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Revenue
₹166 Cr
verified against source
Revenue YoY
13.5%
reported change
EBITDA
₹38.74 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Lincoln Pharma delivered a solid Q3 FY26 with revenue of ₹166.3 Cr (+13.5% YoY) and PAT of ₹28.6 Cr (+37.7% YoY), driven by strong export growth and the new cephalosporin (CIFA) block contributing ~₹45 Cr annualized. EBITDA margin expanded ~100 bps to 23.3%, aided by favorable product mix and operating leverage. Management reiterated the ₹1,000 Cr revenue target (likely by FY28-29) with growth from domestic branded generics, regulated markets (Canada, EU), and potential inorganic acquisitions. R&D spend is set to rise from ~2% to ~3% of sales to support dossier filings. Key risk: EU re-inspection delays could push back regulated market revenue ramp-up.
Colored figures show movement against the previous available record.
Guidance to track
- Long-term target reiterated; may slip by 5-6 months from original FY28 timeline.
- Management expects EBITDA margin to remain in 15-18% range; 15% is the floor.
- CIFA block expected to reach ₹90-120 Cr revenue next year (from ~₹45 Cr in FY26).
- R&D expenses to rise from current 1.8-2% to 3-3.25% to support regulated market filings.
Risks flagged
- EU audit (Hungary) expected in May-June 2026; any delay could postpone regulated market revenue.
- Other income (forex gains, investment returns) is volatile and contributed ~50% of PBT in 9M; sustainability uncertain.
- Management is holding cash for acquisitions; if no suitable target found, cash drag may persist.
- Africa contributes 40% of exports; currency fluctuations and payment delays are inherent risks.
Key quotes
- We are still sticking to that but it might take five six months here and there but we are still sticking to the number what we have in mind.
- Frankly telling you to be on a secure side I would say 15 would be ideal but no we might go up to between 15 to 18 that's what we can expect.
- We don't want to get into that because our strength is into manufacturing and marketing of the product through the distribution channel only.
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