About Rubicon Research Limited
Data last updated: 08 January 2026
Rubicon Research Limited is a public limited company based in Thane, Maharashtra, India, a subsidiary of General Atlantic Singapore Rr. It specialises in chemical products, a part of the broader chemicals sector. Incorporated on 06 May 1999, the company has been in operation for over 27 years.
Registered with ROC Mumbai under CIN U73100MH1999PLC119744. Listed.
Capital: an authorised share capital of ₹23.9 Cr and a paid-up capital of ₹16.48 Cr. Formerly known as Rubicon Consultants Private Limited and Rubicon Research Limited. It is led by directors including Anand Agarwal and Pratibha Sudhir Pilgaonkar.
Last AGM: 08 July 2024. Financial statements filed for year ended 31 March 2024. Office: Medone House B – 75 Road No. 33 Wagle Estate Thane West, Maharashtra, India – 400604.
As per the financials filed for FY 2024, the company reported a revenue of ₹872.39 Cr, a growth of 108% compared to the previous year.
The company has a workforce of approximately 827 employees as per the latest available data. It operates as a subsidiary of General Atlantic Singapore Rr.
The company is associated with 1 brand - Rubicon Research. As per MCA filings, the company has open charges of ₹843.23 Cr and satisfied charges of ₹132.36 Cr on record.
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.
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Registered AddressMedone House B – 75 Road No. 33 Wagle Estate Thane West, Maharashtra, India – 400604
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IndustryChemicals, Chemical Products, Medicinal Chemical & Botanical Products, Pharmaceuticals
- Historical Financials and ratios
- Shareholding pattern and group structure
- Charges with holder and property details
- Litigation, compliance and MCA filings
- PDF report delivered after checkout
Name History of Rubicon Research Limited
Rubicon Research Limited 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, reflecting the company's evolution and rebranding over time.
| Company Name | Status |
|---|---|
| Rubicon Research Limited | Current |
| Rubicon Consultants Private Limited | Previous |
CIN History of Rubicon Research Limited
Rubicon Research Limited 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 |
Associated Brands with Rubicon Research Limited
Rubicon Research Limited operates one associated brand: Rubicon Research. These brands represent Rubicon Research Limited's diversified market presence and brand portfolio.
| Brand | Description | Website |
|---|---|---|
| Drug development services are offered through proprietary delivery technologies. | rubicon.co.in |
Competitors & Alternatives of Rubicon Research Limited
Brands and companies operating in the same space as Rubicon Research Limited include Jubilant Life Sciences, Akums, Nectar Lifesciences and 5 more.
| Competitor | Description | Location | Founded |
|---|---|---|---|
Jubilant Life Sciences
|
Company offering a suite of R&D and manufacturing services for small molecules and generics | Noida, India, India | 1978 |
Akums
|
CDMO focusing on spectrum of dosage forms and therapeutic segments | Delhi, India, India | 2004 |
Nectar Lifesciences
|
Cephalosporin APIs and generic formulations are manufactured. | Chandigarh, India, India | 1995 |
Windlas
|
Biopharma regulatory affairs, quality control, and strategy services are provided. | Gurugram, India, India | 2001 |
Unither
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Contract development and manufacturing organization for proprietary and generic drugs | Paris, France, France | 1993 |
Recipharm
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Pharmaceutical development and manufacturing services are offered contractually. | Jordbro, Sweden, Sweden | 1995 |
CoreRx
|
CDMO with a focus on early phase drug product development | Clearwater, United States, United States | 2006 |
MedPharm
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Topical and inhaled drug delivery formulations are developed and manufactured. | Guildford, United Kingdom, United Kingdom | 1998 |
Business Activity of Rubicon Research Limited
Rubicon Research Limited is engaged in principal business activities including manufacturing and professional, scientific and technical, with detailed activities including chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products, scientific research and development. The company has 2 registered principal business activity segments, demonstrating its operational diversity and market reach.
