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Date: August 19, 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: Transcript of Earnings Call – Q1 FY 2026-27 Dear Sir/ Madam, Please find enclosed the transcript of the Company’s Q1 FY 2026-27 earnings conference call held on August 14, 2026. The transcript is also available on the Company's website at https://www.rubicon.co.in/investors. We request you to kindly take the above information on record. Thanking you, Yours faithfully, For Rubicon Research Limited (Formerly known as Rubicon Research Private Limited) Deepashree Tanksale Company Secretary M. No. A28132 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 �� +91-22-61414000 / 50414000 | ����� reachus@rubicon.co.in | � www.rubicon.co.in “Rubicon Research Limited Q1 FY27 Results Conference Call” August 14, 2026 MANAGEMENT: MR. PARAG SANCHETI – CHIEF EXECUTIVE OFFICER – RUBICON RESEARCH LIMITED MR. NITIN JAJODIA – CHIEF FINANCIAL OFFICER -- RUBICON RESEARCH LIMITED MR. SAGAR OAK – SENIOR VICE PRESIDENT, CORPORATE DEVELOPMENT AND STRATEGY -- RUBICON RESEARCH LIMITED MODERATOR: MR. TUSHAR MANUDHANE – MOTILAL OSWAL FINANCIAL SERVICES LIMITED Rubicon Research Limited August 14, 2026 Moderator: Ladies and gentlemen, good day and welcome to Rubicon Research Q1 FY27 Earnings Conference Call hosted by Motilal Oswal Financial Services Limited. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star' and then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Tushar Manudhane from Motilal Oswal Financial Services Limited. Thank you and over to you, sir. Tushar Manudhane: Thanks, Sagar. On behalf of Motilal Oswal Financial Services, I welcome you all for Q1 FY27 Results Earnings Call of Rubicon Research Limited. From the management side, we have Mr. Parag Sancheti, Chief Executive Officer; Mr. Nitin Jajodia, Chief Financial Officer; and Mr. Sagar Oak, Senior VP Corporate Development and Strategy. Over to you, sir, for opening comments. Parag Sancheti: Hey, thanks, Tushar, for hosting us for this earnings call. And also thank you everyone for joining the quarter 1 FY27 earnings call. I'll, you know, take you through the highlights of the financials. So we've again had a very strong quarter. This is the first quarter we are reporting since Arinna acquisition. The Arinna acquisition got closed in the month of April and the revenue impact is roughly around INR12 crores. There's no material impact on EBITDA. So if you look at our Q1 numbers, our revenue from operations came out to INR534 crores. EBITDA came out at INR131 crores. PAT came out at around INR85 crores. So if you just from a percentage growth, year-on-year revenue has grown by 51%, EBITDA has grown by 65%, and PAT has grown by more than 95%. I'll request Nitin to take us through the detailed income statement and balance sheet. Nitin Jajodia: Thanks, Parag, and good evening everyone for joining this call. I am on Slide number 6. So all the numbers are in INR. So our revenue from operation for the quarter was INR5,343 million, a growth of 52% versus the same quarter last year. Gross profit was INR3,543 million versus INR2,430 million in the Q1 previous year, again a strong growth of 46%. Our pre-R&D EBITDA was at INR1,871 million, translating into 35% pre-R&D EBITDA margin versus 32.5% for the Q1 previous year. Our R&D expense for the quarter was INR580 million, translating into a 10.9% R&D as a percentage of revenue versus INR355 million in the quarter 1 previous year. Our operating EBITDA for the quarter was INR1,291 million versus INR791 million in the quarter 1 previous year, again a strong growth of 63.2%. And operating EBITDA margin was at 24.2% for the quarter 1 this year versus 22.4% previous year. Rubicon Research Limited August 14, 2026 During the quarter, we had a one-off item in other income that was in the form of insurance claim against our goods lost in transit. So after that one-time other income, the PAT was at INR848 million versus INR433 million in the previous year, a strong growth of 96%. So overall a strong performance and EPS was at INR5.08. Moving on to the next slide, Slide number 7 on balance sheet. So as Parag mentioned, this balance sheet reflects Arinna's consolidation effect as on 30th June '26. As on that day, our capital employed was INR14,778 million, and it was after excluding cash and cash equivalent of INR2,408 million. The net working capital for the quarter or as on 30th June '26 was 114 days versus 126 days as on 31st March '26. While there is an improvement in net working capital days, I think we should not read too much into it because it's also a function of quarterly fluctuation and we see working capital in the range of 125 to 130 days as we have guided earlier as well. Our ROCE for the quarter was strong 36%. And I would like to highlight one point that this ROCE of 36% was despite close to one-fourth of our capital employed being there in investment which are either pre-revenue or which are yet to materially contribute to the revenue. So again, the point is a strong ROCE. Now moving on to the next slide on cash flow statement. Our operating cash flow before working capital change for the quarter was INR1,390 million. Our cash flow from net cash flow from operating activity was INR285 million. In this quarter, the cash flow was impacted because of some delay in GST refunds and these refunds are getting normalized and we should see the impact of this in Q2 in terms of healthy cash flow for the quarter. In this quarter, the cash flow in investing activities was primarily driven by our acquisition of Arinna Lifesciences and some capex. So that's broadly on the cash flow statement. And with this, I'll hand over to Parag and he'll take us through the business performance for the quarter. Parag Sancheti: Thanks, Nitin. So just touching on some of the key highlights for the quarterly performance. So we'll start with revenue growth. As I mentioned, we had a strong again revenue growth and as we go ahead also, we do see a strong traction for revenue. If you look at the growth has been broad-based again as per our portfolio design is. Top 5 products contributed 39% of the revenue in the Q1 and top 10 products contributed 55% of revenue in Q1. Again, this is broadly in line with our last four quarters in terms of concentration. For us, the pricing continues to remain stable because of our portfolio which is focused on specialty and differentiated products. As mentioned again, we continue to see very strong visibility for revenue in coming quarters. Our USD revenues for Q1 was USD55 million, which was up 32% year-on-year from USD42 million. There is a slight sequential drop owing to the tactical measures we have taken which we had spoken Rubicon Research Limited August 14, 2026 in the earlier quarter with respect to gross margins and I'll explain that in detail when we go to gross margins. But Q2 FY27 is tracking strong for sequential USD revenue growth. Coming to cash flow, the cash flow from operations was INR285 million. This just along with that if you just go through the footnote, this was impacted by certain GST refunds which were stuck, but in this quarter, that should normalize. Coming to the approvals for the products, we received two approvals in this quarter. The commercialization ra [Showing first 8,000 characters — download PDF for full document]