Interim report
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Rubicon Research Limited (formerly known as Rubicon Research Private Limited) | CIN: L73100MH1999PLC119744 Registered Office: Plot No. B-75, MedOne House, Road No. 33, Wagle Estate, Thane West, PIN – 400 604, Maharashtra, India 땡땢 +91-22-61414000 / 50414000 | 떋떌떍떎떏 reachus@rubicon.co.in | 褃 www.rubicon.co.in Date: November 5, 2026 To, BSE Limited Listing Department Phiroze Jeejeebhoy Towers Dalal Street – Fort Mumbai 400 001 Scrip Code: 544578 To, National Stock Exchange of India Limited Listing Department Exchange Plaza, 5th floor, Plot no. C/1, G Block Bandra Kurla Complex, Bandra (East), Mumbai - 400 051 NSE Symbol: RUBICON ISIN: INE506V01022 Sub: Outcome of the Board Meeting held on November 5, 2026 Dear Sir/Madam, Pursuant to Regulation 30 and 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2015 (“SEBI Listing Regulations”), the Board of Directors of the Company at its meeting held today i.e., November 5, 2026, has inter-alia approved the Unaudited Standalone and Consolidated Financial Results of the Company for the quarter and half year ended September 30, 2026. In this regard, we are enclosing herewith as follows: (a) Unaudited Standalone and Consolidated Financial Results of the Company for the quarter and half year ended September 30, 2026; and (b) Limited Review Report issued by Statutory Auditors of the Company. A QR Code, along with the web-link to the aforesaid Unaudited Financial Results, will be published in the newspapers in accordance with the SEBI Listing Regulations. The Meeting of the Board of Directors of the Company commenced at 2.30 PM (IST) and concluded at 3.45 PM (IST). The above-mentioned documents will also be available on the Company’s website at www.rubicon.co.in under the Investors Section.
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Rubicon Research Limited (formerly known as Rubicon Research Private Limited) | CIN: L73100MH1999PLC119744 Registered Office: Plot No. B-75, MedOne House, Road No. 33, Wagle Estate, Thane West, PIN – 400 604, Maharashtra, India 땡땢 +91-22-61414000 / 50414000 | 떋떌떍떎떏 reachus@rubicon.co.in | 褃 www.rubicon.co.in Kindly take the above information on record. Thanking you, Yours faithfully, For Rubicon Research Limited Deepashree Tanksale Company Secretary M. No. A28132 Encl.: As above
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Deloitte Haskins & Sells LLP Chartered Accountants Commerz Ill, 30th & 31st floors International Business Park Oberot Garden City Off. Western Express Highway Goregaon (East) Mumbai-400 063 Maharashtra, India INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM STANDALONE FINANCIAL RESULTS TO THE BOARD OF DIRECTORS OF RUBICON RESEARCH LIMITED 1. We have reviewed the accompanying Statement of Unaudited Standalone Financial Resu Its of Rubicon Research Limited ("the Company"), for the quarter and half year ended September 30, 2026 ("the Statement"), being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Listing Regulations"). 2. This Statement, which is the responsibility of the Company's Management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity', issued by the Institute of Chartered Accountants of India (ICAI). A review of interim financial information consists of making inquiries, primarily of the Company's personnel responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 4. Based on our review conducted as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement. Place: Mumbai Date: November 05, 2026 For DELOITTE HASKINS & SELLS LLP Chartered Accountants (Firm's Registration No. 117366W/W-100018) Vishal L. Parekh Partner Membership No. 113918 UDIN: 26113918PGSRRR2178 Regd. Office: One International Center, Tower 3, 31st floor, Senapati Ba pat Marg, Elphinstone Road (West), Mumbai-400 013, Maharashtra, India. Deloitte Haskins & Sells LLP is registered with Limited Liability having LLP identification No: MB-8737
