Slides
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Rubicon Research Limited Investor Presentation Q2 FY 2026-27
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2 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.
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Agenda Consolidated Financial Overview 4-13 2 Company Overview 3 14-34 1
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01 Consolidated Financial Overview
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5 Q2 Financial Highlights (₹ millions) Revenue from Operations EBITDA PAT 5,764 1,464 904 Q2FY27 4,120 950 539 Q2FY26 39.9% 54.1% 67.9% Y-o-Y #Q2 FY27 Numbers include impact of consolidation post Arinna acquisition – Revenue of ₹ 194 Mn (vs ₹ 128 Mn in Q1 FY27) – contribution to EBITDA is not material in both quarters
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6 Summary Income Statement ₹ in Million Q2 FY27 Q2 FY26 % Growth Q1 FY27 H1 FY27 H1 FY26 % Growth Revenue from Operations 5,764 4,120 39.9% 5,343 11,107 7,645 45.3% Gross Profit 3,808 2,773 37.3% 3,543 7,352 5,204 41.3% Operating Pre-R&D EBITDA 2,065 1,406 1,871 3,936 2,552 Pre-R&D EBITDA (%) 35.8% 34.1% 35.0% 35.4% 33.4% R&D Expense 624 463 580 1,204 818 R&D Expense (%) 10.8% 11.2% 10.9% 10.8% 10.7% Operating EBITDA (A) 1,441 943 52.8% 1,291 2,732 1,734 57.5% Operating EBITDA Margin (%) 25.0% 22.9% 24.2% 24.6% 22.7% Other Income - recurring (B) 23 7 21 44 13 EBITDA ( A + B) 1,464 950 54.1% 1,312 2,776 1,747 58.9% EBITDA Margin % 25.4% 23.1% 24.6% 25.0% 22.9% Other Income (one - off)* - - 36 36 - PBT 1,169 717 63.1% 1,104 2,273 1,313 73.2% PAT 904 539 67.9% 848 1,752 972 80.3% EPS (Fully diluted) 5.41 3.47 56.2% 5.08 10.49 6.25 67.8% * Insurance claim received on goods lost in transit
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7 Summary Balance Sheet ₹ in Million 30-Sep-26 31-Mar-26 Total Equity 14,311 12,888 Net Debt (Net of Cash & Cash Equivalents) 1,159 (866) Sources of Funds 15,469 12,022 Fixed Assets 8,928 5,726 Net Non-current Assets / (Liabilities) (675) 133 •Inventory (At Cost) 7,904 7,290 •Trade Receivables 5,777 5,087 •Trade Payables & Other current Liabilities (net of assets) (6,464) (6,214) Net Working Capital 7,216 6,163 Application of Funds 15,469 12,022 Days of Net Working Capital 117 126 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 1,581 (ii) New manufacturing facility – CSN 349 (iii) New manufacturing facility – New Jersey 291 B. Arinna 1,741 C. Total (A+B) 3,962 • Consequent to closing the ₹ 1,759 Mn acquisition of Arinna, its Financials had also been consolidated in Q1 FY27 results and hence have also been consolidated as on 30-Sep’26 • Acquisition of New Jersey manufacturing facility is reflected in Balance Sheet as on 30-Sep’26, being ₹ 847 Mn, inclusive of Right-of-use w.r.t. its lease (non-cash) of ₹ 557 Mn • Quarterly fluctuations led to improved NWCap of 117 days in H1 FY27 vs 126 days for FY 26, but NWCap would normalize in the typical 125-130 days over coming quarters
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8 Summary Cash Flow Statement ₹ in Million H1 FY2027 FY2026 Cash flows from operating activities: Profit before tax 2,273 3,205 Non-Cash / Non operating items 512 1,076 Operating cash flows before working capital changes 2,784 4,282 Working Capital Changes (1,263) (1,146) Cash generated from operating activities 1,521 3,135 Net Income tax paid (533) (1,085) Net cash flow generated from operating activities 989 2,050 Cash flows used in investing activities (1,719)^ (4,097) Cash flows from / (used in) financing activities 876 2,831 Net increase in cash and cash equivalents 146 784 ^ Includes utilisation of Bank Depositsof ₹ 947 Mn, acquisition of Arinna ₹ 1,759 Mn, New Jersey manufacturing facility (excluding non-cash Right-of-use) of ₹ 291 Mn & Capex of ₹ 658 Mn
