Healthcare · NSE: RUBICON
Rubicon Research
Q2 FY27 earnings call · Guided by management
Call held 5 Nov 2026 · Read the filing on NSEFiling
- M.Cap
- ₹28,427Cr
- P/E
- 87.5×
- 1Y return
- +173.78%
- From 52W high
- −9.6%
Highlights are read by AI from the company's filing and can contain mistakes. Check the source page linked to each line.
Share price
Results Q2 FY27, as filed · consolidated · ₹ Cr
| Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ | |
|---|---|---|---|---|---|
| Revenue | 576 | 412 | +39.9% | 534 | +7.9% |
| EBITDA | 144 | 94 | +52.8% | 129 | +11.6% |
| EBITDA margin | 25.0% | 22.9% | +211 bps | 24.2% | +84 bps |
| PBTProfit before tax | 117 | 72 | +63.1% | 110 | +5.9% |
| Net profit | 90 | 54 | +68.0% | 85 | +6.7% |
| EPS (₹) | 5.41 | 3.47 | +55.9% | 5.08 | +6.5% |
From the company's own results filing on NSE. Net profit is the owners' share. Growth and the dotted lines are worked out from the filed figures.
Guidance
More figures from the call
“We had INR55 crores worth of non-cash item in the form of right-of-use.”
“This net working capital should normalize in the range of 125-130 days.”
“We have already completed a total spend of INR313 crores over six quarters, and we have good visibility towards completing the remaining INR500 crores to get to the INR500 crores number over the remaining three quarters.”
“In the first half, our cash flow in investing activity was INR172 crores, is primarily driven by acquisition of Arinna Lifesciences, New Jersey manufacturing facility acquisition, and capex.”
In short
- 01Full-year operating EBITDA margin guidance raised to 24% plus, from about 23% plus last quarter.
- 02Q2 revenue from operations was Rs 576 crore, up 40%; PAT was Rs 90 crore versus Rs 54 crore.
- 03Sequential USD revenue growth was 5% in Q2; management sees strong visibility in coming quarters.
- 04R&D spend of Rs 500 crore guided for FY26, FY27 and Q1 FY28; Rs 313 crore spent so far.
- 05All four plants inspected in six months; Ambernath got five procedural observations in October.
- 06Indore (Pithampur) plant revenue expected from FY28; no timeline given for CSN or New Jersey.
- 07Net working capital was 117 days and should normalise at 125-130 days.
- 08New export licence rules mean some approvals will be launched in the coming quarter.
Capex
Pithampur: Pithampur facility should be operationalised soon
Nitin Jajodia · Chief Financial Officer · p. 4
Pithampur: Pithampur facility should be operationalised soon
“This includes our Pithampur facility, which should get operationalized soon”
Capacity
Indore (Pithampur): Indore plant revenue expected from FY28 onwards
Parag Sancheti · Chief Executive Officer · Q&A · p. 11
Indore (Pithampur): Indore plant revenue expected from FY28 onwards
“For Indore, we have already said that it will be FY 2028 onwards for that.”
Pithampur, CSN and New Jersey sites not yet contributing revenue
Parag Sancheti · Chief Executive Officer · Q&A · p. 10
Pithampur, CSN and New Jersey sites not yet contributing revenue
“All the three sites are not contributing anything in revenue right now.”
Expenditure on new sites goes through P&L; sites not yet earning revenue
Sagar Oak · Senior Vice President · Q&A · p. 11
Expenditure on new sites goes through P&L; sites not yet earning revenue
“Factually correct, the expenditure is going through the P&L, and the sites are not yet revenue-generating.”
Segments
Tactical portfolio measures mostly done; a few may finish in next one or two quarters
Parag Sancheti · Chief Executive Officer · Q&A · p. 12
Tactical portfolio measures mostly done; a few may finish in next one or two quarters
“I think more or less those measures have been completed. Few might be completed in the next one or two quarters.”
Demand
Sequential USD revenue growth 5% in Q2; strong visibility seen in coming quarters
Parag Sancheti · Chief Executive Officer · p. 5
Sequential USD revenue growth 5% in Q2; strong visibility seen in coming quarters
“In that light, I am very happy to share that this quarter, our sequential USD revenue growth is 5%, and we continue to see strong visibility in the coming quarters.”
