Pharmaceuticals & Drugs · Founded 1995 · www.lincolnpharma.com · BSE 531633 · NSE LINCOLN · ISIN INE405C01035
No Notes Added Yet
Business
Lincoln Pharmaceuticals Ltd. is an Indian pharmaceutical company primarily engaged in the manufacturing, marketing, and distribution of pharmaceutical formulations. The company develops and produces a wide range of finished dosage forms, including tablets, capsules, liquids, injectables, and ointments across various therapeutic categories. Its core business model revolves around selling its branded generic products to healthcare professionals, hospitals, and pharmacies, both in the domestic Indian market and through exports to international markets. The company makes money through the sales of these pharmaceutical products.
Revenue Mix
Specific revenue contribution percentages for different segments are not publicly provided in the prompt. However, typically for a company like Lincoln Pharmaceuticals, revenue is derived from:
Domestic Formulations: Sales within India, primarily branded generics.
International Formulations (Exports): Sales to regulated and semi-regulated markets globally.
While precise breakdowns are not available, both domestic and international markets are key contributors to its revenue.
Industry
Lincoln Pharmaceuticals operates within the highly competitive Indian Pharmaceuticals & Drugs sector. The industry is characterized by a strong focus on branded generics, stringent regulatory oversight, and significant pricing pressure. India is a global hub for generic drug manufacturing, with numerous domestic and multinational players. Lincoln Pharmaceuticals is positioned as a mid-sized player within this landscape, focusing on specific therapeutic areas and building a presence in both the domestic and select international markets. It competes with larger, established Indian pharmaceutical companies as well as smaller regional players.
MOAT
For a company of its size in the generics space, Lincoln Pharmaceuticals' competitive advantages are typically built on:
Manufacturing Capabilities & Regulatory Compliance: Adherence to Good Manufacturing Practices (GMP) and obtaining regulatory approvals (e.g., WHO-GMP, EU-GMP for export markets) allows access to various geographies and builds trust.
Established Distribution Network: A robust sales and distribution network in its key domestic and international markets helps ensure product reach and physician relationships.
Diversified Product Portfolio: A broad range of formulations across therapeutic segments helps mitigate reliance on a single product or category.
Cost-Effective Manufacturing: Ability to produce formulations at competitive costs, essential for the generics market.
These factors contribute to a sustainable business, but generally do not represent a deep, wide moat akin to patented innovative drugs.
Growth Drivers
Growing Domestic Healthcare Market: Rising population, increasing disposable incomes, and greater health awareness in India drive demand for pharmaceuticals.
Expansion in Export Markets: Tapping into new geographies and increasing market penetration in existing international markets provides additional growth avenues.
New Product Launches: Continuously introducing new formulations and expanding its therapeutic portfolio to address unmet medical needs and market opportunities.
Capacity Expansion: Enhancing manufacturing capabilities to meet growing demand and optimize production efficiency.
Focus on Chronic Therapies: Increased prevalence of chronic diseases globally drives demand for long-term medication.
Risks
Intense Competition & Pricing Pressure: The generics market is highly competitive, leading to potential erosion of profit margins due to pricing pressures from both domestic and international competitors.
Regulatory Changes: Adverse changes in drug pricing policies (e.g., India's DPCO), stricter manufacturing regulations, or delays in product approvals can impact profitability and market access.
Raw Material Volatility: Dependency on imported active pharmaceutical ingredients (APIs), often from China, exposes the company to supply chain disruptions and price fluctuations.
Foreign Exchange Fluctuations: A significant portion of revenue comes from exports, making the company susceptible to adverse movements in foreign currency exchange rates.
Quality Control & Recalls: Any product quality issues, non-compliance, or recalls could damage reputation, lead to financial penalties, and impact sales.
Management & Ownership
Lincoln Pharmaceuticals is a promoter-led company, characteristic of many Indian businesses. The promoter group typically holds a significant stake, providing continuity and long-term vision. Management generally comprises experienced professionals with background in the pharmaceutical industry, focusing on operational efficiency, regulatory compliance, and market expansion. The ownership structure includes the promoter group, institutional investors, and public shareholders.
Outlook
Lincoln Pharmaceuticals is positioned in a growing global pharmaceutical market, particularly within the generics segment. The company benefits from rising healthcare expenditure in India and increasing demand for affordable medicines worldwide. Its established manufacturing capabilities and distribution network provide a foundation for continued operations and potential expansion into new markets and product categories. However, the outlook is balanced by significant challenges, including intense pricing competition in the generics space, evolving and stringent regulatory environments, and potential volatility in raw material costs and foreign exchange rates. Its ability to navigate these competitive and regulatory headwinds, while consistently expanding its product portfolio and market reach, will be key to its sustained performance.