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9 Quarterly Performance Track Record – Strong & Consistent ₹ in Million Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Revenue from Operations 3,581 3,525 4,120 4,755 5,139 5,343 5,764 Gross Profit 2,405 2,430 2,773 3,126 3,332 3,543 3,808 Operating Pre-R&D EBITDA 1,086 1,146 1,406 1,604 1,781 1,871 2,065 Pre-R&D EBITDA (%) 30.3% 32.5% 34.1% 33.7% 34.7% 35.0% 35.8% R&D Expense 361 355 463 523 594 580 624 R&D Expense (%) 10.1% 10.1% 11.2% 11.0% 11.6% 10.9% 10.8% Operating EBITDA (A) 725 791 943 1,081 1,187 1,291 1,441 Operating EBITDA Margin (%) 20.2% 22.4% 22.9% 22.7% 23.1% 24.2% 25.0% Other Income - recurring (B) 1 6 7 38 26 21 23 EBITDA ( A + B) 726 797 950 1,119 1,213 1,312 1,464 EBITDA Margin % 20.3% 22.6% 23.1% 23.5% 23.6% 24.6% 25.4% Other Income (one - off)* - - - - - 36 - PBT 511 596 717 906 987 1,104 1,169 PAT 362 433 539 728 768 848 904 EPS (Fully diluted) 2.34 2.79 3.47 4.41 4.60 5.08 5.41 ROACE for the period (Annualized, pre-tax) 32% 31% 33% 37% 37% 36% 34% ROE (Annualized) 28% 31% 35% 32% ^ 25% ^ 25% ^ 26% ^ * Insurance claim received on goods lost in transit ^ Impacted by Primary raise in IPO
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10 Q2 Performance Summary o 39.9% revenue growth YoY , broad based as o Top 5 products – 37% of revenue in Q2 FY27 vs 39%/39%/35%/30% in past 4 sequential quarters o Top 10 products – 55% of revenue in Q2 FY27 vs 55%/57%/53%/51% in past 4 sequential quarters o Pricing continues to remain stable driven by our focus on specialty / differentiated products o In our Q1 FY27 investor update, we had guided that sequential USD revenue growth would resume from Q2 FY27. In that regard, we are pleased to report USD revenue of $58 Mn for Q2 FY27 which is up 5%+ compared to $55Mn in Q1 FY27 . We continue to see strong revenue visibility in coming quarters o Gross Margins were stable sequentially and Operating EBITDA Margin is 25% in Q2 FY27 vs 24.2% in Q1 FY27. In our Q1 FY27 investor update, we had upped our Operating EBITDA Margin guidance for FY27 to 23%+ from 22-23%, and we now further up this guidance to 24%+ for FY27. o Cash flow from operations for the H1FY27 is INR 989 Mn o Received 3 product approvals in Q2 FY27. Commercialisation rate continues to be strong as 84% of approved products are commercialised. Some recent approvals will be commercialised in the coming quarter o Specialty portfolio’s contribution to gross profit for the quarter is 36%. Specialty focus underpinned by a robust pipeline. Revenue Growth Cash Flow Approvals USD revenue Margins* *Gross Margin % calculation on product revenue since inception
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11 Regulatory Update on US FDA Compliance of all facilities All our manufacturing as well as R&D facilities have been inspected by the USFDA in recent past. Facility Month of Inspection Nature of Inspection Outcome Remarks R&D Canada Apr-26 Unannounced Zero Observations EIR Received Thane Mar-25 Announced Zero Observations EIR Received Manufacturing Ambernath Oct-26 Unannounced Three observations with respect to system improvement and Two observations with respect to product application under review were issued, all Five of which are procedural in nature and do not relate to data integrity We are confident of working closely with the regulator to successfully conclude the evaluation in a timely manner. Satara Oct-26 Unannounced One Observation, procedural in nature and does not relate to data integrity Response submitted in Oct-26. EIR awaited Pithampur Jul-26 Unannounced Two Observations, procedural in nature and do not relate to data integrity Response submitted in Jul-26. EIR awaited New Jersey, USA May-26 Prior to our acquisition Six Observations during inspection under previous owner just about a month before our acquisition EIR Received with VAI status
