Revenue from operations rose 39.9% YoY to Rs 576.38 crore from Rs 412.02 crore. Sequentially, revenue increased 7.9% from Rs 534.34 crore.
Gross profit increased 37.3% YoY to Rs 380.8 crore from Rs 277.3 crore. Operating EBITDA rose 52.8% YoY to Rs 144.1 crore from Rs 94.3 crore. The operating EBITDA margin improved to 25.0% from 22.9% a year ago and 24.2% in Q1 FY27.
Including recurring other income of Rs 2.3 crore, EBITDA stood at Rs 146.4 crore, up 54.1% YoY from Rs 95 crore. EBITDA margin improved to 25.4% from 23.1% a year ago and 24.6% in the previous quarter.
Profit before tax increased 63.1% YoY to Rs 116.93 crore from Rs 71.70 crore. Sequentially, PBT rose 5.9% from Rs 110.37 crore.
Total expenditure increased 36.6% YoY to Rs 450.34 crore from Rs 329.59 crore. Cost of raw materials consumed rose 23.4% to Rs 175.39 crore from Rs 142.18 crore. Employee expenses increased 42.8% to Rs 90.48 crore from Rs 63.36 crore. Interest costs remained largely unchanged at Rs 11.41 crore, while depreciation rose 52.0% to Rs 18.04 crore from Rs 11.87 crore.
The company reported USD revenue of $58 million in Q2 FY27, up more than 5% from $55 million in Q1 FY27. It said revenue growth was broad-based, with stable pricing supported by its focus on specialty and differentiated products.
The top five products contributed 37% of revenue, while the top 10 accounted for 55%. The specialty portfolio contributed 36% of gross profit during the quarter.
Cash flow from operations stood at Rs 98.86 crore during H1 FY27, compared with Rs 104.48 crore in the corresponding period last year.
The company received three product approvals during Q2 FY27. It said 84% of its approved products have been commercialised, while some recent approvals are expected to be commercialised in the coming quarter.
Rubicon Research raised its FY27 operating EBITDA margin guidance to 24% or higher from 23% or higher earlier, citing improved operating performance.
The company develops and manufactures pharmaceutical formulations and provides research and development services to global pharmaceutical companies.
Rubicon Research is an R&D-driven pharmaceutical formulations company focused on regulated markets, with operations spanning specialty products, drug-device combinations and complex generics. Its portfolio includes 82 active ANDAs and eight active NDAs, with products under review and development with the US FDA. The company operates four manufacturing sites and two US FDA-inspected R&D facilities across India and Canada. It also has four manufacturing facilities, including one in the US, all inspected by the US FDA in CY2026.
Shares of Rubicon Research were down 5.32% at Rs 1647.70. The stock surged 11.51% in the past five sessions.
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