Lincoln Pharmaceuticals Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹1,021 Cr
- P/E
- 10.59
- ROE
- 11.99%
- PEG
- 1.86
- Price to sales
- 1.46
- Debt to equity
- 0.01
- 52W high / low
- ₹758 / ₹444
- Sales growth (5Y)
- 9.61%
- EBITDA margin
- 14.59%
- Net profit margin
- 12.77%
- Promoter holding
- 49.78%
- Sales (last year)
- ₹694 Cr
Incorporated in 1979, Lincoln Pharmaceuticals Ltd is in the business of manufacturing and trading of pharmaceutical products [1]
Guidance scorecard · Q2 FY27 call
What Lincoln Pharmaceuticals Ltd's management guided
and where it ranks in Pharmaceuticals & Biotechnology
Pharmaceuticals & Biotechnology
RevenueQ3 FY26 call
10–20%- Lincoln Pharmaceuticals targets INR1,000 crores revenue by FY 2028, possibly with a 5-6 months delay.
- Current capacity utilization allows for a 15-20% increase in revenue without new plants.
- New Cephalosporin block factory expected to generate around INR45 crores revenue this year, targeting INR150 crores eventually.
- Growth avenues include organic expansion through new plants, inorganic expansion via acquisitions, and increased registrations.
- Export markets (Africa, Latin America, Southeast Asia) and regulated markets (Canada, others) drive growth.
- Domestic and export revenue mix targeted at approximately 60-40 to 65-35.
- EBITDA margin expected between 15-18%, with possible upside.
2 more points from Lincoln Pharmaceuticals Ltd's call on revenue
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MarginsQ3 FY26 call
Up 0–2%See what Lincoln Pharmaceuticals Ltd said on margins — free account, 30 seconds.
CapexQ3 FY26 call
Planned- Lincoln Pharmaceuticals is exploring both organic and inorganic growth options.
- They are considering setting up a new plant or acquiring through inorganic expansion to exceed current capacity.
- Focus areas for inorganic expansion include tableting and injectable segments with required accreditations.
- They are also investing in product registrations and regulatory approvals across markets like Canada, Latin America, Europe, with an annual budget of INR 5-7 crores for registrations, forming part of R&D and registration expenses.
2 more points from Lincoln Pharmaceuticals Ltd's call on capex
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FundraisingQ3 FY26 call
None plannedSee what Lincoln Pharmaceuticals Ltd said on fundraising — free account, 30 seconds.
Order bookQ3 FY26 call
- The company is expecting revenues of around INR45 crores from the Cepha block (Mehsana factory) by the end of the current year.
- Growth guidance targets a revenue milestone of INR1,000 crores by FY '28, with possible slight delays of up to 6 months.
- Existing manufacturing capacity can potentially accommodate a 15% to 20% increase in revenues from the current base.
2 more points from Lincoln Pharmaceuticals Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Pharmaceuticals & Biotechnology
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Pharmaceuticals & Biotechnology companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹556 Cr | 22.1 | |
| 2 | 40%+ | Up 0–2% | ₹215 Cr | 22.2 | |
| 3 | 40%+ | Flat | ₹16,144 Cr | — | |
| 4 | 40%+ | Flat | ₹6,072 Cr | 48.0 | |
| 5 | 40%+ | Flat | ₹40 Cr | — | |
| 6 | 20–40% | Up 2%+ | ₹50,220 Cr | 43.8 |
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Pro shows every company guiding 40%+ revenue growth →Full Pharmaceuticals & Biotechnology rankingFinancials of Lincoln Pharmaceuticals Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Lincoln Pharmaceuticals Ltd
Shareholding breakup across reporting periods.
