# Rubicon Research Limited — Q1 FY27 Agent Datapack

**Company:** Rubicon Research Limited (RUBICON)
**Quarter Ended:** 30 June 2026 (Q1 FY27)
**Presentation Date:** 14 August 2026
**Source Document:** *RRL investor deck Q1 FY27.pdf* (35 slides) — a single-part quarterly results deck it ends at slide 35.

**Source URL:**https://nsearchives.nseindia.com/corporate/9823522970\_14082026170022\_RRLSEIntimationEarningsPPT14UG2026.pdf
**Regulated by:** Securities and Exchange Board of India (SEBI), Food and Drug Administration (FDA);
**Currency:** All figures in ₹ Million unless stated otherwise

> \\\\\\\*\\\\\\\*Purpose of this datapack:\\\\\\\*\\\\\\\* This document converts the original investor presentation into a structured, machine-readable format designed to help LLM-based tools such as ChatGPT, Claude, Perplexity and Gemini to accurately interpret, analyze, and reference financial information. Source tables have been retained in tabular form wherever applicable. For charts and graphs where individual data points cannot be determined with certainty from the document’s text layer, a descriptive summary has been provided and clearly marked as “Chart-derived summary.” Any narrative statements or quotations included in the datapack are reproduced directly from the source without paraphrasing.

> ## About Rubicon: 

Rubicon Research Limited is an innovation-driven specialty pharmaceutical company headquartered in Mumbai, India. Established in 1999, the company has evolved from a contract research provider into a vertically integrated developer and manufacturer of complex generic and branded pharmaceutical formulations, with a strong commercial footprint in regulated markets like the United States. Leveraging advanced drug delivery technologies, Rubicon operates USFDA-inspected research and development centers in India and Canada, alongside multiple manufacturing facilities, enabling it to deliver a diverse portfolio spanning oral solids, liquids, sterile injectables, and specialized drug-device combinations.

# Notice to reader

* This presentation may contain statements that constitute “forward-looking statements” within the meaning of applicable laws and regulations, including the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. These statements relate to the Company’s future business prospects, operations, financial performance, and the industry in which it operates. Forward-looking statements are based on current expectations, estimates, and projections about future events and are subject to risks, uncertainties, and assumptions that could cause actual results to differ materially from those expressed or implied.
* Such statements include, but are not limited to, statements regarding product development, regulatory approvals, manufacturing capabilities, market growth, business strategy, and future financial results. Words such as “anticipate,” “believe,” “expect,” “intend,” “plan,” “will,” “may,” “should,” “estimate,” “project,” and similar expressions are intended to identify such statements.
* The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required under applicable law. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation.
* This presentation is for information purposes only and does not constitute or form part of an offer, solicitation, or recommendation to purchase or subscribe for any securities of the Company, nor should it be regarded as a substitute for the exercise of independent judgment. The Company, its directors, and its management accept no liability whatsoever for any loss arising from the use of, or reliance on, the information presented herein.
* This presentation is not intended to endorse, advertise, promote or recommend the use of any products that may be listed herein which are for representation purpose only. Any product information contained herein is not intended to provide complete medical information and is not intended to be used as an alternative to consulting with qualified doctors or healthcare professionals. Nothing contained herein should be construed as providing medical advice or recommendations and should not be relied on as the basis for any treatment related decision or action.

### Section 01. Consolidated Financial Overview

## Q1 Financial Highlights (₹ millions)

|Metric|Q1 FY27|Q1 FY26|Y-o-Y Growth|
|-|-|-|-|
|Revenue from Operations|5,343|3,525|51.6%|
|EBITDA|1,312|797|64.6%|
|PAT|848|433|95.8%|

Note: #Q1 FY27 Numbers include impact of consolidation post Arinna acquisition – Revenue of INR 128 Mn, contribution to EBITDA is not material.

## Summary Income Statement

|₹ in Million|Q1 FY27|Q1 FY26|% Growth|Q4 FY26|FY26|FY25|% Growth|
|-|-|-|-|-|-|-|-|
|Revenue from Operations|5,343|3,525|51.6%|5,139|17,540|12,843|36.6%|
|Gross Profit|3,543|2,430|45.8%|3,332|11,661|8,867|31.5%|
|Operating Pre-R\&D EBITDA|1,871|1,146|-|1,781|5,938|3,967|-|
|Pre-R\&D EBITDA (%)|35.0%|32.5%|-|34.7%|33.9%|30.9%|-|
|R\&D Expense|580|355|-|594|1,935|1,325|-|
|R\&D Expense (%)|10.9%|10.1%|-|11.6%|11.0%|10.3%|-|
|Operating EBITDA (A)|1,291|791|63.2%|1,187|4,002|2,643|51.5%|
|Operating EBITDA Margin (%)|24.2%|22.4%|-|23.1%|22.8%|20.6%|-|
|Other Income - recurring  (B)|21|6|-|26|77|36|-|
|EBITDA ( A + B)|1,312|797|64.6%|1,213|4,080|2,679|52.3%|
|EBITDA Margin %|24.6%|22.6%|-|23.6%|23.3%|20.9%|-|
|Other Income (one - off)\*|36|-|-|-|-|-|-|
|PBT|1,104|596|85.3%|987|3,205|1,945|64.8%|
|PAT|848|433|95.8%|768|2,467|1,344|83.6%|
|EPS (Fully diluted)|5.08|2.79|82.2%|4.60|15.31|8.68|76.3%|

