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EU re-inspection delay
View Risks →Lincoln Pharmaceuticals Ltd — Q3 FY26
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.
bullish
medium
✓ Verified against BSE filing
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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.
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EPS (9M FY26)
₹38.07
-7.4% YoY
9-month EPS vs full-year FY25 EPS of ₹41.11; on track to exceed FY25 full-year.
CIFA Block Revenue (FY26E)
₹45 Cr
New
New cephalosporin block commenced; expected to reach ₹45 Cr revenue in FY26.
Canada Revenue (FY26E)
$3-4M
New
From CDMO/CMO projects; 15-17 products commercialized, 23 signed.
Export Revenue Mix (Africa)
40%
Stable
Africa contributes ~40% of export revenue; Latam & SE Asia ~25%.
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Guidance and risk preview
Long-term target reiterated; may slip by 5-6 months from original FY28 timeline.
EU audit (Hungary) expected in May-June 2026; any delay could postpone regulated market revenue.
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