Rubicon · Reported financials
Financial PerformanceAbout this pageEvery figure on this page is from Rubicon's reported results (FY20–FY26 and the last seven quarters). It traces the loss-to-leadership turnaround, the quarter-on-quarter momentum, and the cash and balance-sheet position that funds the growth engine.
FY26 revenue ₹1,754 cr (+36.6% YoY) · PAT ₹247 cr (+84.6% YoY) · a 5.6× revenue scale-up since the FY22 trough
FY26 at a glanceFY26 at a glanceThe six numbers that define the year: top-line scale, profitability, returns, and the balance-sheet strength created by the October-2025 IPO.
Revenue FY26
₹1,754 cr
+36.6% YoY
EBITDA margin
23%
22–23% guided band
PAT FY26
₹247 cr
+84.6% YoY
EPS
₹14.98
diluted
3Y profit CAGR
155%
5Y 52%
Net debt
₹-35 cr
D/E 0.24
The turnaround
From a ₹67 cr loss in FY22 to ₹247 cr of profit in FY26 — revenue compounded 5.6× as the portfolio pivoted from generic CDMO to specialty, drug-device, and own-distribution formulations.
Revenue
₹314 cr
₹1,754 cr
FY22 → FY26
PAT
₹-67 cr
₹247 cr
FY22 → FY26
ROCE
−12%
28.4%
FY22 → FY26
Growth trajectoryGrowth trajectoryThe annual arc and the quarterly cadence. Revenue bars with EBITDA and PAT overlaid show that profit is compounding faster than sales — the signature of operating leverage and a richer product mix.
Revenue, EBITDA & PATHow this worksBars are revenue; the solid line is EBITDA (operating profit + other income); the dashed line is net profit. FY22–FY23 were the investment-trough years; from FY24 the lines steepen — profit growing faster than revenue.
₹ crore · FY20–FY26
Quarterly momentumHow this worksSeven straight quarters of sequential growth, with operating margin holding the 22–23% band even as revenue scaled from ₹296 cr to ₹514 cr — Q4 FY26 was +43.5% YoY.
₹ crore revenue · OPM % (right axis)
Profit & lossProfit & lossThe reported P&L, FY20 through FY26 (₹ crore, consolidated). Note the inflection: operating margin swings from −12% in FY22 to 23% in FY26 as scale absorbed the fixed R&D and commercialization base.
| ₹ crore | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|
| Revenue | 263 | 315 | 314 | 394 | 854 | 1,284 | 1,754 |
| Operating profit | 81 | 92 | -39 | 18 | 155 | 256 | 400 |
| OPM % | 31% | 29% | -12% | 5% | 18% | 20% | 23% |
| Other income | 18 | 10 | 17 | 25 | 18 | 12 | 8 |
| Interest | 6 | 9 | 10 | 19 | 31 | 37 | 42 |
| Depreciation | 18 | 29 | 34 | 36 | 39 | 37 | 45 |
| Profit before tax | 74 | 63 | -66 | -11 | 103 | 195 | 321 |
| Net profit | 49 | 31 | -67 | -17 | 91 | 134 | 247 |
| EPS (₹) | 97.46 | 60.53 | -132.39 | -33.31 | 5.98 | 8.72 | 14.98 |
Cash & balance sheetCash & balance sheetOperating cash flow turned decisively positive (₹205 cr in FY26) while the IPO recapitalized the balance sheet — reserves nearly tripled to ₹1,272 cr and net debt fell. FY26 investing outflow (₹410 cr) reflects the Pithampur acquisition and IPO-funded deposits.
Operating cash flow
₹ crore
FY23
₹-75 cr
FY24
₹21 cr
FY25
₹159 cr
FY26
₹205 cr
FY26 CFO/OP conversion 78%. Heavy tax (₹50 cr in Q4) timing-suppressed reported cash.
Balance sheet — FY26
₹ crore
Reserves₹1,272 crFY25 ₹526 cr
Borrowings₹311 crdown from ₹418 cr
Cash & equivalents₹346 crFY25 ₹116 cr
Inventories₹729 cr'fuel for growth'
Receivables₹509 cr1/3 factored
What the year proved
- Profit compounding (+85% YoY) ahead of revenue (+37%) — operating leverage is real.
- IPO de-levered the balance sheet: net debt now ₹-35 cr, D/E 0.24.
- ROCE 28.4% even after absorbing the not-yet-commercialized Pithampur asset.
Source: Rubicon Research reported financials (FY20–FY26, consolidated) and Q4 FY26 earnings call. Figures in ₹ crore as of FY26 results. Public-disclosure data, not confidential.