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RUBICON IPO

Rubicon Research Limited
Start Date09-10-2025
Application Timing10am-5pm
Price Range₹461 - ₹485
Min Qty30
Min. Investment₹13830
Listing Date16-10-2025
Close Date13-10-2025

About Rubicon Research Limited

Incorporated in 1999, Rubicon Research Limited is a pharmaceutical company engaged in developing, manufacturing, and commercializing differentiated formulations. The company focuses on innovative drug delivery solutions and operates across both regulated and emerging markets.

As of June 30, 2025, Rubicon Research had a robust portfolio of 72 active ANDA and NDA products approved by the US FDA, with 66 commercialized products contributing to a US generic pharmaceutical market size of USD 2,455.7 million, out of which Rubicon generated USD 195 million in FY2024.

The company also has 17 new products awaiting US FDA approval and 63 products under development. Rubicon markets over 350 SKUs to 96 global customers, including major US wholesalers, national pharmacy chains, and group purchasing organizations (GPOs).

Globally, the company has filed or registered 48 product applications across Australia, the UK, Singapore, Saudi Arabia, and the UAE. It also provides contract manufacturing services to clients in India, Australia, and New Zealand.

Rubicon operates three manufacturing facilities in India and two US FDA-approved R&D centers located in India and Canada.

Why To Invest in Rubicon Research Limited

Rubicon Research Limited presents a compelling investment opportunity owing to its strong presence in the US generic pharmaceutical market. The company has established itself as one of the fastest-growing Indian pharma players, catering to leading wholesalers, national pharmacy chains, and group purchasing organizations. With a diversified and expanding product portfolio consisting of 72 approved products, 17 awaiting US FDA approval, and 63 under development, Rubicon demonstrates consistent innovation and scalability in its operations. The company’s financial performance has also been impressive, with revenue growing by 49% and profit after tax increasing by 48% between FY2024 and FY2025, reflecting sound operational efficiency and profitability. Supported by robust R&D and advanced manufacturing capabilities, Rubicon’s focus on innovation and cost-effective production enhances its competitiveness in global markets. Moreover, with product registrations across several international markets, including Australia, the UK, Singapore, Saudi Arabia, and the UAE, the company is strategically positioned to capture new growth opportunities beyond its primary market in the United States.

Financial Table
Period Ended 30 Jun 2025 31 Mar 2025 31 Mar 2024 31 Mar 2023
Assets1,647.601,451.431,109.49749.70
Total Income356.951,296.22872.39419.00
Profit After Tax43.30134.3691.01-16.89
EBITDA79.74267.89173.0943.97
NET Worth593.67 540.98385.00286.38
Reserves and Surplus 397.50525.57369.79281.31
Total Borrowing495.78 393.17396.41317.91
Strengths And Risks
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High-Growth Pharmaceutical Company:: Rubicon Research is among the fastest-growing Indian pharma companies, supported by strong global demand and regulatory approvals.
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Innovative Product Selection Framework:: The company follows a data-driven approach to identify high-potential molecules, ensuring profitability and market relevance.
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Robust R&D and Compliance Track Record:: With advanced R&D centers in India and Canada, Rubicon maintains high compliance standards, including multiple US FDA approvals.
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Diverse Customer Base:: The company’s broad client base includes major US wholesalers, pharmacy chains, and GPOs, ensuring recurring revenues and stability.
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Experienced Management Team:: A team of professionals with deep pharmaceutical and strategic expertise drives growth and operational efficiency.
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Dependence on the US Market:: A significant portion of Rubicon’s revenue is derived from the US, making it vulnerable to regulatory changes and market competition.
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Product Approval Delays:: Any delay in receiving US FDA approvals for new products could impact future revenue and expansion plans.
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Foreign Exchange Fluctuations:: Since the company earns a large part of its revenue from exports, it is exposed to currency exchange rate risks.
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Industry Competition:: The pharmaceutical sector is highly competitive, with pressure on pricing and margins from generic drug manufacturers.
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Regulatory and Compliance Risks:: Stringent global regulations and compliance requirements can pose operational and financial challenges if not met consistently.
FAQs
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