NSE: LINCOLN · BSE: 531633
LINCOLN PHARMA LTD
Manufactures pharmaceutical formulations spanning cardiac, diabetic, dermatology and ENT therapy areas, selling both in India and overseas markets. Exports are diversified across African, Latin American, South-East Asian, institutional-tender and Canadian markets, with a Cepha manufacturing block now past breakeven and Canadian sales run through 6 Health Canada-approved product lines. R&D spend is being stepped up to support growing dossier filings, while the company is exploring entry into oncology and hormones alongside inorganic acquisitions in tablet and injectable manufacturing. Materials (35.7% of revenue) and employee costs (18.7%) are the largest cost lines, and management has guided to an INR1,000 crore revenue target with a stated 5-6 month slippage buffer on the original FY28 timeline. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Cardiac, diabetic, dermatology and ENT formulations, Domestic sales, Africa exports, Latin America and South-East Asia exports, Institutional tender business, Canada and other regulated markets, Cepha manufacturing block. Mid-sized, formulation-driven Indian pharma with export-heavy mix and a diversified therapy portfolio.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 472 | 510 | 581 | 623 | 671 |
| EBITDA (ex other income) | 95 | 89 | 100 | 101 | 98 |
| margin % | 20.2 | 17.5 | 17.2 | 16.3 | 14.6 |
| Owners' profit | 69 | 0 | 0 | 0 | 0 |
| EPS, as reported (₹) | 34.63 | 36.40 | 46.58 | 41.11 | 43.88 |
| ROE % · ROCE % | 16.0 · 21.9 | 14.5 · 19.9 | 15.7 · 20.3 | 12.3 · 16.1 | 11.6 · 15.0 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 |
| Cash from operations | 76 | 39 | 63 | 93 | 106 |
| Capex | (46) | (14) | (39) | (19) | (25) |
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 | 161 | 147 | 168 | 154 | 163 | 166 | 187 | 177 |
| Profit before tax | 35 | 29 | 16 | 35 | 29 | 35 | 17 | 48 |
| Net profit | 26 | 21 | 12 | 28 | 20 | 29 | 12 | 36 |
| EPS (₹) | 13.15 | 10.37 | 5.78 | 13.82 | 9.98 | 14.28 | 5.81 | 18.09 |
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. % |
|---|---|---|---|---|---|---|---|---|
| SUN PHARMACEUTICAL IND L | 4,21,677 | 34.9 | 5.03 | 22.6 | 13.7 | 17.5 | 11.8 | 32.3 |
| DIVI S LABORATORIES LTD | 2,53,976 | 87.0 | 15.15 | 65.5 | 15.3 | 18.8 | 8.7 | 42.8 |
| TORRENT PHARMACEUTICALS L | 1,54,957 | 73.1 | 8.81 | 38.5 | 12.2 | 8.0 | 11.8 | 33.1 |
| LAURUS LABS LIMITED | 1,17,877 | 107.7 | 21.70 | 65.6 | 16.4 | 17.2 | 7.2 | 32.0 |
| ZYDUS LIFESCIENCES LTD | 1,17,315 | 26.2 | 3.97 | 15.1 | 17.3 | 18.0 | 12.4 | 25.2 |
| DR. REDDY S LABORATORIES | 1,11,506 | 34.5 | 2.92 | 14.9 | 10.9 | 13.0 | 12.1 | 15.0 |
| CIPLA LTD | 1,10,320 | 32.7 | 3.20 | 16.9 | 11.2 | 14.7 | 8.0 | 19.7 |
| MANKIND PHARMA LIMITED | 1,02,829 | 50.3 | 6.21 | 28.3 | 11.7 | 10.8 | — | 27.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 11.6 | 30.8 | 28 of 158 | 83% |
| P/B | 1.5 | 3.1 | 39 of 163 | 77% |
| ROCE | 14.8 | 10.8 | 65 of 183 | 65% |
| ROE | 11.6 | 9.8 | 71 of 166 | 58% |
| Debt / Equity | 0.0 | 0.2 | 42 of 166 | 75% |
| EBITDA margin | 29.2 | 17.5 | 39 of 165 | 77% |
| Revenue growth | 15.1 | 16.3 | 83 of 161 | 49% |
| Profit growth | 30.9 | 30.9 | 80 of 158 | 50% |
| Market cap | 1118 | 806 | 87 of 181 | 52% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · Board meeting set for October quarter and half-year results | results | low | — | — |
| 17 Oct 2026 · Sr GM Quality Assurance resigns from Lincoln Pharma | management changes | medium | — | — |
| 16 Oct 2026 · Lincoln Pharma 32nd AGM: dividend and director reappointments approved | board shareholder meetings | medium | — | — |
| 7 Oct 2026 · RTA compliance certificate under SEBI Regulation 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 3 Oct 2026 · Lincoln Pharma AGM results: All 5 resolutions passed, Rs 1.80 dividend declared | compliance | minimal | — | — |
| 30 Sept 2026 · 32nd AGM held; dividend of Rs 1.80 per share recommended | board shareholder meetings | low | — | — |
| 24 Sept 2026 · Lincoln Pharma appoints new SGM-Quality Assurance | management changes | low | — | — |
| 24 Sept 2026 · Senior Management Personnel Manoj Rai resigns from Lincoln Pharma | management changes | medium | — | — |
| 23 Sept 2026 · Trading window closed from Oct 1, 2026 pending Q2 FY26 results | compliance | minimal | — | — |
| 7 Sept 2026 · Newspaper publication for 32nd AGM, book closure and e-voting info | 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.