Rubicon Research promoter General Atlantic Singapore RR Pte. Ltd. disposed of 1,40,00,000 shares, representing an 8.45% stake, on August 25 and 26, 2026.

The on-market sale reduces the promoter group’s total holding from 35.79% to 27.34% of the company’s voting capital. The transaction was disclosed under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Transaction Details

The disposal occurred over two trading sessions. On August 25, 2026, 1,46,927 equity shares were sold. The following day, August 26, 2026, saw the sale of 1,38,53,073 shares. No warrants, convertible securities, or voting rights other than by shares were involved in the transaction.

What the Numbers Show

The promoter’s post-disposal stake of 27.34% remains significantly above the 25% threshold for substantial acquisition disclosures, indicating continued control despite the reduction. The equity share capital of the target company remained unchanged at ₹16,55,31,908 before and after the sale, confirming the transaction was a secondary market transfer rather than a capital reduction or buyback.

Rubicon Research shareholders passed all nine resolutions at the 27th Annual General Meeting held on August 26, 2026, including approval of FY26 financial results and a scheme to merge wholly owned subsidiary KIA Health Tech Private Limited with the parent entity.

The meeting was held through video conferencing, with 71 members attending. A total of 41,330 shareholders were on record as of the cut-off date of August 19, 2026, representing 16,55,31,908 shares. Voting was conducted via remote e-voting (open from August 22 to August 25, 2026) and e-voting at the AGM. Sunny Gogiya of SGGS & Associates served as Scrutinizer, appointed by the Board at its meeting on July 20, 2026.

AGM voting summary

All nine resolutions were passed with requisite majority. The following table summarises the resolutions and their outcomes.

Detailed voting results

The table below presents votes cast in favour and against each resolution, based on the Scrutinizer's Consolidated Report dated August 26, 2026.

The merger of KIA Health Tech (Resolution 9) required a 90% majority under Section 233 of the Companies Act, 2013, and was passed accordingly. The two ESOP resolutions (6 and 7) drew the highest opposition among institutional public shareholders, with 18.03% and 17.69% of institutional votes cast against, respectively, though both passed comfortably overall.

Financial performance

The company reported consolidated revenue from operations of ₹17,540 million for FY26, a 37% increase from ₹12,843 million in FY25. Net profit after tax rose to ₹2,467 million, up from ₹1,344 million in the prior year.

Operating EBITDA pre R&D expanded to ₹5,938 million, representing 34% of operating revenue, compared to 30% in FY25. R&D expenses increased to ₹1,935 million (11% of revenue) from ₹1,325 million (10% of revenue).

Balance sheet position

Shareholders' funds grew significantly to ₹12,888 million as of March 31, 2026, from ₹5,410 million in March 2025. Borrowings decreased to ₹2,594 million from ₹3,932 million. Cash and cash equivalents stood at ₹3,460 million, up from ₹1,162 million.

What the numbers show

Product concentration has declined steadily. The top five products contributed 34% of revenue in FY26, down from 56% in FY23. Similarly, the top ten products accounted for 53% of revenue in FY26, compared to 77% in FY23, indicating a broadening portfolio base.

Corporate actions

Mr. Parag Sancheti, Executive Director & CEO, conducted the proceedings in the absence of Chairman Mr. Venkat Changavalli. The meeting included presentations on the company's evolution from a service provider to a specialty products manufacturer. Directors present included Mrs. Pratibha Pilgaonkar, Mr. K G Ananthakrishnan, Mr. Milind Patil, and Mr. Shantanu Rastogi. MUFG Intime India Private Limited serves as the Registrar and Share Transfer Agent of the company.