Rubicon Research Limited (formerly Rubicon Research Private Limited) has released the transcript of its Q3 FY 2025-26 earnings conference call, which was held on February 3, 2026. The transcript is available on the company's website. During the call, the company reported strong financial performance for the third quarter. Revenue from operations stood at ₹476 crore, a 52% increase year-on-year. EBITDA was ₹112 crore, up 59% year-on-year, and profit after tax was ₹73 crore, an increase of 91% year-on-year. For the first nine months of FY26, revenue was ₹1,240 crore, a 34% increase, with EBITDA at ₹287 crore (up 73% year-on-year). The company highlighted an increase in inventory to ₹685 crore, viewed as fuel for growth and covering recent and upcoming launches. Return on Capital Employed (ROCE) was reported at 34%. The Pithampur manufacturing facility is on track for operationalization by mid-2026, with commercialization expected in Q1 CY27. The company reiterated its guidance for operating EBITDA margins to remain stable between 22% to 23% and R&D expenses to be around 10% to 11% of revenue for the next several years. Rubicon Research also announced the appointment of Dr. Pradnya Saravade as an Independent Director. General Atlantic's nominee, Mr. Anand Agarwal, has stepped down from the board. The company emphasized its R&D engine as a key growth driver, with R&D productivity showing an improving trend, moving from 3.3x to 5.7x over different periods. The management expressed confidence in sustained growth driven by a strong pipeline, including specialty products, drug-device combinations, and branded products.
