Rubicon Research files addendum to DRHP with Q1 results; Ebitda grows 6 fold in 3 fiscals
Rubicon Research, a pharmaceutical formulations firm, has filed an addendum to its draft red herring prospectus with the Securities and Exchange Board of India.
- Aug 20, 2025,
- Updated Aug 20, 2025 5:28 PM IST
Rubicon Research, a pharmaceutical formulations company, has filed an addendum to its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). This addendum incorporates updated financial data for the fiscal year 2025 and the first quarter of fiscal year 2026. The company reported significant growth in its operating income and profit margins, highlighting its expansion ahead of the proposed Initial Public Offering (IPO).
Over the past three fiscal years, Rubicon Research's operating income has tripled, reaching Rs 1,284.27 crore in FY25 compared to Rs 393.5 crore in FY23. The company's EBITDA grew six-fold during the same period, with a reported figure of Rs 267.8 crore for FY25. Profit after tax (PAT) saw a remarkable turnaround, moving from a loss of Rs 16.8 crore in FY23 to a profit of Rs 134.3 crore in FY25.
Rubicon Research's financial health is further demonstrated by its improved EBITDA margin, which increased to 20.7%. Additionally, the return on net worth (RoNW) surged to 29% in FY25 from a negative 5.7% in FY23. The company continues to prioritise research and development, dedicating 10.4% of its income to R&D activities in FY25. As of June 2025, Rubicon had 81 products approved by the USFDA, with 70 already commercialised.
The company recently completed a Rs 250 crore pre-IPO placement with Amansa Investments Ltd., which reduced promoter General Atlantic's stake from 57.34% to 54.01%. The forthcoming IPO will consist of a fresh issue of equity shares worth 500 crore and an offer-for-sale segment valued at Rs 585 crore.
Rubicon Research intends to use the capital raised through the IPO to pay off existing debt, support inorganic growth through acquisitions, and fund other strategic initiatives. The SEBI observations, received in October 2024, suggest the IPO launch is imminent.
The issue is being managed by Axis Capital, IIFL Capital, JM Financial, and SBI Capital Markets as book-running lead managers. MUFG Intime India is appointed as the registrar for the issue. The shares will be listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
In a strategic move to bolster its manufacturing capabilities, Rubicon Research acquired Alkem Laboratories' formulations manufacturing facility in Pithampur, Madhya Pradesh, for Rs 149 crore in June. This acquisition is part of Rubicon's broader strategy to enhance its production capacities and expand its market reach.
Rubicon Research is known for its focus on innovation, developing a range of specialty products and drug-device combinations targeted primarily at regulated markets, including the United States.
Rubicon Research, a pharmaceutical formulations company, has filed an addendum to its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). This addendum incorporates updated financial data for the fiscal year 2025 and the first quarter of fiscal year 2026. The company reported significant growth in its operating income and profit margins, highlighting its expansion ahead of the proposed Initial Public Offering (IPO).
Over the past three fiscal years, Rubicon Research's operating income has tripled, reaching Rs 1,284.27 crore in FY25 compared to Rs 393.5 crore in FY23. The company's EBITDA grew six-fold during the same period, with a reported figure of Rs 267.8 crore for FY25. Profit after tax (PAT) saw a remarkable turnaround, moving from a loss of Rs 16.8 crore in FY23 to a profit of Rs 134.3 crore in FY25.
Rubicon Research's financial health is further demonstrated by its improved EBITDA margin, which increased to 20.7%. Additionally, the return on net worth (RoNW) surged to 29% in FY25 from a negative 5.7% in FY23. The company continues to prioritise research and development, dedicating 10.4% of its income to R&D activities in FY25. As of June 2025, Rubicon had 81 products approved by the USFDA, with 70 already commercialised.
The company recently completed a Rs 250 crore pre-IPO placement with Amansa Investments Ltd., which reduced promoter General Atlantic's stake from 57.34% to 54.01%. The forthcoming IPO will consist of a fresh issue of equity shares worth 500 crore and an offer-for-sale segment valued at Rs 585 crore.
Rubicon Research intends to use the capital raised through the IPO to pay off existing debt, support inorganic growth through acquisitions, and fund other strategic initiatives. The SEBI observations, received in October 2024, suggest the IPO launch is imminent.
The issue is being managed by Axis Capital, IIFL Capital, JM Financial, and SBI Capital Markets as book-running lead managers. MUFG Intime India is appointed as the registrar for the issue. The shares will be listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
In a strategic move to bolster its manufacturing capabilities, Rubicon Research acquired Alkem Laboratories' formulations manufacturing facility in Pithampur, Madhya Pradesh, for Rs 149 crore in June. This acquisition is part of Rubicon's broader strategy to enhance its production capacities and expand its market reach.
Rubicon Research is known for its focus on innovation, developing a range of specialty products and drug-device combinations targeted primarily at regulated markets, including the United States.