Rubicon Research has delivered a strong third-quarter performance, showcasing significant growth across key financial metrics. The company's consolidated results demonstrate robust business momentum and operational efficiency during the reporting period.

Financial Performance Highlights

Rubicon Research reported impressive year-on-year growth across revenue, profitability, and operational metrics for the third quarter. The company's comprehensive financial performance reflects strong business execution and margin management.

Revenue Growth Analysis

The company achieved substantial revenue growth of 52% year-on-year, with total revenue reaching ₹4.76 billion in Q3 compared to ₹3.13 billion in the corresponding quarter of the previous year. This significant top-line expansion indicates strong business traction and market demand for the company's offerings.

Profitability and Operational Efficiency

Rubicon Research's bottom-line performance was particularly noteworthy, with consolidated net profit jumping 91% to ₹728 million from ₹381 million year-on-year. The profit growth rate significantly exceeded revenue growth, suggesting improved operational efficiency during the quarter.

The company's EBITDA performance further reinforced operational strength, rising to ₹1.1 billion from ₹699 million in the previous year. The EBITDA margin improved to 22.75% from 22.30%, demonstrating the company's ability to maintain profitability while scaling operations.

Business Momentum

The strong financial results across revenue, profitability, and operational metrics highlight Rubicon Research's solid business fundamentals and execution capabilities. The company's ability to deliver substantial growth in both top-line and bottom-line performance, while maintaining healthy margins, positions it favorably in its operating segments.

Rubicon Research Limited's Board of Directors conducted a comprehensive meeting on February 3, 2026, addressing multiple strategic and governance matters in compliance with SEBI Listing Regulations. The company formally disclosed these developments through regulatory filings to BSE and NSE.

Board Composition Changes

The board approved significant changes to its composition, implementing both new appointments and noting departures. On the recommendation of the Nomination and Remuneration Committee, the board approved the appointment of Dr. Pradnya Saravade as Additional Independent Woman Director.

Dr. Saravade brings extensive governance and administrative experience as a former Indian Police Service officer. She holds MBBS and MS (General Surgery) degrees and has served in various leadership positions including heading the Maharashtra Railway Police, working with the Securities and Exchange Board of India (SEBI) for three years, and serving as Joint Managing Director of Maharashtra State Police Housing Corporation Limited. She has also worked with the Central Bureau of Investigation (CBI) for four years and has been awarded the Indian Police Medal for Distinguished Services.

Director Resignation

Simultaneously, the board noted the resignation of Mr. Anand Agarwal (DIN: 06481297) as Non-Executive Director, nominated by General Atlantic Singapore RR Pte Ltd. His resignation became effective from the close of business on February 3, 2026, due to other pressing commitments.

Secretarial Auditor Appointment

Following the Audit Committee's recommendation, the board approved the appointment of M/s. BNP & Associates, Practicing Company Secretaries, as the company's Secretarial Auditor.

BNP & Associates is a peer-reviewed firm established in October 2014, specializing in secretarial audit, corporate advisory services, and compliance management. The firm maintains four partners, one associate partner, and 15 executive team members, including eight qualified Company Secretaries.

Subsidiary Merger Approval

The board granted in-principle approval for the merger of KIA Health Tech Private Limited, a wholly-owned subsidiary, with Rubicon Research Limited. This strategic decision aims to achieve operational synergies between the entities.

KIA Health Tech was incorporated on July 19, 2021, to establish a pharmaceuticals manufacturing facility in Aurangabad. The merger will involve no cash consideration since KIA Health Tech is wholly-owned by Rubicon Research. Upon completion, all shares held by Rubicon Research in KIA Health Tech will be automatically cancelled without affecting the parent company's shareholding pattern.

Regulatory Compliance and Meeting Details

The Board meeting commenced at 3:00 PM (IST) and concluded at 4:30 PM (IST) on February 3, 2026. All decisions were made in accordance with SEBI Listing Regulations and the SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/2024/0155 dated November 11, 2024. The company filed detailed disclosures with BSE (Scrip Code: 544578) and NSE (Scrip Symbol: RUBICON) under Regulation 30 requirements. The merger plan remains subject to board approval of the scheme of arrangement, various regulatory approvals, and other administrative formalities.