Lincoln Pharmaceuticals Ltd

Board decisions and financial disclosures

• Board approved unaudited standalone and consolidated Q1 FY27 results for quarter ended 30 June 2026.
• Extracts of unaudited consolidated results to be published; full results on LincolnPharma.com.
• Standalone Q1 FY27 revenue Rs 17,728.21 Lakh; net profit Rs 3,623.45 Lakh.
• Consolidated Q1 FY27 net profit Rs 3,623.45 Lakh.
• Consolidated results include subsidiary Zullinc Healthcare LLP.
• Limited review conducted; auditor did not express an audit opinion.
• Dividend recommended: 18% (Rs 1.80 per share) for FY25-26, subject to AGM.

Meeting Details

• Board meeting on 13 August 2026 at the Company's Registered Office.

Key Agenda Items

• Consider and approve unaudited standalone and consolidated financial results for quarter ended 30 June 2026.
• Any other business with the permission of the Chairman, if any.

Other Notes

• Trading window closed from 01 July 2026; will reopen after 48 hours of results generally available.

Dematerialisation & listing confirmation

• Dematerialisation requests processed during the quarter were confirmed to the depositories.
• Dematerialised securities have been listed on the exchanges where the prior securities are listed.
• Physical certificates received for dematerialisation were mutilated and cancelled; depository name registered as owner within prescribed timelines.

Financial Performance 📊

• Approved unaudited standalone and consolidated results for Q3 and nine months ended December 31, 2025.
• Q3 FY26 revenue: Rs. 166.32 crore, up 13.49% YoY; nine months revenue: Rs. 483.75 crore, up 6.31% YoY.
• Q3 FY26 net profit: Rs. 28.60 crore, up 37.70% YoY; nine months net profit: Rs. 76.26 crore, up 7.76% YoY.
• Nine months FY26 EBITDA: Rs. 110.48 crore, up 6.10% YoY.
• Earnings per share: Rs. 14.28 for Q3 FY26; Rs. 38.07 for nine months FY26.

Strategic Initiatives & Business Updates 📍

• Targeting Rs. 1,000 crore revenue within three years with 15-18% annual growth.
• Expanding exports from 60+ to 90 countries in 2-3 years; recent market entry into Canada.
• Obtained approvals from TGA Australia and EU GMP; operates two manufacturing units certified by EUGMP, TGA, WHO-GMP, ISO.
• Over 1,700 registered products; 700+ in development; 25+ patent applications filed, 7 patents granted.
• Commitment to renewable energy with solar plants and windmills, achieving near 100% green energy consumption.

Regulatory & Compliance ⚠️

• CRISIL credit ratings reaffirmed at 'CRISIL A/Stable/CRISIL A1'.
• Auditor limited review reports issued with no material misstatements or qualifications.

Corporate Governance & Shareholding

• No changes in directors, auditors, or key management personnel reported.
• Foreign Institutional Investors holding at 4.70% as of December 31, 2025.

Research & Development

• Over 100 development programs and bioequivalence studies ongoing, supporting product pipeline growth.
• Maintains a debt-free balance sheet to support sustainable growth plans.

🗓️ Meeting Details

• Board meeting scheduled for February 12, 2026, at the company's registered office.

📊 Financial Results

• Approval of unaudited standalone and consolidated financial results for quarter and nine months ended December 31, 2025.

Credit Rating Action

• CRISIL reaffirmed ratings: Long-term bank facilities at CRISIL A/Stable, short-term bank facilities at CRISIL A1.
• Total rated bank loan facilities amount to Rs.102 crore.
• Rating outlook remains Stable with no change since last review.

Financial Performance 📊

• Revenue grew 14% YoY to Rs 623.23 crore in fiscal 2025.
• Profit after tax (PAT) was Rs 83.86 crore with a PAT margin of 13.17%.
• Interest coverage ratio stood at 91.01 times in fiscal 2025.
• Adjusted debt to networth ratio was 0.00 times as of March 31, 2025.

Liquidity and Capital Structure

• Nil debt reported as of March 31, 2025.
• Low bank limit utilization at 4-5%.
• Cash balance of Rs 22.4 crore and liquid investments of Rs 173.1 crore.

Business Profile and Risks

• Established market position with 1,700 products across 15+ therapeutic segments.
• Analytical consolidation includes Lincoln Pharmaceuticals Ltd and Zullinc Healthcare Ltd due to common management.
• Key risks: working capital-intensive operations, regulatory exposure, intense competition, and loans to other corporates.

Rating Sensitivities ⚠️

• Upgrade triggers: Revenue CAGR of 20%, steady margins, improved geographic diversification, and better working capital cycle.
• Downgrade triggers: Operating margin below 13%, revenue pressure, stretched working capital, or large capex/investment impacting financials.