LINCOLN

Lincoln Pharmaceuticals share price & financials

Price
₹614.65
Market cap
₹1.2k Cr
Sector
Healthcare
Calls analysed
1
Latest concall · Q3 FY26 · call held 23 Feb 2026

Lincoln Pharma. Q3 FY26

Revenue ₹166.32 cr +13%EBITDA ₹38.74 cr +19%EBITDA Margin 23.29% Net Profit ₹28.6 cr +38%

What went well

  • Revenue for Q3 FY26 was INR 166.32 crores, a 13.49% increase from INR 146.55 crores in Q3 FY25.
  • EBITDA for Q3 FY26 grew 18.73% to INR 38.74 crores from INR 32.63 crores in Q3 FY25, with margins expanding by 102 bps to 23.29%.
  • Net Profit for Q3 FY26 rose 37.60% to INR 28.60 crores compared to INR 20.77 crores in Q3 FY25.

What to watch

  • The company's dividend payout has been negligible over the last few years, with management only stating they are 'thinking on to whether to revise or what to do'.
  • Geopolitical situations and currency fluctuations continue to cause 'minimum plus and minuses' in quarter-to-quarter results and can delay money remittance by 10-15 days.
Read the full call →

What Lincoln Pharmaceuticals Limited does

Lincoln Pharmaceuticals, incorporated in 1979, develops, manufactures and markets branded-generic pharmaceutical formulations spanning tablets, capsules, dry syrups, ointments, liquid ampoules/vials and dry-powder injectables, across therapeutic areas such as anti-infectives, respiratory, gynecology, cardiovascular, CNS, anti-diabetic and anti-malarial. It sells domestically across most Indian states through a super-stockist distribution network and exports to markets in East and West Africa, Central, North and Latin America, and South East Asia. Manufacturing is carried out at GMP-certified units in Khatraj and Mehsana, Gujarat (including a dedicated Cephalosporin block and a newer bulk-drug manufacturing plant), backed by an in-house R&D team that develops novel drug-delivery formulations and files patents to support new product registrations.

Segments

  • Domestic Sales
  • Exports
Registered products
1,700+ (700+ more in pipeline)
Formulations across therapeutic areas
600+ formulations in 15 therapeutic areas
Team strength
~1,850+ employees including trainees
Export footprint
60+ countries across East & West Africa, Central/North/Latin America and South East Asia
Domestic footprint
26 Indian states
Manufacturing facilities
Two GMP-certified units at Khatraj and Mehsana, Gujarat, plus a separate bulk-drug manufacturing plant
Founded 1979Headquarters Ahmedabad, Gujarat, India Company website

Guidance record · Q3 FY26

what the last two calls moved 12 tracked 0 delivered 0 missed 12 open
  • Revenue Growth Pace open said Q3 FY26 Promised: 12% to 18% Q3 FY26: Q3 FY26 YoY growth was 13.49%, falling within the target range.

All 12 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 14.9%, net profit up 28.6% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue161 147 168 154 163 +1%166 +13%187 +11%177 +15%
EBITDA28 24 27 24 25 −11%24 +0%25 −7%27 +13%
Net profit26 21 12 28 20 −23%29 +38%12 +0%36 +29%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +11.9% 1Y

₹500₹600₹700Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q3 FY26 — 23 Feb 2026

1Y: ₹557.15 on 10 Sept 2025 → ₹623.5. High ₹758.15 (27 May 2026), low ₹444.2 (29 Jan 2026).

How the price took the results

close before → close after

Q3 FY26
−0.6%
23 Feb

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 9.5% a year over 3 years, FY23 to FY26. Operating margin narrowed to 14.6%.