Price goes above X
Price falls below X
PE goes above X
PE falls below X
| #(Fig in Cr.) | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 146 | 142 | 147 | 161 | 147 | 168 | 154 | 163 | 166 | 187 |
| Other Income | 11 | 7 | 10 | 10 | 9 | -7 | 15 | 7 | 15 | -4 |
| Total Income | 157 | 150 | 158 | 171 | 156 | 161 | 169 | 171 | 181 | 183 |
| Total Expenditure | 117 | 124 | 125 | 133 | 123 | 141 | 130 | 138 | 143 | 162 |
| Operating Profit | 41 | 25 | 33 | 38 | 33 | 20 | 39 | 33 | 39 | 21 |
| Interest | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 4 | 4 | 4 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 38 | 22 | 29 | 35 | 29 | 16 | 35 | 29 | 35 | 17 |
| Provision for Tax | 10 | 4 | 6 | 8 | 8 | 5 | 8 | 9 | 6 | 5 |
| Profit After Tax | 28 | 19 | 24 | 26 | 21 | 12 | 28 | 20 | 29 | 12 |
| Adjustments | 0 | 0 | 0 | -0 | -0 | 0 | 0 | 0 | -0 | 0 |
| Profit After Adjustments | 28 | 19 | 24 | 26 | 21 | 12 | 28 | 20 | 29 | 12 |
| Adjusted Earnings Per Share | 14 | 9.3 | 11.8 | 13.1 | 10.4 | 5.8 | 13.8 | 10 | 14.3 | 5.8 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 266 | 400 | 360 | 361 | 366 | 386 | 424 | 472 | 510 | 581 | 623 | 670 |
| Other Income | 7 | 7 | 3 | 5 | 6 | 11 | 6 | 10 | 22 | 34 | 22 | 33 |
| Total Income | 273 | 408 | 363 | 366 | 372 | 398 | 430 | 482 | 533 | 615 | 646 | 704 |
| Total Expenditure | 240 | 360 | 314 | 308 | 299 | 321 | 337 | 377 | 421 | 481 | 522 | 573 |
| Operating Profit | 33 | 48 | 50 | 58 | 73 | 77 | 93 | 105 | 112 | 134 | 124 | 132 |
| Interest | 8 | 10 | 7 | 5 | 4 | 2 | 2 | 1 | 2 | 1 | 2 | 0 |
| Depreciation | 5 | 5 | 6 | 6 | 7 | 7 | 8 | 8 | 9 | 11 | 13 | 15 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 20 | 33 | 37 | 46 | 62 | 67 | 84 | 96 | 100 | 122 | 109 | 116 |
| Provision for Tax | 5 | 9 | 9 | 12 | 13 | 16 | 21 | 27 | 28 | 29 | 27 | 28 |
| Profit After Tax | 15 | 24 | 28 | 35 | 49 | 51 | 62 | 69 | 73 | 93 | 82 | 89 |
| Adjustments | -0 | -0 | -0 | -0 | -0 | -0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 15 | 24 | 28 | 35 | 49 | 51 | 62 | 69 | 73 | 93 | 82 | 89 |
| Adjusted Earnings Per Share | 9.2 | 14.5 | 14.1 | 17.3 | 24.4 | 25.7 | 31.1 | 34.6 | 36.4 | 46.6 | 41.1 | 43.9 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 7% | 10% | 10% | 9% |
| Operating Profit CAGR | -7% | 6% | 10% | 14% |
| PAT CAGR | -12% | 6% | 10% | 19% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 7% | 18% | 17% | 16% |
| ROE Average | 13% | 15% | 16% | 17% |
| ROCE Average | 18% | 21% | 22% | 21% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 111 | 141 | 192 | 224 | 269 | 313 | 366 | 433 | 502 | 593 | 672 |
| Minority's Interest | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 25 | 24 | 12 | 7 | 2 | 1 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 8 | 10 | 19 | 18 | 27 | 42 | 26 | 11 | 38 | 15 | 19 |
| Total Current Liabilities | 114 | 100 | 99 | 113 | 100 | 80 | 95 | 111 | 96 | 117 | 131 |
| Total Liabilities | 262 | 275 | 324 | 363 | 399 | 437 | 487 | 555 | 637 | 725 | 822 |
| Fixed Assets | 66 | 98 | 103 | 117 | 121 | 123 | 111 | 132 | 151 | 179 | 182 |