* Insurance claim received on goods lost in transit

## Summary Balance Sheet

|₹ in Million|30-Jun-26|31-Mar-26|
|-|-|-|
|Total Equity|13,913|12,888|
|Borrowings|3,272|2,594|
|**Sources of Funds**|**17,186**|**15,482**|
|Fixed Assets|7,966|5,726|
|Net Non-current Assets / (Liabilities)|37|133|
|•Inventory (At Cost)|7,458|7,290|
|•Trade Receivables|5,915|5,087|
|•Trade Payables \& Other current Liabilities (net of assets)|-6,598|-6,214|
|Net Working Capital|6,775|6,163|
|**Capital Employed**|**14,778**|**12,022**|
|Cash \& Cash Equivalents|2,408|3,460|
|**Application of Funds**|**17,186**|**15,482**|
|Days of Net Working Capital|114|126|
|ROACE (Annualized, pre-tax)|36%|36%|

* Above ROACE is after considering capital employed in below mentioned areas which is pre-revenue /yet to materially contribute to returns:
| A. Pre-Revenue manufacturing site | ₹ in Million |
| --- | --- |
| (i) Pithampur Plant | 1,496 |
| (ii) New manufacturing facility - CSN | 282 |
| B. Arinna | 1,759 |
| C. **Total (A+B)** | **3,537** |
* Consequent to closing the INR 1,759 Mn acquisition of Arinna, its Financials have also been consolidated as on 30-Jun’26
* Quarterly fluctuations led to improved NWCap of 114 days in Q1 FY27 vs 126 days for FY 26, but NWCap would normalize in the typical 125-130 days over coming quarters

## Summary Cash Flow Statement

|₹ in Million|Q1 FY2027|FY2026|
|-|-|-|
|**Cash flows from operating activities:**|||
|Profit before tax|1,104|3,205|
|Non-Cash / Non operating items|286|1,076|
|Operating cash flows before working capital changes|1,390|4,282|
|Working Capital Changes|-937|-1,146|
|Cash generated from operating activities|452|3,135|
|Net Income tax paid|-167|-1,085|
|**Net cash flow generated from operating activities**|**285\***|**2,050**|
|Cash flows used in investing activities|-1,412^|-4,097|
|Cash flows from / (used in) financing activities|590|2,831|
|**Net increase in cash and cash equivalents**|**-536**|**784**|

* \*Net Cash generated from Operating Activities for Q1FY27 was adversely affected by delay in receiving certain significant GST refunds, which post quarter end have begun to normalize and hence commensurate benefit of this would be visible in operating cash flows of Q2FY27
* ^ Includes utilisation of Bank Deposits of ₹ 705 Mn, acquisition of Arinna  ₹ 1,759 Mn \& Capex of ₹371 Mn

## Q1 Performance Summary

* **Revenue Growth:** - 51.6% revenue growth YoY, broad based as

  * Top 5 products – 39% of revenue in Q1 FY27 vs 39%/35%/30%/34% in Q4/Q3/Q2/Q1 FY26
  * Top 10 products – 55% of revenue in Q1 FY27 vs 57%/53%/51%/56% in Q4/Q3/Q2/Q1 FY26
  * Pricing continues to remain stable driven by our focus on specialty / differentiated products
* **USD revenue** - Continue to see strong revenue visibility in coming quarters

  * USD revenue of $55 Mn for Q1 FY27 was up by 32% YoY ($42mn Q1 FY26). The slight sequential drop is owing to tactical measures taken by the company with respect to gross margins as explained on next slide. Q2 FY27 is tracking well for sequential USD revenue growth.
* **Cash Flow** - Cash flow from operations for the quarter is INR 285Mn\*
* **Approvals** - Received 2 product approvals in Q1 FY27. Commercialisation rate continues to be strong as 88% of approved products are commercialised

  * Specialty portfolio’s contribution to gross profit for the quarter is 36%. Specialty focus underpinned by a robust pipeline.
* **Gross Margin and EBITDA**

  * GM% increased sequentially by 140bps to 67.7% (vs 66.3% in Q426), despite sharp sequential increase in key input costs (owing to prevailing geopolitical situation). In Q3FY26 update, we had flagged off that stronger than anticipated revenue traction coupled with own manufacturing capacity constraint was leading to larger reliance on outsourced manufacturing which was pressuring GM% and the Company was evaluating various tactical measures in response to this. Further to this, and in preparation of the strong revenue traction in the coming quarters, the Company tactically gave up some relatively lower margin business which led to a marginal sequential drop in US revenues. This prepares us better w.r.t  mix of own vs outsourced manufacturing reliance in light of the strong revenue traction expected over coming quarters.
  * Operating EBITDA rose to 24.2% compared to 23.1% in sequential quarter, which is despite sharp sequential increase in certain costs owing to prevailing geopolitical situation as well as sequential increase in employee costs owing to impact of annual increments which take effect in Q1 of each FY. For the remaining three quarters of FY27, we would like to call out some specific costs which would impact EBITDA margins such as ESOP costs of new ESOP scheme, Arinna upfront growth-enabler costs, pre-revenue costs at New Jersey and Pithampur plant etc., despite which, against our earlier guidance of Operating EBITDA margins being in 22-23% range, we are now comfortable to revise this upwards by stating that for FY27 as a whole, Operating EBITDA margins would hold at least 23%.