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Rubicon Research Limited Regd office: MedOne House, B-75, Road No. 33, Wagle Estate, Thane West- 400 604, Maharashtra, India CIN:L73100MH1999PLC119744 I Website: www.rubicon.co.in Statement of Unaudited Standalone Financial Results for the quarter and half year ended September 30, 2026 (1' in millions) Quarter ended Half year ended Year ended Particulars September 30, September 30, June 30, September 30, September 30, March 31, 2026 2026 2025 2026 2025 2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) Income I Revenue from operations 3,835 72 4,277 30 3,364 67 8,113 02 6,144 93 13,060 82 II other income 22 62 24 11 1512 46 73 29_50 108 32 Ill Total income (1+11) 3,858.34 4,301.41 3,379.79 8,159.75 6,174.43 13,169.14 IV Expenses: a) Cost of malerials consumed 1,322 26 1,254 47 1,144.27 2,576 73 2,284 40 4,530 89 b) Changes in inventories of finished goods and work-in-progress (134 53) 100 12 30 35 (34 41) (157 62) (333.58) c) Employee benefits expense 549 45 515 21 407 52 1,06466 778 82 1,642 65 d) Finance costs 64 64 60 13 92 07 124 77 180 55 309 60 e) Deprecialion and amortisation expense 10612 105 68 97 76 211 80 180 71 377.48 f) other expenses 1,134 77 1,159 23 991 52 2,294 00 1,816 91 4,114 31 Total Expenses (IV) 3,042.71 3,194.84 2,763.49 6,237.55 5,083.77 10,641.35 V Profit before tax (Ill-IV) 815.63 1,106.57 616.30 1,922.20 1,090.66 2,527.79 VI Tax expense i) Current tax 19623 230 52 19116 426 75 291 68 681 74 ii) Deferred tax 13 20 51 56 (32 98) 64 76 (10 66) (3814) iii) Tax expense relating to earlier years (nel) . - 2,54 Total tax expense (net) (VI) 209.43 282.08 158.18 491.51 281.02 646.14 VII Net Profit after tax for the period/ year (V-VI) 606.20 824.49 458.12 1,430.69 809.64 1,881.65 VIII Other comprehensive income/(loss) for the periodlyear a) (i) Items that will not be reclassified to profil or loss (19,96) 0 70 (4 85) (19.26) (9 65) (10.69) (ii) Income tax on items that will not be reclassified to profit or loss 5 03 (0 18) 1 22 4,85 2 43 2 69 Totnl other comprehensive income/(loss) for the period/year (VIII) (14.93) 0.52 (3.63) (14.41) (7.22) (8.00) IX TotEII comprehensive income for the periodlyear (VII+ VIII) 591.27 825.01 454.49 1,416,28 802.42 1,873.65 X Paid-up equity share capital - face value f 1/- each 165.53 165,38 154.44 165.53 154.44 165,09 XI Other equity 13,367.64 X Earnings per equity share of if 1/- each (not annualised for the quarter and half year) (a) Basic earnings per share (in f) 3 66 4 99 2 97 8 65 5 25 11 83 (b) Diluted earnings per share (in~) 3 63 4 94 2 95 8 56 5 21 1167 See accompanying notes to the standalone financial results Research and development revenue expendilure incurred {included above) I 639 761 596 767 475 831 1.236 52 840 59 1,976 98
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Rubicon Research Limited Unaudited Standalone Balance Sheet as at September 30, 2026 (f in millions) As at As at Particulars September 30, 2026 March 31, 2026 (Unaudited) (Audited) I ASSETS 1 Non-current assets (a) Property, plant and equipment 3,654 .11 3,606 .20 (b) Capital work - in - progress 334.47 255.44 (c) Right of use assets 420.87 455.10 (d) Intangible assets 88.81 101 .56 (e) Intangible assets under development 12.01 1.06 (f) Financial assets (i) Investments in subsidiaries 2,141 .33 356 58 (ii) Other investments 81.60 77.31 (iii) Loans 34.97 39.51 (iv) Other financial assets 578.75 477.28 (g) Non Current Tax assets (net) 142.16 65.97 (h) Deferred tax Assets (net) - 53.48 (i) Other non - current assets 330.49 120.50 Total Non-Current Assets 7,819.57 5,609.99 2 Current assets (a) Inventories 3,897.93 3,478 .20 (b) Financial assets (i) Trade receivables 7,671.91 7,134 .34 (ii) Cash and cash equivalents 985.85 917.79 (iii) Bank balances other than cash and cash equivalents 677.52 1,592 .64 (iv) Loans 5.00 - (v) Other financial assets 507.45 319.50 (c) Other current assets 534.30 702 ,57 Total Current Assets 14,279.96 14,145.04 TOTAL ASSETS 22,099.53 19,755.03 II EQUITY AND LIABILITIES 1 Equity (a) Equity share capital 165.53 165.09 (b) Other equity 14,679.77 13,367.64 14,845.30 13,532.73 2 Liabilities Non-current liabilities (a) Financial liabilities (i) Borrowings 1,884.75 1,430 .23 (ii) Lease liabilities 75.74 107.56 (iii) Other Financial Liabilities 63.74 - (b) Provisions 168.78 116.36 (c) Deferred tax liabilities (net) 6.42 - Total Non-Current Liabilities 2,199.43 1,654.15 Current liabilities (a) Financial liabilities (i) Borrowings 2,098 .95 1,163.46 (ii) Lease liabilities 61 .63 59.08 (iii) Trade payables Total outstanding dues of micro enterprises and small enterprises; and 8.92 57,20 Total outstanding dues of creditors other than micro enterprises and small enterprises 2,419.69 2,561 39 (iv) Other financial liabilities 371 .38 512 ,37 (b) Other current liabilities 72.62 191 ,03 (c) Provisions 19.33 19.09 l (d) Current tax liabilities (net) 2.28 4.53 Total Current Liabilities 5,054.80 4,568.15 I Total Liabilities 7,254.23 6,222.30 TOTAL EQUITY AND LIABILITIES 22,099.53 19,755.03 I\
