Rubicon Research Limited announced its financial results for the third quarter of FY2025-26, reporting a significant year-on-year revenue growth of 51.7%, reaching ₹4,755 million. This strong performance was driven by broad-based growth across its product portfolio, with the top 5 products contributing 35% of revenue and the top 10 products accounting for 53%. The company's revenue from operations for Q3 FY26 stood at ₹4,755 million, a substantial increase from ₹3,134 million in Q3 FY25. EBITDA saw a 59.0% rise to ₹1,119 million, and Profit After Tax (PAT) surged by 91.2% to ₹728 million. The Earnings Per Share (EPS) for the quarter was ₹4.41, up 79.1% year-on-year. USD revenue for the quarter was $53 million, a 46% increase from $37 million in the same period last year, with approximately 98% of the company's revenue being USD denominated. Cash flow from operations for the quarter was ₹350 million. The company also reported receiving 9 product approvals in the 9-month period of FY2026, with a commercialization rate of 93% for approved products. Despite a sequential and year-on-year drop in Gross Margin percentage to 66.5% due to increased reliance on outsourced manufacturing, the Operating EBITDA margin remained stable at 22.7%. The company anticipates that the ramp-up of its Pithampur facility from Q1CY27 will reduce reliance on outsourced manufacturing and be accretive to gross margins. R&D expenses were 11.0% of operating revenue for Q3 FY26, and the company continues to invest in R&D, expecting an incremental revenue multiple on lagging R&D spend to remain strong.