\*Net Cash generated from Operating Activities for Q1FY27 was adversely affected by delay in receiving certain significant GST refunds, which post quarter end have begun to normalize and hence commensurate benefit of this would be visible in operating cash flows of Q2FY27

## New Manufacturing sites

* **Pithampur**

  * We had informed stock exchanges on 3rd July 2026 that US FDA had conducted an unannounced inspection of Pithampur facility, and issued a form 483 containing 2 procedural observations. We had also stated that we were confident of successfully concluding this evaluation in a timely manner. In that regard, we are happy to state that the Company has already filed an appropriate response with USFDA, and has received USFDA's approval of a regulatory filing post the said inspection. We are hence on track for ramp up of commercial operations at this facility from Q1CY27 as guided before.
* **New Jersey**

  * We recently acquired a USFDA approved manufacturing facility in East Brunswick, New Jersey for $2.9 Mn in a court-supervised competitive bid process u/s 363 of US Bankruptcy Code. This acquisition gives us a first US manufacturing footprint that is about the same size as our facility at Satara.
  * Site has been USFDA inspected for over a decade with 3 successful inspections including the recent inspection in May-26 (i.e. A month before our closing the acquisition). The inspection resulted in a Form 483 issuance with 6 observations which we had announced were largely procedural in nature and unrelated to data integrity and we had also announced that the previous owner had responded to these within the prescribed time, based on which we were expecting a successful conclusion of this evaluation in a timely manner. We are now happy to announce that the USFDA website now reflects VAI status for this facility bearing testimony to successful conclusion of this evaluation.
  * In addition to a strong USFDA inspection history, the site shares a wall with our US distribution center operated by our subsidiary AimRx which enables a unique opportunity for efficient expansion
  * This site will focus on our specialty and high value products as well as demand from US Govt. departments. We are targeting commercialisation in CY 2027 after implementing our quality systems.

## R\&D spends and their impact on revenue growth

* R\&D expenses were 10.9 % of consolidated operating revenue for Q1 FY27
* R\&D spend is a lead indicator of future revenue in our business
* We measure R\&D productivity as incremental revenue to lagging total R\&D spend (given typical timeline involved for R\&D spend to translate into revenues)
* Incremental revenue multiple on lagging R\&D spend has been on an increasing trend as explained below

**R\&D productivity — chart data:**

|R\&D Spend Period|R\&D Spend (₹ Mn)|Revenue Base Year|Base Revenue (₹ Mn)|Revenue Year(Base year + 3years)|Total Revenue (₹ Mn) (Base year + 3years)|Incremental Revenue (₹ Mn)|Multiple|
|-|-|-|-|-|-|-|-|
|FY20 + FY21 + Q1 FY22|1,654|FY21|2,999|FY24|8,398|5,399|3.3x|
|FY21 + FY22 + Q1 FY23|2,379|FY22|2,930|FY25|12,621|9,691|4.1x|
|FY22 + FY23 + Q1 FY24|2,261|FY23|3,764|FY26|17,222|13,458|5.9x|
|FY23 + FY24 + Q1 FY25|2,187|FY24|8,398|FY27|20,422\*|12,024|5.5x^|

* We had guided for INR 5,000 Mn+ R\&D spend over 9 quarters i.e. FY26 + FY27 +Q1FY28 (fully expensed through P\&L)-- We are on track to achieve this guidance as the total cumulative R\&D spend over 5 of these 9 quarters till date is INR 2,515 Mn
* Coupled with our expectation of R\&D productivity remaining at similar levels as above, this provides strong visibility for FY29/30 \& beyond
* Arithmetic annualization of Q1FY27 revenue excluding Arinna
^ 5.5x is based on arithmetic annualization of Q1FY27 revenue (ex-Arinna), and this multiple will expand further during course of FY27 as revenue ramps up during the remaining quarters

## Strengthening Key Leadership

To strengthen company’s key leadership and enhance management bandwidth, the Board of directors has approved the following changes in the leadership team

* Nitin Jajodia is currently CFO of the company. He will move to an operating / business role as Chief Commercial Officer (CCO) upon successful transition of CFO role to Rohit Saraogi. Nitin joined the company in 2021 as CFO, but ever since, he has additionally played a very key role in business \& commercial functions. Hence his planned transition into the role of CCO, as mentioned, is significant step as the company prepares for its new phase of growth in the coming years.
* Rohit Saraogi has joined the company as CFO (Designate).He has strong prior experience and track record in companies like Marico, Reckitt Benckiser, United beverages Ltd, SH Kelkar ltd \& Vini cosmetics. He will be a valuable addition to the leadership team.

