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Rubicon Research CEO, MD, chairman, board of directors and AGM

NSE: RUBICONBSE: 544578Pharmaceuticals & BiotechnologySmall Cap

Last close ₹1,424.40down ₹12.20 (0.85%)BSE ₹1,424.90

Share price at the NSE close on 23 Oct 2026. Previous close ₹1,436.60.

52-week range of traded prices to 23 Oct 2026
₹570.75Low, 24 Oct 2025₹1,899.00High, 28 Aug 2026
Market cap
₹23,578 Cr429th largest listed
P/E
81.8
P/B
18.3
Dividend yield
0.11%
ROE
22.4%
ROCE
25.8%
Debt to equity
0.20
Volume, NSE
3,83,96969.2% delivered

Rubicon Research board of directors

At the end of the quarter to Jun 2026, as the company filed it; changes since are in its announcements.Their trades in its shares

  • Managing directorPratibha Sudhir Pilgaonkar
  • Chief executiveParag Suganchand Sancheti
  • ChairpersonCHANGAVALLI VENKAT
  • Company Secretary and Compliance OfficerDeepashree Tanksale

8 directors4 independent2 executive2 non-executive

  • Pratibha Sudhir Pilgaonkar · Managing directorExecutive · joined Jun 2000 · 1 listed board
  • Parag Suganchand Sancheti · Chief executiveExecutive · joined Jan 2017 · 1 listed board · 1 committee seat
  • Varun TalukdarNon-executive · joined Sep 2023 · 1 listed board · 1 committee seat
  • Shantanu RasgotiNon-executive · joined Apr 2019 · 3 listed boards · 1 committee seat
  • CHANGAVALLI VENKAT · ChairpersonIndependent · joined Jun 2024 · reappointed Jun 2024 · 24 months as independent · 1 listed board · 1 as independent · 1 committee seat
  • Kumarapuram Gopalakrishnan AnanthakrishnanIndependent · joined Jun 2024 · reappointed Jun 2024 · 24 months as independent · 3 listed boards · 3 as independent · 4 committee seats, 2 as chair
  • Milind Anil PatilIndependent · joined Jul 2024 · reappointed Jul 2024 · 23 months as independent · 2 listed boards · 2 as independent · 2 committee seats, 1 as chair
  • Pradnya Nandakumar SaravadeIndependent · joined Feb 2026 · reappointed Feb 2026 · 4 months as independent · 1 listed board · 1 as independent · 2 committee seats

An independent director has no business or family tie to the company, its promoters or its managers beyond the seat. Listed boards counts the boards of listed companies the director sits on, this one included, and "as independent" how many of those seats are independent ones. Committee seats are audit and stakeholder committee seats across those companies. Months as independent is filed for independent directors only, whose terms the rules cap. Disqualified is the company's own mark that a director may not serve under company law.

1 director who left
  • Anand Agarwal, left 3 Feb 2026: Others

Committees and meetings

Who sits on each, and how often they met.Board meeting notices and outcomes

  • Board

    • 29 May 20268 of 8 present4 independent · 44 days in between
    • 14 Apr 20265 of 8 present2 independent · 13 days in between
    • 31 Mar 20267 of 8 present3 independent

  • Audit Committee

    Chair Milind Anil Patil

    CHANGAVALLI VENKAT, Varun Talukdar

    • 28 May 20263 of 3 present2 independent · 58 days in between
    • 30 Mar 20262 of 3 present2 independent

  • Nomination and remuneration committee

    Chair Kumarapuram Gopalakrishnan Ananthakrishnan

    Shantanu Rasgoti, CHANGAVALLI VENKAT

    • 29 May 20263 of 3 present2 independent · 59 days in between
    • 30 Mar 20262 of 3 present2 independent

  • Stakeholders Relationship Committee

    Chair Kumarapuram Gopalakrishnan Ananthakrishnan

    Shantanu Rasgoti, Parag Suganchand Sancheti, Pradnya Nandakumar Saravade

    No meeting listed in the filing.

  • Risk Management Committee

    Chair Parag Suganchand Sancheti

    Milind Anil Patil, Varun Talukdar

    No meeting listed in the filing.

  • Corporate Social Responsibility Committee

    Chair Pratibha Sudhir Pilgaonkar

    Parag Suganchand Sancheti, CHANGAVALLI VENKAT, Pradnya Nandakumar Saravade

    • 29 May 20264 of 4 present2 independent · 58 days in between
    • 31 Mar 20264 of 4 present2 independent

Meetings in the quarter filed and the one before it. The days in between are as the company files them, neither meeting's day counted; the rules allow at most 120. A quorum is the least number of members who must attend for the meeting to decide anything.

