Investor Presentation

Date: November 5, 2026 To, To, BSE Limited National Stock Exchange of India Limited Listing Department Listing Department Phiroze Jeejeebhoy Towers Exchange Plaza, 5th floor, Plot no. C/1, G Block Dalal Street – Fort Bandra Kurla Complex, Bandra (East), Mumbai 400 001 Mumbai - 400 051 Scrip Code: 544578 NSE Symbol: RUBICON ISIN: INE506V01022 Sub: Investor Presentation Dear Sir/Madam, Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing herewith the Investor Presentation for Q2 FY 2026-27 financial results dated November 5, 2026. 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 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 (cid:46433)(cid:46434) +91-22-61414000 / 50414000 | (cid:46475)(cid:46476)(cid:46477)(cid:46478)(cid:46479) reachus@rubicon.co.in | (cid:35075) www.rubicon.co.in Rubicon Research Limited Investor Presentation Q2 FY 2026-27 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. Agenda 1 Consolidated Financial Overview 4-13 2 Company Overview 14-34 Consolidated Financial Overview Q2 Financial Highlights (₹ millions) Revenue from EBITDA PAT Operations Q2FY27 5,764 1,464 904 Q2FY26 4,120 950 539 Y-o-Y 39.9% 54.1% 67.9% #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 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 6 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 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 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 (Fu [Showing first 8,000 characters — download PDF for full document]