### Section 02. Company Overview

## Rubicon Research-At a Glance

*An R\&D driven,formulations manufacturing and marketing company focused on regulated markets*

* **Full Spectrum Capabilities:** Specialty products, drug-device combinations, and complex generics; wide basket of 78 active ANDAs and 8 active NDAs approved across multiple therapies¹; Robust Pipeline of products under review with US FDA and under development; Sales \& marketing capabilities for branded and non-branded products in the US market;
* **Branded, Specialty \& Complex Generics Portfolio:** Specialty products delivered gross profit of INR 1,272 Mn- being 36% of total gross profit in Q1 FY27; 4 branded products with no AB rated generic alternatives¹;  Five approved nasal spray drug-device combination
* **Robust Manufacturing Sites \& R\&D Capabilities:** 4 manufacturing sites for oral solids, oral liquids, ointment and drug-device combination nasal spray products; 2 USFDA inspected R\&D facilities across India and Canada; Ambernath \& Satara sites inspected by multiple global regulators, including USFDA; Pithampur \& New Jersey site recently inspected by USFDA
* **Experienced Leadership:** Founded by seasoned professionals with extensive leadership experience in research and commercial operations; experienced senior management team with industry expertise

Note: ¹As of June 30, 2026

## Our Evolution from a service provider to a specialty products company



|Period|Stage|Description|
|-|-|-|
|1999–2008|CDO|Contract development services; purely fee-for-service|
|2009–2013|CDMO|Small volume manufacturing; Development \& Out-licensing|
|2014–2021|Own ANDA revenues|Sales via third-party distributor|
|2022 onwards|Own front-end + Specialty products|Direct customer relationships|
|2023 onwards|Drug Device Combinations|Intra-nasal sprays|
|2024 onwards|Branded Specialty Products|-|

*Specialty products are defined as those where Rubicon has 0 or at most 1 competitor for a period of at least 1 year from launch of its product.*

## Leadership and Pivots — Consistently Moving Up the Value Chain

**Business stage progression:** Contract Development Services → CDMO + Licensing → Products \& IP → Specialty \& Drug-Device

**Leadership progression:**

**Key leaders:**

* **Pratibha Pilgaonkar(Founder)** —  CEO → MD

  * led R\&D at Sun Pharma \& SPARC
  * led India R\&D at Ciba (Novartis)
* **Narendra Borkar** — Mentor →  Chairman, US

  * Set up and scaled Sun, Aurobindo and McLeods’ US formulations
  * Led Ciba (Novartis) in India
* **Parag Sancheti**\* — Head of Strategy → ED \& CEO

  * Economist and management consultant
  * previously with Tata Strategic Management Group

Pratibha Pilgaonkar and Narendra Borkar Led Sun Pharma’s US market foray and portfolio development in the late 1990’s

|Year|Annual Revenue (INR Cr)|R\&D Team|
|-|-|-|
|2009|15|73|
|2012|35|96|
|2014|42|101|
|2019|154|100|
|2025|1,288|200|
|2026|1,762|240+|



\* Promoter family holding over 25% equity since 2016, diluted to c24% due to IPO primary raise. Promoters did not participate in the IPO-OFS.

## Decadal Financial Performance

|₹ in Million|FY15|FY17|FY19|FY21|FY24|FY25|FY26|
|-|-|-|-|-|-|-|-|
|Revenue from Operations|392|489|1,538|3,147|8,539|12,843|17,540|
|Gross Margin|-50\*|-12\*|937|2,476|5,564|8,867|11,661|
|Operating EBITDA Pre R\&D|128|105|698|1,863|2,618|3,967|5,938|
|% of Operating Revenue|33%|22%|45%|59%|31%|30%|34%|
|R\&D Expense|17|19|385|946|1,072|1,325|1,935|
|% of Operating Revenue|4%|4%|25%|30%|13%|10%|11%|
|Operating EBITDA|111|86|314|917|1,546|2,643|4,002|
|% of Operating Revenue|28%|18%|20%|29%|18%|21%|23%|
|Net Profit after Tax|27|12|184|307|910|1,344|2,467|
|ROACE %\*\*|10%|3%|14%|20%|21%|30%|36%|

* Gross margin is on product sales which represented a small proportion of total sales in FY15 and FY17, the majority being services income
\*\* Pre tax, on Average Capital, excluding Cash in hand

