Revenue growth was broad-based, with the top five products accounting for 39% of Q1 FY27 revenue and the top 10 contributing 55%. USD revenue increased 32% YoY to $55 million, while the company said pricing remained stable, supported by its focus on specialty and differentiated products.

Profit before tax increased 85.3% YoY and 11.8% QoQ to Rs 110.37 crore in Q1 FY27.

Total expenditure increased 48.6% YoY and 3.2% QoQ to Rs 420.36 crore. Raw material consumed increased 14.7% YoY to Rs 153.93 crore. Employee expenses increased 47.2% YoY to Rs 85.67 crore. Interest expense declined 12.5% YoY to Rs 9.29 crore. Depreciation increased 58.2% YoY to Rs 15.14 crore.

EBITDA increased 64.6% YoY and 8.2% QoQ to Rs 131.2 crore in Q1 FY27. EBITDA margin improved to 24.6% from 22.6% in Q1 FY26 and 23.6% in Q4 FY26. Operating EBITDA increased 63.2% YoY to Rs 129.1 crore, with margin improving to 24.2% from 22.4% in Q1 FY26.

Gross profit increased 45.8% YoY to Rs 354.3 crore. Operating pre-R&D EBITDA increased 63.26% to Rs 187.1 crore from Rs 114.6 crore in Q1 FY26, with margin improving to 35.0% from 32.5%.

R&D expenses rose 63.38% to Rs 58 crore in Q1 FY27, compared with Rs 35.5 crore in Q1 FY26. Recurring other income increased to Rs 2.1 crore from Rs 0.6 crore, while one-off other income stood at Rs 3.6 crore, relating to an insurance claim received on goods lost in transit.

Rubicon Research received two product approvals during Q1 FY27, with 88% of approved products commercialised. Specialty products contributed 36% of gross profit during the quarter.

Rubicon Research is an integrated pharmaceutical company focused on developing, manufacturing and commercialising differentiated pharmaceutical products. The company has evolved from a contract development services organisation into an R&D-led, vertically integrated business with capabilities across specialty, branded and generic products and multiple dosage forms. It has a portfolio of more than 80 products across therapeutic areas, including a meaningful CNS portfolio, and operates globally inspected manufacturing facilities in India. Rubicon also has an R&D team of more than 200 scientists across development centres in Mumbai and Toronto.