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LINCOLN - Lincoln Pharma.

📊 NSE: LINCOLN 🏢 Pharmaceuticals - Indian - Formulations 📅 Last Updated: 12/14/2025 9:17

📢 Recent Corporate Announcements

Lincoln Pharma Discloses Audio Recording Link for Q3 FY26 Earnings Call

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 18 Feb 2026, 06:36 PM

Lincoln Pharmaceuticals Limited has released the audio recording of its investor conference call held on February 18, 2026. The call addressed the company's financial performance for the quarter and nine-month period ended December 31, 2025. This disclosure is a standard regulatory requirement under SEBI (LODR) Regulations to ensure transparency for all shareholders. Investors can access the recording via the company's official website to hear management's detailed commentary.

Audio recording of the Q3 and 9M FY26 earnings call is now available for public access.
The conference call was conducted on February 18, 2026, at 4:00 p.m. IST.
The filing complies with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Recording link is hosted on the company's investor relations portal for stakeholder review.

💡 Investors should listen to the recording to understand management's guidance on future growth and operational strategies. This is a routine update and does not contain new financial data beyond what was previously reported.

Lincoln Pharma to Host Q3 & 9M FY26 Earnings Conference Call on February 18, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 13 Feb 2026, 05:46 PM

Lincoln Pharmaceuticals Limited has scheduled an earnings conference call for Wednesday, February 18, 2026, at 4:00 PM IST. The call will discuss the company's unaudited financial results for the third quarter and nine-month period ending December 31, 2025. Management will be represented by Mr. Munjal Patel, Whole Time Director. Audio recordings and transcripts of the session will be made available on the company's website following the event.

Earnings call scheduled for February 18, 2026, at 16:00 hrs IST.
Discussion to cover unaudited financial results for Q3 and 9M ended December 31, 2025.
Management representation by Mr. Munjal Patel, Whole Time Director.
Audio recording and transcripts will be accessible via the company's investor relations portal.

💡 Investors should monitor the call for management commentary on revenue growth and margin trends. No immediate action is required as this is a routine scheduling announcement.

Lincoln Pharma Q3 Net Profit Surges 37.7% YoY to ₹28.6 Crore; Revenue Up 13.5%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 12 Feb 2026, 11:30 AM

Lincoln Pharmaceuticals reported a strong performance for the quarter ended December 31, 2025, with consolidated net profit rising 37.7% YoY to ₹28.60 crore. Revenue from operations grew by 13.5% YoY to ₹166.32 crore, supported by steady growth in its core pharmaceutical business. The company's profitability improved significantly on a sequential basis, with net profit jumping 43.1% compared to the previous quarter. For the nine-month period, the company maintained a healthy trajectory with a net profit of ₹76.26 crore on revenues of ₹483.75 crore.

Consolidated Revenue from Operations grew 13.5% YoY to ₹166.32 crore in Q3 FY26
Net Profit for the quarter stood at ₹28.60 crore, up from ₹20.77 crore in the same period last year
Earnings Per Share (EPS) increased to ₹14.28 from ₹10.37 in Q3 FY25
Profit Before Tax (PBT) rose to ₹34.72 crore, reflecting improved operational efficiency
Nine-month (9M FY26) revenue reached ₹483.75 crore with a net profit of ₹76.26 crore

💡 The strong YoY and QoQ growth in profitability suggests robust operational performance. Investors should monitor the sustainability of these margins and the company's expansion in the pharmaceutical segment.

CRISIL Reaffirms Lincoln Pharmaceuticals' Credit Rating at 'CRISIL A/Stable' and 'CRISIL A1'

🟢 POSITIVE ⭐ 6/10

ROUTINE 📅 10 Jan 2026, 04:52 PM

CRISIL has reaffirmed Lincoln Pharmaceuticals' long-term rating at 'CRISIL A/Stable' and short-term rating at 'CRISIL A1' for its Rs 102 crore bank facilities. The company maintains a robust financial profile with zero debt and a healthy net worth of Rs 671 crore as of March 31, 2025. Revenue grew by 14% YoY to Rs 623 crore in FY25, supported by a strong export presence contributing 60-65% of total sales. While the liquidity position is strong with Rs 173.1 crore in liquid investments, investors should monitor the increase in loans to affiliates, which rose to Rs 141 crore.