## Ability to Rapidly Move Strategies from the Drawing Board to the P\&L

**Case study: drug-device combination capabilities**

* **Identified intra-nasal drug delivery as a growth area:** targeted drug delivery, rapid onset of action, potential for CNS application, limited competition
* **Jul 2019:** Development (Planned to build capability in-house); Manufacturing (Planned to outsource to CMOs)
* **2020:** Acquired Impopharma — a nasal \& inhalation product development company in Toronto, Canada
* **2022:** First nasal spray product filed with US FDA; Signed supply partnerships with multiple device suppliers to de-risk pipeline
* **2023:** First USFDA approval (from CMO site) — 1 of only 7 nasal approvals granted in 2023; commissioned one of the largest single-site na sal spray capacities in the world with state-of-the-art, fully automated European filling lines for unit-dose and multi-dose sprays
* **2024 | 2025:** Successful FDA inspections of unit-dose and multi-dose filling facilities, paving the way for commercial launch; 5 products approved, others in pipeline; most recent nasal approvals — Fluticasone Propionate nasal spray (both Rx and OTC); Nasal sprays Rx market — 3 players, >50m units, $400m gross; first Rx approval in 15+ years; fast-growing OTC opportunity;

**Learnings:**

* Limited talent pool for nasal and drug-device products in India
* Good talent pool in US \& Canada
* Characterization capabilities are important
* Engagement with CDMOs indicated high cost, impacting long-term competitiveness
* CDMO space was expected to see buyout activity — borne out by subsequent transactions (Summit, Renaissance, Catalent)
* De-risked model using own and CMO sites

**Expect to benefit from early-mover advantage coupled with captive supply chain**

## Moats Around the Business — ① Compliance

**Consistent regulatory track record, underpinned by a robust quality culture**

**Ambernath site (OSD, nasal)(Approved by FDA, MHRA, Health Canada, TGA):** 14,000 m² cGMP site just outside Mumbai; one of the largest single-site nasal spray capacities in the world; Other regulatory approvals include EU, South Korea, Turkey, Cambodia, ZaZiBoNa.

inspection history (FDA): Apr 2013 (OSD, VAI, EIR 60 days) · Mar 2015 (OSD, VAI, EIR 90 days) · Jul 2016 (OSD, NAI) · Nov 2017 (OSD, NAI) · Oct 2019 (OSD, VAI, EIR 60 days) · Jan 2023 (OSD, VAI, EIR 45 days) · Mar 2024 (Multi-dose nasal spray, NAI) · Nov 2024 (Unit-dose nasal spray, NAI)



**Satara site (Oral Liquids)(Approved by FDA, MHRA, TGA):** 4,050 m2 cGMP site 200 km from Mumbai;Acquired from Cipla in 2021;Never offered for FDA inspection from 1996-2021

Inspection history(FDA): Jan 2023 (Oral liquid, VAI, EIR 60 days) ·

**Pithampur site(oral solids):** 16,000 m2 cGMP site just outside Indore; Acquired from Alkem in 2025

Inspection history(FDA): Jul 2026 (OSD EIR awaited)

**Most recent FDA inspections – Pithampur with two 483s (response submitted), Canada R\&D in April 2026 and Thane R\&D HQ in March 2025, each with zero observations**

## Moats Around the Business — ① Compliance

**Deep engagement with the US FDA — Shaping future regulation**

**US FDA's Quality Management Maturity (QMM) Program**
FDA's Center for Drug Evaluation and Research (CDER) program to promote quality management maturity at drug manufacturing establishments, in order to:

* Identify incentives for companies with pro-active quality management practices vs. those merely compliance-focused
* Foster a strong quality culture mindset
* Recognize establishments with advanced quality management practices
* Minimize risks to product availability, assuring reliable market supply
* Identify areas where quality management practices can be enhanced and provide suggestions for growth opportunities

Rubicon is **one of only 9 sites** globally, across innovators and generics, selected to participate in this program in 2024.

## Moats Around the Business — ② Market Share Execution

**Successfully built leading positions even as a late entrant in mature, competitive products**

| Product (Therapy Area) | Launch Year | Market Share at Launch | FY25 Volume Market Share | FY25 Rank | Competitors¹ at Launch | Competitors¹ FY25 | FY26 Volume Market Share | FY26 Rank | Competitors¹ FY26 |
|---|---|---|---|---|---|---|
| Metoprolol Tartrate (CVS) | FY20 | 0% | 37.3% | 1st | 6 | 6 | 48.0% | 1st | 4 |
| Baclofen (CNS) | FY20 | 0% | 35.3% | 1st | 7 | 10 | 33.9% | 1st | 8 |
| Carbidopa Levodopa (CNS) | FY23 | 0% | 18.7% | 3rd | 5 | 5 | 24.6% | 1st | 4 |
| Diclofenac Potassium (Analgesics) | FY22 | 0% | 29.6% | 1st | 6 | 6 | 32.6% | 1st | 3 |
| Cyclobenzaprine Hydrochloride (CNS) | FY19 | 0% | 32.5% | 1st | 6 | 8 | 34.8% | 1st | 6 |
| Lidocaine Hydrochloride (Anesthesia) | FY24 | 0% | 38.8% | 2nd | 5 | 5 | 35.1% | 1st | 3 |

**Proven execution capability is a force multiplier in first-mover / early entrant opportunities**

1. Number of marketing companies with more than 1%volume market share Market share rank
* Source: IQVIA data
* If the launch of the product was prior FY20, FY20 has been taken as the base year because of data availability; Volume market share has been used because values do not reflect company-specific rebates



