Rubicon Research (RUBICON) Q2 26/27 earnings summary

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.