Who are Rubicon Research's main competitors?

Named competitors: Sun Pharmaceutical Industries (SUNPHARMA.NS), Lupin (LUPIN.NS), Amneal Pharmaceuticals (AMRX). The cockpit's measured peer set (industry) also includes Zai Lab (9688.HK), Bavarian Nordic A/S (BAVA.CO), Sunshine Lake Pharma (6887.HK), ADMA Biologics (ADMA), Caliway Biopharmaceuticals (6919.TW), Xeris Biopharma (XERS).

Is Rubicon Research expensive compared with its peers?

On forward p/e it trades at 77.2× against a peer median of 25.5×, 2nd most expensive of 8 in its peer set.

How has Rubicon Research stock performed?

Over six months to 6 Nov 2026 the shares returned +74.4% against -9.1% for the median peer; over one year +172.1%.

← CockpitCompetitor Analysis › RUBICON.NS Rubicon Research LimitedOpen in the cockpit ↗

Rubicon Research LimitedRUBICON.NSCompetitor analysis, valuation and peers

India · INR·Pharma & Healthcare›Biotechnology

Indian specialty pharma company developing complex generic and modified-release drug formulations, mainly for the US market.

Momentum leader 94

Competitor Analysis ▸ Charts Open in the cockpit

Mkt cap

$2.91B

US dollars, full cap

Free float

31%

of shares outstanding

$/day

$3.72M

20-day average traded

Fwd P/E

77.2×

forward earnings

ROIC−WACC

+4.5 pp

WACC 18.7%

Hurdle

n/a

no reverse DCF

Next earnings

26 days

2 Dec 2026

Close · INR₹1,659

1D-4.7%

1W+3.0%

1M+5.3%

3M+8.2%

6M+74.4%

YTD+143.8%

1Y+172.1%

ATR %4.2%

Beta0.36

52w lowhigh12.6% off high

What Rubicon Research does

Indian specialty pharma company developing complex generic and modified-release drug formulations, mainly for the US market.

Products and services

Complex generic formulations
Modified-release/abuse-deterrent drugs
Contract development services

Customers

US pharmacy/distribution channels
Pharma partners (licensing/co-development)

Where it sits in the supply chain

Pharmaceuticals
Specialty/complex generic drug…
US market-focused product filings…

What could go right

US generic drug approvals (ANDA pipeline)
Complex-generic pricing/less competition

What could go wrong

FDA approval/regulatory delay risk
US generic price erosion

Moat: narrow (IP / patents, process know-how). Formulation expertise in complex generics creates technical barriers, though competition from larger Indian generic makers is intense.

Headquarters: Navi Mumbai, India · Employees: 1,303

Named competitors

Sun Pharmaceutical Industries SUNPHARMA.NS
Lupin LUPIN.NS
Amneal Pharmaceuticals AMRX

Rubicon Research at a glance

Size Rubicon Research (RUBICON.NS) is an India Health Care company (Biotechnology) with a market value of $2.91B, the 293rd largest of 1,058 India companies the cockpit tracks. Shares closed at ₹1,659 on 6 Nov 2026.

Performance Over six months the shares gained 74.4%, against -9.1% for the median peer and 0.0% for the India market (cap-weighted) — 3rd highest of 20 in its peer set.

Growth Revenue grew 37.0% over the last twelve months (peer median +3.9%); the operating margin is 20.6% (peer median -25.4%).

Valuation It trades at 77.2× forward earnings against a peer median of 25.5× (2nd most expensive of 8).

Capital Return on invested capital runs 4.5 points above its cost of capital (18.7% WACC).

Next results Next results expected around 2 Dec 2026 (exchange calendar; dates can move).

Relative performance

Six months, rebased to 100: Rubicon Research against the median of its 20 peers (local-currency closes).

Rubicon Research financials

Reported figures in INR; fiscal year ends 2026-03-31. TTM = trailing twelve months.
	TTM	FY2025	FY2024	FY2023	FY2022
Revenue	₹19.4B	₹17.5B	₹12.7B	₹8.48B	₹3.91B
Revenue growth	—	+37%	+50%	+117%	—
Gross profit	₹9.79B	₹8.17B	₹5.82B	₹3.51B	₹1.03B
EBITDA	₹4.50B	₹3.95B	₹2.48B	₹1.53B	₹178M
Net income	₹2.88B	₹2.47B	₹1.34B	₹910M	-₹169M
Free cash flow	n/a	-₹553M	₹575M	-₹633M	-₹1.35B
Capital expenditure	n/a	₹2.29B	₹702M	₹561M	₹445M
Total debt	n/a	₹3.11B	₹4.18B	₹4.41B	₹3.20B

Quarterly statements and history in the cockpit →

Rubicon Research competitor charts

The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.

Performance: 6-month against 1-month return

Up and to the right = strong over both horizons. Rubicon Research is the large dot.

Fundamentals: revenue growth against valuation

Further right = faster growth; higher = more expensive. The dashed lines are the peer medians. Rubicon Research is the large dot.