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12 946 1,240 709 1,072 1,325 1,935 1,204 30.2% 39.5% 18.0% 12.6% 10.3% 11.0% 10.8% 29.1% -12.5% 4.7% 18.1% 20.6% 22.8% 24.6% FY21 FY22 FY23 FY24 FY25 FY26 H1 FY27 R&D spend (charged to P&L) R&D spend as % of operating revenue Operating EBITDA margin % (post R&D) FY22 was a breakout year for R&D spend - ~40% of revenue, resulted in negative EBITDA R&D spend has since normalized to 10-11% of operating revenue, still higher than peers o R&D spend is a lead indicator of future revenue in our business o R&D expenses were 10.8 % of consolidated operating revenue for H1 FY27 and have ranged from 10-11% of revenue in FY25 and FY26 o All R&D expenses are charged to P&L in the period in which they are incurred. Historical perspective on R&D spends
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13 o We measure R&D productivity as incremental revenue in year 3 over 9 quarters’ lagging total R&D spend (given typical timeline involved for R&D spend to translate into revenues) o FY27 has the lowest lagging R&D spend of the last 3 cycles, with materially higher spends completed in the following 2 cycles o On track to achieve guidance of INR 5,000 Mn+ R&D spend over 9 quarters i.e. FY26 + FY27 +Q1FY28 (INR 3,139 Mn spent in 6 quarters) o Coupled with our expectation of R&D productivity remaining at similar levels as in the past, this provides strong visibility for FY29/30 & beyond FY24 8,398 R&D spend (INR mn) FY25 12,621 FY26 17,222 FY27 21,056 ^ FY28 FY29 FY30 FY21 2,999 FY22 2,930 FY23 3,764 FY24 8,398 FY25 12,621 FY26 17,222 FY27 21,056^ FY20 + FY21 + Q1FY22 FY21 + FY22 + Q1FY23 FY22 + FY23 + Q1FY24 FY23 + FY24 + Q1FY25 FY24 + FY25 + Q1FY26 FY25 + FY26 + Q1FY27 FY26 + FY27 + Q1FY28 1,654 2,379 2,261 2,187 2,752 3,841 5,000 3.3x 4.1x 5.9x 5.8x ^ Base Year Product Sales R&D productivity Impact Year Product Sales Spend completed Guidance ^ 5.8x is based on arithmetic annualization of H1FY27 revenue (ex-Arinna), and this multiple will expand further during course of FY27 as revenue ramps up during the remaining quarters INR million Incremental revenue 5,399 9,691 13,458 12,657 FY27 impacted by lowest absolute R&D spend R&D Productivity and its Impact on revenue growth
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02 Company Overview
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15 Rubicon Research – At a Glance An R&D driven, formulations manufacturing and marketing company focused on regulated markets Specialty products, drug-device combinations and complex generics Full Spectrum Capabilities Wide basket of 82 active ANDAs and 8 active NDAs approved across multiple therapies1 Robust Pipeline of products under review with US FDA and under development Sales and marketing capabilities for branded and non- branded products in the US market Branded, Specialty & Complex Generics Portfolio Specialty products delivered gross profit of INR 1,370 Mn- being 36% of total gross profit in H1 FY27 4 branded products with no AB rated generic alternatives1 Experienced Leadership Founded by seasoned professionals with extensive leadership experience in research and commercial operations Experienced senior management team with industry expertise 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 4 manufacturing facilities, including 1 in USA - all inspected by USFDA in CY2026 Five approved nasal spray drug-device combination products 1. As of Sep 30, 2026
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16 Our Evolution from a service provider to a specialty products company CDO 1999-2008 • Contract development services • Purely fee-for-service CDMO 2009-13 • Small volume manufacturing • Development & Out-licensing Own ANDA revenues 2014-21 • Sales via third party distributor Own front-end + Specialty products 2022 onwards • Direct customer relationships Branded Specialty Products 2024 onwards Drug Device Combinations 2023 onwards • Intra-nasal sprays Specialty products 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