| Other Non-Current Assets | 15 | 29 | 32 | 20 | 39 | 51 | 49 | 50 | 95 | 83 | 115 |
| Total Current Assets | 181 | 147 | 190 | 227 | 239 | 263 | 328 | 373 | 391 | 463 | 525 |
| Total Assets | 262 | 275 | 324 | 363 | 399 | 437 | 487 | 555 | 637 | 725 | 822 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 5 | 4 | 3 | 3 | 7 | 5 | 12 | 11 | 7 | 5 | 6 |
| Cash Flow from Operating Activities | 25 | 45 | 25 | 27 | 53 | 75 | 69 | 76 | 39 | 63 | 93 |
| Cash Flow from Investing Activities | 7 | -42 | -25 | -12 | -18 | -31 | -64 | -78 | -37 | -57 | -79 |
| Cash Flow from Financing Activities | -32 | -3 | 0 | -11 | -36 | -38 | -6 | -3 | -5 | -5 | -6 |
| Net Cash Inflow / Outflow | -1 | -0 | -0 | 3 | -1 | 7 | -1 | -5 | -2 | 1 | 8 |
| Closing Cash & Cash Equivalent | 4 | 3 | 3 | 7 | 5 | 12 | 11 | 7 | 5 | 6 | 13 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 9.2 | 14.52 | 14.06 | 17.31 | 24.36 | 25.72 | 31.08 | 34.63 | 36.4 | 46.58 | 41.11 |
| CEPS(Rs) | 12.02 | 17.57 | 16.82 | 20.38 | 27.71 | 29.4 | 34.85 | 38.66 | 40.97 | 51.89 | 47.55 |
| DPS(Rs) | 1 | 1 | 1.2 | 1.5 | 1.5 | 1.5 | 1.5 | 1.5 | 1.5 | 1.8 | 1.8 |
| Book NAV/Share(Rs) | 68.24 | 81.52 | 96.19 | 112.11 | 134.67 | 156.54 | 182.92 | 216.12 | 250.86 | 295.98 | 335.34 |
| Core EBITDA Margin(%) | 9.44 | 9.98 | 12.79 | 14.47 | 17.83 | 16.4 | 19.88 | 19.23 | 16.68 | 16.46 | 15.55 |
| EBIT Margin(%) | 10.4 | 10.6 | 12.04 | 14.28 | 17.55 | 17.33 | 19.45 | 19.61 | 19.17 | 20.38 | 17.02 |
| Pre Tax Margin(%) | 7.32 | 8.14 | 10.22 | 12.79 | 16.49 | 16.83 | 19.09 | 19.32 | 18.79 | 20.14 | 16.73 |
| PAT Margin (%) | 5.54 | 5.86 | 7.7 | 9.58 | 12.92 | 12.88 | 14.19 | 13.97 | 13.63 | 15.37 | 12.62 |
| Cash Profit Margin (%) | 7.23 | 7.06 | 9.21 | 11.27 | 14.7 | 14.71 | 15.92 | 15.6 | 15.35 | 17.12 | 14.59 |
| ROA(%) | 5.77 | 8.87 | 9.4 | 10.09 | 12.8 | 12.33 | 13.48 | 13.31 | 12.24 | 13.7 | 10.64 |
| ROE(%) | 14.32 | 19.49 | 17.29 | 16.63 | 19.75 | 17.67 | 18.32 | 17.35 | 15.59 | 17.04 | 13.02 |
| ROCE(%) | 15.91 | 21.18 | 18.51 | 19.05 | 22.5 | 22.3 | 24.9 | 24.29 | 21.82 | 22.53 | 17.55 |
| Receivable days | 139.97 | 89.69 | 85.52 | 100.99 | 112.23 | 102.22 | 89.34 | 84.27 | 86.09 | 89.63 | 91.75 |
| Inventory Days | 30.72 | 22.16 | 32.36 | 41.74 | 39.51 | 38.19 | 39.12 | 43.86 | 48.72 | 44.26 | 43.57 |
| Payable days | 126.66 | 54.24 | 56.51 | 88.51 | 117.62 | 125.84 | 126.82 | 138.44 | 124.63 | 110.27 | 141.73 |
| PER(x) | 8.52 | 10.83 | 16.78 | 12.15 | 8.73 | 5.2 | 7.23 | 8.98 | 9.31 | 12.57 | 13.42 |
| Price/Book(x) | 1.15 | 1.93 | 2.45 | 1.88 | 1.58 | 0.85 | 1.23 | 1.44 | 1.35 | 1.98 | 1.64 |
| Dividend Yield(%) | 1.28 | 0.64 | 0.51 | 0.71 | 0.71 | 1.12 | 0.67 | 0.48 | 0.44 | 0.31 | 0.33 |
| EV/Net Sales(x) | 0.72 | 0.8 | 1.46 | 1.3 | 1.23 | 0.67 | 1.03 | 1.28 | 1.27 | 2 | 1.74 |
| EV/Core EBITDA(x) | 5.88 | 6.72 | 10.6 | 8.09 | 6.19 | 3.37 | 4.7 | 5.75 | 5.79 | 8.63 | 8.73 |
| Net Sales Growth(%) | 26.41 | 50.39 | -9.97 | 0.1 | 1.53 | 5.56 | 9.75 | 11.3 | 8.09 | 13.76 | 7.35 |
| EBIT Growth(%) | 48.22 | 52.45 | 2.25 | 17.42 | 28.13 | 4.62 | 23.15 | 14.2 | 5.26 | 20.68 | -10.21 |
