Rubicon Research Limited (NSE: RUBICON) shares were trading higher following the release of its Q3 FY26 earnings, though stock price levels, intraday percentage move, and 52-week trading range were not disclosed in the company’s investor presentation.
Quarterly Performance Overview
Rubicon Research reported a strong set of consolidated results for the quarter ended December 31, 2025, driven by broad-based revenue growth and sustained operating margins. Revenue from operations rose 51.7% year-on-year to ₹4,755 million, compared with ₹3,134 million in Q3 FY25. EBITDA increased 59.0% to ₹1,119 million, while profit after tax nearly doubled to ₹728 million, up 91.2% year-on-year. Fully diluted earnings per share rose to ₹4.41, from ₹2.46 a year earlier.
Margins and Cost Structure
Operating EBITDA margin stood at 22.7%, broadly stable compared with 22.3% in Q3 FY25, despite a sequential decline in gross margin due to higher reliance on outsourced manufacturing. Gross margin for the quarter was impacted by capacity constraints, though management indicated operating margins remained resilient in the 22–23% range. R&D expenditure rose to ₹523 million, representing 11.0% of operating revenue, compared with 8.3% a year earlier, reflecting continued investment in product development.
Nine-Month and Year-on-Year Context
For the nine months ended December 31, 2025, revenue increased 33.9% year-on-year to ₹12,400 million, while PAT rose 73.2% to ₹1,700 million. EBITDA for the nine-month period climbed 46.8% to ₹2,867 million, with EBITDA margin expanding to 23.1%.
Business Drivers and Visibility
The company reported USD revenue of $53 million, up 46% year-on-year, with approximately 98% of revenue denominated in U.S. dollars. Top-10 products contributed 53% of quarterly revenue, reflecting a broadening product base, while 93% of approved products have been commercialised.
Analyst Actions
The investor presentation did not report any analyst upgrades, downgrades, or price-target changes following the Q3 FY26 results.