| Main Activity Group Code | Description of Main Activity | Business Activity Code | Description of Business Activity | Turnover Percentage |
|---|---|---|---|---|
| C | Manufacturing | C6 | Chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products | ********* |
| M | Professional, Scientific and Technical | M5 | Scientific research and development | ********* |
Auditor Details of Rubicon Research Limited
Rubicon Research Limited is audited by Deloitte Haskins & Sells LLP (ICAI peer reviewed, certificate valid till 2027-07-31) for the financial year 2026, as reported in its NSE exchange filings. The statutory auditor is responsible for expressing an independent opinion on whether the financial statements present a true and fair view in accordance with applicable accounting standards.
| Name | Financial year | Audit opinion |
|---|---|---|
| Deloitte Haskins & Sells LLP (ICAI peer reviewed, certificate valid till 2027-07-31) | FY 2026 | Declaration of unmodified opinion |
Board of Directors of Rubicon Research Limited
Rubicon Research Limited is currently managed by 9 directors, with 15 former directors having served the organization. The current Directors play a crucial role in shaping the company's strategic direction and governance.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Anand Agarwal | Nominee Director | 03 Jan 2025 | 1 Years 6 Months | Current |
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Pratibha Sudhir Pilgaonkar
Also directs:
Rubicon Research Limited
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Managing Director | 01 Jun 2000 | 26 Years 1 Months | Current |
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Parag Suganchand Sancheti
Also directs:
Rubicon Research Limited, Kia Health Tech Private Limited, Rubicon Consumer Healthcare Private Limited and 1 more
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Director | 27 Jan 2017 | 9 Years 5 Months | Current |
| Changavalli Venkat | Director | 11 Jun 2024 | 2 Years 0 Months | Current |
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Varun Talukdar
Also directs:
Rubicon Research Limited, Asg Hospital Private Limited, Cygnus Medicare Private Limited and 2 more
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Director | 05 Sep 2023 | 2 Years 10 Months | Current |
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Nitin Jajodia
Also directs:
Rubicon Research Limited, Kia Health Tech Private Limited
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Cfo | 27 May 2024 | 2 Years 1 Months | Current |
Financials of Rubicon Research Limited FY 2026 filings available
Rubicon Research Limited reported revenue of ₹1,753.96 Cr (up ) for FY 2026. Profit growth despite declining revenue indicates effective cost management and margin discipline.
| Metrics | FY 2026 |
|---|---|
| Revenue from Operations | ₹1,753.96 Cr |
| Other Income | ₹7.73 Cr |
| Total Income | ₹1,761.68 Cr |
| Cost of Materials Consumed | ₹615.1 Cr |
| Purchases of Stock-in-Trade | ₹91.32 Cr |