Rubicon Research competitors and peer comparison

Head to head with its named competitors (RUBICON.NS vs SUNPHARMA.NS vs LUPIN.NS vs AMRX)
Company	Market cap	6M return	Revenue growth	Op. margin	Forward P/E	Req g
Rubicon Research RUBICON.NS	$2.91B	+74%	+37%	21%	77.2×	n/a
Sun Pharmaceutical Industries SUNPHARMA.NS	$47.3B	+1%	+12%	23%	35.4×	28.4%
Lupin LUPIN.NS	$9.65B	-19%	+24%	24%	20.9×	8.8%
Amneal Pharmaceuticals AMRX	$7.01B	+53%	+9%	17%	17.7×	15.2%

How Rubicon Research compares with its peers

Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.

Rubicon Research against its 20 peers (data as of 6 Nov 2026)
Measure	RUBICON.NS	Peer median	Rank in peer set
1-month return	+5.3%	-7.3%	8th highest of 21
6-month return	+74.4%	-9.1%	3rd highest of 20
Distance from 52-week high	-12.6%	-31.8%	5th highest of 21
Revenue growth (TTM)	+37.0%	+3.9%	2nd highest of 18
Operating margin	20.6%	-25.4%	3rd highest of 18
Forward P/E	77.2×	25.5×	2nd most expensive of 8
ROIC minus cost of capital	+4.5 pp	-9.4 pp	4th highest of 16
EV / EBITDA	61.0×	36.3×	2nd most expensive of 5
Net debt / EBITDA	-0.1×	3.4×	2nd least indebted of 6

Peer table

Peer set: Industry: the same industry and sector in any market, nearest in size
Company	Market	Market cap	6M return	Revenue growth	Op. margin	Forward P/E	Req g	Delivered g
Rubicon Research RUBICON.NS	India	$2.91B	+74%	+37%	21%	77.2×	n/a	n/a
Zai Lab 9688.HK	Hong Kong	$2.92B	+13%	+5%	-59%	n/a	n/a	n/a
Bavarian Nordic A/S BAVA.CO	Denmark	$2.93B	+27%	-3%	16%	17.1×	-2.0%	+27.4%
Sunshine Lake Pharma 6887.HK	Hong Kong	$2.85B	-9%	+20%	-3%	n/a	n/a	n/a
ADMA Biologics ADMA	United States	$2.85B	+56%	+8%	42%	15.7×	-0.8%	+64.6%
Caliway Biopharmaceuticals 6919.TW	Taiwan	$3.01B	-37%	-54%	-6,983%	n/a	n/a	n/a
Xeris Biopharma XERS	United States	$2.77B	+133%	+36%	11%	67.9×	33.3%	+70.2%
HLB 028300.KS	South Korea	$3.06B	-49%	+29%	-96%	n/a	n/a	n/a
Xiamen Amoytop Biotech 688278.SS	China	$2.76B	-23%	+18%	27%	16.2×	0.5%	+36.0%
Beam Therapeutics BEAM	United States	$2.73B	-18%	+163%	-268%	n/a	n/a	n/a
Walvax Biotechnology 300142.SZ	China	$2.71B	-12%	-23%	5%	381.7×	31.3%	-3.8%
Hebei Changshan Biochemical Pharmaceutical 300255.SZ	China	$2.68B	-52%	0%	-25%	n/a	n/a	n/a
Xencor XNCR	United States	$2.66B	+178%	-29%	-206%	n/a	n/a	n/a
Denali Therapeutics DNLI	United States	$3.22B	+2%	n/a	-2,488%	n/a	n/a	n/a
Telix Pharmaceuticals TLX.AX	Australia	$3.22B	-6%	+27%	-1%	36.8×	n/a	n/a
Arcus Biosciences RCUS	United States	$2.59B	-28%	-55%	-415%	n/a	n/a	n/a
Evopoint Biosciences 688837.SS	China	$2.58B	n/a	n/a	n/a	n/a	n/a	n/a
Palvella Therapeutics PVLA	United States	$2.53B	+45%	-100%	n/a	n/a	n/a	n/a
XtalPi 2228.HK	Hong Kong	$3.35B	-34%	+4%	-127%	n/a	n/a	n/a
Hualan Biological Engineering 002007.SZ	China	$3.37B	-15%	-11%	17%	25.5×	16.7%	-1.8%
Dyne Therapeutics DYN	United States	$3.37B	+3%	n/a	n/a	n/a	n/a	n/a

Questions

Who are Rubicon Research's main competitors?: Named competitors: Sun Pharmaceutical Industries (SUNPHARMA.NS), Lupin (LUPIN.NS), Amneal Pharmaceuticals (AMRX). The cockpit's measured peer set (industry) also includes Zai Lab (9688.HK), Bavarian Nordic A/S (BAVA.CO), Sunshine Lake Pharma (6887.HK), ADMA Biologics (ADMA), Caliway Biopharmaceuticals (6919.TW), Xeris Biopharma (XERS).
Is Rubicon Research expensive compared with its peers?: On forward p/e it trades at 77.2× against a peer median of 25.5×, 2nd most expensive of 8 in its peer set.
How has Rubicon Research stock performed?: Over six months to 6 Nov 2026 the shares returned +74.4% against -9.1% for the median peer; over one year +172.1%.