CRISIL reaffirmed long-term rating at 'CRISIL A/Stable' and short-term rating at 'CRISIL A1' for Rs 102 crore facilities.
Company reported zero debt as of March 31, 2025, with a high interest coverage ratio of 91.01 times.
Revenue grew 14% year-on-year to Rs 623.23 crore in FY25, driven by 1,700 registered products.
Liquid investments in shares, debentures, and mutual funds stood at Rs 173.1 crore.
Loans and advances to affiliates increased to Rs 141 crore from Rs 104 crore in the previous year.

💡 The reaffirmation of ratings and zero-debt status highlights the company's strong solvency and financial health. Investors should remain positive but monitor the rising loans to affiliates and the working capital cycle.

Lincoln Pharma Files Q3 FY26 Compliance Certificate Under SEBI Regulation 74(5)

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 06 Jan 2026, 06:51 PM

Lincoln Pharmaceuticals Limited has submitted its quarterly compliance certificate for the period ended December 31, 2025, as required under SEBI (Depositories and Participants) Regulations. The certificate, issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited, confirms that all dematerialization requests were processed within the mandated timelines. It also verifies that the physical share certificates were mutilated and cancelled, and the names of the depositories were updated in the register of members. This is a standard procedural filing ensuring the integrity of the shareholding process.

Compliance certificate submitted for the quarter ended December 31, 2025.
Confirmation provided by Registrar & Share Transfer Agent (RTA) MUFG Intime India Private Limited.
Verification that dematerialized securities are listed on both NSE and BSE.
Confirms that physical certificates were cancelled and member registers updated within prescribed timelines.

💡 No action is required as this is a routine regulatory filing. Investors should focus on the company's upcoming quarterly financial results for material performance updates.

Lincoln Pharmaceuticals to Close Trading Window from Jan 1 for Q3 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 24 Dec 2025, 03:53 PM

Lincoln Pharmaceuticals Limited has announced the closure of its trading window starting January 1, 2026, in compliance with SEBI insider trading regulations. This closure is a standard procedure ahead of the declaration of financial results for the quarter ending December 31, 2025. The window will remain closed for all designated persons, including directors and promoters, until 48 hours after the results are made public. The specific date for the Board meeting to approve these results will be communicated at a later date.

Trading window closure commences on January 1, 2026.
Closure is related to the financial results for the quarter ended December 31, 2025.
The window will reopen 48 hours after the official declaration of the quarterly results.
Restriction applies to Directors, Senior Management, Promoters, and their immediate relatives.

💡 This is a routine regulatory announcement with no impact on company fundamentals. Investors should monitor for the upcoming announcement of the Board meeting date to review the Q3 financial performance.

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💰 Financial Performance

Revenue Growth by Segment

Total Income for FY25 reached INR 645.71 Cr, representing a 5% growth compared to FY24. The 5-year CAGR for revenue stands at 10.26%. The business mix is split between Domestic Sales and Exports, with exports reaching over 60 countries.

Geographic Revenue Split

Exports currently cover 60+ countries across East & West Africa, Central & North America, Latin America, and Southeast Asia. The company recently entered the Canadian market and secured TGA-Australia and EU GMP approvals to expand into 90+ countries.

Profitability Margins

Net Profit Margin for FY25 was 13.2%, down from 16.1% in FY24. Return on Net Worth (RONW) decreased from 15.7% to 12.3% YoY, while Return on Capital Employed (ROCE) fell from 20.4% to 16.1% due to higher strategic investments and input costs.