Statutory auditor

Named in the results for the quarter to Mar 2026.

  • Deloitte Haskins & Sells LLPPeer-review certificate valid to Jul 2027

A statutory auditor checks the company's accounts and signs its results. Peer review is the accountants' institute's check of an audit firm's own work, which a listed company's auditor must hold a valid certificate of.

Rubicon Research AGM and shareholder votes

Each resolution, how the votes went, and how institutions voted apart from the promoters. A postal ballot is a vote by post or online, held without a meeting.Rubicon Research dividend history

Annual general meeting, 26 Aug 2026

41,330 shareholders on the register on 19 Aug 2026; present: 6 promoters and 65 others; votes counted by Sunny Gogiya / SGGS & Associates.The company's voting result (opens in a new tab)

  1. To consider and adopt the Audited Standalone Financial Statements of the Company for the financial year ended March 31, 2026, together with the reports of the Board of Directors and Auditors thereon.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 89.15% · promoters 100.00% · institutions 84.89% · other public 64.78%

  2. To consider and adopt the Audited Consolidated Financial Statements of the Company for the financial year ended March 31, 2026, together with the report of the Auditors thereon.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 89.15% · promoters 100.00% · institutions 84.89% · other public 64.78%

  3. To declare a final dividend on equity shares of the Company for the financial year ended March 31, 2026.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 89.15% · promoters 100.00% · institutions 84.89% · other public 64.78%

  4. To re-appoint Mrs. Pratibha Pilgaonkar (DIN: 00401516) as a Director, liable to retire by rotation.
    OrdinaryPromoters have an interest in it
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.05% · other public 0.00%

    Turnout: all 89.15% · promoters 100.00% · institutions 84.89% · other public 64.78%

  5. To approve remuneration payable to Non-Executive Independent Directors of the Company.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 89.15% · promoters 100.00% · institutions 84.89% · other public 64.78%

  6. To approve the Rubicon Research Limited Stock Options Plan 2026 (ESOP 2026) for the eligible employees of the Company.
    Special
    97.15% for2.85% against

    Against: promoters 0.00% · institutions 18.03% · other public 0.00%

    Turnout: all 89.15% · promoters 100.00% · institutions 84.89% · other public 64.78%

  7. To approve extension of the Rubicon Research Limited Stock Options Plan 2026 to the eligible employees of the Subsidiary(ies) of the Company.
    Special
    97.20% for2.80% against

    Against: promoters 0.00% · institutions 17.69% · other public 0.00%

    Turnout: all 89.15% · promoters 100.00% · institutions 84.89% · other public 64.78%

  8. To appoint Ms. BNP and Associates, Company Secretaries, as Secretarial Auditors of the Company.
    Ordinary
    99.45% for0.55% against

    Against: promoters 0.00% · institutions 3.49% · other public 0.00%

    Turnout: all 89.15% · promoters 100.00% · institutions 84.89% · other public 64.78%

  9. To approve the Scheme of Merger of wholly owned subsidiary, KIA Health Tech Private Limited, with its parent holding company, Rubicon Research Limited under Section 233 of the Companies Act, 2013 and other applicable rules and regulations.MoreLess
    Special
    99.45% for0.55% against

    Against: promoters 0.00% · institutions 3.49% · other public 0.00%

    Turnout: all 89.15% · promoters 100.00% · institutions 84.89% · other public 64.78%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Postal ballot, 15 Mar 2026, 2 resolutions

30,072 shareholders on the register on 6 Feb 2026; votes counted by Sunny Gogiya / SGGS & ASSOCIATES.The company's voting result (opens in a new tab)

  1. To appoint Dr. Pradnya Saravade (DIN: 08472973) as an Independent Woman Director of the Company.
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 75.95% · promoters 73.24% · institutions 86.58% · other public 74.80%

  2. To appoint M/s. BNP & Associates, Company Secretaries, as the Secretarial Auditors of the Company.
    Ordinary
    98.34% for1.66% against

    Against: promoters 0.00% · institutions 8.23% · other public 0.00%

    Turnout: all 75.95% · promoters 73.24% · institutions 86.58% · other public 74.80%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Postal ballot, 7 Dec 2025, 6 resolutions

31,806 shareholders on the register on 31 Oct 2025; votes counted by GAURAV SAINANI / SGGS & ASSOCIATES.The company's voting result (opens in a new tab)

  1. Approval of the Promote Agreement dated July 30, 2024, Post Listing
    OrdinaryPromoters have an interest in it
    88.81% for11.19% against

    Against: promoters 0.00% · institutions 26.27% · other public 0.00%

    Turnout: all 32.96% · promoters 0.00% · institutions 80.33% · other public 83.98%

