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Motilal Oswal Report
Rubicon Research Ltd. has not only strengthened its capabilities across research and development, manufacturing, and commercialisation through bolt-on acquisitions, but has also scaled up meaningfully to maximize return on investments.
From ~Rs 40 crore in FY15, Rubicon has scaled its business to Rs 1,600 crore over FY15- TTM ending Dec'25.
The company has built full-spectrum capabilities comprising specialty products, drug-device combinations (Nasal sprays), complex generics, wide basket of 74 an abbreviated new drug application/9 NDAs, and sales/marketing capabilities for branded/non-branded products in the US market.
This is not only supported by a differentiated R&D approach but also robust manufacturing capabilities.
The prescriber base and established distribution network are key for brand-led profitable growth in the domestic formulation space. Rubicon is rightly building the foundation for growth prospects in the DF segment.
The brokerage has raised its P/E multiple from 35x to 37x, factoring in the potential upside from earnings. Accordingly, revises the target price to Rs 955. Reiterates Buy.
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