## Moats Around the Business — ③ Portfolio Selection

**Proprietary algorithm for product selection that combines science and economics**

**US Generics Price Erosion by Therapy Area, FY22–25** *(Source: Frost \& Sullivan)*

*Nuanced portfolio strategy reflected in sustained market economics*

|Category|Price Change FY22–25|
|-|-|

| Rubicon's Portfolio | +8.0% |
| Alimentary Tract and Metabolism | +1.3% |
| Nervous System | -0.1% |
| Cardiovascular | -11.2% |
| Oncology | +21.8% |
| Industry Average | -5.2% |

* Rubicon's product portfolio saw an average unit price increase of +8.0% between FY22–25, against overall industry erosion of -5.2%
* Development pipeline: Demand trends, patient demographics, competitive scenario; technical \& IP feasibility, unit economics, supply chain risk; prioritization and ongoing reevaluation

**88% of all approved products have been commercialized**



## Moats Around the Business — ④ Efficient R\&D

**ROI-driven approach across the development lifecycle**

R\&D is treated as a lead indicator of future revenues

**R\&D productivity — chart data:**

|R\&D Spend Period|R\&D Spend (₹ Mn)|Revenue Base Year|Base Revenue (₹ Mn)|Revenue Year|Total Revenue (₹ Mn) after 3 years|Incremental Revenue (₹ Mn)|Multiple|
|-|-|-|-|-|-|-|-|
|FY20 + FY21 + Q1 FY22|1,654|FY21|2,999|FY24|8,398|5,399|3.3x|
|FY21 + FY22 + Q1 FY23|2,379|FY22|2,930|FY25|12,621|9,691|4.1x|
|FY22 + FY23 + Q1 FY24|2,261|FY23|3,764|FY26|17,222|13,458|5.9x|
|FY23 + FY24 + Q1 FY25|2,187|FY24|8,398|FY27|20,422\*|12,024|5.5x^|

\*Arithmetic annualization of Q1FY27 revenue excluding Arinna

* Company strives to maintain similar R\&D productivity in the coming years which coupled with total expected R\&D spend of 5,000 Mn+  in FY26+FY27+Q1FY28 gives strong visibility for FY29/30 \& beyond
**R\&D expenses are fully charged to P\&L (no capitalization of self generated intangibles)
Product selection drives longevity of lifecycle and returns on R\&D spend**



## US Specialty Play — Combining Strong Development Capabilities with Economic Research

* Specialty products are defined as those with 0 or 1 competitor for at least 1 year from launch
* Specialty classification is linked only to competitive intensity that impacts pricing ability — not product complexity or regulatory pathway
* Unmet needs are validated via extensive physician + payer research to assess expected reimbursement and coverage levels
* Therapy discipline enables higher ROI on sales efforts, with multiple opportunities targeting the same prescriber audience

**Increasing gross profit share of specialty products (INR Mn):**

||FY2023|FY2026|
|-|-|-|
|Gx Gross Profit|2,289|7,894|
|Specialty Gross Profit|342|3,767|
|Specialty % of Gross Profit|13%|27%|
|Number of Specialty Products|3|21|

Specialty products contributed 36% of gross profit in Q1 FY27.

**Validus Pharmaceuticals** (100% subsidiary) — platform for branded CNS launches in the US:

* CNS prescriber coverage in the eastern and southern US, providing the ability to generate scripts and insights on patient needs to shape the product pipeline
* Licensed in 43 states, with products distributed via specialty channels and all major US wholesalers, providing broad reach for new branded launches from day 1



*Specialty business is profit-positive at the group level*

**FY2026 Specialty Gross Profit Bridge (INR Mn):**

|Item|₹ Mn|
|-|-|
|Specialty Gross Profit|3,767|
|Less: Validus Opex|-659|
|Specialty Contribution|3,108|

*Validus standalone financials are not representative of the specialty segment due to transfer pricing rules vis-à-vis Rubicon India.*

**Rubicon is deploying specialty product cash flows to build a strong branded platform.**

## Slide 27: Validus — Capability Building Ahead of Branded Specialty Products Launch

**Gearing up for growth**

|Capability|Acquired (current)|Building toward|
|-|-|-|
|Market access|HCP coverage in select territories via contract field force|Wider patient access and deeper payer and PBM relationships|
|Field force / marketing|Commercial and operations team + support systems|Expanded and focused HCP coverage with own field force + digital marketing initiatives|
|Distribution|Licensed to market products in 43 US states|Augmenting logistics and distribution capabilities|

**Buildout and expansion costs are fully captured in the consolidated P\&L.**

## Moats + Disciplined Capital Allocation Driving Industry-Leading Capital Efficiency

**Sources of funds and deployment — FY2020 to IPO (October 2025), ₹ Millions**

* Limited equity capital raised: only \~USD 25 million since inception (1999) through IPO in Oct 2025; only INR 1,149 million (\~USD 15 million) equity raised from FY2020 through IPO
* Entire R\&D spend and most growth investments funded by internal accruals
* Debt financing used mainly for working capital

