Rubicon Research Limited has informed the Exchange about Investor Presentation
Rubicon® .,..........--.
RESEARCH
INNOVATION I QUALITY I CARE
Date: 13th November, 2025
To, The Manager Listing Department BSE Limited Phiroze Jeejeebhoy Towers Dalal Street – Fort Mumbai 400 001 Scrip Code: 544578
Sub: Investor Presentation
To, The Manager Listing Department National Stock Exchange of Limited Exchange Plaza, 5th floor Plot no. C/1, G Block Bandra Kurla Complex, Bandra (East), Mumbai - 400 051 Scrip Code: Rubicon
India
Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing herewith the Investor Presentation dated 13th November, 2025, for the quarter and half year ended 30th September, 2025.
A copy of the said presentation is also being uploaded on the Company’s website at www.rubicon.co.in.
Kindly take the above information on record.
Thanking you, Yours faithfully, For Rubicon Research Limited
Nitin Jajodia Chief Financial Officer
Encl: As above
_________________________________________________________________________ Rubicon Research Limited (Formerly known as Rubicon Research Private Limited)
Corporate Office&R&D Center MedOne House, B-75, Road No. 33, Wagle Estate,Thane - 400 604, Maharashtra, India Tel: 91-22-61414000/50414000 Fax: 91-22-61414021
Manufacturing Plant-I K-30/4 & 30/5, Additional M.I.D.C., Ambernath,Thane - 421 506 Maharashtra, India Tel: 0251-7139500 / 3501240 Fax: 0251-7139575
Manufacturing Plant-II J-4/2, Additional M.I.D.C., Satara - 415 004, Maharashtra, India Tel: 02162-240309 / 240463 Fax 02162-240331
CIN: U73100MH1999PLC119744
Email: rubicon@rubicon.co.in
Website: www.rubicon.co.in
Rubicon®
RESEARCH
~
INNOVATION I QUALITY I CARE
Rubicon Research Limited Investor Presentation Q2 FY 2025-26
Notice to reader
Rubicon® .,......-___
RESEARCH
INNOVATION I QUALITY I CARE
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 relate to the Company’s future business prospects, operations, financial performance, and the industry in which it operates. Forward-looking statements are based on current expectations, estimates, and projections about future events and are subject to risks, uncertainties, and assumptions that could cause actual results to differ materially from those expressed or implied.
Such statements include, but are not limited to, statements regarding product development, regulatory approvals, manufacturing capabilities, market growth, business strategy, and future financial results. Words such as “anticipate,” “believe,” “expect,” “intend,” “plan,” “will,” “may,” “should,” “estimate,” “project,” and similar expressions are intended to identify such statements.
The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required under applicable law. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation.
This presentation is for information purposes only and does not constitute or form part of an offer, solicitation, or recommendation to purchase or subscribe for any securities of the Company, nor should it be regarded as a substitute for the exercise of independent judgment. The Company, its directors, and its management accept no liability whatsoever for any loss arising from the use of, or reliance on, the information presented herein.
This presentation is not intended to endorse, advertise, promote or recommend the use of any products that may be listed herein which are for representation purpose only. Any product information contained herein is not intended to provide complete medical information and is not intended to be used as an alternative to consulting with qualified doctors or healthcare professionals. Nothing contained herein should be construed as providing medical advice or recommendations and should not be relied on as the basis for any treatment related decision or action.
