News ArticleRubicon Research Limited Reports Nearly 40% Revenue Growth and 68% Profit Increase in Q2 FY26-27
Arinna acquisition consolidation and $58 million USD revenue contribute to strong quarter with updated EBITDA margin guidance above 24% for FY27
Rubicon Research Limited announced a 39.9% year-on-year revenue increase to ₹5,764 million and a 67.9% rise in profit after tax to ₹904 million for Q2 FY26-27, reflecting strong operational growth and consolidation of Arinna's financials. The company also reported a 5% sequential rise in USD revenue to $58 million, improved operating EBITDA margin guidance to above 24%, and positive cash flow from operations of ₹989 million for H1 FY27.
Rubicon Research Limited
Investor Presentation
Rubicon Research Limited posted significant financial growth for the quarter ended September 30, 2026, with revenue increasing by 39.9% year-on-year to ₹5,764 million and profit after tax rising 67.9% to ₹904 million. This performance includes the consolidation impact of its recent Arinna acquisition and reflects strong operational cash flows and product approvals.
The company's Q2 FY26-27 revenue reflects a broad-based growth across its portfolio, supported by the Arinna acquisition which contributed ₹194 million in revenue. The operating EBITDA margin improved to 25.0%, up from 22.9% in the prior year, indicating stable gross margins and efficient operations.
USD revenue grew sequentially by more than 5% to $58 million, a positive sign following guidance issued in the prior quarter. Research and development expenses increased marginally to ₹624 million but remained around 10.8% of revenue, highlighting continued investment in specialty and differentiated products.
Cash flow from operations for the first half of FY27 stood at ₹989 million, with healthy working capital management reflected in net working capital days of 117 compared to 126 in FY26. The company successfully received three product approvals during the quarter, maintaining an 84% commercialisation rate for approved products.
Rubicon raised its full-year FY27 operating EBITDA margin guidance to above 24% from prior guidance of 22-23%, reflecting confidence in profitability improvements. The balance sheet shows total equity of ₹14,311 million and net debt of ₹1,159 million as of September 30, 2026, post consolidation and asset acquisitions.
The company’s strategic expansion includes investment in pre-revenue manufacturing plants in Pithampur, CSN, and New Jersey facilities, supporting future growth prospects. The acquisition of Arinna and New Jersey manufacturing assets is fully consolidated in current financials, contributing to the robust results for the quarter.
Highlights
- Revenue from operations increased 39.9% to ₹5,764 million in Q2 FY26-27 vs ₹4,120 million in Q2 FY25-26.
- Profit after tax rose 67.9% to ₹904 million.
- USD revenue sequentially grew over 5% to $58 million in Q2 FY26-27.
- Operating EBITDA margin improved to 25.0% from 22.9% year-on-year.
- Arinna acquisition contributed ₹194 million revenue in Q2 FY26-27.
- R&D expenses were ₹624 million, approximately 10.8% of revenue, consistent with prior periods.
Key Data Snapshot
What happened
- Rubicon Research Limited reported a 39.9% year-on-year revenue growth to ₹5,764 million in Q2 FY26-27.
- Profit after tax increased by 67.9% to ₹904 million over the same period.
- The quarter includes consolidation of Arinna post-acquisition, contributing ₹194 million in revenue.
- USD revenue rose sequentially by over 5% reaching $58 million.
- Operating EBITDA margin increased to 25.0%, up from 22.9% in Q2 FY25-26.
- R&D expenses accounted for 10.8% of revenue, totaling ₹624 million.
- Strong cash flow from operations of ₹989 million reported in the first half of FY27.
Key details
- Top 5 products constituted 37% of revenue this quarter.
- Specialty products contributed 36% to gross profit, supported by an active pipeline.
- Three new product approvals were received in Q2 FY26-27, with an 84% commercialization rate for approved products.
- Net working capital days improved to 117 days from 126 days in FY26.
- The company increased FY27 operating EBITDA margin guidance to above 24%.
- Investment in pre-revenue manufacturing sites and New Jersey facility included in assets.
- Consolidated balance sheet equity stands at ₹14,311 million; net debt at ₹1,159 million.
Financial performance
- Gross profit for Q2 FY26-27 reached ₹3,808 million, a 37.3% increase year-on-year.
- Operating pre-R&D EBITDA amounted to ₹2,065 million, up 47% from the prior year.
- PBT for the quarter was ₹1,169 million, a 63.1% increase.
- EPS (fully diluted) increased to 5.41 compared to 3.47 in Q2 FY25-26.
- Cash generated from operating activities during H1 FY27 was ₹989 million after tax payments.
Background and context
- The Arinna acquisition was financially consolidated starting Q1 FY26-27 and contributed positively to revenue and assets.
- The company acquired a New Jersey manufacturing facility with a reported value of ₹847 million including non-cash right-of-use assets.
- Quarterly financials demonstrate a consistent growth trend in revenue and EBITDA margins over recent quarters.
- Rubicon continues focus on specialty and differentiated products with stable pricing.
- The company maintains strong liquidity supported by working capital management and operational cash flows.
Highlights
- Revenue from operations increased 39.9% to ₹5,764 million in Q2 FY26-27 vs ₹4,120 million in Q2 FY25-26.
- Profit after tax rose 67.9% to ₹904 million.
- USD revenue sequentially grew over 5% to $58 million in Q2 FY26-27.
- Operating EBITDA margin improved to 25.0% from 22.9% year-on-year.
- Arinna acquisition contributed ₹194 million revenue in Q2 FY26-27.
- R&D expenses were ₹624 million, approximately 10.8% of revenue, consistent with prior periods.
Disclosures
- SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
Source Information
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