Rubicon Research
October 9, 2025 – October 13, 2025
| Price | ₹0 - ₹0 |
| GMP Rumors * | ₹0 |
|---|---|
| Lot size | 0 |
| Allotment | Oct 14, 2025 |
| Listing | Oct 16, 2025 |
Rubicon Research About
IPO Details
| Total Issue Size | * shares (aggregating up to ₹* Cr) |
| Fresh Issue | * shares (aggregating up to ₹500.00 Cr) |
| Offer For Sale | * shares (aggregating up to ₹877.50 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 15,44,37,251 shares |
Key Performance Indicators (KPI)
| KPI | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|
| ROE | 29.02 | 27.11 | -5.71 |
| ROCE | 26.45% | 18.62% | 1.35% |
| EPS (BASIC) | 8.82 | 5.98 | -1.11 |
Company Financial (In ₹Crore)
| Period Ended | Jun-25 | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|---|
| Assets | 1,647.60 | 1,451.43 | 1,109.49 | 749.7 |
| Total Income | 356.95 | 1,296.22 | 872.39 | 419 |
| Profit After Tax | 43.3 | 134.36 | 91.01 | -16.89 |
| EBITDA | 79.74 | 267.89 | 173.09 | 43.97 |
| NET Worth | 593.67 | 540.98 | 385 | 286.38 |
| Reserves and Surplus | 397.5 | 525.57 | 369.79 | 281.31 |
| Total Borrowing | 495.78 | 393.17 | 396.41 | 317.91 |
Peer Comparision (Valuation)
| Company | P/E (x) | CMP*(₹) | Face value (₹) |
|---|---|---|---|
| Rubicon Research Limited | - | - | 1.00 |
| Sun Pharmaceutical Industries Limited | 34.98 | 1,594.95 | 1.00 |
| Aurobindo Pharma Limited | 18.12 | 1,083.85 | 1.00 |
| Zydus Lifesciences Limited | 21.83 | 981.70 | 1.00 |
| Strides Pharma Science Limited | 18.72 | 824.75 | 10.00 |
| Dr. Reddy’s Laboratories Limited | 18.05 | 1,223.70 | 1.00 |
| Alembic Pharmaceuticals Limited | 30.33 | 900.2 | 2.00 |
| Lupin Limited | 26.64 | 1,910.15 | 2.00 |
Peer Comparision (Financial Performance)
| Company | NAV/Share (₹) | RoNW (%) | EPS (Basic) (₹) |
|---|---|---|---|
| Rubicon Research Limited | 35.53 | 29.02 | 8.82 |
| Sun Pharmaceutical Industries Limited | 300.99 | 16.16 | 45.6 |
| Aurobindo Pharma Limited | 560.22 | 11.15 | 59.81 |
| Zydus Lifesciences Limited | 238.05 | 21.34 | 44.97 |
| Strides Pharma Science Limited | 277.34 | 17.51 | 44.05 |
| Dr. Reddy’s Laboratories Limited | 402.78 | 18.53 | 67.89 |
| Alembic Pharmaceuticals Limited | 264.09 | 11.63 | 29.68 |
| Lupin Limited | 377.18 | 21.00 | 71.95 |
About Company
Incorporated: 1999
Industry: Pharmaceuticals (development, manufacturing, and commercialization of differentiated formulations)
Key Highlights
· Product Portfolio (as of June 30, 2025):
o 72 active ANDA and NDA products approved by the US FDA
o 66 products already commercialized
o Contribution of USD 195 million in FY24 from the US generic market (USD 2,455.7 million size)
o 17 products pending US FDA ANDA approval
o 63 products under various stages of development
· Market Presence:
o Over 350 SKUs marketed to 96 customers, including 3 major US wholesalers (together handling 90% of US drug distribution)
o Supplies also made to GPOs, national and regional pharmacy chains, and managed care organizations
· International Reach:
o 48 product applications registered/filed across Australia, UK, Singapore, Saudi Arabia, and UAE
o Commercial activities to commence post-approvals
o Provides contract manufacturing services in India, Australia, and New Zealand
· Infrastructure:
o 3 manufacturing facilities in India
o 2 US FDA-inspected R&D facilities (India and Canada)
Strength
Robust Product Portfolio: Data-driven selection ensures a strong mix of new and specialty products, helping withstand pricing pressures.
Strong R&D Capabilities: Ongoing investment in R&D enables development of complex products with high revenue potential.
Proven Compliance & Quality Manufacturing: Strong track record of regulatory compliance supported by cost-effective manufacturing and robust quality systems across facilities.
Weakness
Regulatory & Compliance Risks: Complex, highly regulated manufacturing processes may face recalls, inspection failures, or facility closures, impacting sales and new product launches.
Financial Performance Risks: History of net losses and negative returns; profitability depends on sustaining revenue growth while controlling expenses.
High Capital Requirements: Significant working capital and capex needs; inability to manage financing may adversely affect operations.
Rubicon Research Lead Manager(s)
Rubicon Research Address
MedOne House, B-75,
Road No. 33, Wagle Estate,
Thane, Maharashtra, 400604
Phone: 022 61414000
Email: investors@rubicon.co.in
Website: https://www.rubicon.co.in/
Rubicon Research Registrar
MUFG Intime India Private Limited (Link Intime)
Link Intime India Private Ltd
C 101, 247 Park,
L.B.S.Marg Vikhroli (West),
Mumbai - 400083
Rubicon Research Reviewers
| Reviewer | Recommendation | File |
|---|