2
Agenda
1
Consolidated Financial Overview
4 - 11
2
Company Overview
12 - 21
3
01 Consolidated Financial Overview
Q2 Financial Highlights (₹ millions)
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Operating Revenue
Operating EBITDA
Q2FY26
4,120
Q2FY25
2,960
943
617
PAT
539
345
Y-o-Y
39.2%
52.9%
56.2%
5
Q2 Performance Summary
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o 39% revenue growth YoY, broad based as
Revenue Growth
o Top 5 products - 30% of revenue vs 34% Q1 FY26
o Top 10 products – 51% of revenue vs 56% Q1 FY26
o Pricing remained stable driven by our focus on specialty / differentiated products
o Strong visibility for sustained revenue traction with share of top 10 products remaining
south of 60% in the coming quarters
INR Depreciation Impact
o USD revenue of $47 mn for Q2 FY26, up by 33% YoY ($35mn Q2 FY25) and up 11.9% QoQ
($42 mn Q1 FY26)
o Effective INR depreciation was 3% QoQ but this had marginal sequential impact on EBITDA
of Q2 FY26 owing to $ denominated costs & MTM losses on forex hedges
6
Q2 Performance Summary (continued)
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Gross Margin and EBITDA
o Strong revenue ramp up coupled with own manufacturing capacity constraint in select
dosage forms led to increased revenue from outsourced manufacturing.
o This trend is expected to continue until Pithampur plant ramps up in Q1 CY2027 (Pithampur
will operationalise in Mid CY 2026)
o Above led to a sequential as well as YoY drop in GM to 68.7% even as EBITDA margin
improved sequentially as well as YoY to 22.9%
o EBITDA margin is expected to sustain at current levels even as GM trends towards 68% driven
by higher outsourced manufacturing as revenue ramp up continues.
R&D Expenditure
o 11.2% of operating revenue for the quarter o Expected to be in the range of 10-11% of operating revenue in the coming years
Cash Flow
Approvals
o Cash flow from operations for the quarter is INR 605 Mn reflecting our culture of strong focus
on cash flow generation
o Received 2 product approvals in Q2. Commercialisation rate continues to be strong as 93% of
approved products are commercialised
o Specialty portfolio’s contribution to gross profit for the quarter is 32.5%. Specialty focus
underpinned by a robust pipeline
7
Summary Income Statement
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Q2 FY26 4,120
Q2 FY25 % Growth 39%
2,960
H1 FY26 7,645
H1 FY25 % Growth 25%
6,127
₹ in Million Revenue from Operations
Gross Margin
Gross Margin (%)
Operating Pre-R&D EBITDA
Pre-R&D EBITDA (%)
R&D Expense
R&D Expense (%)
Operating EBITDA
Other Income
PBT
PAT
2,773
68.7%
1,406
34.1%
463
11.2%
943
2,103
72.7%
913
30.8%
296
10.0%
32%
54%
56%
617
53%
7
717
27
492
-74%
46%
EBITDA Margin (%)
22.9%
20.8%
PBT Margin (%)
17.4%
16.6%
PAT Margin (%)
13.1%
11.6%
539
345
56%
5,204
69.4%
2,552
33.4%
818
10.7%
1,734
22.7%
13
1,313
17.2%
972
12.7%
4,359
72.5%
1,921
31.4%
702
11.5%
1,219
19.9%
30
903
14.7%
600
9.8%
19%
33%
17%
42%
-56%
45%
62%
8
Robust Growth Trajectory
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Operating Revenue (₹Mn)
Operating EBITDA (₹Mn)
PAT (₹Mn)
EBITDA Margin (%)
20.8
22.9
19.9
22.7
PAT Margin (%)
11.6
13.1
9.8
12.7
7,645
6,127
4,120
2,960
1,734
1,219
943
617
972
539
600
345
Q2 FY25 Q2 FY26 H1 FY25 H1 FY26
Q2 FY25 Q2 FY26 H1 FY25 H1 FY26
Q2 FY25 Q2 FY26 H1 FY25 H1 FY26
R&D Expense (₹Mn)
Annualised ROACE Pre-Tax (%)
Basic EPS (₹/Share)
% of operating revenue
10.0
11.2
11.5
10.7
702
818
36%
32%
30%
33%
463
296
₹ 6.3
₹ 3.5
₹ 4.0
₹ 2.3
Q2 FY25 Q2 FY26 H1 FY25 H1 FY26
Q2 FY25 Q2 FY26 H1 FY25 H1 FY26
Q2 FY25 Q2 FY26 H1 FY25 H2 FY26
9
Summary Balance Sheet
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₹ in Million
Shareholders Funds