| Changes in Inventories | -₹150.37 Cr |
| Employee Benefit Expense | ₹256.29 Cr |
| Finance Costs | ₹42.17 Cr |
| Depreciation & Amortisation | ₹45.26 Cr |
| Other Expenses | ₹541.38 Cr |
| Total Expenses | ₹1,441.15 Cr |
| Profit Before Exceptional Items & Tax | ₹320.53 Cr |
| Exceptional Items | ₹0 |
| Profit Before Tax | ₹320.53 Cr |
| Total Tax Expense | ₹73.8 Cr |
| Net Profit | ₹246.74 Cr |
| attributable to Owners | ₹246.74 Cr |
| attributable to NCI | ₹0 |
| Other Comprehensive Income | ₹2.98 Cr |
| Total Comprehensive Income | ₹249.72 Cr |
| EBITDA (computed) | ₹407.96 Cr |
| Basic EPS | ₹15.52 |
| Diluted EPS | ₹15.31 |
| Metrics | FY 2026 |
|---|---|
| Total Assets | ₹2,326.71 Cr |
| Non-current Assets | ₹644.91 Cr |
| Current Assets | ₹1,681.81 Cr |
| Property, Plant & Equipment | ₹467.35 Cr |
| Inventories | ₹728.99 Cr |
| Trade Receivables | ₹508.71 Cr |
| Cash & Equivalents | ₹185.65 Cr |
| Equity (Net Worth) | ₹1,288.82 Cr |
| Equity Share Capital | ₹16.51 Cr |
| Borrowings (Non-current) | ₹143.02 Cr |
| Borrowings (Current) | ₹116.35 Cr |
| Total Debt (computed) | ₹259.37 Cr |
| Current Liabilities | ₹835.87 Cr |
| Total Liabilities | ₹1,037.89 Cr |
| Metrics | FY 2026 |
|---|---|
| Operating Cash Flow | ₹205.05 Cr |
| Investing Cash Flow | -₹409.72 Cr |
| Financing Cash Flow | ₹283.07 Cr |
| Capital Expenditure | ₹229.17 Cr |
| Free Cash Flow (computed) | -₹24.13 Cr |
| Dividends Paid | ₹30.8 Lakh |
| Net Change in Cash | ₹80.68 Cr |
| Metrics | Q4 FY26 | Q3 FY26 | Q2 FY26 |
|---|---|---|---|
| Revenue from Operations | ₹513.92 Cr | ₹475.53 Cr | ₹412.02 Cr |
| Other Income | ₹2.61 Cr | ₹3.79 Cr | ₹69.7 Lakh |
| Total Income | ₹516.53 Cr | ₹479.32 Cr | ₹412.72 Cr |
| Cost of Materials Consumed | ₹155.18 Cr | ₹183.59 Cr | ₹142.18 Cr |
| Purchases of Stock-in-Trade | ₹44.96 Cr | ₹21.79 Cr | ₹21.21 Cr |
| Changes in Inventories | -₹30.83 Cr | -₹48.12 Cr | -₹36.84 Cr |
| Employee Benefit Expense | ₹68.35 Cr | ₹66.37 Cr | ₹63.36 Cr |
| Finance Costs | ₹10.36 Cr | ₹9.77 Cr | ₹11.42 Cr |
| Depreciation & Amortisation | ₹12.27 Cr | ₹11.55 Cr | ₹11.87 Cr |
| Other Expenses | ₹157.55 Cr | ₹143.77 Cr | ₹127.8 Cr |
| Total Expenses | ₹417.84 Cr | ₹388.73 Cr | ₹341.01 Cr |
| Profit Before Exceptional Items & Tax | ₹98.69 Cr | ₹90.59 Cr | ₹71.71 Cr |
| Exceptional Items | ₹0 | ₹0 | ₹0 |
| Profit Before Tax | ₹98.69 Cr | ₹90.59 Cr | ₹71.71 Cr |
| Total Tax Expense | ₹21.9 Cr | ₹17.79 Cr | ₹17.85 Cr |
| Net Profit | ₹76.79 Cr | ₹72.8 Cr | ₹53.85 Cr |
| attributable to Owners | ₹76.79 Cr | ₹72.8 Cr | ₹53.85 Cr |
| attributable to NCI | ₹0 | ₹0 | ₹0 |
| Other Comprehensive Income | ₹5.95 Cr | -₹3.31 Cr | -₹6.78 Cr |
| Total Comprehensive Income | ₹82.74 Cr | ₹69.48 Cr | ₹47.08 Cr |
| EBITDA (computed) | ₹121.31 Cr | ₹111.91 Cr | ₹94.99 Cr |
| Basic EPS | ₹4.66 | ₹4.46 | ₹3.49 |
| Diluted EPS | ₹4.60 | ₹4.41 | ₹3.47 |
| Metrics | FY 2026 |
|---|---|
| Revenue from Operations | ₹1,306.08 Cr |
| Other Income | ₹10.83 Cr |
| Total Income | ₹1,316.91 Cr |