  2. Ratification of Investor and Management Shareholders rights in accordance with Regulation 31B of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015MoreLess
    SpecialPromoters have an interest in it
    93.37% for6.63% against

    Against: promoters 0.00% · institutions 38.63% · other public 0.00%

    Turnout: all 85.83% · promoters 86.98% · institutions 84.26% · other public 83.98%

  3. Ratification of the Rubicon Employee Stock Option Plan 2019 of the Company
    Special
    95.18% for4.82% against

    Against: promoters 0.00% · institutions 30.66% · other public 0.00%

    Turnout: all 93.64% · promoters 100.00% · institutions 84.26% · other public 83.98%

  4. Ratification of the Rubicon Employee Stock Option Plan 2019 to the employees of the subsidiary companies of the Company
    Special
    95.18% for4.82% against

    Against: promoters 0.00% · institutions 30.66% · other public 0.00%

    Turnout: all 93.64% · promoters 100.00% · institutions 84.26% · other public 83.98%

  5. Ratification of Rubicon Research Limited Employees Stock Option Scheme-2022 of the Company
    Special
    95.18% for4.82% against

    Against: promoters 0.00% · institutions 30.66% · other public 0.00%

    Turnout: all 93.64% · promoters 100.00% · institutions 84.26% · other public 83.98%

  6. Ratification of the Rubicon Research Limited Employees Stock Option Scheme-2022 to the employees of the subsidiary companies of the Company
    Special
    95.18% for4.82% against

    Against: promoters 0.00% · institutions 30.66% · other public 0.00%

    Turnout: all 93.64% · promoters 100.00% · institutions 84.26% · other public 83.98%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

How mutual funds voted

Fund houses must disclose how they vote at every meeting of a company they hold.Funds that hold it

Mutual fund votes, meeting of 26 Aug 2026, 7 fund houses so far (houses' deadline to file 15 Oct 2026)

  • To consider and adopt the Audited Standalone Financial Statements of the Company for the financial year ended March 31, 2026, together with the reports of the Board of Directors and Auditors thereon.
    7 for0 against
  • To consider and adopt the Audited Consolidated Financial Statements of the Company for the financial year ended March 31, 2026, together with the report of the Auditors thereon.
    7 for0 against
  • To declare a final dividend on equity shares of the Company for the financial year ended March 31, 2026.
    7 for0 against
  • To re-appoint Mrs. Pratibha Pilgaonkar (DIN: 00401516) as a Director, liable to retire by rotation.
    7 for0 against
  • To approve remuneration payable to Non-Executive Independent Directors of the Company.
    7 for0 against
  • To approve the Rubicon Research Limited Stock Options Plan 2026 (ESOP 2026) for the eligible employees of the Company.
    Against Angel One Mutual Fund, Edelweiss Mutual Fund, PGIM India Mutual Fund
    • Angel One Mutual FundGovernance and Transparency Concern: The Scheme provides discretion to the Committee to decide / alter / vary the Exercise Period at the employee level; Potential maximum benefit that may be granted to an individual employee appears to be excessive.
    • Edelweiss Mutual Fund, PGIM India Mutual FundCompliant with law. Governance and Transparency Concern: The Scheme provides discretion to the Committee to decide / alter / vary the Exercise Period at the employee level; Potential maximum benefit that may be granted to an individual employee appears to be excessive.
    4 for3 against
  • To approve extension of the Rubicon Research Limited Stock Options Plan 2026 to the eligible employees of the Subsidiary(ies) of the Company.
    Against Angel One Mutual Fund, Edelweiss Mutual Fund, PGIM India Mutual Fund
    • Angel One Mutual FundGovernance and Transparency Concern: The Scheme provides discretion to the Committee to decide / alter / vary the Exercise Period at the employee level; Potential maximum benefit that may be granted to an individual employee appears to be excessive.
    • Edelweiss Mutual Fund, PGIM India Mutual FundCompliant with law. Governance and Transparency Concern: Interlinked with resolution #6.
    4 for3 against
  • To appoint Ms. BNP and Associates, Company Secretaries, as Secretarial Auditors of the Company.
    Against Angel One Mutual Fund, Edelweiss Mutual Fund, PGIM India Mutual Fund
    • Angel One Mutual FundProposed fee payable to Secretarial Auditors not disclosed in the Notice.
    • Edelweiss Mutual Fund, PGIM India Mutual FundNo concern on merit of the proposed Secretarial Auditors. Non-Compliant with Regulation 36(5) of SEBI LODR, 2015: Proposed fee payable to Secretarial Auditors not disclosed in the Notice.
    4 for3 against
  • To approve the Scheme of Merger of wholly owned subsidiary, KIA Health Tech Private Limited, with its parent holding company, Rubicon Research Limited under Section 233 of the Companies Act, 2013 and other applicable rules and regulations.MoreLess
    Against Angel One Mutual Fund, Edelweiss Mutual Fund, PGIM India Mutual Fund
    • Angel One Mutual FundApproval sought through Special Resolution instead of the requisite majority of at least 90% votes in favour as per Section 233(1) of the Companies Act, 2013.
    • Edelweiss Mutual Fund, PGIM India Mutual FundNon-Compliance with the Companies Act, 2013: Approval sought through Special Resolution instead of the requisite majority of at least 90% votes in favour as per Section 233(1) of the Companies Act, 2013.
    4 for3 against

