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Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹1274 Cr.
Stock P/E
15.5
P/B
1.7
Current Price
₹636.1
Book Value
₹ 378.3
Face Value
10
52W High
₹770
52W Low
₹ 440
Dividend Yield
0.28%

Lincoln Pharma Overview

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.

Lincoln Pharma Share Price

Live · BSE / NSE · Inception: 1995
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Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

Lincoln Pharma Quarterly Results

#(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

Lincoln Pharma Profit & Loss

#(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

Lincoln Pharma Balance Sheet

#(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

Lincoln Pharma Cash Flow

#(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

Lincoln Pharma Ratios

# 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

Growth Rates

Compounded annual
# 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%

Lincoln Pharma Shareholding Pattern

Latest · Mar 2026
100% held
Promoters 49.78 %
FII 5.19 %
DII (MF + Insurance) 1.09 %
Public (retail) 50.22 %
# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 49.849.5349.7849.7849.7849.7849.7849.7849.7849.78
FII 3.233.933.955.195.1655.144.724.75.19
DII 0.060.050.04000.010.010.010.011.09
Public 50.250.4750.2250.2250.2250.2250.2250.2250.2250.22
Others 0000000000
Total 100100100100100100100100100100

Lincoln Pharma Peer Comparison

Pharmaceuticals & Drugs Edit Columns

Lincoln Pharma Quarterly Price

10-year quarterly close · BSE
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News & Updates

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Lincoln Pharma Pros & Cons

Pros

  • Company is almost debt free.

Cons

  • Promoter holding is low: 49.78%.
  • Debtor days have increased from 110.27 to 141.73days.
  • The company has delivered a poor profit growth of 9% over past five years.
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