Rubicon Research Limited · NSE:RUBICON
Rubicon Research — Q1 FY2026-27 Earnings Presentation
36 slides from Rubicon Research's earnings presentation, Aug 14, 2026
Slide 1: Exchange intimation letter for Investor Presentation
Date: August 14, 2026 To, To, BSE Limited National Stock Exchange of India Limited Listing Department Listing Department Phiroze Jeejeebhoy Towers Exchange Plaza, 5th floor, Plot no. C/1, G Block Dalal Street – Fort Bandra Kurla Complex, Bandra (East), Mumbai 400 001 Mumbai - 400 051 Scrip Code: 544
Slide 2: Rubicon Research Limited Investor Presentation Q1 FY 2026-27
Rubicon Research Limited Investor Presentation Q1 FY 2026-27
Slide 3: Notice to reader
Notice to reader This presentation may contain statements that constitute “forward-looking statements” within the meaning of applicable laws and regulations, including the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. These statements rel
Slide 4: Agenda
Agenda 1 Consolidated Financial Overview 4-13 2 Company Overview 14-34 3
Slide 5: Consolidated Financial Overview
01 Consolidated Financial Overview
Slide 6: Q1 Financial Highlights
Q1 Financial Highlights (₹ millions) Revenue from Operations EBITDA PAT Q1FY27 5,343 1,312 848 Q1FY26 3,525 797 433 Y-o-Y 51.6% 64.6% 95.8% #Q1 FY27 Numbers include impact of consolidation post Arinna acquisition – Revenue of INR 128 Mn, contribution to EBITDA is not material. 5
Slide 7: Summary Income Statement
Summary Income Statement ₹ in Million Q1 FY27 Q1 FY26 % Growth Q4 FY26 FY26 FY25 % Growth Revenue from Operations 5,343 3,525 51.6% 5,139 17,540 12,843 36.6% Gross Profit 3,543 2,430 45.8% 3,332 11,661 8,867 31.5% Operating Pre-R&D EBITDA 1,871 1,146 1,781 5,938 3,967 Pre-R&D EBITDA (%) 35.0% 32.5%
Slide 8: Summary Balance Sheet
Summary Balance Sheet ₹ in Million 30-Jun-26 31-Mar-26 Total Equity 13,913 12,888 Borrowings 3,272 2,594 Sources of Funds 17,186 15,482 Fixed Assets 7,966 5,726 Net Non-current Assets / (Liabilities) 37 133 •Inventory (At Cost) 7,458 7,290 •Trade Receivables 5,915 5,087 •Trade Payables & Other curre
Slide 9: Summary Cash Flow Statement
Summary Cash Flow Statement ₹ in Million Q1 FY2027 FY2026 Cash flows from operating activities: Profit before tax 1,104 3,205 Non-Cash / Non operating items 286 1,076 Operating cash flows before working capital changes 1,390 4,282 Working Capital Changes (937) (1,146) Cash generated from operating a
Slide 10: Q1 Performance Summary
Q1 Performance Summary o 51.6% revenue growth YoY, broad based as o Top 5 products – 39% of revenue in Q1 FY27 vs 39%/35%/30%/34% in Q4/Q3/Q2/Q1 FY26 Revenue Growth o Top 10 products – 55% of revenue in Q1 FY27 vs 57%/53%/51%/56% in Q4/Q3/Q2/Q1 FY26 o Pricing continues to remain stable driven by our
Slide 11: Q1 Performance Summary (continued)
Q1 Performance Summary (continued) o GM% increased sequentially by 140bps to 67.7% (vs 66.3% in Q426), despite sharp sequential increase in key input costs (owing to prevailing geopolitical situation). In Q3FY26 update, we had flagged off that stronger than anticipated revenue traction coupled with
Slide 12: New Manufacturing sites
New Manufacturing sites o We had informed stock exchanges on 3rd July 2026 that US FDA had conducted an unannounced inspection of Pithampur facility, and issued a form 483 containing 2 procedural observations. We had also stated that we were confident of successfully concluding this evaluation in a
Slide 13: R&D spends and their impact on revenue growth
R&D spends and their impact on revenue growth o R&D expenses were 10.9 % of consolidated operating revenue for Q1 FY27 o R&D spend is a lead indicator of future revenue in our business o We measure R&D productivity as incremental revenue to lagging total R&D spend (given typical timeline involved fo
Slide 14: Strengthening Key Leadership
