Lincoln Pharma Q3 FY26 Earnings Call Transcript Released
Lincoln Pharmaceuticals reported Q3 FY26 revenue of ₹166.32 Cr, up from ₹146.55 Cr YoY. EBITDA increased to ₹38.74 Cr and Net Profit to ₹28.60 Cr. The company targets ₹1,000 Cr revenue, driven by domestic growth, regulatory market entries, and a new R&D center. International expansion in Canada, Australia, and EU is progressing.
The announcement details strong financial performance, strategic growth initiatives including international expansion into regulated markets, and investments in R&D, all of which are material to investors and the company's future prospects.
The company reported increased revenue, EBITDA, and net profit for Q3 FY26 compared to the previous year. Positive outlook on future growth, international expansion, and investments in R&D and new facilities contribute to a positive sentiment.
Lincoln Pharmaceuticals Limited has released the transcript of its Earnings Conference Call concerning the standalone and consolidated unaudited financial results for the quarter and nine months ended December 31, 2025. The call took place on February 18, 2026, and was attended by management including Mr. Munjal Patel (Whole Time Director), Mr. Darshit Shah (Chief Financial Officer), and Ms. Trusha Shah (Company Secretary & Compliance Officer).
During the call, Mr. Patel reported that for Q3 FY26, revenue stood at ₹166.32 crores, an increase from ₹146.55 crores in Q3 FY25. EBITDA rose to ₹38.74 crores from ₹32.63 crores year-on-year, and Net Profit (NP) increased to ₹28.60 crores from ₹20.77 crores. Earnings Per Share (EPS) was ₹14.28, up from ₹10.37 in the prior year. For the nine-month period, the EPS was ₹38.07, compared to ₹41.11 in the same period last year.
The company aims for a growth rate of 12% to 18% and is increasing investment in regulatory product registrations. Expansion of the product portfolio is underway in both domestic and international markets, focusing on niche therapeutic areas. A dedicated R&D center is nearing completion, expected to be operational within 2-2.5 months. The Cepha block has commenced operations, contributing approximately ₹45 crores in revenue, with targets to reach ₹90-100 crores next year. The company reiterated its long-term target of ₹1,000 crores in revenue.
Growth is expected from existing facilities, the Cepha block, and expansion in domestic markets. The company is also pursuing CMO and CDMO projects for regulated markets, with around 24 CDMO projects expected to be commercialized. Key therapeutic areas driving growth in the domestic market include anti-infectives, respiratory, metabolism, urinary, and hormones.
Regarding international business, Canada is generating approximately $4-5 million in revenue from 15-17 commercialized products through CDMO and CMO projects. Health Canada has approved tablet, capsule, ointment, sachets, dry syrup, and liquid syrup lines, which is expected to help enter other SRA markets. The company is working towards TGA approval in Australia, which may take another year. EU reinspection is pending, with an expected timeline in May-June. The company anticipates that approvals in these regions will significantly contribute to growth, potentially exceeding $10-15 million from Canada alone.
The company is exploring inorganic growth opportunities and greenfield projects for future expansion. Dividend payout policy is under internal discussion. Loans and advances are primarily for ICDs with secured assets and to suppliers for discounts, yielding returns of 10-12%. R&D expenses are targeted to increase from 1.8-2% to 3-3.25% of revenue to support regulated market entries and dossier development.
The company's export revenue is roughly broken down as: Africa (40%), Latin America and Southeast Asia combined (25%), UNICEF, UN, and other tender business (15%), and the rest from Canada and smaller businesses. Lincoln Pharmaceuticals does not have its own distribution setup in foreign markets but manages its marketing through country managers and marketing teams. The company is focused on manufacturing and marketing through distribution channels rather than establishing its own warehouses.
EBITDA margins are expected to be between 15% to 18%. The company is not undertaking third-party manufacturing except for one product for Abbott in the domestic market. The existing manufacturing base can accommodate approximately 15-20% further growth, beyond which new plants or inorganic expansion will be required. The focus for inorganic growth will be on tableting and injectable segments, with future plans to expand into oncology and hormones.
What to do with a filing like this
Lincoln Pharmaceuticals Limited filed this with the NSE as a statutory disclosure, categorised under concall transcript released. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
That call is the part a filing cannot make for you. On RealCase, SEBI-registered research analysts and investment advisers read announcements like this one and turn the ones that matter into actions inside their model portfolios: a change in weight, a hold, or nothing at all. You are not left working out which of the roughly 250 filings published each day needs a response. The portfolio you follow is updated when a filing actually warrants it, with the reason written down.
See the model portfoliosA plain-language summary of a public exchange filing by Lincoln Pharmaceuticals Limited. Read the original for the full detail.