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Rubicon Research Limited Unaudited Standalone Statement of Cash Flows for the half year ended September 30, 2026 Particulars Cash flows from operating activities: Profit before tax Adjustments for: Depreciation and amortisation expense Loss on sale / write-off of Property, Plant and Equipment (net) Net gain on sale of mutual fund investments Finance costs Interest on deposits with banks Other interest Dividend on investment in shares Provision for doubtful debts/ (written back) Share based payments expense Unrealised exchange difference on revaluation (net) Unrealised fair value change on derivatives Operating cash flows before working capital changes Changes in working capital: Adjustments for (increase)/ decrease in operating assets: Inventories Trade receivables Other assets Other financial assets Adjustments for increase/ (decrease) in operating liabilities: Trade payables Other financial liabilities Other liabilities Provisions Cash generated from operating activities Net Income tax paid Net cash generated from operating activities Cash flows from investing activities: Capital expenditure on property, plant and equipment and intangible assets, including capital advances Proceeds from sale of property, plant and equipments Proceeds from sale of current investments (net) Consideration paid for acquisition of subsidiary through business combination Bank balances not considered as cash and cash equivalents (net) Dividend received on Investment in shares Loan to subsidiaries - Repayment Interest on deposits with banks Other interest Net cash used in investing activities Cash flows from financing activities: Proceeds from non current borrowings Repayment of non current borrowings Proceeds from current borrowings (net) Proceeds from issue of equity shares on exercise of share options Proceeds from share application money pending allotment Payment of lease liabilities Finance costs Dividend paid Net cash generated from financing activities Net increase in cash and cash equivalents Cash and cash equivalents as at the beginning of the period Effect of foreign exchange rate changes Cash and cash equivalents as at end of the period Half year ended September 30, 2026 {Unaudited) 1,922.20 211.80 (0.82) 124.77 (32.81) (2.16) (0.08) 1.82 6.28 151.27 (167.66) 2,214.59 (419.73) (639.14) 157.23 (198.25) (171.78) 8.81 (118.49) 29.11 862.35 (426.58) 435.77 (491.21) 1.41 (1,759.17) 877.54 0.08 36.35 2.16 (1 ,332.84,) 714.23 (309,91) 906.13 43.25 1.61 (29.27) (117.11) (248.22) 960.71 63.64 917.79 4.42 985.85 Note: The statement of cash flows has been prepared under the indirect method as set out in Ind AS 7 "Statement of Cash flows" . 1, In million s) Halt year ended September30,2025 (Unaudited) 1,090.66 180.71 7 63 (0.17) 180.55 (7.83) (15.84) (0.08) (0.38) 18.68 (14.13) 111.15 1,550.95 (523.39.) (360.81) 156.10 (152.26) (42.60) 4.15 2.04 29.99 664.17 (101 .20) 562.97 (1,403.46) 1.00 0.17 0.88 0.08 247.27 7.83 15.84 {1 ,130.39 1,247.47 (201,31) 74.09 34.69 (21.79) (161 26) (3.08) 968.81 401.39 258.51 6.10 666.00
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(1) (11) (111) (iv) (V) (vi) (vii) (viii) Rubicon Research Limited Notes: rho above unaudited Stamllll0nc financial results of Rubicon Research Limited (the 'Company') for the quarter and half year ended September 30, 2026, have been reviewed by lhe Audil Commlltoe and approved by the Board of Directors at their respective meetings held on November 5, 2026, The Statutory Auditors of the Company have carried out Limited Review of the aforesaid results. The unaudited Standalone financial results of the Company have been prepared in accordance with the Indian Accounting Standards ("lndAS") prescribed under section 133 of the Companies Act, 2013 and are in compliance with presentation and disclosure requirements of Regulation 33 of the Securities and Exchange Board of India (Listing Obligation and Dis closure Requirements) Regulations 2015, as amended ("the Regulations") During the previous year ended March 31, 2026, the Company had received an amount of ~4,712,74 million (net off estimated IPO expense of {287 26 million) from