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17 Leadership and Pivots: Consistently moving up the value chain Pratibha Pilgaonkar * Founder • Led R&D at Sun Pharma & SPARC • Led India R&D at Ciba (Novartis) Narendra Borkar • Set up and scaled Sun, Aurobindo and McLeods’ US formulations • Led Ciba (Novartis) in India Parag Sancheti * • Economist and management consultant • Previously with Tata Strategic Management Group Led Sun Pharma’s US market foray and portfolio development in the late 1990’s Products & IP Specialty & Drug-Device 2014 42 101 2019 154 100 2025 1,288 200 Head of Strategy ED & CEO MD Chairman, US 2012 35 96 Contract Development Services CDMO + licensing 1999 Annual revenue (INR Cr) R&D team 2009 15 73 CEO Mentor * Promoter family holding over 25% equity since 2016, diluted to c24% due to IPO primary raise. Promoters did not participate in IPO-OFS 2026 1762 240+
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18 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
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19 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 Expect to benefit from an early mover advantage coupled with captive supply chain Jul 2019 Development (Planned to build capability in-house) Manufacturing (Planned to outsource to CMOs) Learnings • Limited talent pool for nasal and drug-device products in India • Good talent pool in US & Canada • Characterization capabilities important • Engagement with CDMOs indicated high cost – impacting long term competitiveness • CDMO space was expected to see buyout activity – borne out with the subsequent transactions of Summit, Renaissance and Catalent • De-risked model with own and CMO sites 2020 Acquired Impopharma – a nasal & inhalation product development company in Toronto, Canada 2022 • First nasal spray product filed with US FDA 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) • First Rx approval in 15+ years which we received in June-25 • Post our approval, another approval to competitor in Aug- 26 2023 • First USFDA approval (from CMO site) 1 of only 7 nasal approvals granted in 2023 • Signed supply partnerships with multiple device suppliers to de-risk pipeline • Commissioned one of the largest single- site nasal spray capacities in the world with state-of- the-art, fully automated European filling lines for unit dose and multi dose sprays
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20 Moats around the business - Compliance Consistent regulatory track record, underpinned by a robust quality culture 1 FDA inspections of R&D facilities – Canada R&D in April 2026 and Thane R&D HQ in March 2025, each with zero observations Jul 16 OSD NAI Nov 17 OSD NAI Oct 19 OSD VAI EIR 60 days Nov 24 Unit-dose nasal spray NAI Mar 24 Multi-dose nasal spray NAI Ambernath site (OSD, nasal) • 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 • cGMP site 200 km from Mumbai, acquired from Cipla in 2021 • Never offered for FDA inspection from 1996-2021 Jan 23 OSD VAI EIR 45 days Jan 23 Oral liquid VAI EIR 60 days Mar 15 OSD VAI EIR 90 days Apr 13 OSD VAI EIR 60 days Jul 26 OSD EIR awaited Pithampur site (oral solids) • cGMP site located near Indore, MP • Acquired from Alkem in 2025 Satara site (oral liquids) Oct 26 Oral liquid EIR awaited Oct 26 OSD EIR awaited
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21 Identify incentives for companies with pro-active quality management practices vs those merely compliance focused Minimize risks to product availability to assure reliable market supply Moats around the business - Compliance Deep engagement with the US FDA – Shaping future regulation 1 US FDA’s Quality Management Maturity (QMM) Program FDA’s Center for Drug Evaluation and Research (CDER) program to promote quality management maturity (QMM) at drug manufacturing establishments in order to: Identify areas where quality management practices can be enhanced and provide suggestions for growth opportunities Recognize establishments that have advanced quality management practices Foster a strong quality culture mindset One of only 9 sites across innovators and generics selected globally to participate in this program in 2024