Borrowings
Sources of Funds
Fixed Assets
Cash & Cash Equivalents
Non-current Liabilities (net of assets)
•Inventory (At Cost)
•Trade Receivables
•Trade Payables
Other current Liabilities (net of assets)
Net Working Capital
Application of Funds
Days of Net Working Capital
ROACE (Annualized, pre-tax)
30-Sep-25
31-Mar-25
6,474
5,166
11,641
5,342
1,514
(451)
6,302
3,449
(2,414)
(2,101)
5,235
11,641
123
33%
5,410
3,932
9,342
3,338
1,162
(57)
5,216
3,238
(2,391)
(1,165)
4,898
9,342
137
30%
10
Summary Cash Flow Statement
Rubicon® .,,.....-___
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INNOVATION I QUALITY I CARE
₹ in Million Cash flows from operating activities:
H1 FY2026 H1 FY2025
Profit before tax Non-Cash / Non operating items Operating cash flows before working capital changes Working Capital Changes Cash generated from / (used in) operating activities Net Income tax paid
Net cash flow generated from / (used in) operating activities
1,313 560 1,873 (704) 1,168 (124) 1,045
903 371 1,274 39 1,313 (73) 1,240
Cash flows from / (used in) from investing activities:
*(1,640)
(274)
Cash flows from / (used in) financing activities:
911
(765)
Net increase / (decrease) in cash and cash equivalents * Includes Pithampur acquisition of ₹ 1,490 Mn
317
202
11
02 Company Overview
Rubicon Research – At a Glance
Rubicon® .,,.....-___
RESEARC H
INNOVATION I QUALITY I CARE
Full Spectrum Capabilities
Specialty products, drug-device combinations and complex generics
Wide basket of 73 active ANDAs and 9 active NDAs approved across multiple therapies1
Robust Pipeline of products under review with US FDA and under development
Sales and marketing capabilities for branded and non- branded products in the US market
Branded, Specialty & Complex Generics Portfolio
Specialty products delivered gross margin of INR 2,387.35 Mn- being 26.92% of total gross margin in FY25
3 branded products - Raldesy®, Equetro®, Lopressor® OS with no AB rated generic alternatives1
Five approved nasal spray drug-device combination and one products under USFDA review
Robust Manufacturing Sites & R&D Capabilities
3 manufacturing sites for oral solids, oral liquids, ointment and drug-device combination nasal spray products
2 USFDA inspected R&D facilities across India and Canada
• Ambernath & Satara sites inspected by multiple global regulators, including USFDA
• Pithampur site previously
inspected by USFDA
Experienced Leadership
Founded by seasoned professionals with extensive leadership experience in research and commercial operations
Experienced senior management team with industry expertise
An R&D driven, formulations manufacturing and marketing company focused on regulated markets
1.
As of Sept 30, 2025
13
Our Evolution from a service provider to a specialty products company
Rubicon® .,,.....-___
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INNOVATION I QUALITY I CARE
Branded Specialty Products 2024 onwards
Drug Device Combinations 2023 onwards
•
Intra-nasal sprays
Own front-end + Specialty products 2022 onwards
• Direct customer relationships
Gx + Specialty 2014-21
• Own ANDA revenues •
Sales via third party distributor
CDMO 2009-13
• Small volume manufacturing • Development & Out-licensing
CDO 1999-2008
• Contract development services •
Purely fee-for-service
14
Decadal Financial Performance
₹ in Million
Operating Revenue
Gross Margin
• Gross Margin %
Operating EBITDA Pre R&D
• % of Operating Revenue
R&D Expense
• % of Operating Revenue
Operating EBITDA
• % of Operating Revenue
Net Profit after Tax
• % of Operating Revenue
ROACE %**
FY15
392
-5*
-507%
128
33%
17
4%
111
28%
27
7%
10%
FY17
489
-1*
-15%
105
22%
19
4%
86
18%
12
2%
3%
FY19
1,538
937
73%
698
45%
385
25%