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters + | 49.81% | 49.54% | 49.78% | 49.78% | 49.78% | 49.78% | 49.78% | 49.78% | 49.78% | 49.78% | 49.78% | 49.78% |
| FIIs + | 3.22% | 3.93% | 3.95% | 5.19% | 5.16% | 5.00% | 5.13% | 4.73% | 4.70% | 5.20% | 4.60% | 4.55% |
| DIIs + | 0.06% | 0.05% | 0.04% | 0.00% | 0.00% | 0.00% | 0.01% | 0.01% | 0.01% | 1.08% | 0.27% | 0.02% |
| Public + | 46.92% | 46.49% | 46.24% | 45.04% | 45.07% | 45.23% | 45.08% | 45.49% | 45.51% | 43.94% | 45.36% | 45.65% |
| No. of Shareholders | 29,316 | 31,375 | 29,967 | 31,330 | 31,848 | 31,867 | 31,784 | 32,370 | 31,026 | 28,303 | 29,396 | 29,272 |
Financials of Lincoln Pharmaceuticals Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 156 | 146 | 142 | 147 | 161 | 147 | 168 | 154 | 163 | 166 | 187 | 177 | 191 |
| Expenses + | 125 | 117 | 124 | 125 | 133 | 123 | 141 | 130 | 138 | 143 | 162 | 150 | 168 |
| Operating Profit | 31 | 30 | 18 | 23 | 28 | 24 | 27 | 24 | 25 | 24 | 25 | 27 | 24 |
| OPM % | 20% | 20% | 13% | 15% | 18% | 16% | 16% | 15% | 16% | 14% | 13% | 15% | 12% |
| Other Income + | 9 | 11 | 7 | 10 | 10 | 9 | -7 | 15 | 7 | 15 | -4 | 24 | 10 |
| Interest | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 4 | 4 | 4 | 4 | 4 |
| Profit before tax | 37 | 38 | 22 | 29 | 35 | 29 | 16 | 35 | 29 | 35 | 17 | 48 | 29 |
| Tax % | 25% | 26% | 16% | 20% | 24% | 28% | 29% | 22% | 31% | 18% | 30% | 24% | 30% |
| Net Profit + | 28 | 28 | 19 | 24 | 26 | 21 | 12 | 28 | 20 | 29 | 12 | 36 | 20 |
| EPS in Rs | 13.80 | 14.00 | 9.29 | 11.82 | 13.15 | 10.37 | 5.78 | 13.82 | 9.98 | 14.28 | 5.81 | 18.09 | 10.20 |
Financials of Lincoln Pharmaceuticals Ltd
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 266 | 400 | 360 | 361 | 366 | 386 | 424 | 472 | 510 | 581 | 623 | 671 | 722 |
| Expenses + | 240 | 359 | 313 | 308 | 299 | 321 | 337 | 376 | 421 | 480 | 522 | 573 | 623 |
| Operating Profit | 26 | 41 | 47 | 53 | 68 | 66 | 87 | 96 | 90 | 100 | 102 | 98 | 100 |
| OPM % | 10% | 10% | 13% | 15% | 18% | 17% | 21% | 20% | 18% | 17% | 16% | 15% | 14% |
| Other Income + | 7 | 7 | 2 | 5 | 5 | 11 | 5 | 10 | 22 | 34 | 22 | 33 | 45 |
| Interest | 8 | 10 | 7 | 5 | 4 | 2 | 2 | 1 | 2 | 1 | 2 | 1 | 1 |
| Depreciation | 5 | 5 | 6 | 6 | 7 | 7 | 8 | 8 | 9 | 11 | 13 | 14 | 15 |
| Profit before tax | 20 | 33 | 37 | 46 | 62 | 67 | 84 | 96 | 100 | 122 | 109 | 116 | 128 |
| Tax % | 24% | 28% | 25% | 25% | 22% | 23% | 26% | 28% | 27% | 24% | 25% | 24% | |
| Net Profit + | 15 | 24 | 28 | 35 | 49 | 51 | 62 | 69 | 73 | 93 | 82 | 88 | 97 |
| EPS in Rs | 9.20 | 14.52 | 14.06 | 17.31 | 24.36 | 25.72 | 31.12 | 34.63 | 36.40 | 46.58 | 41.11 | 43.88 | 48.38 |
| Dividend Payout % | 11% | 7% | 9% | 9% | 6% | 6% | 5% | 4% | 4% | 4% | 4% | 4% |
Financials of Lincoln Pharmaceuticals Ltd
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 16 | 16 | 20 | 20 | 20 | 20 | 20 | 20 | 20 | 20 | 20 | 20 | 20 |