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22 Moats around the business – Market Share Execution Successfully built leading positions even as a late entrant in mature, competitive products 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 Proven execution capability is a force multiplier in first-mover / early entrant opportunities Metoprolol Tartrate (CVS) 0% 37.3% 48.0% Launch Year FY20 FY25 FY26 % of Volume Market Share Competitors1: 6 6 1st 2 Baclofen (CNS) 0% 35.3% 33.9% Launch Year FY20 FY25 FY26 % of Volume Market Share Competitors1: 7 10 1st Carbidopa Levodopa (CNS) 0% 18.7% 24.6% Launch Year FY23 FY25 FY26 % of Volume Market Share Competitors1: 5 5 1st3rd Diclofenac Potassium (Analgesics) 0% 29.6% 32.6% Launch Year FY22 FY25 FY26 % of Volume Market Share Competitors1: 6 6 1st1st Cyclobenzaprine Hydrochloride (CNS) 0% 32.5% 34.8% Launch Year FY19 FY25 FY26 % of Volume Market Share Competitors1: 6 8 1st1st Lidocaine Hydrochloride (Anesthesia) 0% 38.8% 35.1% Launch Year FY24 FY25 FY26 % of Volume Market Share Competitors1: 5 5 1st 2nd 1st 4 1st 8 4 3 6 3 IPO IPO IPO IPOIPO IPO
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23 Moats around the business – Portfolio Selection Proprietary algorithm for product selection that combines science and economics 3 Development pipeline Demand trends, patient demographics, competitive scenario Technical & IP feasibility, unit economics, supply chain risk Prioritization and ongoing reevaluation Nuanced portfolio strategy reflected in sustained market economics 8.0% -11.2% 1.3% 21.8% -0.1% -5.2% Rubicon's Portfolio Cardiovascular Alimentary Tract and Metabolism Oncology Nervous System Industry Average US Generics Price Erosion by Therapy Area, FY22-25 (Source: Frost & Sullivan) Our product portfolio saw an average unit price increase of + 8.0% between FY22-25, against overall industry erosion of -5.2% 84% of all approved products have been commercialized
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24 FY22 was a breakout year for R&D spend - ~40% of revenue, resulted in negative EBITDA R&D spend has since normalized to 10-11% of operating revenue, still higher than peers o R&D spend is a lead indicator of future revenue in our business o R&D expenses were 10.8 % of consolidated operating revenue for H1 FY27 and have ranged from 10-11% of revenue in FY25 and FY26 o All R&D expenses are charged to P&L in the period in which they are incurred. Moats around the business – Efficient R&D Historical perspective on R&D spends 4 946 1,240 709 1,072 1,325 1,935 1,204 30.2% 39.5% 18.0% 12.6% 10.3% 11.0% 10.8% 29.1% -12.5% 4.7% 18.1% 20.6% 22.8% 24.6% FY21 FY22 FY23 FY24 FY25 FY26 H1 FY27 R&D spend (charged to P&L) R&D spend as % of operating revenue Operating EBITDA margin % (post R&D)
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25 o We measure R&D productivity as incremental revenue in year 3 over 9 quarters’ lagging total R&D spend (given typical timeline involved for R&D spend to translate into revenues) o FY27 has the lowest lagging R&D spend of the last 3 cycles, with materially higher spends completed in the following 2 cycles o On track to achieve guidance of INR 5,000 Mn+ R&D spend over 9 quarters i.e. FY26 + FY27 +Q1FY28 (INR 3,139 Mn spent in 6 quarters) o Coupled with our expectation of R&D productivity remaining at similar levels as in the past, this provides strong visibility for FY29/30 & beyond FY24 8,398 R&D spend (INR mn) FY25 12,621 FY26 17,222 FY27 21,056 ^ FY28 FY29 FY30 FY21 2,999 FY22 2,930 FY23 3,764 FY24 8,398 FY25 12,621 FY26 17,222 FY27 21,056^ FY20 + FY21 + Q1FY22 FY21 + FY22 + Q1FY23 FY22 + FY23 + Q1FY24 FY23 + FY24 + Q1FY25 FY24 + FY25 + Q1FY26 FY25 + FY26 + Q1FY27 FY26 + FY27 + Q1FY28 1,654 2,379 2,261 2,187 2,752 3,841 5,000 3.3x 4.1x 5.9x 5.8x ^ Base Year Product Sales R&D productivity Impact Year Product Sales Spend completed Guidance ^ 5.8x is based on arithmetic annualization of H1FY27 revenue (ex-Arinna), and this multiple will expand further during course of FY27 as revenue ramps up during the remaining quarters INR million Incremental revenue 5,399 9,691 13,458 12,657 FY27 impacted by lowest absolute R&D spend Moats around the business – Efficient R&D R&D spends and its impact on revenue growth 4
