LINCOLN

Lincoln Pharmaceuticals Limited

Pharmaceutical formulations manufacturer of tablets, capsules, injectables, syrups and ointments

Healthcare›Healthcare›Pharmaceuticals & Biotechnology›Pharmaceuticals

lincolnpharma.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹545.60
Market cap
1,093 Cr
Stock P/E
11.3
P/B
1.44
Dividend yield
0.3%
ROE (FY26)
11.6%
ROCE (FY26)
15.3%
Operating margin (FY26)
12.4%
Debt / equity (FY26)
0.0058
OCF / EBITDA (FY26)
108.9%
OCF / EBITDA (3Y)
87.8%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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What you need to know

Lincoln Pharma makes pharmaceutical formulations (tablets, capsules, injectables, syrups and ointments) in Gujarat and sells them to Indian doctors and patients through its own field force and to buyers in more than 60 countries.

Company snapshot

89thBy market cap

Ranked among 119 companies in Pharmaceuticals.

What we see

Positives
  • ✓88% of operating profit came in as cash over the last three years — profits are backed by real cash.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales156 Cr146 Cr142 Cr147 Cr161 Cr147 Cr168 Cr154 Cr163 Cr166 Cr187 Cr177 Cr
Operating expenses (approx.)125 Cr117 Cr124 Cr125 Cr133 Cr123 Cr141 Cr130 Cr138 Cr143 Cr162 Cr150 Cr
EBITDA31 Cr30 Cr18 Cr23 Cr28 Cr24 Cr27 Cr24 Cr25 Cr24 Cr25 Cr27 Cr
OPM %20.0%20.3%12.9%15.4%17.6%16.1%15.9%15.5%15.6%14.2%13.3%15.5%
Other income9 Cr11 Cr7 Cr10 Cr10 Cr9 Cr-7 Cr15 Cr7 Cr15 Cr-4 Cr24 Cr
Interest0.39 Cr0.15 Cr0.50 Cr0.44 Cr0.35 Cr0.73 Cr0.37 Cr0.21 Cr0.23 Cr0.30 Cr0.27 Cr0.26 Cr
Depreciation3 Cr3 Cr3 Cr3 Cr3 Cr3 Cr3 Cr3 Cr4 Cr4 Cr4 Cr4 Cr
Profit before tax37 Cr38 Cr22 Cr29 Cr35 Cr29 Cr16 Cr35 Cr29 Cr35 Cr17 Cr48 Cr
Tax %25.0%25.6%16.3%19.7%24.3%27.6%28.8%21.8%30.6%17.6%30.3%23.8%
Net profit28 Cr28 Cr19 Cr24 Cr26 Cr21 Cr12 Cr28 Cr20 Cr29 Cr12 Cr36 Cr
EPS (₹)₹13.81₹14.00₹9.28₹11.82₹13.15₹10.37₹5.78₹13.82₹9.98₹14.28₹5.81₹18.09

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales361 Cr362 Cr366 Cr386 Cr472 Cr510 Cr581 Cr623 Cr671 CrSign in free for the trailing twelve months
Operating expenses (approx.)314 Cr309 Cr299 Cr321 Cr377 Cr421 Cr481 Cr522 Cr573 CrSign in free for the trailing twelve months
EBITDA46 Cr52 Cr67 Cr66 Cr95 Cr89 Cr100 Cr101 Cr98 CrSign in free for the trailing twelve months
OPM %12.9%14.5%18.4%17.0%20.2%17.5%17.2%16.3%14.6%Sign in free for the trailing twelve months
Other income3 Cr5 Cr6 Cr11 Cr10 Cr22 Cr34 Cr22 Cr33 CrSign in free for the trailing twelve months
Interest7 Cr5 Cr4 Cr2 Cr1 Cr2 Cr1 Cr2 Cr1 CrSign in free for the trailing twelve months
Depreciation6 Cr6 Cr7 Cr7 Cr8 Cr9 Cr11 Cr13 Cr14 CrSign in free for the trailing twelve months
Profit before tax37 Cr46 Cr62 Cr67 Cr96 Cr100 Cr122 Cr109 Cr116 CrSign in free for the trailing twelve months
Tax %26.5%25.1%21.6%23.5%27.7%27.4%23.7%24.6%24.0%Sign in free for the trailing twelve months
Net profit27 Cr35 Cr49 Cr51 Cr69 Cr73 Cr93 Cr82 Cr88 CrSign in free for the trailing twelve months
EPS (₹)₹15.14₹17.32₹24.36₹25.72₹34.63₹36.40₹46.58₹41.11₹43.88Sign in free for the trailing twelve months
Dividend payout %————4.3%4.1%3.2%4.4%4.1%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital20 Cr—20 Cr20 Cr20 Cr20 Cr20 Cr20 Cr20 Cr
Reserves170 Cr—249 Cr293 Cr413 Cr482 Cr573 Cr652 Cr738 Cr
Borrowings64 Cr—32 Cr5 Cr2 Cr2 Cr1 Cr—4 Cr
Other liabilities53 Cr—64 Cr71 Cr99 Cr83 Cr106 Cr125 Cr128 Cr
Total liabilities307 Cr—366 Cr389 Cr534 Cr587 Cr700 Cr797 Cr890 Cr
Fixed assets (net)93 Cr—111 Cr113 Cr131 Cr150 Cr179 Cr182 Cr190 Cr
CWIP7 Cr—2 Cr0.04 Cr16 Cr7 Cr3 Cr4 Cr5 Cr
Investments10 Cr—18 Cr34 Cr97 Cr91 Cr139 Cr174 Cr209 Cr
Loans & advances————32 Cr23 Cr38 Cr35 Cr81 Cr
Inventories37 Cr—36 Cr47 Cr73 Cr70 Cr77 Cr79 Cr80 Cr
Trade receivables91 Cr—122 Cr101 Cr116 Cr136 Cr162 Cr166 Cr161 Cr
Cash & bank3 Cr—5 Cr12 Cr7 Cr5 Cr6 Cr13 Cr22 Cr
Other assets65 Cr—70 Cr81 Cr63 Cr105 Cr96 Cr144 Cr143 Cr
Total assets307 Cr—366 Cr389 Cr534 Cr587 Cr700 Cr797 Cr890 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity21 Cr—53 Cr75 Cr76 Cr39 Cr63 Cr93 Cr106 Cr
Cash from investing-23 Cr—-18 Cr-31 Cr-78 Cr-37 Cr-57 Cr-79 Cr-98 Cr
Cash from financing2 Cr—-36 Cr-38 Cr-3 Cr-5 Cr-5 Cr-6 Cr0.16 Cr
Net cash flow-0.41 Cr—-1 Cr7 Cr-5 Cr-2 Cr0.70 Cr8 Cr8 Cr
Free cash flow (OCF − Capex)3 Cr—38 Cr68 Cr31 Cr25 Cr24 Cr74 Cr80 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %17.2%—22.0%21.8%22.4%20.3%20.8%16.5%15.3%
ROE %14.2%16.3%18.1%16.4%16.0%14.5%15.7%12.3%11.6%
Debtor days92—1229689971029788
Inventory days174—116129167144140134122
Days payable126—141140165105131145129
Cash conversion cycle140—9785921361108780
OCF / EBITDA %44.4%—78.6%115.1%79.7%44.0%63.3%91.6%108.9%
OCF / EBITDA % (3 years)——————62.8%67.3%87.8%
Debt / equity0.33—0.120.010.00470.00400.0018—0.0058
Current ratio——2.633.783.905.084.844.715.25
Net debt / EBITDA1.310.000.39-0.12-0.05-0.03-0.05-0.13-0.18