Mutual fund votes, meeting of 15 Mar 2026, 9 fund houses

  • To appoint Dr. Pradnya Saravade (DIN: 08472973) as an Independent Woman Director of the Company.
    8 for0 against
  • To appoint M/s. BNP & Associates, Company Secretaries, as the Secretarial Auditors of the Company.
    Against Edelweiss Mutual Fund, PGIM India Mutual Fund
    • Edelweiss Mutual FundNo concern on the merits of the proposed Auditors. Transparency Concern: Remuneration of outgoing auditor not disclosed; thus, unable to ascertain whether there is any material change in the proposed audit fee.
    • PGIM India Mutual FundNo concern on the merits of the proposed Auditors. Transparency Concern: Remuneration of outgoing auditor not disclosed; thus, SES is unable to ascertain whether there is any material change in the proposed audit fee.
    7 for2 against
1 earlier meeting

Mutual fund votes, meeting of 7 Dec 2025, 9 fund houses

Each resolution counts the houses whose vote was matched to it; the rest are listed last.

  • Approval of the Promote Agreement dated July 30, 2024, Post Listing
    Against Canara Robeco Mutual Fund, Edelweiss Mutual Fund, ICICI Prudential Mutual Fund, PGIM India Mutual Fund
    • Canara Robeco Mutual FundIn July 2024 (prior to listing), General Atlantic Singapore RR Pte Ltd (Investor), Ms. Pratibha Pilgaonkar, Parag Suganchand Sancheti and Ms. Surabhi Parag Sancheti (‘key shareholders’) entered a promote agreement outlining the cash consideration to be received by the key shareholders on the Investor exiting its investment in the company. As per the agreement, if the Investor achieves an IRR above 30% but below 35% (threshold value) on the Total Investor Amount, then the key shareholders are entitled to receive 10% of the cash realizations in excess of the threshold value. Further, if the Investor achieves an IRR above 35%, the key shareholders will receive: (i) 10% of the amount in excess of threshold value, and (ii) 25% of the amount in excess of 35% IRR. A remuneration structure of this size and nature may lead key employees to align themselves to the promoters’ need for a return and exit, which may promote ‘short-termism’, at the cost of the company’s long-term goals. Hence, we do not support the resolution.
    • Edelweiss Mutual Fund, PGIM India Mutual FundCompliant with law. Governance Concern: Upside profit-sharing arrangements for the benefit of promoters is not a good governance practice.
    • ICICI Prudential Mutual FundThe AMC has decided to vote against as upside profit sharing arrangements for benefit of promoters is not a good governance practice.
    5 for4 against
  • Ratification of Investor and Management Shareholders rights in accordance with Regulation 31B of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015MoreLess
    Against Edelweiss Mutual Fund, ICICI Prudential Mutual Fund, Kotak Mahindra Mutual Fund
    • Edelweiss Mutual FundCompliant with law. Governance concern: Special (Nomination) Rights grant disproportionate governance power to Promoter shareholders holding an insignificant stake in the Company. Further, such nomination rights also undermine the role of the NRC.
    • ICICI Prudential Mutual FundThe AMC has decided to vote against as Special (Nomination) Rights undermine the role of the NRC.
    • Kotak Mahindra Mutual FundPrior to listing, the promoters of the company: General Atlantic Singapore RR Pte Ltd, Sudhir Dhirendra Pilgaonkar, Ms. Pratibha Sudhir Pilgaonkar, Parag Suganchand Sancheti, Ms. Surabhi Parag Sancheti and Terentia Venture Partners, entered into a Shareholders Agreement (SHA). As per the SHA General Atlantic Singapore RR Pte. Ltd. has the right to nominate up to three nominee Directors on the Board. Further, Sudhir Dhirendra Pilgaonkar, Ms. Pratibha Sudhir Pilgaonkar, Parag Suganchand Sancheti, Ms. Surabhi Parag Sancheti and Terentia Venture Partners (collectively referred to as Management Shareholders ) have the right to nominate up to two nominee Directors on the board. Such rights will fall off if General Atlantic Singapore RR Pte. Ltd. (including its respective affiliates) or Management Shareholders shareholding in the company on a fully diluted basis falls below 10% of the share capital of the company. The nomination rights proposed appear to be excessive and also the rights undermine the powers of the NRC. Hence, we do not support the resolution.
    5 for3 against
  • Ratification of the Rubicon Employee Stock Option Plan 2019 of the Company
    Against Edelweiss Mutual Fund, HDFC Mutual Fund, ICICI Prudential Mutual Fund, PGIM India Mutual Fund
