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.
LINCOLNPHARMACEUTICALS
Healthcare
15 Feb 2026
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.
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
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%.
Management Guidance
Revenue target of ₹1,000 Cr
Long-term target reiterated; may slip by 5-6 months from original FY28 timeline.
Management guidance revenueEBITDA margin guidance of 15-18%
Management expects EBITDA margin to remain in 15-18% range; 15% is the floor.
Management guidance marginsCIFA block revenue target of ₹90-120 Cr in FY27
CIFA block expected to reach ₹90-120 Cr revenue next year (from ~₹45 Cr in FY26).
Management guidance revenueR&D spend to increase to 3-3.25% of sales
R&D expenses to rise from current 1.8-2% to 3-3.25% to support regulated market filings.
Management guidance otherKey Risks
EU re-inspection delay
EU audit (Hungary) expected in May-June 2026; any delay could postpone regulated market revenue.
medium · management_commentaryHigh other income dependence
Other income (forex gains, investment returns) is volatile and contributed ~50% of PBT in 9M; sustainability uncertain.
medium · analyst_questionInorganic growth execution risk
Management is holding cash for acquisitions; if no suitable target found, cash drag may persist.
low · management_commentaryGeopolitical risk in Africa
Africa contributes 40% of exports; currency fluctuations and payment delays are inherent risks.
medium · analyst_questionNotable 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.
Frequently Asked Questions
What was Lincoln Pharmaceuticals's revenue in Q3 FY26?
Lincoln Pharmaceuticals reported revenue of ₹166 Cr in Q3 FY26, representing a +13.5% change compared to the same quarter last year.
What guidance did Lincoln Pharmaceuticals management give for FY27?
Revenue target of ₹1,000 Cr: Long-term target reiterated; may slip by 5-6 months from original FY28 timeline. EBITDA margin guidance of 15-18%: Management expects EBITDA margin to remain in 15-18% range; 15% is the floor. CIFA block revenue target of ₹90-120 Cr in FY27: CIFA block expected to reach ₹90-120 Cr revenue next year (from ~₹45 Cr in FY26). R&D spend to increase to 3-3.25% of sales: R&D expenses to rise from current 1.8-2% to 3-3.25% to support regulated market filings.
What are the key risks for Lincoln Pharmaceuticals in FY27?
Key risks include EU re-inspection delay — EU audit (Hungary) expected in May-June 2026; any delay could postpone regulated market revenue.; High other income dependence — Other income (forex gains, investment returns) is volatile and contributed ~50% of PBT in 9M; sustainability uncertain.; Inorganic growth execution risk — Management is holding cash for acquisitions; if no suitable target found, cash drag may persist.; Geopolitical risk in Africa — Africa contributes 40% of exports; currency fluctuations and payment delays are inherent risks..
Did Lincoln Pharmaceuticals meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Lincoln Pharmaceuticals Q3 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.