**Deployment of funds:**

|Use|₹ Mn|
|-|-|
|Capex|4,963|
|Working Capital|6,712|
|R\&D|6,526|

**Sources of funds (cumulative build-up):**

|Source|Cumulative ₹ Mn|
|-|-|
|Equity|1,149|
|+ Debt|4,745|
|+ Internal accruals|12,307|

**ROACE (pre-tax):**

|FY2024|FY2025|FY2026|
|-|-|-|
|21%|30%|36%|

## Approvals, Sales and Distribution

**Number of ANDAs approved**

|FY23|FY24|FY25|FY26|Q1 FY27|
|-|-|-|-|-|
|12|14|12|12|2|

* 86 Active approved products as of 30 Jun 2026

**Number of products commercialized:**

|FY23|FY24|FY25|FY26|Q1 FY27|
|-|-|-|-|-|
|28|55|66|77|76|

* 88% commercialization rate in the US as of 30 Jun 2026 (76 of 86)

**Reduction in product concentration:**

||FY23|FY24|FY25|FY26|Q1 FY27|
|-|-|-|-|-|-|
|Top 5 products (% of revenue)|56%|46%|38%|34%|39%|
|Top 10 products (% of revenue)|77%|68%|59%|53%|55%|

**US Sales and marketing companies (wholly-owned subsidiaries):**

* **Advagen** — Established marketing, sales, and distribution platform in the US.
Markets non-branded prescription products to customers including wholesalers, group purchasing organizations, and pharmacy chains.
* **Validus** — Sales and marketing platform for Rubicon's branded prescription products. As of 31 Mar 2026, markets 4 brands that have no US FDA-approved substitutable generics.

## Efficient use of infrastructure reflected in Fixed Asset Turnover

| | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | Q1 FY27 |
|---|---|---|---|---|---|
| Net Fixed Assets, average (₹ Mn) | 1,463 | 1,741 | 2,073 | 2,326 | 3,294 | 4,241 |
| Fixed Asset Turnover (x) | 2.0x | 2.2x | 4.0x | 4.6x | 4.3x | 3.9x |

* Capacity optimization through planning and cost-effective debottlenecking
* Proprietary process technologies that enable consistency and reduce batch times
* Large batch sizes enabled by continuous focus on manufacturing efficiency and innovation, reducing downtime
* Increasing contribution of specialty products driving higher revenue per unit
* Pithampur acquisition in FY2026 \& CSN – yet to be commercialised

## Manufacturing Capabilities

**Robust platform with substantial headroom for expansion**

|Site|Products|Notes|
|-|-|-|
|**Ambernath**|Oral Solids – Over 6 Bn units per year; Tablets, Capsules, Powders in bottles, blisters or sachets||
|; Nasal Sprays – Over 50 Mn vials per year; Solutions and Suspensions in Multi Dose and Unit Dose Presentation|USFDA-inspected; MHRA; TGA; Health Canada||
|**Satara**|Oral Liquids — solutions and suspensions; high-potency including oncology; unit-dose cups;Nasal Sprays - Solutions and Suspensions in Multi Dose Format||
|USFDA-inspected; MHRA; TGA|||
|**Pithampur, Indore**|Oral Solids (tablets, capsules, powders in bottles, blisters, or sachets); Hormones/Steroids — high potency, incl. oncology; Topicals — creams and ointments in tubes|USFDA-inspected|
|**East Windsor, NJ**|Oral Solids (tablets, capsules, powders in bottles, blisters, or sachets); Oral Liquids(Solutions and Suspensions)|USFDA-inspected|

**Manufacturing Excellence**

* High Level of Digitization – Paperless Operation target by 2026
* Quality Management, Document Management and Maintenance Modules already implemented
* Manufacturing and Laboratory Operations under way
* Automated machinery with recipe-based working to ensure consistency and efficiency in manufacturing/ testing operations
* Operational Dashboards and Real Time Analytics enable pro-active approach to OTIF achievement

## R\&D Engine Driving Growth

**Wide-ranging capabilities with deep expertise**

**USFDA inspected R\&D centres in India \& Canada**

* In India: 35,000 sq. ft. facility in Thane — 3 separate laboratories for general, sterile, and potent compounds; wide dosage capabilities (oral, injectable, ophthalmic, topical)
*FDA: March 2025 (India): zero 483s*

\-In Canada: 13,000 sq. ft. nasal \& inhalation center of excellence in Toronto — in-house analytical and characterization capabilities for drug-device combinations

*FDA and Health Canada April 2026 (Canada): zero 483s;*

**Team of over 180+ professionals**

Having >210 scientists and > 40 regulatory professionals in a matrix structure; Experienced R\&D leadership with no key-man dependence; Subject matter experts in chosen focus areas

**Capabilities for differentiated dosage forms:**

* Immediate and Modified Release formats
* Oral Solutions, Suspensions, Concentrates, and Oral BFS products
* Aseptically manufactured and terminally sterilized Solutions, Suspensions, Emulsions
* Lyophilized Injectables, Vials, PFS, Autoinjectors
* Solutions, suspensions, and gels with mono actives or fixed-dose combinations
* Preservative-free dosage forms
* Nasal sprays, nebules, dry powder inhalers, pressurized metered-dose inhalers
* Specialty and generic products for indications in CNS, Opioid Abuse, Asthma, COPD, and other Neural Disorders