Management sees visibility on revenue growth for 2029, 2030 and beyond
Sagar Oak · Senior Vice President · p. 8
Management sees visibility on revenue growth for 2029, 2030 and beyond
“I hope it's easy to appreciate the visibility on revenue growth for 2029, 2030, and beyond is pretty strong for us.”
Constant currency sequential growth in the quarter was 5%
Parag Sancheti · Chief Executive Officer · Q&A · p. 11
Constant currency sequential growth in the quarter was 5%
“5%, I think, was the quarter sequential growth. Yes, 5%.”
Margins and costs
Q2 operating EBITDA Rs 144 crore versus Rs 94 crore, growth of almost 53%
Nitin Jajodia · Chief Financial Officer · p. 3
Q2 operating EBITDA Rs 144 crore versus Rs 94 crore, growth of almost 53%
“Our operating EBITDA was INR144 crores versus INR94 crores in the previous year, a healthy growth of almost 53%.”
Q2 pre-R&D EBITDA margin 35.8% versus 34.1% a year ago
Nitin Jajodia · Chief Financial Officer · p. 3
Q2 pre-R&D EBITDA margin 35.8% versus 34.1% a year ago
“that translates into a pre-R&D EBITDA margin of 35.8% in this quarter versus 34.1% in the previous year's same quarter.”
Q2 R&D expense Rs 62 crore, 10.8% of revenue
Nitin Jajodia · Chief Financial Officer · p. 3
Q2 R&D expense Rs 62 crore, 10.8% of revenue
“Our R&D expense for the quarter was at INR62 crores, translating into 10.8% R&D expense”
specialty: Specialty products contribute 36% of gross profit
Parag Sancheti · Chief Executive Officer · p. 5
specialty: Specialty products contribute 36% of gross profit
“The specialty contribution to the gross profit is at 36%, again underpinned by our specialty products and differentiated products.”
R&D spend normalised to 10%-11% of operating revenue
Sagar Oak · Senior Vice President · p. 6
R&D spend normalised to 10%-11% of operating revenue
“We have since normalized this to a 10%, 11% of operating revenue range.”
Debt and working capital
Net working capital 117 days at 30 September
Nitin Jajodia · Chief Financial Officer · p. 4
Net working capital 117 days at 30 September
“Our working capital as on 30th September was 117 days.”
Net debt and fixed asset movement driven by Arinna and New Jersey acquisitions and capex
Nitin Jajodia · Chief Financial Officer · p. 4
Net debt and fixed asset movement driven by Arinna and New Jersey acquisitions and capex
“In balance sheet, movement in net debt, net of cash, as well as fixed assets versus March was primarily driven by our acquisition of Arinna Lifesciences, our acquisition of New Jersey-based manufacturing facility as well as capex.”
Acquisitions and new business
Arinna: Arinna consolidation added Rs 19.4 crore revenue; EBITDA contribution not material
Parag Sancheti · Chief Executive Officer · p. 3
Arinna: Arinna consolidation added Rs 19.4 crore revenue; EBITDA contribution not material
“The FY 2027 numbers reflect the Arinna consolidation. If you look at the footnote, the revenue of INR19.4 crores is included, but contribution to EBITDA is not material in both the quarters.”
Arinna: Arinna: aim to beat IPM growth first, then focus on profitability
Nitin Jajodia · Chief Financial Officer · Q&A · p. 12
Arinna: Arinna: aim to beat IPM growth first, then focus on profitability
“In the next phase, we are looking at beating the IPM growth, then we will start focusing on profitability. We are sometime away from that phase.”
Arinna: Arinna not yet contributing to return on capital; expected to change
Sagar Oak · Senior Vice President · Q&A · p. 10
Arinna: Arinna not yet contributing to return on capital; expected to change
“So, it is still not contributing to the numerator side of the return on capital. But yes, that will change going forward.”