    • Edelweiss Mutual Fund, PGIM India Mutual FundAlthough the ratification has been sought for a Scheme having no outstanding shares, Non-compliant with SEBI (SBEB & SE) Regulations, 2021: Terms of the ESOP Scheme proposed for ratification have Inadequate disclosures w.r.t Exercise period and Exercise Price. Governance concern: Scheme provided unfettered power to the NRC to accelerate vesting conditions.
    • HDFC Mutual FundESOPS/RSUs are being granted at a deep discount to market price. We do not support the resolution.
    • ICICI Prudential Mutual FundThe AMC has decided to vote against in the absence of adequate disclosures
    4 for4 against
  • Ratification of the Rubicon Employee Stock Option Plan 2019 to the employees of the subsidiary companies of the Company
    Against Edelweiss Mutual Fund, HDFC Mutual Fund, ICICI Prudential Mutual Fund, PGIM India Mutual Fund
    • Edelweiss Mutual Fund, PGIM India Mutual FundNo concern w.r.t the extension of benefit per-se but Scheme itself is Non-Compliant with SEBI (SBEB & SE) Regulations 2021: Interlinked with Resolution #3.
    • HDFC Mutual FundESOPS/RSUs are being granted at a deep discount to market price. We do not support the resolution.
    • ICICI Prudential Mutual FundThe AMC has decided to vote against in the absence of adequate disclosures
    4 for4 against
  • Ratification of Rubicon Research Limited Employees Stock Option Scheme-2022 of the Company
    Against Edelweiss Mutual Fund, HDFC Mutual Fund, ICICI Prudential Mutual Fund, PGIM India Mutual Fund
    • Edelweiss Mutual Fund, PGIM India Mutual FundNon-compliant with SEBI (SBEB & SE) Regulations, 2021: Inadequate disclosures regarding the Exercise period and Exercise Price. Governance concern: Potential economic benefits to a single employee appear to be excessive; Unfettered power to NRC to accelerate vesting conditions.
    • HDFC Mutual FundESOPS/RSUs are being granted at a deep discount to market price. We do not support the resolution.
    • ICICI Prudential Mutual FundThe AMC has decided to vote against in the absence of adequate disclosures
    4 for4 against
  • Ratification of the Rubicon Research Limited Employees Stock Option Scheme-2022 to the employees of the subsidiary companies of the Company
    Against Edelweiss Mutual Fund, HDFC Mutual Fund, ICICI Prudential Mutual Fund, PGIM India Mutual Fund
    • Edelweiss Mutual Fund, PGIM India Mutual FundNo concern w.r.t the extension of benefit per-se but Scheme itself is Non-Compliant with SEBI (SBEB & SE) Regulations 2021: Interlinked with Resolution #5.
    • HDFC Mutual FundESOPS/RSUs are being granted at a deep discount to market price. We do not support the resolution.
    • ICICI Prudential Mutual FundThe AMC has decided to vote against in the absence of adequate disclosures
    4 for4 against
5 proposals not matched to one resolution
  • Approve extension of Rubicon Employee Stock Option Plan 2019 (Master Plan/ESOP 2019) to subsidiary companies
    Against Canara Robeco Mutual Fund
    • Canara Robeco Mutual FundThe company is seeking approval to extend Rubicon Employee Stock Option Plan 2019 (Master Plan/ESOP 2019) to eligible employees of present and future subsidiary companies. Prior to listing the shareholders of the company approved the Rubicon Employee Stock Option Plan 2019 (Master Plan/ESOP 2019) and the Rubicon Research Limited Employee Stock Option Scheme-2022 (ESOS 2022). Currently, the company has one active scheme under the Master Plan i.e. ESOS 2022. Any new scheme under the Master Plan will be launched subject to approval of the shareholders. The employee stock option pool under the Master Plan is 5,416,050 which are convertible into 5,416,050 equity shares. Out of this, 2,337,911 stock options have been exercised. As per the notice, the total stock option pool under ESOS 2020 is 3,909,060 stock options, out of these 3,242,409 stock options have been granted and 666,651 are yet to be granted. The exercise price under the schemes will be as determined by the board and will not be less than the face value of the shares. The vesting is time based. We do not favour ESOP schemes where the exercise price can be at a significant discount to market price. ESOPs are ‘pay at risk’ options that employees accept at the time of grant, which is protected if the options are issued at significant discount to the market price. Hence, we do not support the resolution.
    0 for1 against
  • Approve extension of Rubicon Research Limited Employee Stock Option Scheme-2022 (ESOS 2022) to subsidiary companies
