Motilal Oswal's research report on Rubicon Research
Rubicon Research (Rubicon) delivered better-than-expected performance, with a 7%/18%/21% beat on revenue/EBITDA/PAT for the quarter. Improved revenue from new launches and steady traction in existing products led to strong operating leverage for the quarter. Rubicon started its post-IPO journey on a strong note, reporting robust YoY revenue growth and enhanced profitability, with annualized pre-tax ROCE reaching 36% for the 12M ending Sep’25.
Outlook
We value Rubicon at 35x 12M forward earnings to arrive at a TP of INR780. We remain positive on Rubicon on the back of: a) a leading R&D turnover, b) consistent compliance, c) focused product selection driving development, manufacturing, and conversion of the commercialization rate to over 90%. Reiterate BUY.
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