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26 US specialty play Combines strong development capabilities with economic research • Specialty products defined as those with 0 or 1 competitor for at least 1 year from launch – Specialty classification linked only to competitive intensity that impacts ability to price – and not product complexity or regulatory pathway • Addressing unmet needs 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 Validus Pharmaceuticals (100% subsidiary) – platform for branded CNS launches in the US CNS prescriber coverage in the eastern and southern US - provides the ability to generate scripts and generate insights on patient needs to shape product pipeline Licensed in 43 states with products distributed via specialty channels and all major US wholesalers – ability to provide broad reach for new branded launches from day 1 Increasing gross profit share of specialty products Specialty Products: 3 Gx Specialty 2,289 342 FY2023 13% 7,894 3,767 21 FY2026 32% contributed 36% of gross profit in H1 FY27 INR Mn Specialty business is profit positive at group level 3,767 3,108 659 Specialty Gross Profit Validus Opex Specialty Contribution FY2026 INR Mn Validus standalone financials are not representative of specialty segment due to transfer pricing rules vis-à-vis Rubicon India Deploying specialty product cash flows to build a strong branded platform
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27 Validus Pharmaceuticals Robust capabilities for commercializing branded specialty products Wider patient access and deeper payer and PBM relationships Expanded and focused HCP coverage with own field force + digital marketing initiatives Augmenting logistics and distribution capabilities HCP coverage in select territories via contract field force Commercial and operations team + support systems Licensed to market products in 43 US states
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28 Moats + disciplined capital allocation driving industry-leading capital efficiency Sources of funds and deployment – FY2020 to IPO in October 2025 (₹ Millions ) FY2024 FY2025 FY2026 ROACE (pre-tax) 21% 30% 36%1,149 4,745 12,307 Equity Debt Internal accruals 4,963 6,712 6,526 R&D Working Capital Capex • Limited equity capital raised: ✓ Only USD ~25 million since inception (1999) till IPO in Oct’25 ✓ Only INR 1,149 million (USD ~15 million) equity raised from FY2020 till IPO • Entire R&D spend and most of growth investments funded by internal accruals • Debt financing mainly for working capital
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29 Approvals, Sales and Distribution Number of ANDAs approved Number of products commercialized 28 55 66 77 76 FY23 FY24 FY25 FY26 H1 FY27 …Reduction in Product Concentration 12 14 12 12 6 FY23 FY24 FY25 FY26 H1 FY27 84% commercialization rate in the US as of 30 Sep 2026 (76 of 90) 56% 46% 38% 34% 37% 77% 68% 59% 53% 55% FY23 FY24 FY25 FY26 H1 FY27 Top 5 products Top 10 products 90 Active approved products as of 30 Sep 2026 Steadily broad-based portfolio and growth over time US Sales and marketing companies (wholly owned subsidiaries) Established marketing, sales, and distribution platform in the US markets non-branded prescription products to customers who include wholesalers, group purchasing organizations and pharmacy chains. Sales and marketing platform for Rubicon’s branded prescription products. As of 31 Mar 2026, Validus markets 4 brands that have no US FDA approved substitutable generics.