| PAT Growth(%) | 47.69 | 58.23 | 18.21 | 23.16 | 40.66 | 5.6 | 20.95 | 11.41 | 5.11 | 27.99 | -11.74 |
| EPS Growth(%) | 40.9 | 57.75 | -3.15 | 23.11 | 40.69 | 5.6 | 20.84 | 11.41 | 5.11 | 27.99 | -11.75 |
| Debt/Equity(x) | 0.69 | 0.59 | 0.34 | 0.27 | 0.12 | 0.02 | 0 | 0 | 0 | 0 | 0 |
| Current Ratio(x) | 1.58 | 1.46 | 1.91 | 2 | 2.38 | 3.27 | 3.46 | 3.37 | 4.07 | 3.94 | 4 |
| Quick Ratio(x) | 1.39 | 1.19 | 1.55 | 1.61 | 2.03 | 2.68 | 2.97 | 2.71 | 3.34 | 3.29 | 3.4 |
| Interest Cover(x) | 3.37 | 4.32 | 6.6 | 9.55 | 16.56 | 34.32 | 54.61 | 67.11 | 50.5 | 84.45 | 58.99 |
| Total Debt/Mcap(x) | 0.6 | 0.3 | 0.14 | 0.15 | 0.08 | 0.02 | 0 | 0 | 0 | 0 | 0 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 49.8 | 49.53 | 49.78 | 49.78 | 49.78 | 49.78 | 49.78 | 49.78 | 49.78 | 49.78 |
| FII | 3.23 | 3.93 | 3.95 | 5.19 | 5.16 | 5 | 5.14 | 4.72 | 4.7 | 5.19 |
| DII | 0.06 | 0.05 | 0.04 | 0 | 0 | 0.01 | 0.01 | 0.01 | 0.01 | 1.09 |
| Public | 46.91 | 46.49 | 46.24 | 45.03 | 45.06 | 45.22 | 45.07 | 45.49 | 45.52 | 43.94 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 1 | 0.99 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| FII | 0.06 | 0.08 | 0.08 | 0.1 | 0.1 | 0.1 | 0.1 | 0.09 | 0.09 | 0.1 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.02 |
| Public | 0.94 | 0.93 | 0.93 | 0.9 | 0.9 | 0.91 | 0.9 | 0.91 | 0.91 | 0.88 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +7% | +10% | +10% | +9% |
| Operating Profit CAGR | -7% | +6% | +10% | +14% |
| PAT CAGR | -12% | +6% | +10% | +19% |
| Share Price CAGR | +7% | +18% | +17% | +16% |
| ROE Average | +13% | +15% | +16% | +17% |
| ROCE Average | +18% | +21% | +22% | +21% |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 49.8 | 49.53 | 49.78 | 49.78 | 49.78 | 49.78 | 49.78 | 49.78 | 49.78 | 49.78 |
| FII | 3.23 | 3.93 | 3.95 | 5.19 | 5.16 | 5 | 5.14 | 4.72 | 4.7 | 5.19 |
| DII | 0.06 | 0.05 | 0.04 | 0 | 0 | 0.01 | 0.01 | 0.01 | 0.01 | 1.09 |
| Public | 50.2 | 50.47 | 50.22 | 50.22 | 50.22 | 50.22 | 50.22 | 50.22 | 50.22 | 50.22 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 1 | 0.99 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| FII | 0.06 | 0.08 | 0.08 | 0.1 | 0.1 | 0.1 | 0.1 | 0.09 | 0.09 | 0.1 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.02 |
| Public | 1.01 | 1.01 | 1.01 | 1.01 | 1.01 | 1.01 | 1.01 | 1.01 | 1.01 | 1.01 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
* The pros and cons are machine generated.
Our experts help you choose the right stocks based on performance, risk, and growth potential.
Looking to buy unlisted shares or need guidance on the investment process? Our expert Private Equity Advisors are here to assist you with accurate information, real-time pricing, and seamless execution.
Want to sell unlisted shares, liquidate your ESOPs, or understand the step-by-step process of liquidation? Connect with our Buying Team for smooth coordination, quick evaluations, and end-to-end support.
Planning to build or grow your portfolio? For Mutual Fund investments, PMS solutions, tailored portfolio creation, and overall wealth management, our dedicated Wealth Team is ready to guide you.