proce eds out of fresh issuo or equity shares. The utilization of the net IPO proceeds is summarized as below: Amount to be Utilised uplo Unutilised amount Sr No, Objects of the Issue as per prospectus utilised as per September 30, as on September prospectus 2026 30, 2026 1 Prepayment or scheduled repayment of all or a portion of certain 3,100.00 2,914.11 185 89 outstanding borrowings availed by our Company 2 Funding inorganic growth through unidentified acquisitions and other 1,612.74 1,152 68 460 06 strateoi c initiatives and General coroorale purposes Total 4-,712.74 4,066.79 645.95 Pursuant to Um approval of the Board of Directors of the Company dated May 29, 2026, the tlme!ine for utllisallon of tho unutillsed IPO proceeds has been extended up to March 31, 2027 The Board of Directors of the Company, at ils meeting held on July 20, 2026, approved the Scheme of Amalgamation of Kia Health Tech Private Limited ("the Tran sferor Company") with Rubicon Research Limited ("the Transferee Company" or "the Company"), The Scheme of Amalgamation has been filed with the Registrar of Companies, Navi Mumbai on August 3, 2026, under the fast-track merger route provided under Section 233 of lhe Companies Act, 2013, read with lhe applicable rules, and is subject lo the necessary approvals and compliances under the applicable laws. As the Scheme has not yet become effective, no accounting effect of the proposed amalgamation has been given in these financial results for the quarter and half year ended September 30, 2026. TIie Company is primarily engaged in a single business segment viz "Sale of Pharmaceuticals products" . Therefore there are no other reportable segments for the Company as per requirements of Ind AS 108 'Operating Segment' Subsequent to the quarter end, the Company has granted options uplo 68,982 equity shares of face value of~ 1 each on November 4, 2026 under Rubicon Research Limited Stock option Plan 2026. The dividend recommended by the Board of Directors for the financial year 2025-26 of ~1 .50 per equity share having face value of~ 1 each has been approved by the shareholders at the 27th Annual General Meeting held on August 26, 2026, These financial results are also available on the Company's website (htlps:/lwww .rubicon.co.in) and on the stock exchange website (www.bseindia com) and (www.nseindia .com) Place: Thane Date: November 5, 2026 For and on behalf of Board of Directors of Rublcon Research Limited
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Deloitte Haskins & Sells LLP Chartered Accountants Commerz Ill, 30th & 31st floors International Business Park Oberol Garden City Off. Western Express Highway Goregaon (East) Mumbai-400 063 Maharashtra, India INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM CONSOLIDATED FINANCIAL RESULTS TO THE BOARD OF DIRECTORS OF RUBICON RESEARCH LIMITED 1. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of Rubicon Research Limited ("the Parent") and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group") for the quarter and half year ended September 30, 2026 ("the Statement ") being submitted by the Parent pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Listing Regulations"). 2. This Statement, which is the responsibility of the Parent's Management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our rev iew. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India (ICAI). A review of interim financial information consists of making inquiries, primarily of Parent's personnel responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under Section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the Listing Regulations, to the extent applicable. 4. The Statement includes the results of the following entities: Parent Rubicon Research Limited Subsidiaries AdvaGen Pharma Limited Rubicon Research Canada Limited Rubicon Consumer Healthcare Private Limited Rubicon Academy LLP Kia Health Tech Private Limited Rubicon Research Private Limited (Singapore) Kinaxon Bio Inc (Formerly known as Advatech Biopharma Limited) Rubicon Research Australia Pty Ltd Validus Phamaceutical LLC Advagen Pharma Europe OU Advagen Holdings Inc Aim RX3PL LLC J dvaGen SA Company ~rinna Lifesciences Limited (with effect from April 30, 2026) : One International Center, Tower 3, 31st floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai-400 013, Maharashtra , India . Deloitte Haskins & Sells LLP is registered with Limited Liability having LLP identific ation No: AAB-8737