Arinna: Arinna: focus is investing behind growth to get growth back on track
Nitin Jajodia · Chief Financial Officer · Q&A · p. 12
Arinna: Arinna: focus is investing behind growth to get growth back on track
“Harsh, as we mentioned, Arinna, we are in a phase wherein we are putting the growth lever in place. Our focus is investing behind the growth and getting the growth back on track.”
One-offs
Q1 PAT of Rs 85 crore included a one-time insurance claim of Rs 3.6 crore
Nitin Jajodia · Chief Financial Officer · p. 3
Q1 PAT of Rs 85 crore included a one-time insurance claim of Rs 3.6 crore
“In the previous quarter, our quarter one, our PAT of INR85 crores also included a one-time insurance claim of INR3.6 crores.”
Risks
India export licence can now be sought only after FDA approval
Parag Sancheti · Chief Executive Officer · p. 5
India export licence can now be sought only after FDA approval
“The licensing process in India for controlled as well as other products have been revised. Now, you can only apply for an export license once we get the FDA approval.”
Due to licence rule change, some approvals will be launched in the coming quarter
Parag Sancheti · Chief Executive Officer · p. 5
Due to licence rule change, some approvals will be launched in the coming quarter
“But as these regulations have changed, some of these approvals will be launched in the coming quarter.”
Ambernath: Ambernath got three systems and two product observations; all procedural
Sagar Oak · Senior Vice President · p. 6
Ambernath: Ambernath got three systems and two product observations; all procedural
“were three observations with respect to systems improvement, two observations with regard to product application, which was under review by the agency. All these observations are procedural. None of them relate to data integrity.”
Satara: Satara had one procedural observation; response submitted, EIR awaited
Sagar Oak · Senior Vice President · p. 6
Satara: Satara had one procedural observation; response submitted, EIR awaited
“We had one observation there, which is again procedural. The response for that has already been submitted to the agency, and the EIR for that is awaited.”
Pithampur: Pithampur inspected in July with two observations; EIR expected
Sagar Oak · Senior Vice President · p. 6
Pithampur: Pithampur inspected in July with two observations; EIR expected
“Pithampur was inspected in July. There were two observations, as we had informed the stock exchanges. The response was submitted in the same month as the inspection. Here again, we expect the EIR.”
Other
Q2 revenue from operations Rs 576 crore versus Rs 412 crore, up 40%
Nitin Jajodia · Chief Financial Officer · p. 3
Q2 revenue from operations Rs 576 crore versus Rs 412 crore, up 40%
“revenue from operation was INR576 crores versus INR412 crores in the previous year, up by 40%.”
Q2 PAT Rs 90 crore versus Rs 54 crore a year ago and Rs 85 crore in Q1
Nitin Jajodia · Chief Financial Officer · p. 3
Q2 PAT Rs 90 crore versus Rs 54 crore a year ago and Rs 85 crore in Q1
“Our PAT for Q2 was INR90 crores versus INR54 crores in the previous year and INR85crores in the previous quarter.”
Q2 EPS Rs 5.41 versus Rs 3.47 a year ago
Nitin Jajodia · Chief Financial Officer · p. 3
Q2 EPS Rs 5.41 versus Rs 3.47 a year ago
“EPS for the quarter was INR5.41 versus INR3.47 in the previous year quarter.”
H1 revenue Rs 1,111 crore, growth of 45%
Nitin Jajodia · Chief Financial Officer · p. 3
H1 revenue Rs 1,111 crore, growth of 45%
“On a half-yearly basis, our H1 revenue was INR1,111 crores, again a healthy growth rate of 45%.”
H1 PAT Rs 175 crore, growth of 80%
Nitin Jajodia · Chief Financial Officer · p. 4
H1 PAT Rs 175 crore, growth of 80%
“Our PAT for the first half was INR175 crores, again a healthy growth of 80% versus the H1 of previous year.”
Sources
- Earnings call transcript, Q2 FY27 Filed 12 Nov 2026 · 13 pages
Management's own statements, quoted from its NSE filings. This page was read by AI and can contain mistakes: check the source pages before relying on any figure. No forecast or opinion of ours. Not investment advice.