314
20%
184
12%
14%
FY21
3,147
2,476
83%
1,863
59%
946
30%
917
29%
307
10%
20%
FY24
8,539
5,564
66%
2,618
31%
1,072
13%
1,546
18%
910
11%
21%
* Gross margin is on product sales which represented a small proportion of total sales in FY15 and FY17, the majority being services income ** Pre tax, on Average Capital, excluding Cash in hand
Rubicon® .,,.....-___
RESEARCH
INNOVATION I QUALITY I CARE
FY25
H1 FY26
12,843
8,867
71%
3,967
30%
1,325
10%
2,643
21%
1,344
11%
30%
7,645
5,204
69.4%
2,552
33%
818
11%
1,734
23%
972
13%
33%
15
Disciplined capital allocation and industry-leading capital efficiency
Rubicon® .,,.....-___
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INNOVATION I QUALITY I CARE
Sources of funds and deployment – FY2020 to H1 FY26 (₹ Millions)
12,307
4,745
1,149
Equity
Debt
Internal accruals
6,526
6,712
4,963
■
R&D
■
Working Capital
■
Capex
• Limited equity capital raised – less than
USD 25 million since inception
• Entire R&D spend and most of growth
investments funded by internal accruals
• Debt financing mainly for working
capital
FY2024
FY2025 H1 FY26
ROACE (pre-tax)
21%
30%
33%
16
Approvals, Sales and Distribution
Rubicon® .,......-___
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INNOVATION I QUALITY I CARE
Number of products approved
US Sales and marketing companies (wholly owned subsidiaries)
12
14
12
8
82 Active approved products as of 30 Sep 2025
FY23
FY24
FY25
H1 FY26
Number of products commercialized
66
76
55
28
92.68% commercialization rate in the US as of 30 Sep 2025 (76 of 82)
FY23
FY24
FY25
H1 FY26
…Reduction in Product Concentration
■
Top 5 products
■
Top 10 products
77%
56%
FY23
68%
46%
FY24
59%
38%
FY25
51%
31%
H1FY26
Steadily broad-based portfolio and growth over time
A
ADVAGEN
Validus
PHARMACEUTICALS
Established marketing, sales, and distribution platform in the US
markets non-branded prescription products to customers who include wholesalers, group purchasing organizations and pharmacy chains.
Sales and marketing platform for Rubicon’s branded prescription products.
As of 30 Sep 2025, Validus markets 3 brands (Raldesy, LopressorOS and Equetro) that have no US FDA approved substitutable generics.
17
Wide ranging R&D capabilities backed by robust infrastructure
Rubicon® .,,.....-___
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INNOVATION I QUALITY I CARE
s e r t n e c D & R d e t c e p s n
i
A D F S U
a d a n a C & a d n
i
I
n
i
r e v o f o m a e T
+ 0 9 1
s l a n o i s s e f o r p
• ~38,000 sft facility in Thane
• 3 separate laboratories for general, sterile and potent compounds
• Various dosage capabilities - oral, injectable, ophthalmic, topical
• Most recent FDA inspection
in Mar 2025 with EIR received in Apr 2025
FDA
• ~13,000 sft nasal &
inhalation center in Ontario
• In-house analytical and
characterization capabilities for drug-device combinations
• USFDA inspection in Oct- Nov 2023, EIR received in Dec 2023
FDA, Health Canada
> 190 scientists and 29 regulatory affairs professionals in a matrix structure1
Experienced R&D team in developing regulatory strategy for product approvals
Subject matter experts in chosen focus areas
1.
As of Sept 30, 2025
18
Manufacturing facilities with a strong track record of compliance
Rubicon® .,,.....-___
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INNOVATION I QUALITY I CARE
d e t c e p s n
i
A D F S U
s e t i S g n i r u t c a f u n a M
k c a r T g n o r t S
f o d r o c e R
e c n a
i l
p m o C
s
m r o F e g a s o D
Ambernath
Satara
Pithampur, Indore1
FDA, Health Canada, MHRA
FDA, Health Canada, MHRA
Indore
FDA
\
f
r
Jan 23 OSD
'
f
Mar 24 Unit dose nasal spray
Nov 24 Multi dose nasal spray
VAI EIR 45 days
NAI EIR 60 days
NAI EIR 30 days
.J
..