Strengthening Key Leadership To strengthen company’s key leadership and enhance management bandwidth, the Board of directors has approved the following changes in the leadership team Nitin Jajodia is currently CFO of the company. He will move to an operating / business role as Chief Commercial Offic
Slide 15: Company Overview
Company Overview ag le | le
Slide 16: Rubicon Research – At a Glance
Rubicon Research – At a Glance Full Spectrum Specialty products, Wide basket of 78 Robust Pipeline of Sales and marketing Capabilities drug-device active ANDAs and 8 products under capabilities for combinations and active NDAs review with US FDA branded and non- complex generics approved across and
Slide 17: Our Evolution from a service provider to a specialty products company
Our Evolution from a service provider to a specialty products company Branded Specialty Products 2024 onwards Drug Device Combinations 2023 onwards • Intra-nasal sprays Own front-end + Specialty products • Direct customer relationships 2022 onwards Own ANDA revenues • Sales via third party distribut
Slide 18: Leadership and Pivots: Consistently moving up the value chain
Leadership and Pivots: Consistently moving up the value chain Contract CDMO + Specialty & Products & IP Development Services licensing Drug-Device Pratibha Pilgaonkar * Founder CEO MD Led Sun • Led R&D at Sun Pharma & SPARC Pharma’s US • Led India R&D at Ciba (Novartis) market foray and portfolio Na
Slide 19: Decadal Financial Performance
Decadal Financial Performance ₹ in Million FY15 FY17 FY19 FY21 FY24 FY25 FY26 Revenue from Operations 392 489 1,538 3,147 8,539 12,843 17,540 Gross Margin -50* -12* 937 2,476 5,564 8,867 11,661 Operating EBITDA Pre R&D 128 105 698 1,863 2,618 3,967 5,938 • % of Operating Revenue 33% 22% 45% 59% 31%
Slide 20: Case study: drug-device combination capabilities
Ability to rapidly move strategies from the drawing board to the P&L Case study: drug-device combination capabilities Jul 2019 2020 2022 2023 2024 | 2025 Learnings • First nasal spray • First USFDA approval • Successful FDA product filed with (from CMO site) inspections of unit dose Identified intra
Slide 21: Moats around the business - Compliance
Moats around the business - 1 Compliance Consistent regulatory track record, underpinned by a robust quality culture Apr 13 Mar 15 Jul 16 Nov 17 Oct 19 Jan 23 Mar 24 Nov 24 OSD OSD OSD OSD OSD OSD Multi-dose Unit-dose nasal spray nasal spray Ambernath site (OSD, nasal) VAI VAI VAI NAI NAI VAI EIR 45
Slide 22: Deep engagement with the US FDA – Shaping future regulation
Moats around the business - 1 Compliance Deep engagement with the US FDA – Shaping future regulation US FDA’s Quality Management Maturity (QMM) Program FDA’s Center for Drug Evaluation and Research (CDER) program to promote quality management maturity (QMM) at drug manufacturing establishments in or
Slide 23: Moats around the business – Market Share Execution
Moats around the business – 2 Market Share Execution Successfully built leading positions even as a late entrant in mature, competitive products Metoprolol Tartrate (CVS) Baclofen (CNS) Carbidopa Levodopa (CNS) % of Volume Market Share % of Volume Market Share % of Volume Market Share 1st 35.3% 1st
Slide 24: Moats around the business – Portfolio Selection
Moats around the business – 3 Portfolio Selection Proprietary algorithm for product selection that combines science and economics Nuanced portfolio strategy reflected in sustained market economics Demand trends, US Generics Price Erosion by Therapy Area, FY22-25 (Source: Frost & Sullivan) patient de
Slide 25: Moats around the business – Efficient R&D
Moats around the business – 4 Efficient R&D ROI driven approach across the development lifecycle o R&D is a lead indicator of future revenues 20,422 * 17,222 R&D spend (FY23+FY24 Incr. 5.5x 12,024 Rev 12,621 R&D spend +Q1FY25)= Incr. 2,187 Mn R&D spend (FY22+FY23 5.9x 13,458 Rev R&D spend 8,398 (FY
