Rubicon Q1FY27: consolidated PAT up 96% YoY to ₹84.8 Cr, margin beats 22-23% guidance
PAT +95.8% YoY · revenue +51.6% · margins expanding
₹534.34 Cr
+51.6% YoY
₹84.78 Cr
+95.8% YoY
15.7%
₹5.13
Rubicon Research's consolidated print for the quarter ended June 30, 2026 came in well ahead of the revenue range flagged in our pre-result preview (₹350–370 Cr) at ₹534.3 Cr, though that preview range was already below the prior quarter's own ₹513.9 Cr base, so the comparison is of limited use. On margins, the preview's 32–35% EBITDA-margin expectation was not met — actual consolidated EBITDA margin works out to roughly 25.2% (standalone ~29.8%). We could not find a formal analyst consensus for this print (WebSearch turned up none, consistent with our own preview's note that coverage is thin and the stock trades on the growth/capital-deployment narrative rather than consensus earnings forecasts), so vsStreet is unknown.
Q1 FY-2027 vs prior quarters
No year-ago quarter on record — YoY cells may be blank.
Against management's own guidance, the quarter is a clear beat: at the Q4FY26 call management reiterated an EBITDA margin band of 22–23% for coming quarters, factoring in ESOP costs, Arinna-related expenses and Pithampur ramp-up. Actual consolidated margin of ~25.2% (standalone ~29.8%) sits above that band. Consolidated NPM also expanded to 15.7%, from 14.9% in Q4FY26 and 12.3% a year ago, so the margin trend is expanding on both a sequential and annual basis.
The stock went into the print at ₹1,619.1, up 14.1% over the past month of trading.
For context: this is the highest quarterly PAT in the last 4 quarters on our records; PAT has now risen for 3 consecutive quarters.
What the summary numbers don't show
Consolidated basic EPS ₹5.13, up from ₹4.66 (Q4FY26) and ₹2.81 (Q1FY26)
Management expressed strong confidence in continued revenue growth momentum, expecting it to remain robust in coming quarters. While gross margins have seen a slight decline due to increased reliance on outsourced manufacturing, they anticipate them to recover once internal manufacturing capacity, particularly from the
— This quarter: beat
The mechanics behind the print are worth separating from the headline growth. Consolidated revenue (+51.6% YoY, +4.0% QoQ) and PAT (+95.8% YoY, +10.4% QoQ) both grew strongly, but consolidated PBT (₹110.4 Cr) was essentially flat versus standalone PBT (₹110.7 Cr) even though consolidated revenue is 25% higher — the four subsidiaries not independently reviewed by the parent's auditors (which include Arinna, consolidated only from April 30, 2026) contributed a combined ₹14.2 Cr net loss for the quarter, an integration drag that shows up below the revenue line. Consolidated PAT nonetheless finished above standalone PAT because of a lower group effective tax rate (23.2% vs 25.5% standalone) rather than because the new subsidiaries were profit-accretive this quarter.
W1
Full-quarter Arinna Lifesciences contribution and whether the ₹14.2 Cr combined subsidiary net loss narrows as integration progresses
W2
Kia Health Tech amalgamation scheme (filed with RoC Aug 3, 2026, not yet effective) — watch for effective date and its P&L consolidation impact
W3
Whether consolidated EBITDA margin (~25.2% this quarter) holds above management's 22-23% guided band as ESOP, Arinna and Pithampur ramp-up costs come through
Informational and educational content only. Not investment advice.