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Swing Capital

Rubicon Research Ltd

NSE: RUBICON BSE: 544578Pharma

Incorporated in 1999, Rubicon Research Limited is a pharmaceutical company engaged in the development, manufacturing, & commercialization of differentiated formulations.[1]

₹998
52W: ₹571 — ₹1019
PE 98.3 · Book ₹46 · +2070% vs book
Market Cap₹16,441 Cr
Stock P/E98.3Price to Earnings
ROCE26.4%Return on Capital
ROE29.4%Return on Equity
Div. Yield0%Face Value ₹1

Strengths

  • +Company has delivered good profit growth of 23.8% CAGR over last 5 years

Weaknesses

  • −Stock is trading at 21.0 times its book value
  • −Company has a low return on equity of 13.4% over last 3 years.
  • −Company might be capitalizing the interest cost
  • −Company has high debtors of 170 days.

Shareholding Pattern

Promoters59.86%
FIIs7.54%
DIIs10.02%
Public22.57%
CategoryDec 2025Mar 2026
Promoters59.99%59.86%▼0.1
FIIs7.99%7.54%▼0.5
DIIs9.45%10.02%▲0.6
Public22.57%22.57%

Financial Statements

MetricSep 2024Dec 2024Jun 2025Sep 2025Dec 2025
Sales255245278336302
Expenses186181215257239
Operating Profit6864637962
OPM %27%26%23%24%21%
Net Profit4338354637
EPS ₹2.822.512.282.972.26

AI Insights

Revenue Trend

Mar 2025 revenue at ₹1,074Cr, up 70.2% YoY. OPM at 25%.

Debt Position

Borrowings at ₹532Cr. Debt-to-equity ratio: 0.72x. Moderate leverage.

Capex Cycle

CWIP at ₹26Cr (7% of fixed assets). Moderate ongoing capital expenditure.

Margin & Efficiency

ROCE improving from 0% (Mar 2020) to 26% (Mar 2025). Working capital days: 110.

Valuation

PE 98.3x with 26.4% ROCE. Price is 2070% above book value of ₹46. Dividend yield: 0%.

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