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Deloitte Haskins & Sells LLP 5. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the other auditors referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement. 6. We did not review the interim financial results of four subsidiaries included in the consolidated unaudited financial results, whose interim financial results reflect total assets of Rs. 3,421.15 millions as at September 30, 2026 and total revenue of Rs. 707.31 millions and Rs. 1,354.81 millions for the quarter and half year ended September 30, 2026 respectively, total net loss after tax of Rs. 109.35 millions and Rs. 251.50 millions for the quarter and half year ended September 30, 2026 respectively and total comprehensive loss of Rs. 109.35 millions and Rs. 251.50 millions for the quarter and half year ended September 30, 2026 respectively and net cash outflows of Rs. 11.53 millions for the half year ended September 30, 2026, as considered in the Statement. These interim financial results have been reviewed by other auditors whose reports have been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, is based solely on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above. Our conclusion on the Statement is not modified in respect of this matter. 7. The consolidated unaudited financial results include the interim financial information of nine subsidiaries which have not been reviewed by their auditors, whose interim financial information reflect total assets of Rs. 1,498.05 millions as at September 30, 2026 and, total revenue of Rs. 313.93 millions and Rs. 537.61 millions for the quarter and half year ended September 30, 2026 respectively, total profit after tax of Rs. 16.08 millions and Rs. 36.51 millions for the quarter and half year ended September 30, 2026 respectively and Total comprehensive income of Rs. 16.42 millions and Rs. 36. 77 millions for the quarter and half year ended September 30, 2026 respectively and net cash inflows of Rs. 12.25 millions for the half year ended September 30, 2026, as considered in the Statement. According to the information and explanations given to us by the Management, these interim financial results are not material to the Group. Our Conclusion on the Statement is not modified in respect of our reliance on the interim financial results certified by the Management. Place: Mumbai Date: November 05, 2026 For DELOITTE HASKINS & SELLS LLP Chartered Accountants (Firm's Registration No. 117366W/W-100018) ~ Vishal L. Parekh Partner Membership No. 113918 UDIN: 26113918KJSFCU9627
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Rubicon Research Limited Regd office: MedOne House, B-75, Road No~ 33, Wagle Estate, Thane West- 400 604, Maharashtra, India CIN:L73100MH1999PLC119744 I Website: www.rublcon.co.ln Statement of Unaudited Consolidated Financlal Results for the quarter and half year ended September 30, ·2026 (fin millions) Quarter ended Half year ended Year ended Particulars September 30, June 30, September 30, September 30, September 30, March 31, 2026 2026 2025 2026 2025 2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) Income I Revenue from operations 5,763 B3 5,343 3B 4,120 1B 11,107.21 7,645 12 17,539 56 II Other income 22 B9 56,B3 6 97 79,72 13.30 77 27 Ill Total income (1+11) 5,786.72 5,400,21 4,127.15 11,186.93 7,658,42 17,616.83 IV Expenses: a) Cost of materials consumed 1,753 BB 1,539.33 1,421 B4 3,293 21 2,763 .34 6,15099 b) Purchases of stock-in-trade 130 07 220 B7 212 11 350 94 245.77 913 22 c) Changes in inventories of finished goods, slack-in-trade and (75 65) (70 52) (36B 37) (14617) (714 23) (1,503 6B) work-in-progress d) Employee benefits expense 904 75 B56,66 633 59 1,761 41 1,215 64 2,562 90 e) Finance costs 114 OB 92 BB 1141B 206.96 220 34 421 68 f) Depreciation and amortisation expense 1B0 44 151,39 11B.71 331 B3 214.43 452.62 g) Other expenses 1,609_93 1,505 BB 1,27B 04 3,115 B1 2,400 ,52 5,413 76 Total Expenses (IV) 4,617,50 4,296.49 3,410.10 8,913.99 6,345.81 14,411.49 V Profit before tax (Ill-IV) 1,169.22 1,103.72 717.05 2,272,94 1,312.61 3,205.34 VI Tax expense/ (credit) (net) i) Current lax 250.BB 316.06 211.51 566 94 351.74 B52 97 ii) Deferred tax 14 OB (60 15) (32 9B) (46 07) (1066) (114 71) iii) Tax expense relaling lo earlier years (net) - - - (0,27) Total tax