EBITDA Margin

EBITDA Margin for FY25 was 19.2%, a decrease from 21.8% in FY24. The absolute EBITDA stood at INR 123.97 Cr. The margin compression of 260 bps was primarily driven by higher raw material input costs and planned strategic investments in global expansion.

Capital Expenditure

Historical capital expenditure for FY25 included INR 10.76 Cr for the purchase of Property, Plant, and Equipment (PPE), including capital work-in-progress. This is part of the ongoing commercialization of the Cephalosporin plant in Mehsana.

Credit Rating & Borrowing

The company maintains an [ICRA]A (Stable) long-term rating and [ICRA]A1 short-term rating. Bank limit utilization was low at 11.9% for the 13 months through August 2024, indicating very low borrowing costs and a net debt-free status.

⚙️ Operational Drivers

Raw Materials

Specific chemical names are not disclosed, but 'higher input costs' are cited as a primary factor for the EBITDA margin dip from 21.8% to 19.2%.

Capacity Expansion

The company is commercializing its Cephalosporin plant in Mehsana. It currently has over 1,700 registered products and 700 products in the development pipeline to drive future volume growth.

Raw Material Costs

Raw material costs impacted margins in FY25, contributing to a 2.6% decline in EBITDA margin. The company uses cost-control measures to enhance operational efficiency against these fluctuations.

Manufacturing Efficiency

ROCE stood at 16.1% in FY25. The company focuses on value-added products and advanced manufacturing to improve operational efficiency.

Logistics & Distribution

The company maintains a national distribution network through over 21 Super Stockists across 26 Indian states.

📈 Strategic Growth

Expected Growth Rate

16.15%

Growth Strategy

The target of INR 750 Cr revenue by FY26 (a ~16% increase from FY25) will be achieved through the commercialization of the Cephalosporin plant, expansion from 60 to 90+ export countries, and entry into high-value regulated markets like Canada, Australia (TGA), and the EU.

Products & Services

Pharmaceutical medicines specializing in Cephalosporin, Women’s Healthcare, Dermatology, Lifestyle, and Chronic segments.

Brand Portfolio

Lincoln Pharmaceuticals Ltd.

New Products/Services

700 products are currently in the R&D pipeline, focusing on high-margin chronic and lifestyle segments like dermatology and women's healthcare.

Market Expansion

Targeting expansion into 90+ countries with recent entries into Canada and Australia, and upcoming exports to the European Union following GMP approvals.

🌍 External Factors

Industry Trends

The industry is shifting toward chronic and lifestyle segments. Lincoln is positioning itself by diversifying into women's healthcare and dermatology to capture this higher-margin demand.

Competitive Landscape

Operates in a highly competitive global generic pharma market, competing on cost-efficiency and regulatory compliance.

Competitive Moat

The company's moat is built on regulatory certifications (EU GMP, TGA Australia) which act as high entry barriers for competitors. This is sustainable as long as manufacturing standards are maintained.

Macro Economic Sensitivity

Highly sensitive to global regulatory standards and international trade policies due to its heavy export focus.

Consumer Behavior

Increasing demand for affordable, high-quality medicines globally, particularly in chronic therapeutic areas.

Geopolitical Risks

Trade barriers or regulatory shifts in African or Latin American markets could impact the current export base.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by EU GMP (European Union), TGA (Australia), and various regulatory bodies in 60+ export destinations. Compliance with these manufacturing standards is critical for market access.

Environmental Compliance

The company invested in 5 MW of solar capacity and wind turbines to supply nearly 100% of its energy needs, demonstrating high ESG commitment.

Taxation Policy Impact

Tax expenses for FY25 were INR 26.84 Cr, representing an effective tax rate of approximately 24.6% on Profit Before Tax of INR 109.19 Cr.

⚠️ Risk Analysis

Key Uncertainties

Forex volatility and changes in international regulatory policies are the primary uncertainties, with potential impact on the 19.2% EBITDA margin.

Geographic Concentration Risk

While exporting to 60+ countries, the company is expanding into regulated markets (Canada, Australia, EU) to reduce concentration in semi-regulated regions.