| Cost of Materials Consumed | ₹453.09 Cr |
| Purchases of Stock-in-Trade | ₹0 |
| Changes in Inventories | -₹33.36 Cr |
| Employee Benefit Expense | ₹164.27 Cr |
| Finance Costs | ₹30.96 Cr |
| Depreciation & Amortisation | ₹37.75 Cr |
| Other Expenses | ₹411.43 Cr |
| Total Expenses | ₹1,064.14 Cr |
| Profit Before Exceptional Items & Tax | ₹252.78 Cr |
| Exceptional Items | ₹0 |
| Profit Before Tax | ₹252.78 Cr |
| Total Tax Expense | ₹64.61 Cr |
| Net Profit | ₹188.17 Cr |
| Other Comprehensive Income | -₹80 Lakh |
| Total Comprehensive Income | ₹187.37 Cr |
| EBITDA (computed) | ₹321.49 Cr |
| Basic EPS | ₹11.83 |
| Diluted EPS | ₹11.67 |
| Metrics | FY 2026 |
|---|---|
| Total Assets | ₹1,975.5 Cr |
| Non-current Assets | ₹561 Cr |
| Current Assets | ₹1,414.5 Cr |
| Property, Plant & Equipment | ₹406.13 Cr |
| Inventories | ₹347.82 Cr |
| Trade Receivables | ₹713.43 Cr |
| Cash & Equivalents | ₹91.78 Cr |
| Equity (Net Worth) | ₹1,353.27 Cr |
| Equity Share Capital | ₹16.51 Cr |
| Borrowings (Non-current) | ₹143.02 Cr |
| Borrowings (Current) | ₹116.35 Cr |
| Total Debt (computed) | ₹259.37 Cr |
| Current Liabilities | ₹456.82 Cr |
| Total Liabilities | ₹622.23 Cr |
| Metrics | FY 2026 |
|---|---|
| Operating Cash Flow | ₹38.71 Cr |
| Investing Cash Flow | -₹271.79 Cr |
| Financing Cash Flow | ₹296.72 Cr |
| Capital Expenditure | ₹194.55 Cr |
| Free Cash Flow (computed) | -₹155.84 Cr |
| Dividends Paid | ₹30.8 Lakh |
| Net Change in Cash | ₹65.93 Cr |
| Metrics | Q4 FY26 | Q3 FY26 | Q2 FY26 |
|---|---|---|---|
| Revenue from Operations | ₹389.88 Cr | ₹301.71 Cr | ₹336.47 Cr |
| Other Income | ₹3.58 Cr | ₹4.3 Cr | ₹1.51 Cr |
| Total Income | ₹393.46 Cr | ₹306.01 Cr | ₹337.98 Cr |
| Cost of Materials Consumed | ₹122.82 Cr | ₹101.83 Cr | ₹114.43 Cr |
| Purchases of Stock-in-Trade | ₹0 | ₹0 | ₹0 |
| Changes in Inventories | -₹6.7 Cr | -₹10.89 Cr | ₹3.04 Cr |
| Employee Benefit Expense | ₹42.74 Cr | ₹43.65 Cr | ₹40.75 Cr |
| Finance Costs | ₹5.4 Cr | ₹7.51 Cr | ₹9.21 Cr |
| Depreciation & Amortisation | ₹10.17 Cr | ₹9.51 Cr | ₹9.78 Cr |
| Other Expenses | ₹124.86 Cr | ₹104.88 Cr | ₹99.15 Cr |
| Total Expenses | ₹299.27 Cr | ₹256.48 Cr | ₹276.35 Cr |
| Profit Before Exceptional Items & Tax | ₹94.19 Cr | ₹49.53 Cr | ₹61.63 Cr |
| Exceptional Items | ₹0 | ₹0 | ₹0 |
| Profit Before Tax | ₹94.19 Cr | ₹49.53 Cr | ₹61.63 Cr |
| Total Tax Expense | ₹24.17 Cr | ₹12.35 Cr | ₹15.82 Cr |
| Net Profit | ₹70.02 Cr | ₹37.18 Cr | ₹45.81 Cr |
| Other Comprehensive Income | -₹3.7 Lakh | -₹4.1 Lakh | -₹36.3 Lakh |
| Total Comprehensive Income | ₹69.98 Cr | ₹37.14 Cr | ₹45.45 Cr |
| EBITDA (computed) | ₹109.75 Cr | ₹66.55 Cr | ₹80.61 Cr |
| Basic EPS | ₹4.25 | ₹2.28 | ₹2.97 |
| Diluted EPS | ₹4.20 | ₹2.25 | ₹2.95 |
Board & Governance of Rubicon Research Limited
As per the corporate governance filing with NSE for the quarter ended 31-MAR-2026, the board of Rubicon Research Limited has 8 directors - 4 independent and 2 executive. The board is chaired by Changavalli Venkat.
