Lincoln Pharmaceuticals Ltd

₹ 513 0.43%

05 Nov - close price

lincolnpharma.com BSE: 531633 NSE: LINCOLN

About

Incorporated in 1979, Lincoln Pharmaceuticals Ltd is in the business of manufacturing and trading of pharmaceutical products ^[1]

Key Points

Product Portfolio:^[1]
The company has 1,700 registered products and 700 additional products in the pipeline. It has developed 600+ formulations across 15 therapeutic areas.

Website BSE NSE

Market Cap ₹ 1,027 Cr.
Current Price ₹ 513
High / Low ₹ 770 / 440
Stock P/E 10.6
Book Value ₹ 405
Dividend Yield 0.35 %
ROCE 16.0 %
ROE 12.0 %
Face Value ₹ 10.0

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Pros

Company is almost debt free.

Cons

The company has delivered a poor sales growth of 9.67% over past five years.
Company has a low return on equity of 13.6% over last 3 years.
Earnings include an other income of Rs.44.7 Cr.
Dividend payout has been low at 2.75% of profits over last 3 years

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Healthcare Healthcare Pharmaceuticals & Biotechnology Pharmaceuticals

Part of BSE Healthcare

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	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
	156	146	142	147	161	147	168	154	163	166	187	177	191
YoY Sales growth	+11%	+9%	+27%	+9%	+3%	+0%	+18%	+5%	+1%	+13%	+11%	+15%	+17%
	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%
	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%
	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
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	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
	223	311	304	325	353	376	423	472	510	581	623	671	722
Sales growth	+7%	+39%	-2%	+7%	+9%	+7%	+12%	+12%	+8%	+14%	+7%	+8%	+14%
	200	278	261	279	292	317	336	376	421	480	522	573	623
Operating Profit	23	33	43	46	61	60	87	96	90	100	102	98	100
OPM %	10%	11%	14%	14%	17%	16%	21%	20%	18%	17%	16%	15%	14%
	5	6	2	6	6	12	6	10	22	34	22	33	45
Interest	6	6	5	4	4	2	2	1	2	1	2	1	1
Depreciation	3	3	4	4	5	5	8	8	9	11	13	14	15
Profit before tax	19	30	36	43	58	64	84	96	100	122	109	116	128
Tax %	23%	28%	23%	24%	20%	23%	26%	28%	27%	24%	25%	24%
	15	22	27	33	47	50	62	69	73	93	82	88	97
EPS in Rs	9.06	13.33	13.70	16.38	23.32	24.78	31.12	34.62	36.40	46.58	41.11	43.88	48.38
Dividend Payout %	11%	8%	9%	9%	6%	6%	5%	4%	4%	4%	4%	0%

Compounded Sales Growth
10 Years:	8%
5 Years:	10%
3 Years:	10%
TTM:	14%

Compounded Profit Growth
10 Years:	14%
5 Years:	7%
3 Years:	6%
TTM:	21%

Stock Price CAGR
10 Years:	9%
5 Years:	8%
3 Years:	-3%
1 Year:	-2%

Return on Equity
10 Years:	16%
5 Years:	14%
3 Years:	14%
Last Year:	12%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	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	122	170	200	243	284	346	413	482	573	652	738	792
	48	61	53	56	34	5	1	2	2	1	0	4	3
	32	43	39	50	51	58	85	99	83	106	125	128	149
Total Liabilities	192	242	282	326	347	367	452	534	587	700	797	890	964
	33	63	68	83	88	91	111	132	151	179	182	191	191
CWIP	3	3	7	0	2	0	2	16	7	3	4	5	7
Investments	13	20	36	39	46	60	81	97	91	139	174	209	245
	143	156	171	204	211	216	259	289	339	378	437	485	522
Total Assets	192	242	282	326	347	367	452	534	587	700	797	890	964

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	9	29	18	21	51	71	69	76	39	63	93	106
	-5	-40	-26	-14	-22	-29	-64	-78	-37	-57	-79	-98
	-5	11	8	-4	-30	-38	-6	-3	-4	-5	-6	0
Net Cash Flow	-1	-0	-0	4	-1	4	-1	-4	-2	1	8	8
Free Cash Flow	5	-4	1	12	40	65	61	31	26	24	74	82
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit	53%	107%	62%	65%	112%	142%	102%	104%	77%	89%	117%	135%

Ratios

Standalone / View Consolidated

	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	135	88	95	108	117	88	97	89	97	101	97	87
Inventory Days	49	44	67	78	61	73	86	121	106	101	99	94
Days Payable	34	37	53	75	74	82	105	119	77	95	106	99
Cash Conversion Cycle	150	96	110	111	104	80	78	91	126	108	89	82
Working Capital Days	83	50	74	90	96	111	120	114	121	121	116	126
ROCE %	16%	20%	19%	18%	22%	22%	25%	24%	22%	22%	17%	16%

Insights

In beta

Mar 2015

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R&D Expenditure as % of Sales
%

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			x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx
	xxx			x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx
x.xx	x.xx			x.xx	x.xx	x.xx		x.xx	x.xx	x.xx	x.xx

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Export Revenue Share
%

Formulations Developed
formulations

Number of Countries Exported To
countries

Patents Granted
patents

R&D Team Size
personnel

Registered Products
products

Total Employees
employees

R&D Expenditure (Percentage of Turnover)
%

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
	49.81%	49.54%	49.78%	49.78%	49.78%	49.78%	49.78%	49.78%	49.78%	49.78%	49.78%	49.78%
	3.22%	3.93%	3.95%	5.19%	5.16%	5.00%	5.13%	4.73%	4.70%	5.20%	4.60%	4.55%
	0.06%	0.05%	0.04%	0.00%	0.00%	0.00%	0.01%	0.01%	0.01%	1.08%	0.27%	0.02%
	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

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026
	33.18%	32.14%	32.39%	32.36%	37.26%	42.05%	47.00%	49.54%	49.78%	49.78%	49.78%
	0.74%	0.00%	0.00%	0.00%	0.00%	0.77%	1.27%	3.93%	5.00%	5.20%	4.55%
	0.20%	0.06%	0.33%	0.35%	0.00%	0.00%	0.00%	0.05%	0.00%	1.08%	0.02%
	0.00%	0.09%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	65.88%	67.70%	67.28%	67.29%	62.74%	57.19%	51.74%	46.49%	45.23%	43.94%	45.65%
No. of Shareholders	15,379	13,633	13,787	15,168	21,415	32,447	29,088	31,375	31,867	28,303	29,272

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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