (13 secondary share transfers, 4 funding rounds, 3 market trades), with disclosed funding of ₹260.6 Cr; the latest was in August 2026.
The peers of Rubicon Research by revenue are Orchid Pharma Limited, Fresenius Kabi India Private Limited, Lee Pharma Limited, Punjab Chemicals and Crop Protection Limited, Fresenius Kabi Oncology Limited and 4 more, all in the Pharma industry (Formulations), with the same principal business activity (chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products).
Pradnya Nandkumar Saravade was appointed as Director on 03 Feb 2026. Anand Agarwal ceased to be Nominee Director on 03 Jan 2025. Anand Agarwal was appointed as Nominee Director on 03 Jan 2025. Rubicon Research has 25 board changes on record in total.