expense (net) (VI) 264,96 255.91 178,53 520,87 341,08 737.99 VII Net Profit after tax for the period/ year (V-Vl) 904,26 847,81 538.52 1,752,07 971,53 2,467.35 VIII Other comprehensive income/(loss) for the period/year a) (i) llems that will not be reclassified to profit or loss (19 53) 062 (4 BS) (1B 91) (9 65) (10 69) (ii) Income tax on ilems that will not be reclassified lo profit or loss 5 03 (0 1B) 1.22 4 BS 2 43 2 69 b) (i) Items that will be reclassified to profit or loss Exchange differences in translating the financial statements of (19,11) (47 76) (6412) (66 B7) 37 B2 foreign operations 10 64 (ii) Income lax on items that will be reclassified lo profit or loss - Total other comprehensive income/(loss) for the period/year (VIII) (33,61) (47,32) (67.75) (80,93) 3.42 29.82 IX Total comprehensive income for the period I year (VII+ VIII) 870,65 800,49 470,77 1,671.14 974.95 2,497.17 X Profit for the period/ year attributable to : - Owners of the Company 904 7B B47 B1 53B 52 1,752.59 971 53 2,467 35 - Non-controlling interest (0,52) - - (0 52) - XI Other comprehensive income for the period/ year attrlbutable to : - Owners of the Company (33,65) (47 32) (67 75) (BO 97) 3 42 29 B2 - Non-controlling interest 0 04 - 0 04 - XII Total comprehensive income for the period/ year attributable to : - Owners of the Company B7113 BOO 49 470 77 1,671 62 974 95 2,497 17 - Non-controlling interest (0 4B) (0,4B) XIII Paid-up equity share capital - face value , 1/- each 165,53 165,38 154.44 165.53 154.44 165,09 XIV Other equity 12,723 13 XV Earnings per equity share off 1/- each (not annualised for the quarter and half year) (a) Basic earnings per share (in') 5 47 5,13 3 49 10 60 6 30 15 52 (b) Diluted earnings per share (in~) 5.41 5.0B 3 47 10.49 6,25 15 31 See accompanying notes to the consolidated financial results Research and development revenue expenditure incurred (included above) 646 61 I 600 69 I 475 B9 I 1_24130 I 843 . 3 □ I 1 9BB 73 ~-- '" i,i:.INS \ ( ,) ,/2 • I
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Rubicon Research Limited Unaudited Consolidated Balance Sheet as at September 30, 2026 (' in millions) As at As at Particulars September 30, 2026 March 31, 2026 /Unaudited\ (Audited\ I ASSETS 1 Non-current assets (a) Property, plant and equipment 3,831.99 3,747 83 (b) Capital work - in - progress 901.46 404 56 (c) Right of use assets 1,425.26 925 63 (d) Intangible assets 1,262 26 107.10 (e) Intangible assets under development 12 01 1.40 (f) Goodwill 1,494.70 539 05 (g) Financial assets (i) Investments - in others 273.54 265,94 (ii) Other financial assets 224 82 91 .58 (h) Non Current Tax assets (net) 14216 73.44 (i) Deferred tax Assets (net) 207 08 130.09 U) Other non - current assets 360 73 162.43 Total Non-Current Assets 10,136.01 6,449.05 2 Current assets (a) Inventories 7,903.66 7,289.90 (b) Financial assets (i) Investments 15,84 - (ii) Trade receivables 5,776.66 5,087.07 (iii) Cash and cash equivalents 2,090 12 1,856.54 (iv) Bank balances other than cash and cash equivalents 719.07 1,603 64 (v) Loans 0.17 - (vi) Other financial assets 207.16 150.56 (c) Other current assets 759 43 830 38 Total Current Assets 17,472.11 16,818.09 TOTAL ASSETS 27,608.12 23,267 .14 II EQUITY AND LIABILITIES 1 Equity (a) Equity share capital 165.53 165 09 (b) Other equity 13,997.76 12,723 13 Attributable to owners of the group 14,163.29 12,888.22 Non-controlling interests 147 39 0.01 Total equity 14,310.68 12,888.23 2 Liabilities Non-current liabilities (a) Financial liabilities (i) Borrowings 1,884.75 1,430.23 (ii) Lease liabilities 899 07 396.78 (iii) Other financial liabilities 438.90 76 88 (b) Provisions 244 45 116.36 (c) Deferred tax liabilities (net) 300 43 - Total Non-Current Liabilities 3,767.60 2,020.25 Current liabilities (a) Financial liabilities (i) Borrowings 2,098 95 1,16346 (ii) Lease liabilities 129 82 119.61 (iii) Trade payables Total outstanding dues of micro enterprises and small enterprises; and 52 96 57.20 Total outstanding dues of creditors other than micro enterprises and small enterprises 3,627 47 3,717.37 (iv) Other financial liabilities 649 82 738.40 (b) Other current liabilities 79 54 192 81 (c) Provisions 2,859.26 2,362.31 d.s (d) Current tax liabilities (net) 32 02 7.50 ( Total Current Liabilities 9,529.84 8,358.66 \ TOTAL LIABILITIES 13,297.44 10,378.91 ~/ I TOTAL EQUITY AND LIABILITIES 27,608.12 23,267.14 ' I_; ..,..