Inspected 7 times by USFDA
Jan 23 Oral liquid
VAI EIR 45 days
Received 1st ANDA approval from US FDA in Oct 2022 before pre-approval inspection
Simultaneous inspection with Ambernath facility
f
July 22 OSD
EIR in same month
Acquisition Completed on June 2025
USFDA inspection in July 2022 and EIR issued in same month
Oral Solid Dosages - Tablets, capsules, dispersible tablets, powders and hard gelatin capsules
0
Oral Liquids Dosages – Oral syrups, suspensions and solutions
0
Drug device combination – Nasal Sprays
Oral Solids Dosages for
- Hormones / Steroids - High Potency, incl Oncology &
immunosuppressants
Topical Ointments
1.
This facility is not yet commercialized for operations
19
M&A initiatives have focused on adding new capabilities
Rubicon® .,,.....-___
RESEARCH
INNOVATION I QUALITY I CARE
Development
Manufacturing
Sales & Marketing
Logistics & Distribution
Manufacturing
Validus
PHARMACEUTICALS
Impopharma Canada Ltd. (FY 2020)
Meditab’s Satara manufacturing site (FY 2022)
Validus Pharmaceuticals LLC (FY 2024)
AimRx 3PL LLC (FY 2026)
Alkem’s Pithampur manufacturing site (FY 2026)
• Ontario based
development center for drug device nasal spray products • USFDA & Health Canada inspected
• Oral liquids
manufacturing facility in Maharashtra
• Accredited by MHRA UK and TGA Australia
• Inspected by the USFDA in January 2023
• Portfolio of 10 NDA- approved products, including Equetro for CNS therapy at the time of acquisition • CVS products include
Lopressor® and Lotensin HCT®
• US based provider of logistic services to pharmaceutical companies with a warehouse in East Brunswick, NJ
• Licensed to distribute
prescription pharmaceuticals in 45 states
• US FDA inspected
production facility for steroids, hormones and high potency products
• Total plot area of
125,000 m2 with built up area of approx 16,000 m2
20
Board of Directors
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INNOVATION I QUALITY I CARE
Pratibha Pilgaonkar l Managing Director ◼ Focus primarily on the growth of R&D activities ◼ Promoter, with 25 years of experience at Rubicon ◼ Previously associated with Sun Pharmaceutical Advanced research Center , Wyeth
Laboratories, Hindustan CIBA – GEIGY.
Parag Sancheti l Executive Director & CEO ◼ Responsible for providing the organizational leadership and formulating the growth
strategy
◼ 12 years at Rubicon. ◼ Previously associated with Aavishkaar Venture Management Services and Tata
Strategic Management Group
Shantanu Rastogi l Non-Executive (Nominee) Director ◼ Experience in the financial services, technology,
healthcare and consumer sectors
Varun Talukdar l Non-Executive (Nominee) Director ◼ Experience in the finance sector. ◼ Previously associated with Bank of America
Securities, Lehman Brothers Holdings and Premji Invest
Anand Agarwal l Non-Executive (Nominee) Director ◼ Experience in the finance sector. ◼ Previously associated with Britannia
Industries, Syngenta India and Amazon Seller Services
K G Ananthakrishnan l Independent Director ◼ Experience in the pharmaceutical sector. ◼ Previously associated with Pfizer India,
Pharmacia & Upjohn India and Schering Plough India
Venkat Changavalli l Independent Director ◼ Experience in the pharmaceutical sector ◼ Previously associated with Lupin Laboratories,
Star Textile Engineering Works, Patel Roadways and Drachem Specialty Chemicals
Milind Patil l Independent Director ◼ Experienced finance professional with pharma
industry experience
◼ Previously associated with Pfizer, Novartis
Healthcare, Johnson and Johnson and Siemens
21
Thank You
Registered office:
MedOne House, Plot No B75 Road No 33, Wagle Estate Thane 400604, India
Investor Contact:
investors@rubicon.co.in