Maharashtra-based formulations company Rubicon Research, backed by global growth investor General Atlantic, has seen impressive financial growth ahead of its IPO, with operating income tripling and EBITDA six times in the last three years.
Multi-Year Growth
According to the company’s Addendum to its Draft Red Herring Prospectus (DRHP) filed with SEBI, Rubicon’s operating income grew to INR 1,284.3 crore in FY25 from INR 393.5 crore in FY23. Its EBITDA jumped to INR 267.8 crore, six times over the same period, while PAT turned to INR 134.3 crore in FY25 from a loss of INR 16.8 crore in FY23.
EBITDA margin expanded to 20.7%, with stronger cost efficiencies and richer product mix. RoNW turned positive to 29% in FY25 from -5.7% in FY23.
Rubicon Research Q1 FY26 Performance
Rubicon has carried this momentum into the current year. For the June 2025 quarter (Q1 FY26), the company reported a 69.7% year-on-year growth in profit to INR 43.3 crore, on the back of strong topline growth. Revenue from operations grew 11.3% YoY to INR 352.5 crore, while EBITDA grew 35.8% YoY to INR 75.3 crore, with margins at 21.36%.
This is a sign of sustained operational strength and scalability as Rubicon gets ready to list.
Innovation Led Growth
Rubicon is investing heavily in research and development (R&D), with R&D spend at 10.4% of income in FY25. As of 30 June 2025, the company had 81 USFDA-approved products, of which 70 are already commercialised, showcasing its execution capability.
In Q1 FY26 alone, Rubicon got five ANDA approvals and one NDA approval from the USFDA, while it had 72 active ANDAs, nine NDAs and 17 awaiting approvals. It also has 63 product candidates in development, which is a deep pipeline. The company also added to its manufacturing capacity by acquiring Alkem Laboratories’ formulations facility in Pithampur, Madhya Pradesh, for INR 149 crore in June 2025.
Rubicon Research IPO in Pipeline
Rubicon Research filed its DRHP with SEBI in July 2024 and got approval in October 2024 and is now getting ready for its INR 1,085 crore IPO. The issue structure is:
- INR 500 crore fresh issue of equity shares to repay debt, acquisitions and strategic initiatives.
- INR 585 crore offer-for-sale (OFS) by promoter General Atlantic Singapore RR.
- Last week, Rubicon completed an INR 250 crore pre-IPO placement with Amansa Investments, following which promoter General Atlantic’s stake was reduced to 54.01% from 57.34% at the time of the DRHP filing in July 2024.
Rubicon Research IPO will be managed by Axis Capital, IIFL Capital, JM Financial and SBI Capital Markets as book-running lead managers and MUFG Intime India as registrar. The shares will be listed on BSE and NSE. The market is expecting the IPO to open in October 2025.
Final Words
Rubicon Research’s journey from losses in FY23 to robust profitability in FY25 illustrates the company’s successful pivot to innovation-driven growth, strengthened by a healthy pipeline, global regulatory approvals, and expanded manufacturing capacity.
With rising margins, strong R&D capabilities, and visible earnings momentum, the IPO-bound company is well-positioned to capture investor interest. However, execution of acquisitions and navigating competitive pressures in the US generics market will remain key challenges to sustain its growth trajectory.
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