    Against Canara Robeco Mutual Fund
    • Canara Robeco Mutual FundThe company is seeking approval to extend Rubicon Research Limited Employee Stock Option Scheme-2022 (ESOS 2022) to eligible employees of present and future subsidiary companies. Prior to listing the shareholders of the company approved the Rubicon Employee Stock Option Plan 2019 (Master Plan/ESOP 2019) and the Rubicon Research Limited Employee Stock Option Scheme-2022 (ESOS 2022). Currently, the company has one active scheme under the Master Plan i.e. ESOS 2022. Any new scheme under the Master Plan will be launched subject to approval of the shareholders. The employee stock option pool under the Master Plan is 5,416,050 which are convertible into 5,416,050 equity shares of the company. Out of this, 2,337,911 stock options have been exercised. As per the notice, the total stock option pool under ESOS 2020 is 3,909,060 stock options, out of these 3,242,409 stock options have been granted and 666,651 are yet to be granted. The exercise price under the schemes will be as determined by the board and will not be less than the face value of the shares. The vesting is time based. We do not favour ESOP schemes where the exercise price can be at a significant discount to market price. ESOPs are ‘pay at risk’ options that employees accept at the time of grant, which is protected if the options are issued at significant discount to the market price. Hence, we do not support the resolution.
    0 for1 against
  • Approve ratification of nomination rights available to promoters, General Atlantic Singapore RR Pte Ltd and Sudhir Dhirendra Pilgaonkar, Ms. Pratibha Sudhir Pilgaonkar, Parag Suganchand Sancheti, Ms. Surabhi Parag Sancheti and Terentia Venture PartnersMoreLess
    1 for0 against
  • Approve ratification of pre-IPO Rubicon Employee Stock Option Plan 2019 (Master Plan/ESOP 2019)
    Against Canara Robeco Mutual Fund
    • Canara Robeco Mutual FundPrior to listing the shareholders of the company approved the Rubicon Employee Stock Option Plan 2019 (Master Plan/ESOP 2019) and the Rubicon Research Limited Employee Stock Option Scheme-2022 (ESOS 2022). Currently, the company has one active scheme under the Master Plan i.e. ESOS 2022. Any new scheme under the Master Plan will be launched subject to approval of the shareholders. The employee stock option pool under the Master Plan is 5,416,050 which are convertible into 5,416,050 equity shares. Out of this, 2,337,911 stock options have been exercised. As per the notice, the total stock option pool under ESOS 2020 is 3,909,060 stock options, out of these 3,242,409 stock options have been granted and 666,651 are yet to be granted. The exercise price under the schemes will be as determined by the board and will not be less than the face value of the shares. The vesting is time based. We do not favour ESOP schemes where the exercise price can be at a significant discount to market price. ESOPs are ‘pay at risk’ options that employees accept at the time of grant, which is protected if the options are issued at significant discount to the market price. Hence, we do not support the resolution.
    0 for1 against
  • Approve ratification of pre-IPO Rubicon Research Limited Employee Stock Option Scheme-2022 (ESOS 2022)
    Against Canara Robeco Mutual Fund
    • Canara Robeco Mutual FundPrior to listing the shareholders of the company approved the Rubicon Employee Stock Option Plan 2019 (Master Plan/ESOP 2019) and the Rubicon Research Limited Employee Stock Option Scheme-2022 (ESOS 2022). Currently, the company has one active scheme under the Master Plan i.e. ESOS 2022. Any new scheme under the Master Plan will be launched subject to approval of the shareholders. The employee stock option pool under the Master Plan is 5,416,050 which are convertible into 5,416,050 equity shares of the company. Out of this, 2,337,911 stock options have been exercised. As per the notice, the total stock option pool under ESOS 2020 is 3,909,060 stock options, out of these 3,242,409 stock options have been granted and 666,651 are yet to be granted. The exercise price under the schemes will be as determined by the board and will not be less than the face value of the shares. The vesting is time based. We do not favour ESOP schemes where the exercise price can be at a significant discount to market price. ESOPs are ‘pay at risk’ options that employees accept at the time of grant, which is protected if the options are issued at significant discount to the market price. Hence, we do not support the resolution.
    0 for1 against