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Rubicon Research Limited Consolidated Statement of Cash Flows for the half year ended September 30, 2026 Particulars Cash flows from operating activities: Profit before tax Adjustments for: Depreciation and amortisation expense ProfiU(Loss) on sale/ write off of property , plant and equipment (net) Net gain on sale of mutual fund investments Finance costs Interest oil deposits with banks Other interact LlIvid1:111c.J oil Investment in shares Provision for doubtful debts/ (written back) Bad debts Share based payments expense Unrealised exchange difference on revaluation (net) Unrealised fair value change on derivatives Operating cash flows before working capital changes Changes in working capital: Adjustments for (increase)/ decrease in operating assets : Inventories Trade receivables Other assets Other financial assets Adjustments for increase/ (decrease) in operating liabilities . Trade payables Other financial liabilities Other liabilities Provisions Cash generated from operating activities Net Income tax paid Net cash generated from operating activities Cash flows from investing activities: Capital expenditure on property, plant and equipment, intangible assets and intangible assets under development including capital advances Proceeds from sale of property, plant and equipments Proceeds from sale of current investments (net) Bank balances not considered as cash and cash equivalents (net) Dividend received on Investment in shares Interest on deposits with banks Other interest Consideration paid for acquisition of subsidiary through business combination Net cash used in investing activities Cash flows from financing activities: Proceeds from issue of equity shares on exercise of share options Proceeds from share application money Proceeds from non current borrowings Repayment of non current borrowings (net) Proceeds from current borrowings (net) Payment of lease liabilities Finance costs Dividend paid Net cash generated from financing activities Net increase in cash and cash equivalents Cash and cash equivalents at beginning of the period Add: Acquired on business combination Effect of foreign exchange rate changes Cash and cash equivalents at end of the period Half year ended September 30, 2026 (Unaudited) 2,272.94 331 .83 (0.82) (0.41) 206.96 (36.79) (1 70) (0 08) 1,82 20 30 158.10 (167 .88) 2,784.47 (578 80) (809.60) 66.59 (155.13) (142 .64) (29 58) (119 89) 505.69 1,521.11 (532.53) 988.58 (949.42) 1.41 946.51 0 08 40 54 0 96 (1 ,759,17) (1 ,719.09 43.25 1.61 714 23 (309 91 ) 906.13 (78 95) (151 79) (248.22) 876.35 145.84 1,856 54 83 32 4.42 2,090.12 t,Jol~.-;Eh .·& lemenl of cash flows has been prepared under the indirect method as set out in Ind AS 7 "Statement of Cash flows" u . c.Kll1s , (' In millions) Half year ended September 30, 2025 (Unaudited) I I ' 1,312.61 214.43 7.63 (0.17) 220.34 (7.83) (1 .23) (0.08) (2.34) 2.44 46,05 (30.36) 111 .15 1,872 .64 (1,085.66) (113 32) 13 72 (73 27) 62.95 3 93 1 31 486 05 1,16835 (123.51) 1,044.84 (1,650 80) 1.00 0 17 0.87 0 08 7.83 1.23 (1,639.62) 34.69 1,247.47 (201.31) 74.09 (36.11) (204,43) (3.08) 911.32 316.54 1,049,77 6 10 1,372.41
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Rubicon Research Limited Notes: (I) Tl,e above unaudited Consolidated flnanclal results of Rubicon Research Limited (the 'Parent'/ the 'Company') and Its subsidiaries (Parent and subsidlanes together referred lo as 'tl1e Group')·ror the q11artar and hair year ended Septernber 30, 2026, have been reviewed by the Audit Commitlee and app roved by 11,e Board or Directors al their respective meetings held on November 6, 2026. (it) The unaudited Consolidated financial results of the Group hsve been prepared In accordance with the Indian Accounting Standards (''Ind AS") as prescribed under secllo