Lincoln Pharmaceuticals Limited has delivered impressive financial results for the third quarter of FY2026, with the Board of Directors approving the unaudited financial results on February 12, 2026. The company's consolidated financial results show significant growth in profitability and sustained revenue expansion, reinforcing its position as a leading healthcare company in India.

Board Meeting and Regulatory Compliance

The Board of Directors meeting was held on February 12, 2026, commencing at 10:10 AM and concluding at 11:15 AM. The board considered and approved the unaudited financial results (standalone and consolidated) for the quarter and nine months ended December 31, 2025, pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Financial Performance Highlights

The company's Q3FY26 performance showcased robust growth across key financial metrics. Net profit surged to ₹28.60 crore compared to ₹20.77 crore in Q3FY25, representing a substantial 37.70% year-on-year increase. Revenue from operations grew 13.49% to ₹166.32 crore from ₹146.55 crore in the corresponding quarter of the previous year.

Nine Months Performance Analysis

For the nine months ended December 31, 2025, Lincoln Pharmaceuticals maintained steady growth momentum. The company reported consolidated net profit of ₹76.26 crore against ₹70.77 crore in 9MFY25, marking a 7.76% year-on-year increase. Revenue from operations reached ₹483.75 crore compared to ₹455.05 crore in 9MFY25, achieving 6.31% growth.

Strategic Growth Initiatives

Managing Director Mahendra Patel highlighted the company's ambitious growth strategy, targeting revenue of ₹1,000 crore within the next three years. The company aims to achieve a 15-18% annual growth rate, driven by strong performance in cardiac, diabetic, dermatology, and ENT segments. Lincoln Pharmaceuticals is strengthening its R&D pipeline with over 100 new development programmes across multiple therapeutic segments and dosage forms.

Credit Rating and Market Position

CRISIL Ratings reaffirmed its 'CRISIL A/Stable/CRISIL A1' ratings on Lincoln Pharmaceuticals' bank facilities on January 9, reflecting the company's strong industry experience, established market position, and healthy financial profile. Foreign Institutional Investors (FIIs) holding in the company stood at 4.70% as of December 31, 2025.

Global Expansion and Manufacturing Excellence

The company maintains a strong international presence, currently exporting to over 60 countries across East and West Africa, Central and North America, Latin America, and Southeast Asia. Lincoln Pharmaceuticals aims to expand this footprint to 90 countries over the next 2-3 years, with recent entry into the Canadian market and approvals from TGA Australia and EU GMP positioning the company for further global expansion.

Product Portfolio and Innovation

Lincoln Pharmaceuticals has developed over 600 formulations across 15 therapeutic areas, maintaining a robust portfolio of more than 1,700 registered products with 700 additional products in development. The company operates state-of-the-art manufacturing facilities at Khatraj in Ahmedabad, Gujarat, certified by EUGMP, TGA, WHO-GMP, and various ISO standards, ensuring compliance with stringent international quality norms.

Lincoln Pharmaceuticals Limited has received credit rating reaffirmation from CRISIL Limited, with the rating agency maintaining its assessment of the pharmaceutical company's financial strength and market position. The company announced on January 10, 2026, that it received the credit rating confirmation on January 09, 2026, under Regulation 30 of SEBI (LODR) Regulations, 2015.

Credit Rating Details

CRISIL has reaffirmed Lincoln Pharmaceuticals' credit ratings across its bank facilities totaling ₹102.00 crore. The rating structure demonstrates the company's strong creditworthiness across different facility types.

Financial Performance Highlights

The rating reaffirmation reflects Lincoln Pharmaceuticals' robust financial performance and market positioning. CRISIL's analysis incorporated the consolidated business and financial risk profiles of Lincoln Pharmaceuticals Limited and Zullinc Healthcare Ltd, referred to collectively as the Lincoln group.

Key Rating Strengths

CRISIL highlighted several factors supporting the rating reaffirmation. The company benefits from established market position with 1,700 registered products across more than 15 therapeutic segments. Lincoln Pharmaceuticals derives 60-65% of its revenue through exports, demonstrating strong international presence. The promoters bring more than three decades of experience in the pharmaceutical industry, contributing to revenue growth at a compound annual growth rate of 10.00% over five fiscals through 2024.

The financial risk profile remains healthy with consolidated networth of ₹671.00 crore against nil debt as of March 31, 2025. The company maintains strong liquidity with cash accruals expected to exceed ₹90.00 crore and current ratio of 4.33 times. Liquid investments stood at ₹173.10 crore in shares, debentures and mutual funds as of March 31, 2025.

Areas of Concern

CRISIL identified working capital-intensive operations as a key weakness, with gross current assets expected at 170-185 days over the medium term. The company has extended loans and advances of ₹141.00 crore as of March 31, 2025, compared to ₹104.00 crore in the previous year. The pharmaceutical sector's exposure to regulatory risks and intense competition remains a monitoring factor.

Bank Facility Breakdown

The rated facilities are distributed across multiple banking partners, providing diversified funding sources for the company's operations.

Outlook and Rating Sensitivity

CRISIL maintains a stable outlook for Lincoln Pharmaceuticals, expecting the company to continue benefiting from its established market presence and healthy financial risk profile. The rating agency indicated that upward factors could include revenue growth at 20.00% CAGR with steady operating margins and improved geographical diversification. Conversely, operating profitability below 13.00% or significant working capital stretch could pressure the ratings.