Each fund house counted once, from its own disclosure; the reasons are its own words.

Tax disputes and stakes in unlisted companies

Reported in the filing for the quarter to Jun 2026.

  • Unlisted stake boughtArinna Lifesciences LimitedSince 30 Apr 2026

    85.00% bought in the quarter; holding 85.00%, from 0.00%

  • Tax disputeOffice of the assessment unit of Income Tax DepartmentSince 26 Sep 2022
    Status as on June 30, 2026: Ongoing. The matter is currently pending.
    At the filing before: Status as on 31-03-2026: All further information requested during the quarter was provided. As on 31-03-2026 , the matter is pending adjudication before the Commissioner of Income-tax (Appeals) / NFAC . Brief Details of the case were disclosed in the last disclosure.MoreLess
  • Tax disputeOffice of the assessment unit of Income Tax DepartmentSince 26 Jul 2023
    Status as on June 30, 2026: Only a minor issue remains, pertaining to interest on late payment of TDS amounting to Rs1,710/-.
    At the filing before: Status as on 31-03-2026:The Hon'ble CIT(A) / NFAC, vide order dated 28.03.2026 passed under section 250 of the Income-tax Act, 1961, allowed the appeal. The demand of Rs. 393.6 million arising on account of ICDS adjustment has been fully deleted, and the major issues has been adjudicated in favour of the Assessee. At present, only a minor issue remains, pertaining to interest on late payment of TDS amounting to Rs. 1,710. Brief Details of the case were disclosed in the last disclosure.MoreLess
  • Tax disputeIntimation order u/s 143(1) of the Income Tax Act, 1961Since 29 Dec 2023
    Status as on June 30, 2026: Ongoing. The matter is currently pending.
    At the filing before: Status as on 31-03-2026: The Company will contesting the matter in appeal before the appropriate appellate authority against the draft assesssment order received during the quarter under Section 144C(1) of the Income-tax Act, 1961, with an addition of Rs. 206.8 million has been proposed on account of adjustment in the Arm's Length Price (ALP) as suggested by the Transfer Pricing Office Brief Details of the case were disclosed in the last disclosure.MoreLess
  • Tax disputePfizer INC. and Pfizer Ireland PharmaceuticalsSince 23 May 2024
    Status as on June 30, 2026: Ongoing. The matter is currently pending.
    At the filing before: Status: Ongoing. The matter is currently pending. Brief Details of the case were disclosed in the last disclosure.
  • Tax disputeMetacel Pharmaceuticals LLC (Counterclaim filed by Rubicon Research LimitedSince 8 Aug 2023
    Status as on June 30, 2026: Ongoing. The matter is currently pending.
    At the filing before: Status as on March 31, 2026: Ongoing. The matter is currently pending. Brief Details of the case were disclosed in the last disclosure.
  • Tax disputeOffice of Deputy Commissioner of Income Tax, MumbaISince 5 Jan 2026
    Status as on June 30, 2026: Ongoing. The matter is currently pending.
    At the filing before: Status as on 31-03-2026: AdvaGen Pharma Ltd, USA, a material step down subsidiary company, received a demand notice under section 156 of the Income-Tax Act, 1961 from the office of Deputy Commissioner of Income Tax, Mumbai. The notice specifies the total demand payable including tax and interest of INR 4,18,84,613/- for assessment year 2021-22. This arises from the denial of a DTAA exemption on income of INR 10,03,57,800, following the tax authority's conclusion that the 'Make Available' clause under the India-US DTAA was applicable. Assessment year 2021-22. On 19/01/26, an Appeal has been filed before the Income Tax Appellate Tribunal (ITAT), against the assessment order passed under Section 143(3) read with Section 144C(13) of the Income-tax Act, 1961. As on 31-03-2026, the matter is currently pending.MoreLess
  • Tax disputeIncome Tax Department (Assessment Unit), MumbaiSince 21 Apr 2026
    Coomunication: Assessment Order u/s 143(3) read with section 144C (3) and 144B and Demand Notice u/s 156 of the Income-tax Act, 196.1; Brief Summary: The Company has received an assessment order for AY 2023-24 wherein certain additions/ disallowances amounting to Rs. 20,68,44,914/- with respect to Arms’ Length Pricing adjustment to the international transactions have been made. Total demand raised amounts to Rs. 17,25,17,210/-, subject to outcome of appeal / rectification. Status as on June 30, 2026: Ongoing. Appeal has been filed and the matter is currently pendingMoreLess
2 more
  • Tax dispute1. CIT (APPEAL) 2. Circle (1)(1)(1) / AhmedabadSince 17 Nov 2017
    This case pertains to Arinna Lifesciences Limited, subsidiary of the Company effective 30-04-2026; Brief: Addition of Share Premium amount received from Venture Capital Fund(MOPE) and Promoters U/s 56(2)(viib) Against order U/S 147 r.w.s 144 Dt. 31/03/2022, First notice received 17/11/2017 Notice u/s 142(1) Assessment. (Total Exposure: Rs. 7,70,00,027) Notice issued by Circle (1)(1)(1) / Ahmedabad for similar matter: (a) Penalty for disallowance of Interest on late payment of TDS Notice U/S 274r.w.s 271(1)(c) Dt. 07.09.2023 First Notice Received 17/11/2017 Notice u/s 142(1) Assessment; and (b)Penalty for Addition of Share Premium amount received from Venture Capital Fund ((MOPE) and Promoters U/s 56(2)(viib) Notice U/S 274r.w.s 271(1)(c) Dt. 07.09.2023 First Notice received 17/11/2017 Notice u/s 142(1) Assessment (Exposure: Rs. 8,24,513) Status: As on 30 June 2026 - Awaiting for CIT (Appeal) case result.MoreLess
    At the filing before: Last Disclosure: Not Applicable
  • Tax disputeCircle (1)(1)(1) / AhmedabadSince 4 Sep 2017
    This case pertains to Arinna Lifesciences Limited, subsidiary of the Company effective 30-04-2026; (a)Addition of Share Premium amount received from Venture Capital Fund (MOPE) U/s 56(2)(viib) Appeal against Order U/s 143(3) Dt.23/12/2018, first Notice received 04/09/2017 Notice u/s 143(2); and (b) Penalty U/S 271(1)(c ) against Addition of Share Premium amount received from Venture Capital Fund (MOPE)U/s 56(2)(viib) First notice received 04/09/2017 Notice u/s 143(2) (Total Exposure: Rs. 10,13,63,004) Status: As on 30 June 2026 - Pending from Authority and Awaiting for CIT (Appeal) case result.MoreLess
    At the filing before: Last Disclosure: Not Applicable

