Rubicon Research (RUBICON) Q1 26/27 earnings summary

Executive summary

• Q1 FY27 saw strong financial performance with revenue growth of 51.6% year-over-year and EBITDA growth of 65%, driven by broad-based product contributions and stable pricing from specialty and differentiated offerings.

• The quarter included the first consolidation of the Arinna acquisition, contributing INR 12 crores to revenue.

• USD revenue rose 32% year-over-year to $55 million, with strong revenue visibility for upcoming quarters.

• Management transition announced: CFO moving to Chief Commercial Officer, new CFO designate appointed.

• Unaudited standalone and consolidated financial results for the quarter ended June 30, 2026, were approved by the Board and reviewed by independent auditors with no material misstatements.

Financial highlights

• Consolidated revenue from operations reached INR 5,343.38 million in Q1 FY27, up 52% year-over-year.

• Gross profit was INR 3,543 million, up 46% year-over-year.

• Operating EBITDA was INR 1,312 million, up 64.6% year-over-year, with a margin of 24.6%.

• PAT was INR 847.81 million, up 96% year-over-year, including a one-off insurance claim.

• EPS for the quarter was INR 5.13 (consolidated, basic).

Outlook and guidance

• EBITDA margin guidance for FY27 revised upwards to at least 23%, despite anticipated cost pressures from ESOPs, Arinna integration, and pre-revenue site costs.

• R&D spend guidance of INR 500 crores over nine quarters remains on track.

• Strong revenue visibility and sequential USD revenue growth expected in Q2 FY27, with robust R&D productivity supporting long-term growth.