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30 Efficient use of infrastructure reflected in Fixed Asset Turnover ✓ 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 – enabling reduced down-time ✓ Increasing contribution of specialty products driving higher revenue per unit ✓ CSN, Pithampur acquisition in FY26 & New Jersey plant acquired in FY27 – yet to be commercialised 1,463 1,741 2,073 2,326 3,294 4,443 2.0x 2.2x 4.0x 4.6x 4.3x 3.9x 0.1 0.6 1.1 1.6 2.1 2.6 3.1 3.6 4.1 4.6 - 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 H1 FY27 Net Fixed Assets (average) Fixed Assets Turnover
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31 Manufacturing capabilities Robust platform with substantial headroom for expansion USFDA inspected Manufacturing SitesDosage FormsManufacturing 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 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 Ambernath Oral Liquids – Solutions and Suspensions High Potent including Oncology Unit Dose Cups Nasal Sprays - Solutions and Suspensions in Multi Dose Format Satara Indore Oral Solids - Tablets, Capsules, Powders in bottles, blisters or sachets - Hormones / Steroids - High Potency, incl Oncology Topicals - creams and ointments in tubes Pithampur, Indore Oral Solids - Tablets, Capsules, Powders in bottles, blisters or sachets Oral Liquids - Solutions and Suspensions East Windsor, NJ
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32 R&D engine driving growth Wide ranging capabilities with deep expertiseTeam of over 290+ professionals >250 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 • Solutions, suspensions and gels with mono actives or fixed dose combinations • Preservative-free dosage forms • Aseptically manufactured and terminally sterilized Solutions, Suspensions, Emulsions • Lyophilized Injectables, Vials, PFS, Autoinjectors • 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 USFDA inspected R&D centres in India & Canada • 35,000 sft facility in Thane • 3 separate laboratories for general, sterile and potent compounds • Wide dosage capabilities - oral, injectable, ophthalmic, topical • 13,000 sft nasal & inhalation center of excellence in Toronto • In-house analytical and characterization capabilities for drug- device combinations March 2025, Zero 483s April 2026, Zero 483s
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33 M&A initiatives have focused on adding new capabilities Validus Pharmaceuticals LLC (FY 2024) • Portfolio of 10 NDA-approved products, including Equetro for CNS therapy at the time of acquisition • CVS products include Lopressor® and Lotensin HCT® Impopharma Canada Ltd. (FY 2020) • Ontario based development center for drug device nasal spray products • US FDA & Health Canada inspected Development Meditab’s Satara manufacturing site (FY 2022) • Oral liquids manufacturing facility in Maharashtra • Accredited by MHRA UK and TGA Australia • Inspected by the USFDA in January 2023 Manufacturing AimRx 3PL LLC (FY 2026) • US based provider of logistics services to pharmaceutical companies with a warehouse in East Brunswick, NJ • Licensed to distribute prescription pharmaceuticals in 45 states Logistics & Distribution Alkem’s Pithampur manufacturing site (FY 2026) • US FDA inspected production facility for steroids, hormones and high potency products • Total plot area of 125,000 m2 with built up area of approx 16,000 m2 Manufacturing Arinna Lifesciences Ltd. (April 2026) • CNS focused India formulations company • 60 Brands (CNS Portfolio) • ~160 sales reps • 3 Sales divisions • 5,000+ Pharmacies and 600+ stockists • 4000 active prescribers India Formulations InvaTech’s New Jersey manufacturing site (July 2026) • US FDA inspected formulation facility for oral solids & liquids. • manufacturing footprint size similar to Satara • Adjacent to our AimRx distribution facility Manufacturing Sales & Marketing
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34 Board of Directors Venkat Changavalli l Independent Director ◼ Experience in the pharmaceutical sector ◼ Previously associated with Lupin Laboratories, Star Textile Engineering Works, Patel Roadways and Drachem Specialty Chemicals Milind Patil l Independent Director ◼ Experienced finance professional with pharma industry experience ◼ Previously associated with Pfizer, Novartis Healthcare, Johnson and Johnson and Siemens Pratibha Pilgaonkar l Managing Director ◼ Focus primarily on the 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. Parag Sancheti l Executive Director & CEO ◼ Responsible for providing the organizational leadership and formulating the growth strategy ◼ 12 years at Rubicon. ◼ Previously associated with Aavishkaar Venture Management Services and Tata Strategic Management Group Shantanu Rastogi l Non-Executive (Nominee) Director ◼ Experience in the financial services, technology, healthcare and consumer sectors Pradnya Saravade l Independent Director ◼ Medical doctor, having done her MBBS and MS (General Surgery) & former IPS officer ◼ Independent Director of Jio Finance Ltd & Jio Payments Bank Varun Talukdar l 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 l Independent Director ◼ Experience in the pharmaceutical sector. ◼ Previously associated with Pfizer India, Pharmacia & Upjohn India and Schering Plough India
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Thank You Registered office: MedOne House, Plot No B75 Road No 33, Wagle Estate Thane 400604, India Investor Contact: investors@rubicon.co.in