NSE: LINC · BSE: 531241
LINC LIMITED
Manufactures and sells writing instruments — including the Pentonic ball pen range priced across INR20-40 and above — and allied stationery products, primarily in India and through overseas exports. FY26 operating income was ₹543 crores, with Q4 at ₹137.67 crores (down 10.6% year-on-year), hurt by muted corporate gifting orders and roughly 25% Q4 export decline tied to Middle East geopolitical disruptions (also flagged in Russia, Sudan, Myanmar). The general-trade sales team has been split into mass-distribution and premium-urban verticals from April 2026, adding 125 frontline hires to a base of about 350, with two to three new product launches planned for the under-indexed Pentonic INR20+ range. The company runs a Turkish joint venture Silka Linc (FY26 turnover ₹11.52 crores, 50:50 with Silka Kirtasiye) where an additional USD 250,000 investment is underway, and a joint venture with Mitsubishi Pencil for writing instruments; a new manufacturing facility in West Bengal is on track for Q3 FY27 commissioning, tied to the Morris subsidiary. It is opening own-brand retail outlets under the Stackoo banner, starting with Park Street, Kolkata (26 July 2026) and Sky City Mall, Borivali, Mumbai (planned August 2026). The biggest cost line is materials at 20.3% of revenue, with polymer price inflation flagged as a near-term pressure that management says cannot be fully passed through to customers immediately. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Writing instruments — domestic, Writing instruments — exports, Stationery and allied products, Turkey JV (Silka Linc). Branded consumer staples writing instruments; distribution-led with growing own-retail and joint-venture footprint
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 508 | 543 | 543 |
| EBITDA (ex other income) | 56 | 64 | 59 |
| margin % | 11.1 | 11.8 | 11.0 |
| Owners' profit | 0 | 38 | 33 |
| EPS, as reported (₹) | 23.00 | 6.40 | 5.50 |
| ROE % · ROCE % | 16.7 · 21.1 | 16.0 · 20.6 | 12.7 · 18.5 |
| Debt / equity (x) | 0.03 | 0.03 | 0.02 |
| Cash from operations | 38 | 57 | 33 |
| Capex | (28) | (17) | (38) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 137 | 122 | 154 | 137 | 139 | 129 | 138 | 139 |
| Profit before tax | 12 | 11 | 17 | 10 | 13 | 10 | 16 | 8 |
| Net profit | 9 | 9 | 12 | 7 | 8 | 7 | 10 | 6 |
| EPS (₹) | 5.91 | 1.47 | 2.05 | 1.18 | 1.42 | 1.15 | 1.76 | 0.98 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| DOMS INDUSTRIES LIMITED | 11,233 | 51.7 | 8.63 | 26.8 | 18.4 | 22.7 | — | 12.9 |
| NAVNEET EDUCATION LTD | 2,772 | 7.4 | 132.06 | 501.2 | 17.6 | 20.2 | (54.0) | 27.5 |
| FLAIR WRITING INDUST LTD | 2,462 | 17.6 | 2.15 | 10.1 | 12.4 | 15.4 | — | 17.1 |
| KOKUYO CAMLIN LIMITED | 713 | — | 2.87 | 16.8 | 6.1 | 8.0 | — | — |
| LINC LIMITED ◆ | 555 | 17.6 | 2.14 | 8.1 | 12.7 | 17.4 | — | 9.0 |
| ALKOSIGN LIMITED | 69 | 5.8 | — | — | — | 4.9 | — | — |
| KSHITIJ POLYLINE LIMITED | 53 | 14.1 | 0.85 | 8.8 | 6.1 | 6.1 | — | 12.4 |
| SUNDARAM MULTI PAP LTD | 49 | — | 0.52 | 5.1 | (0.1) | (0.1) | — | 21.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 17.6 | 15.8 | 4 of 6 | 40% |
| P/B | 2.1 | 2.1 | 4 of 8 | 57% |
| ROCE | 17.4 | 8.0 | 3 of 9 | 75% |
| ROE | 12.7 | 9.3 | 3 of 8 | 71% |
| Debt / Equity | 0.0 | 0.2 | 2 of 8 | 86% |
| EBITDA margin | 9.0 | 15.0 | 6 of 6 | 0% |
| Revenue growth | 1.4 | 6.0 | 4 of 6 | 40% |
| Profit growth | (14.5) | (4.9) | 5 of 6 | 20% |
| Market cap | 555 | 555 | 5 of 9 | 50% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 16 Oct 2026 · Credit Ratings Reaffirmed by Acuite Ratings | credit debt | medium | — | — |
| 8 Oct 2026 · RTA compliance certificate under SEBI Regulation 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 8 Oct 2026 · Postal Ballot Results: All 3 Resolutions Passed | management changes | medium | — | — |
| 30 Sept 2026 · Promoter Deepak Jalan buys 0.19% stake in Linc via market purchase | ownership changes | medium | — | — |
| 24 Sept 2026 · Linc Limited closes trading window ahead of Q2 results | compliance | minimal | — | — |
| 23 Sept 2026 · Promoter group reshuffles stakes via inter-se transfer | ownership changes | high | — | — |
| 18 Sept 2026 · Linc Limited 32nd AGM: All 4 resolutions passed, Rs. 1.50 dividend approved | board shareholder meetings | low | — | — |
| 17 Sept 2026 · Linc MD Flags Margin Pressure and Weak Q1 FY27 Start at AGM | investor communications | low | — | — |
| 17 Sept 2026 · Linc 32nd AGM: 30% dividend, director re-appointment, RPT approved | board shareholder meetings | medium | — | — |
| 8 Sept 2026 · Linc Limited seeks shareholder approval via postal ballot and e-voting | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.