Rubicon Research Limited Results Analysis-Q1FY27

Financial performance and key Operating Metrics (Consolidated) : Operating Revenue for Q1FY27 is Rs. 534 Crs., 51.59% growth YoY, Total Income is Rs. 540 Crs., 52.92% growth YoY, Gross Profit is Rs. 365 Crs., 46.41% growth YoY, EBITDA is Rs. 129 Crs., 61.91% growth YoY, EBITDA Margin is 24.16% improved by 158 basis points YoY, PBT Rs. 110 Crs., 85.31% growth YoY, PAT Rs. 85 Crs. 95.35% growth YoY. On QoQ basis Operating Revenue is up by 3.97%, Total Income is also up by 4.55%, Gross Profit is up by 6.02%, EBITDA is up by 6.43%, PBT is up by 11.84% and PAT is also up by 10.41%. Arinna impact (Q1): acquisition closed, Arinna contribution to consolidated margin is negligible in Q1. Pithampur FDA inspection successfully concluded (procedural 483; subsequent FDA approval on a filing); commercial ramp remains Q1 CY27. US onshore manufacturing entry (NJ) acquired for USD 2.9m, FDA status VAI, commercialization targeted CY27 with specialty/government demand angle and logistics synergies. Management raised FY27 EBITDA margin guidance from 22–23% to 23%. ROCE: 36%, emphasized as strong despite 25% of capital employed tied up in investments that are “pre-revenue or yet to materially contribute.”