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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Rubicon Research
Rubicon Research (RUBICON) investor relations material
Rubicon Research Q2 26/27 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 26/27 earnings summary5 Nov, 2026
Executive summary
Q2 consolidated revenue was ₹5,763.83m, up 39.9% YoY; net profit was ₹904.26m, up 67.9%.
EBITDA including other income was ₹1,464m, up 54.1%; operating EBITDA was ₹1,441m, up 52.8%.
H1 revenue reached ₹11,107.21m, up 45.3%; net profit was ₹1,752.07m, up 80.3%.
H1 results include Arinna from its April 30, 2026 acquisition date, limiting direct comparison with prior periods.
Q2 USD revenue was $58m, up 5%+ QoQ.
Financial highlights
Q2 gross profit was ₹3,808m, up 37.3% YoY; profit before tax was ₹1,169.22m.
Q2 fully diluted EPS was ₹5.41; H1 fully diluted EPS was ₹10.49.
H1 gross profit increased 41.3% to ₹7,352m; operating EBITDA was ₹2,776m, up 58.9%.
Q2 R&D expense was ₹62 crore, or 10.8% of revenue; H1 R&D spend was ₹120 crore.
Revenue included ₹194m from Arinna in Q2, versus ₹128m in Q1; its EBITDA contribution was not material in either quarter.
Outlook and guidance
FY27 operating EBITDA margin guidance increased to 24%+ from 23%+; Q2 operating EBITDA margin was 25.0%.
Management cited strong revenue visibility in coming quarters; Q2 USD revenue rose 5%+ QoQ to $58m.
On track for ₹5,000m+ R&D spend across FY26, FY27 and Q1 FY28; ₹3,139m was spent over six quarters.
Management cited FY29/FY30+ growth visibility; R&D productivity was 5.8x based on annualized H1 FY27 revenue excluding Arinna.
Pithampur/Indore revenue generation is expected from FY28 onward; no firm revenue timeline was given for CSN or New Jersey.
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Latest events from Rubicon Research
- Q1 FY27 delivered strong revenue and profit growth, with margin guidance raised to 23%.RUBICON
Q1 26/27 - Quarterly net profit of ₹255.65 million on revenue of ₹3,167.19 million, driven by US sales.RUBICONQ1 25/26
- FY26 saw robust revenue and profit growth, a successful IPO, and a recommended ₹1.50 dividend.RUBICONQ4 25/26
- Revenue up 50% YoY, net profit at ₹13,436 lakhs, and major US acquisition completed.RUBICONQ4 24/25
- Strong revenue and profit growth, successful IPO, and strategic biotech investments.RUBICONQ2 25/26
- Strong revenue and profit growth, successful IPO, and strategic investments marked the quarter.RUBICONQ3 25/26
Next Rubicon Research earnings date
Q3 26/274 Feb, 2027
Rubicon Research
Next Rubicon Research earnings date
Q3 26/274 Feb, 2027
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