In the company's own words, from its latest governance filing.

Investor complaints and compliance

Quarter by quarter.

Investor complaints received and resolved, the company's own count

  • Received
  • Resolved

Open at the quarter's end

None open at any quarter's end.
The board is made up as the listing rules require
Yes
The board has a regular chairperson
Yes
The company has a risk management committee
Yes
The chair is related to the managing director
No
The filing has a part on fines and penalties
No
The filing has a part on tax disputes
Yes
There was a cyber security incident in the quarter
No

The company's own answers in its filing.

How money raised was used

Reported for the quarter to Mar 2026. The company's results filing for the quarter to Jun 2026 says no statement of how money raised was used applies to it.

RaisedAmount raisedForSet asideSpentSpent elsewhereSpent elsewhere, amountReason and comments
Public IssuesOct 2025, checked by India Ratings & Research Private Limited500.00Prepayment or scheduled repayment of all or a portion of certain outstanding borrowings availed by our Company.310.00264.64Yes45.36
As disclosed in the Offer Document dated October 13, 2025, the Company had proposed to utilise INR 4,712.74 Million from the IPO net proceeds for identified objects by Fiscal Year 2026. As of March 31, 2026, a total amount of INR 3,236.46 Million has been utilised toward the said objects, whereby the remaining unutilised balance stands at INR 1,476.28 Million.MoreLess
Audit committee: The Board of Directors of the Company, at its meeting held today, i.e., May 29, 2026, has, based on the recommendation of the Audit Committee, approved the extension of the timeline for the utilisation of the unutilised Initial Public Offering (‘IPO’) proceeds by a period of one year, i.e., up to March 31, 2027.MoreLess
Public IssuesOct 2025, checked by India Ratings & Research Private Limited500.00Funding inorganic growth through unidentified acquisitions and other strategic initiatives and General corporate purposes161.2759.01Yes102.27
As disclosed in the Offer Document dated October 13, 2025, the Company had proposed to utilise INR 4,712.74 Million from the IPO net proceeds for identified objects by Fiscal Year 2026. As of March 31, 2026, a total amount of INR 3,236.46 Million has been utilised toward the said objects, whereby the remaining unutilised balance stands at INR 1,476.28 Million.MoreLess
Audit committee: The Board of Directors of the Company, at its meeting held today, i.e., May 29, 2026, has, based on the recommendation of the Audit Committee, approved the extension of the timeline for the utilisation of the unutilised Initial Public Offering (‘IPO’) proceeds by a period of one year, i.e., up to March 31, 2027.MoreLess
₹ crore. Checked by is the agency appointed to monitor how the money is used. The reason and the comments are the company's, its audit committee's and its auditors' own words.