Slide 26: US specialty play - combines strong development capabilities with economic research
US specialty play - combines strong development capabilities with economic research Increasing gross profit share of • Specialty products defined as those with 0 or 1 competitor for at least 1 year from launch specialty products – Specialty classification linked only to competitive intensity that im
Slide 27: Validus – capability building ahead of branded specialty products launch
Validus – capability building ahead of branded specialty products launch Wider patient access and deeper payer and PBM relationships Expanded and focused HCP coverage with own field force + digital marketing initiatives Augmenting logistics and distribution capabilities HCP coverage in select territ
Slide 28: Moats + disciplined capital allocation driving industry-leading capital efficiency
Moats + disciplined capital allocation driving industry-leading capital efficiency Sources of funds and deployment – FY2020 to IPO in October 2025 (₹ Millions) • Limited equity capital raised: Only USD ~25 million since inception (1999) till IPO in Oct’25 Only INR 1,149 million (USD ~15 6,526 mi
Slide 29: Approvals, Sales and Distribution
Approvals, Sales and Distribution Number of ANDAs approved US Sales and marketing companies (wholly owned subsidiaries) 12 14 12 12 Established marketing, sales, and 86 Active approved products as of distribution platform in the US 2 30 Jun 2026 markets non-branded FY23 FY24 FY25 FY26 Q1 FY27 prescr
Slide 30: Efficient use of infrastructure reflected in Fixed Asset Turnover
Efficient use of infrastructure reflected in Fixed Asset Turnover 5,000 4.6x 4.3x 4.6 Capacity optimization through planning and 4,500 4.0x 3.9x 4.1 cost-effective debottlenecking 4,000 3.6 3,500 Proprietary process technologies that enable 3.1 consistency and reduce batch times 3,000 2.2x 2.6 2
Slide 31: Manufacturing capabilities
Manufacturing capabilities Robust platform with substantial headroom for expansion Ambernath Satara Pithampur, Indore East Windsor, NJ Manufacturing Sites USFDA inspected Indore Oral Solids Oral Solids Oral Liquids – Solutions and Dosage Forms Oral Solids – Over 6 Bn units per year Suspensions - Tab
Slide 32: R&D engine driving growth
R&D engine driving growth Wide ranging capabilities with deep expertise R&D centres in India USFDA inspected • 35,000 sft facility in Thane • 13,000 sft nasal & inhalation center & Canada • 3 separate laboratories for general, of excellence in Toronto sterile and potent compounds • In-house analytic
Slide 33: M&A initiatives have focused on adding new capabilities
M&A initiatives have focused on adding new capabilities Development Manufacturing Sales & Marketing Logistics & Distribution Manufacturing India Formulations Manufacturing Impopharma Canada Meditab’s Satara Validus AimRx 3PL LLC Alkem’s Pithampur Arinna Lifesciences InvaTech’s New Ltd. manufacturing
Slide 34: Rubicon Acquires First US Manufacturing Facility - InvaTech Pharma Solutions LLC
Rubicon Acquires First US Manufacturing Facility - InvaTech Pharma Solutions LLC $ DEAL SNAPSHOT STRATEGIC RATIONALE Enterprise Value: USD 2.9 million First US manufacturing footprint, complementing Rubicon's branded 1 and specialty product portfolio Structure: Section 363 (US Bankruptcy Code) court
Slide 35: Board of Directors
Board of Directors Parag Sancheti l Executive Director & CEO Pratibha Pilgaonkar l Managing Director Responsible for providing the organizational leadership and formulating the growth Focus primarily on the growth of R&D activities strategy Promoter, with 25 years of experience at Rubicon 12
Slide 36: Thank You
Registered office: MedOne House, Plot No B75 Road No 33, Wagle Estate Thank You Thane 400604, India Investor Contact: [email protected]
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