## M\&A Initiatives Have Focused on Adding New Capabilities

| Acquisition | Fiscal Year | Category | Details | Country |
|---|---|---|---|
| Impopharma Canada Ltd. | FY2020 | Development | Ontario-based development center for drug-device nasal spray products; USFDA \& Health Canada inspected | Canada |
| Meditab's Satara manufacturing site | FY2022 | Manufacturing | Oral liquids manufacturing facility in Maharashtra; accredited by MHRA UK and TGA Australia; inspected by USFDA in January 2023 | India |
| Validus Pharmaceuticals LLC | FY2024 | Sales \& Marketing | Portfolio of 10 NDA-approved products at time of acquisition, including Equetro for CNS therapy; CVS products include Lopressor® and Lotensin HCT® | USA |
| AimRx 3PL LLC | FY2026 | Logistics \& Distribution | US-based provider of logistics services to pharmaceutical companies, with a warehouse in East Brunswick, NJ; licensed to distribute prescription pharmaceuticals in 45 states | USA |
| Alkem's Pithampur manufacturing site | FY2026 | Manufacturing | US FDA-inspected production facility for steroids, hormones, and high-potency products; total plot area of 125,000 m² with built-up area of \~16,000 m² | India |
| Arinna Lifesciences Pvt. Ltd. | April 2026 | India Formulation | CNS-focused India formulations company; 60 brands (CNS Portfolio); \~160 sales reps; 3 sales divisions; 5,000+ pharmacies, 600+ stockists; 4,000 active prescribers | India |
| InvaTech’s New Jersey manufacturing site | July 2026 | Manufacturing | US FDA inspected formulation facility for oral solids \& liquids ; manufacturing footprint size similar to Satara; Adjacent to our AimRx distribution facility | USA |



### Rubicon Acquires First US Manufacturing Facility - InvaTech Pharma Solutions LLC

**$ DEAL SNAPSHOT**

* Enterprise Value: USD 2.9 million
1. Structure:  Section 363 (US Bankruptcy Code) court-supervised competitive bid; AdvaGen Holdings, Rubicon's wholly owned subsidiary, was the successful bidder
2. Assets Acquired:  Facility, lease, equipment, records, and permits at the East Brunswick, NJ site; AdvaGen also entered a long-term lease
3. Scope:  No product approvals or filings included; facility size is comparable to Rubicon's Satara plant
4. Closing: Facility taken over on 21 July 2026

**FACILITY PROFILE**

* Manufactures oral solid and oral liquid formulations
* USFDA-inspected for over a decade with 3 successful inspections
* May 2026 unannounced USFDA inspection led to a Form 483 with 6 largely procedural observations, unrelated to data integrity; InvaTech has completed corrective actions
* Shares a wall with Rubicon's US distribution center (subsidiary AimRx), enabling efficient expansion

**STRATEGIC RATIONALE(Why)**

1. First US manufacturing footprint, complementing Rubicon's branded and specialty product portfolio
2. Greater proximity to customers; enhanced agility and resilience in the global supply chain
3. Site to focus on specialty, high-value products and US government demand
4. Manufacturing expected to commence in CY2027 after QMS implementation; significant capex planned over the next 3 years

## Board of Directors

* **Parag Sancheti** — Executive Director \& CEO. Responsible for organizational leadership and formulating growth strategy. 12 years at Rubicon. Previously associated with Aavishkaar Venture Management Services and Tata Strategic Management Group.
* **Pratibha Pilgaonkar** — Managing Director. Focus primarily on growth of R\&D activities. Promoter, with 25 years of experience at Rubicon. Previously associated with Sun Pharmaceutical Advanced Research Center, Wyeth Laboratories, Hindustan CIBA-GEIGY.
* **Shantanu Rastogi** — Non-Executive (Nominee) Director. Experience in financial services, technology, healthcare, and consumer sectors.
* **Varun Talukdar** — Non-Executive (Nominee) Director. Experience in the finance sector. Previously associated with Bank of America Securities, Lehman Brothers Holdings, and Premji Invest.
* **K G Ananthakrishnan** — Independent Director. Experience in the pharmaceutical sector. Previously associated with Pfizer India, Pharmacia \& Upjohn India, and Schering Plough India.
* **Venkat Changavalli** — Independent Director. Experience in the pharmaceutical sector. Previously associated with Lupin Laboratories, Star Textile Engineering Works, Patel Roadways, and Drachem Specialty Chemicals.
* **Milind Patil** — Independent Director. Experienced finance professional with pharma industry experience. Previously associated with Pfizer, Novartis Healthcare, Johnson and Johnson, and Siemens.
* **Pradnya Saravade** — Independent Director. Medical doctor (MBBS and MS, General Surgery) \& former IPS officer. Independent Director of Jio Finance Ltd \& Jio Payments Bank.

End of datapack.