Ahmedabad based Lincoln Pharmaceuticals Limited has reported a robust performance for the quarter ended December 2025, with profitability outpacing revenue growth on the back of a better product mix and operating discipline. The company remains confident of sustaining this momentum as it sharpens its focus on chronic therapies, regulated markets and research driven branded formulations.
For the third quarter of FY26, consolidated net profit rose 37.70 per cent year-on-year to Rs 28.60 crore, up from Rs 20.77 crore in the corresponding quarter of the previous financial year. Revenue from operations grew 13.49 per cent to Rs 166.32 crore as compared with Rs 146.55 crore in Q3 FY25, indicating steady demand across key therapeutic segments.
Operating performance also strengthened during the quarter. Earnings before interest, tax, depreciation and amortisation (EBITDA) increased 18.73 per cent to Rs 38.74 crore, against Rs 32.63 crore a year earlier, while profit before tax rose 21.06 per cent to Rs 34.72 crore. Earnings per share for Q3 FY26 stood at Rs 14.28, up 37.70 per cent from Rs 10.37 in the same period last year, reflecting the healthy growth in bottom line.
Performance over the first nine months of the financial year was stable, underscoring the company’s ability to navigate a competitive and regulated operating environment. For 9M FY26, Lincoln reported consolidated net profit of Rs 76.26 crore, a 7.76 per cent increase over Rs 70.77 crore in 9M FY25. Revenue from operations for the nine months rose 6.31 per cent to Rs 483.75 crore, compared with Rs 455.05 crore a year ago, while EBITDA grew 6.10 per cent to Rs 110.48 crore from Rs 104.13 crore.
Commenting on the results and outlook, Munjal Patel, Director, Lincoln Pharmaceuticals Limited, said the quarter’s performance reflects consistent execution and resilient demand across business verticals. “We are pleased to deliver another strong quarter, reflecting consistent execution and resilient demand across all business verticals. We are strengthening our R&D pipeline with over 100 new development programmes across multiple therapeutic segments and dosage forms, supported by bioequivalence studies and patent initiatives. These efforts reinforce our commitment to scientific innovation, unmet medical needs, and long-term, profitable growth,” he said.
Patel stressed that the company’s financial strength and research capabilities position it well for the next phase of expansion. “With a debt-free balance sheet, strong R&D capabilities, and a healthy product pipeline, we remain confident of sustaining 15–18 per cent annual growth and achieving our Rs 1,000 crore revenue target over the next three years,” he added. The growth plan is anchored in higher contribution from cardiac, diabetic, dermatology and ENT segments, expansion into high-value product lines and calibrated entry into new geographies.
The company’s credit profile remains comfortable, supported by conservative leverage and adequate liquidity. On 9 January 2026, CRISIL reaffirmed its ‘CRISIL A/Stable/CRISIL A1’ ratings on Lincoln Pharmaceuticals’ bank facilities, pointing to the promoters’ long track record, established position in pharmaceutical formulations and healthy financial risk profile. The rating agency, however, continues to highlight working capital intensity and regulatory risks as key sensitivities for the sector.
Lincoln continues to step up its presence in both regulated and semi-regulated markets as part of its diversification strategy. The company currently exports to more than 60 countries across East and West Africa, Central and North America, Latin America and Southeast Asia and it aims to expand its footprint to about 90 countries over the next two to three years. Recent approvals from the Therapeutic Goods Administration in Australia and EU GMP clearances, coupled with entry into the Canadian market, are expected to support this push.
Manufacturing capacity and quality infrastructure have been key enablers of this global expansion. Lincoln operates state-of-the-art facilities at Khatraj and Mehsana in Gujarat, certified by EUGMP, TGA, WHO GMP and ISO standards for quality, environment and occupational health. The company has developed over 600 formulations in around 15 therapeutic areas, has more than 1,700 registered products and over 700 more under development, spanning anti-infective, respiratory, gynaecology, cardio and CNS, anti diabetic and anti-malarial therapies.
Research and development remain central to the company’s strategy of building a differentiated portfolio in branded generics and complex formulations. Its DST recognised R&D centre houses a team of over 30 scientists and has filed more than 25 patent applications, of which seven have been granted, covering novel dosage forms and delivery systems. Management believes this innovation pipeline will help sustain margins and support the planned scale up in regulated markets.
Alongside growth and innovation, Lincoln has accelerated its sustainability initiatives through investments in renewable energy. The company has installed solar plants at its Mehsana and Khatraj facilities and operates two windmills in Gujarat, which together meet nearly all of its power requirements from green energy. This shift has helped lower electricity costs and supports its stated goal of operating as a self-sustainable, environmentally friendly organisation, a theme that is increasingly relevant for healthcare manufacturers.
