Overview

Detailed Summary

Lincoln Pharmaceuticals Limited is an India-based manufacturer and marketer of pharmaceutical formulations across anti-infective, respiratory, gynecology, cardio/CNS, antidiabetic and other therapy areas, operating multiple manufacturing lines including tablets, injectables and parenterals and focused on branded generics plus export markets.
Q3 FY26 headline performance strengthened: standalone quarter revenue INR 166.32 crore, EBITDA INR 38.74 crore and PAT INR 28.60 crore, while management reaffirmed a mid-teens EBITDA margin target (15% base, targeting up to 18%) and a long-term INR 1,000 crore revenue aspiration with a small timing caveat.
Exports and regulated-market progress are driving strategic momentum: Health Canada approvals across six lines and CDMO/CMO commercialisation delivering roughly USD 3–5 million this year, with management citing ~23–25 projects in process and export revenues around INR 400 crore.
Operationally, Lincoln is completing a dedicated R&D centre and has commissioned the Mehsana Cephalosporin block that has crossed breakeven; management expects the existing site can expand utilization by another c.15–20% while larger growth will need inorganic additions or a new greenfield unit.

Sector: Pharmaceuticals & Biotechnology
Industry: Pharmaceuticals
Market Cap: 1,232 Cr
Volatility: Low Risk
P/E Ratio: 14.0
Industry P/E: 32.2
PEG Ratio: 0.2
P/B Ratio: 1.7
52W High: 679.45
52W Low: 439.95

Sales CAGR

1Y: 7.35%
3Y: 9.70%
5Y: 10.63%
10Y: 7.83%

Profit CAGR

1Y: -11.74%
3Y: 5.89%
5Y: 10.69%
10Y: 15.94%

ROE

TTM: 11.18%
3Y: 14.07%
5Y: 14.81%
10Y: 15.29%

ROCE

TTM: 15.34%
3Y: 18.59%
5Y: 19.74%
10Y: 20.52%

Technicals

‌

Forecasts

Peers

Healthcare Healthcare Pharmaceuticals

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
SYNCOMF		14.04	1,283 Cr	18.00	3.39	0.00	16.66	22.00	15.12
HESTERBIO		1429.05	1,257 Cr	28.62	3.72	0.47	12.98	9.93	6.29
JAGSNPHARM		190.30	1,244 Cr	31.38	4.92	1.33	17.30	21.58	13.68
LINCOLN		615.00	1,232 Cr	14.02	1.72	0.29	11.18	15.34	10.28
INDSWFTLAB		132.10	1,147 Cr	5.55	0.84	0.00	2.27	1.19	16.09
FREDUN		1820.00	1,140 Cr	28.07	4.45	0.03	22.85	26.16	7.04
BAJAJHCARE		315.70	1,124 Cr	21.79	2.24	0.28	10.52	10.52	5.94
Median: 7 Co.	—	315.70	1,232 Cr	21.79	3.39	0.28	12.98	15.34	10.28

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	156	146	142	147	161	147	168	154	163	166
Expenses	125	117	124	125	133	123	141	130	138	143
Operating Profit	31	30	18	23	28	24	27	24	25	24
OPM %	19.97	20.25	12.90	15.43	17.60	16.14	15.89	15.45	15.57	14.18
Other Income	8.69	11	7.02	10	9.98	8.97	-6.88	15	7.23	15
Interest	0.39	0.15	0.50	0.44	0.35	0.73	0.37	0.21	0.23	0.30
Depreciation	2.58	2.81	2.69	3.22	3.22	3.22	3.23	3.48	3.62	3.72
Profit Before Tax	37	38	22	29	35	29	16	35	29	35
Tax %	24.98	25.64	16.29	19.71	24.30	27.58	28.74	21.79	30.65	17.63
Net Profit	28	28	19	24	26	21	12	28	20	29
EPS in Rs	13.81	14.00	9.28	11.82	13.15	10.37	5.78	13.82	9.98	14.28

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	365	362	366	386	424	472	510	581	623	630
Expenses	313	308	299	321	337	377	421	481	522	527
Operating Profit	52	53	67	66	87	95	89	100	101	103
OPM %	14.19	14.75	18.36	16.96	20.55	20.22	17.48	17.21	16.29	16.28
Other Income	2.73	5.45	5.63	11	5.66	10.00	22	34	22	27
Interest	6.66	5.41	4.00	2.02	1.56	1.45	2.03	1.46	1.88	1.66
Depreciation	5.51	6.11	6.68	7.33	7.56	8.09	9.17	11	13	13
Profit Before Tax	37	46	62	67	84	96	100	122	109	115
Tax %	24.64	25.08	21.63	23.45	25.65	27.71	27.45	23.67	24.58	24.97
Net Profit	28	35	49	51	62	69	73	93	82	86
EPS in Rs	14.03	17.29	24.31	25.68	31.06	34.60	36.39	46.58	41.12	43.86
Dividend Payout %	7.63	8.67	6.16	5.83	4.83	4.33	4.12	3.86	4.38	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	16	20	20	20	20	20	20	20	20	20
Reserves	124	172	204	249	293	346	413	482	573	652
Borrowings	76	57	55	32	4.68	0.52	2.04	2.00	1.07	0.00
Other Liabilities	58	56	68	65	72	85	99	83	106	125
Total Liabilities	275	305	347	366	389	452	534	587	700	797
Fixed Assets	98	103	117	121	123	111	132	151	179	182
CWIP	2.73	6.63	0.29	2.10	0.04	1.69	16	6.71	3.48	4.47
Investments	0.01	10	11	18	34	81	97	91	139	174
Other Assets	174	186	219	225	232	259	290	339	379	437
Total Assets	275	305	347	366	389	452	534	587	700	797

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	45	25	27	53	75	69	76	39	63	93
Cash from Investing Activity	-42	-25	-12	-18	-31	-64	-78	-37	-57	-79
Cash from Financing Activity	-3.42	0.30	-11	-36	-38	-5.75	-2.56	-4.50	-5.18	-6.40
Net Cash Flow	-0.32	-0.14	3.45	-1.11	6.77	-0.70	-4.50	-1.88	0.70	7.67

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	48.67%	50.53%	49.80%	49.53%	49.78%	49.78%	49.78%	49.78%	49.78%	49.78%	49.78%	49.78%
FIIs	1.74%	2.59%	3.23%	3.93%	3.95%	5.19%	5.16%	5.00%	5.14%	4.72%	4.69%	5.19%
DIIs	0.00%	0.00%	0.06%	0.05%	0.04%	0.00%	0.00%	0.01%	0.01%	0.01%	0.01%	1.09%
Public	49.58%	46.88%	46.91%	46.49%	46.24%	45.03%	45.06%	45.22%	45.07%	45.49%	45.52%	43.94%
Total Shareholders	27,480	28,670	29,316	31,375	29,967	31,330	31,848	31,867	31,784	32,370	31,026	28,303

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Projection

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

Investor Presentation

Q4 FY25

Available on Pro Plan