| Director | Position | On board since | Listed boards |
|---|---|---|---|
| Pratibha Sudhir Pilgoankar | Executive Director · MD | 2000-06-01 | 1 |
| Parag Suganchand Sancheti | Executive Director · CEO | 2017-01-27 | 1 |
| Varun Talukdar | Non-Executive - Non Independent Director | 2023-09-05 | 1 |
| Shantanu Rastogi | Non-Executive - Non Independent Director | 2019-04-03 | 3 |
| Anand Agarwal | Non-Executive - Non Independent Director | 2025-01-03 | 1 |
| Changavalli Venkat | Non-Executive - Independent Director · Chairperson | 2024-06-11 | 1 |
| Kumarapuram Gopalakrishnan Ananthakrishnan | Non-Executive - Independent Director | 2024-06-11 | 3 |
| Milind Anil Patil | Non-Executive - Independent Director | 2024-07-11 | 2 |
| PRADNYA NANDKUMAR SARAVADE | Non-Executive - Independent Director | 2026-02-03 | 1 |
| Committee | Members |
|---|---|
| Audit Committee | Milind Anil Patil (Chairperson), Changavalli Venkat, Shantanu Rastogi |
| Nomination and remuneration committee | Kumarapuram Gopalakrishnan Ananthakrishnan (Chairperson), Shantanu Rastogi, Changavalli Venkat |
| Stakeholders Relationship Committee | Kumarapuram Gopalakrishnan Ananthakrishnan (Chairperson), Shantanu Rastogi, Parag Sugnachand Sancheti, PRADNYA NANDKUMAR SARAVADE |
| Risk Management Committee | Parag Suganchand Sancheti (Chairperson), Milind Anil Patil, Varun Talukdar |
| Corporate Social Responsibility Committee | Pratibha Sudhir Pilgoankar (Chairperson), Parag Suganchand Sancheti, Changavalli Venkat, PRADNYA NANDKUMAR SARAVADE |
Charges & Borrowings of Rubicon Research Limited
| Date | Lender | Amount | Status |
|---|---|---|---|
| 20 May 2025 | Others | ₹60 Cr | Open |
| 22 Apr 2024 | Others | ₹50 Cr | Open |
| 21 Aug 2023 | Dbs Bank Ltd | ₹1.3 Cr | Open |
| 21 Jul 2023 | Dbs Bank Ltd | ₹20 Cr | Open |
| 22 Dec 2022 | Others | ₹60 Cr | Open |
Total charge records: 40 View all charges
Employees and EPFO Compliance at Rubicon Research Limited
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Employee Count & EPFO Data of Rubicon Research Limited
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GST Compliance of Rubicon Research Limited
GSTIN & GST Filing Data of Rubicon Research Limited
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Credit Ratings, Litigation & Regulatory Alerts for Rubicon Research Limited
Credit Ratings, Legal Cases & Regulatory Alerts of Rubicon Research Limited
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MSME Payment Delays by Rubicon Research Limited
MSME Payment Delays by Rubicon Research Limited
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Subsidiaries & Group Companies of Rubicon Research Limited
Subsidiaries & Group Companies of Rubicon Research Limited
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MCA Filings & Documents of Rubicon Research Limited
MCA Filings & Documents of Rubicon Research Limited
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Recent Activity on Rubicon Research Limited
Recent News on Rubicon Research Limited
Frequently Asked Questions about Rubicon Research Limited
Rubicon Research Limited is an active public limited company in the chemicals sector based in Thane, Maharashtra, India. It was incorporated on 06 May 1999 (27+ years old) and is registered under CIN L73100MH1999PLC119744. The company has 827 employees.
Rubicon Research Limited reported revenue of ₹872.39 Cr for FY 2024 (up 108.00% YoY).
The current directors of Rubicon Research Limited are:
The primary industry of Rubicon Research Limited is chemicals. The company specifically operates in chemical products. The company is currently active in this sector.
Yes, Rubicon Research Limited is a listed company.
Rubicon Research Limited can be reached at the registered office: Medone House B – 75 Road No. 33 Wagle Estate Thane West, Maharashtra, India – 400604, or through the website rubicon.co.in.