n 132 of tile Companies Act, 2013 and are In compliance w'ilh presentallon and disclosure requirements of Regulation 33 of the Securiti'es and Exchange Boa/d of India (iListlng Obhgallon and Disclosure Requirements) Regirlations 2015, as amen ded (''the Regulations'') (iii) During the prevlol1s year ended March 31, 2026, lhe Parent had received an ammmt of ,4,712.74 millior\ (net off estima ted IPO expense of i!'287.26 rnllllon) from proceeds out or fresh Issue of equity shares The ullll2atlon of the net IPO proceeds Is summa rl2ed as belo,w: Amount to Utilised upto Unutilised amount Sr No. Objects of the Issue as per prospectus be utilised September 30, as on September as per 2026 30, 2026 prospectus 1 Prepayment or scheduled repayment of all or a portion of 3,10000 2,914.11 185,89 certain outstanding borrowings availed by our Parent Funding inorganic growth through unidentified acquisitions 2 and other strategic initiatives and General corporate 1,612 74 1,152 68 460,06 purposes Total 4,712.74 4,066.79 645.95 P,irsuant to the approval or the Board or Directors or the Parent dated May 29, 2026, the llmetine for uunsalion or 111e unutlllsed IPO proceeds has been extended up to March 31, 2027. (iv) The Board or Directors or the Compa r,y, at Its meeting held on July 20, 2026, approved the Scheme of Amalgamation of Kia Health Tech Private Limi ted ("the Transferor Company' ) wilh R\1bicon Research Limited ("the Transferee Compa ny· or ' the Company' ), The Scl1eme of Ama lgamation has been filed wilh the Registrar of Companies, Nav1 Mumbai on August 3, 2026, under the fast-track merger route provided under Section 233 of the Companies Aot, 2013, read with the appliC<1ble .rules, ano rs SlJbjecl to the necessa ry approvals and compliances under the applicable ls1ws. ~s the Scheme has not yet become effective, no accounting effect of the proposed amalgamation has been given in these financial results for the quarter and half year ended September 30, 2026. (v) l11e Group is primarily engaged In 0 srngle business segment viz "Sale of Pharmaceuticals products" Therefore there are no other repottable segments for u,e group as per requlrernenls or Ind AS 108 'Operating Segmen t' , (vi) The Group acquired an 85% equity stake In Arinna Lifesciences Llrnlted on April 30, 2026 for a consfderatlon or t1 ,759.17 million. The acquisitio n has been accounte d for In accorda nce will, Incl AS ·103, 8usiness Comblna t1ons, based on the provisional fair values or the idenilfia ble assets acquired and liabilities assumed . Consequently , the financial results for the quarter and half year ended September 30, 2026 Include tile resulls of Arinna Lifesclences Limited from the acquisition date and, are therefore not directly comparable w1tl1 the corresponding previous periods. (vii) During the quarter end'ed September 30, 2026, AdvaGen Holdings' Inc., a wholly owned subsidiary acqwred a manufacturing facility 1n East Brunsw ick, New Jersey, USA from lnvaTech Pharma Solutions, LLC. at an enterprise value of USO 2.9 million (viii) Subsequenl to the 9uarter end, lhe Parent has granted options upto 68,982 equity shares of race value ol r 1 each on November 4, 2026 under Rubicon Resea rch Limited Stock opllon Plan 2026. (ix) ll1e dividend recommended by the Board of Directors for the 0n;inclal year 2025-26 of {1 .50 per equity share having race value of ~ 1 each has been approved by the shareholders at the 27th Anmtal General Meeling l1eld on August 26, 2026. (x) These nnanoial results are also available on tile Company's website (l1Ups://www.rub1con.co In) and on the stock exchange website (www bseindla .com) and (www.nseindia .com) Place: Thane Date: November 5, 2026 For and on behalf of Board of Directors of Rubicon Research Limited Parag S nchetl Director a d Chief Executive Officer DIN: 0768 19