Year endingFY23FY24FY25FY26
Revenue₹510 Cr₹580 Cr₹623 Cr₹670 Cr
Operating profit₹90 Cr₹100 Cr₹102 Cr₹98 Cr
Operating margin17.6%17.2%16.4%14.6%
Interest₹1 Cr₹0 Cr₹1 Cr₹0 Cr
Depreciation₹8 Cr₹12 Cr₹12 Cr₹15 Cr
Net profit₹74 Cr₹94 Cr₹83 Cr₹89 Cr
Net margin14.5%16.2%13.3%13.3%
Cash from operations₹39 Cr₹63 Cr₹93 Cr₹106 Cr
Free cash flow₹26 Cr₹24 Cr₹74 Cr₹82 Cr
ROCE22.0%22.0%17.0%16.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹20 Cr₹20 Cr₹20 Cr₹20 Cr₹20 Cr₹20 Cr
Reserves₹346 Cr₹413 Cr₹482 Cr₹573 Cr₹696 Cr₹738 Cr
Borrowings₹1 Cr₹2 Cr₹2 Cr₹1 Cr₹0 Cr₹4 Cr
Other liabilities₹85 Cr₹99 Cr₹83 Cr₹106 Cr₹139 Cr₹128 Cr
Total liabilities₹452 Cr₹534 Cr₹587 Cr₹700 Cr₹855 Cr₹890 Cr
Fixed assets₹111 Cr₹132 Cr₹151 Cr₹179 Cr₹185 Cr₹191 Cr
Capital work in progress₹2 Cr₹16 Cr₹7 Cr₹3 Cr₹3 Cr₹5 Cr
Investments₹81 Cr₹97 Cr₹91 Cr₹139 Cr₹209 Cr₹209 Cr
Other assets₹259 Cr₹289 Cr₹339 Cr₹378 Cr₹458 Cr₹485 Cr
Total assets₹452 Cr₹534 Cr₹587 Cr₹700 Cr₹855 Cr₹890 Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, FIIs trimmed −0.53 pp while the public added +0.28 pp. The shareholder count shrank 8% to 29,396.

Promoters
49.8%
FIIs
4.6%
DIIs
0.3%
Public
45.4%

Since Jun 2025

  • FIIs −0.53 pp
  • Public +0.28 pp
  • DIIs +0.26 pp

How it drifted, 12 quarters

Over this window FIIs went from 2.6% to 4.6% — +2.0 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 50.5%, FIIs 2.6%, Public 46.9%.Dec '23: Promoters 49.8%, FIIs 3.2%, DIIs 0.1%, Public 46.9%.Mar '24: Promoters 49.5%, FIIs 3.9%, DIIs 0.1%, Public 46.5%.Jun '24: Promoters 49.8%, FIIs 4.0%, DIIs 0.0%, Public 46.2%.Sep '24: Promoters 49.8%, FIIs 5.2%, Public 45.0%.Dec '24: Promoters 49.8%, FIIs 5.2%, Public 45.1%.Mar '25: Promoters 49.8%, FIIs 5.0%, Public 45.2%.Jun '25: Promoters 49.8%, FIIs 5.1%, DIIs 0.0%, Public 45.1%.Sep '25: Promoters 49.8%, FIIs 4.7%, DIIs 0.0%, Public 45.5%.Dec '25: Promoters 49.8%, FIIs 4.7%, DIIs 0.0%, Public 45.5%.Mar '26: Promoters 49.8%, FIIs 5.2%, DIIs 1.1%, Public 43.9%.Jun '26: Promoters 49.8%, FIIs 4.6%, DIIs 0.3%, Public 45.4%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of Lincoln Pharmaceuticals Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Munjal Mahendrabhai Patel 13.37%unchanged
Ashish Rajanikant Patel 10.60%unchanged
Rajanikant Gulabdas Patel 3.78%unchanged
Mahendrabhai Gulabdas Patel 3.37%unchanged
Sunmed Corporation Llp 2.50%unchanged
Kailashben Mahendrabhai Patel 2.40%unchanged
Kishor M. Shah 2.39%unchanged
Downtown Travels Llp 2.37%unchanged
Hasmukhbhai Ishwarbhai Patel 1.87%unchanged
Anand Arvinbhai Patel 1.66%unchanged
Rimo Capital Fund Lp FPI fund1.35%unchanged
Dheeraj Kumar Lohia 1.24%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Fair

To justify its price of ₹624, this stock must grow earnings at 8% every year for 7 years. Our analysis caps realistic growth at ~6%. At that growth it is worth ₹564 — downside of 10%.

Growth the price implies
8.3% a year
for 7 years, fading to 4%
It has actually compounded at
6.3% a year
net profit, FY23–FY26 · EPS 6.4%
The gap
0.0 pp
-10% downside if it only repeats history
Price today ₹623.5 Value at the reference growth ₹564.17

Change the assumptions yourself →

Learn to analyse Lincoln Pharmaceuticals Limited

Guides on how to read this kind of business and the numbers that matter.