| Reserves | 95 | 124 | 172 | 204 | 249 | 293 | 346 | 413 | 482 | 573 | 652 | 738 | 792 |
| Borrowings + | 76 | 78 | 64 | 61 | 34 | 5 | 1 | 2 | 2 | 1 | -0 | 4 | 3 |
| Other Liabilities + | 70 | 56 | 48 | 62 | 63 | 71 | 85 | 99 | 83 | 106 | 125 | 128 | 149 |
| Total Liabilities | 258 | 275 | 305 | 347 | 366 | 389 | 452 | 534 | 587 | 700 | 797 | 890 | 964 |
| Fixed Assets + | 66 | 98 | 103 | 117 | 121 | 123 | 111 | 132 | 151 | 179 | 182 | 191 | 191 |
| CWIP | 3 | 3 | 7 | 0 | 2 | 0 | 2 | 16 | 7 | 3 | 4 | 5 | 7 |
| Investments | 0 | 0 | 10 | 11 | 18 | 34 | 81 | 97 | 91 | 139 | 174 | 209 | 245 |
| Other Assets + | 190 | 174 | 186 | 219 | 225 | 232 | 259 | 290 | 339 | 379 | 437 | 486 | 522 |
| Total Assets | 258 | 275 | 305 | 347 | 366 | 389 | 452 | 534 | 587 | 700 | 797 | 890 | 964 |
Financials of Lincoln Pharmaceuticals Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 25 | 45 | 25 | 27 | 53 | 75 | 69 | 76 | 39 | 63 | 93 | 106 |
| Cash from Investing Activity + | 7 | -42 | -25 | -12 | -18 | -31 | -64 | -78 | -37 | -57 | -79 | -98 |
| Cash from Financing Activity + | -32 | -3 | 0 | -11 | -36 | -38 | -6 | -3 | -4 | -5 | -6 | 0 |
| Net Cash Flow | -1 | -0 | -0 | 3 | -1 | 7 | -1 | -4 | -2 | 1 | 8 | 8 |
| Free Cash Flow | 21 | 11 | 7 | 17 | 38 | 68 | 61 | 31 | 26 | 24 | 74 | 82 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 109% | 126% | 74% | 68% | 104% | 137% | 102% | 104% | 77% | 89% | 117% | 135% |
Financials of Lincoln Pharmaceuticals Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 163 | 73 | 92 | 111 | 122 | 96 | 98 | 90 | 98 | 102 | 97 | 88 |
| Inventory Days | 44 | 36 | 63 | 86 | 75 | 95 | 86 | 121 | 106 | 101 | 99 | 94 |
| Days Payable | 92 | 40 | 54 | 82 | 92 | 102 | 105 | 120 | 77 | 95 | 106 | 100 |
| Cash Conversion Cycle | 116 | 70 | 100 | 115 | 106 | 88 | 78 | 91 | 126 | 108 | 90 | 82 |
| Working Capital Days | 76 | 31 | 69 | 89 | 113 | 126 | 119 | 113 | 121 | 121 | 116 | 126 |
| ROCE % | 15% | 21% | 19% | 19% | 23% | 22% | 25% | 24% | 22% | 22% | 17% | 16% |
Guidance history
How Lincoln Pharmaceuticals Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q3 FY26 call → | 10–20% | Up 0–2% | Planned | None planned | — |
| Q4 FY24 call → | 10–20% | Flat | Planned | — | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
24 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | +5.8% | 66% |
| Last 6 months | −17.1% | 26% |
| Last 3 months | −4.0% | 58% |
The price is 39.9% below its all-time high of ₹927.85 (13 Dec 2024). Stocks more than 20% below their peak have their score halved, so 48 became 24.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Lincoln Pharmaceuticals Ltd: 0.4 × 66 + 0.4 × 26 + 0.2 × 58 = 48, halved to 24 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 28 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Lincoln Pharmaceuticals Ltd's management said in earlier quarters
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