Lincoln Pharmaceuticals Ltd (LINCOLN) AI Stock Analysis

• Market Cap: ₹9.16B
• Dividend Yield: 0.37%
• Average Volume (3M): 1.66K
• Price to Earnings (P/E): 11.5
• Beta (1Y): 1.68
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: IN
• Employees: 1,687
• Sector: Healthcare
• Sector Strength: 45
• Industry: Drug Manufacturers - Specialty & Generic
• EPS (TTM): 9.98
• Shares Outstanding: 20,029,728
• 10 Day Avg. Volume: 3,133
• 30 Day Avg. Volume: 1,664
• PEG Ratio: -1.14
• Price to Book (P/B): 1.65
• Price to Sales (P/S): 1.77
• P/FCF Ratio: 14.99
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 5,441.57
• Revenue Forecast (FY): ₹667.26B

• Rating: 74 Outperform
• Price Target: ₹556.00 ▲(11.96% Upside)

The score is primarily supported by strong financial performance, led by a near-zero-debt balance sheet and solid profitability, with improved free cash flow in 2025. This is tempered by weaker technical trends (below key longer-term moving averages and negative MACD) and only moderate valuation support given the low dividend yield.

Lincoln Pharmaceuticals Ltd Business Overview & Revenue Model

Company Description

Lincoln Pharmaceuticals Limited engages in manufacturing and trading of pharmaceutical products in India and internationally. The company's product portfolio includes dermatologist preparations, gynecological products, gastrointestinal ranges, otology products, and phosphodiesterase type 5 inhibitor and general anesthetics. It provides products in the areas of cough and cold, anti-allergic, and anti-asthmatics; sterile ophthalmic eye drops and ointment; anti-malarial; vitamins, minerals, and antioxidants; anti-bacterial, anti-viral, and anti-fungal vitamins; analgesic and anti-pyretic; anti-psychotic, anti-convulsant, anti-depressant, and anti-diabetic; cardiac anti-hypertensives, and diuretic; and anti-diarrheal, anti-spasmodic, and laxative. The company also offers branded generics. Lincoln Pharmaceuticals Limited was founded in 1979 and is based in Ahmedabad, India.

How the Company Makes Money

Lincoln Pharmaceuticals Ltd Financial Statement Overview

Summary

Strong financial resilience driven by an exceptionally conservative balance sheet (effectively no debt) and consistently profitable operations. Offsetting factors are margin compression from 2024 to 2025 and some variability in cash conversion versus earnings, despite a sharp rebound in free cash flow in 2025.

Income Statement

Revenue has expanded steadily over the last several years, with growth accelerating in the latest annual period (2025 revenue up ~4% vs. 2024). Profitability remains strong for the industry, with gross margin above 50% and solid operating profitability; however, margins have compressed versus 2024 (net margin down from ~16.1% to ~13.2%, and EBITDA margin down from ~23.1% to ~19.9%), indicating some cost pressure and weaker earnings conversion despite higher sales.

Balance Sheet

The balance sheet is a key strength: debt is effectively negligible (including zero total debt in 2025) with a near-zero debt-to-equity profile, providing high financial flexibility and low solvency risk. Equity and total assets have grown consistently, supporting expansion. Return on equity remains healthy (~12% in 2025), though it has stepped down from the mid-teens level in 2024, reflecting softer profitability relative to the growing equity base.

Cash Flow

Cash generation is solid and improving: operating cash flow increased meaningfully in 2025 and free cash flow rebounded strongly (737.7M vs. 237.4M in 2024). Free cash flow covers a substantial portion of net income in 2025 (about 79%), signaling better cash conversion than the prior year. The main watch item is that operating cash flow remains below net income in recent periods (2025 coverage ~0.88; 2024 ~0.69), which can point to working-capital swings and some variability in cash realization.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	6.30B	6.23B	5.81B	5.05B	4.68B	4.15B
Gross Profit	3.40B	3.32B	2.97B	2.59B	2.46B	2.13B
EBITDA	1.30B	1.24B	1.34B	1.12B	1.05B	928.43M
Net Income	863.50M	823.46M	933.05M	728.99M	693.55M	622.50M
Balance Sheet
Total Assets	0.00	7.97B	7.00B	5.87B	5.34B	4.52B
Cash, Cash Equivalents and Short-Term Investments	1.96B	1.96B	1.52B	1.14B	1.15B	945.06M
Total Debt	0.00	0.00	10.67M	19.97M	20.44M	5.20M
Total Liabilities	-6.72B	1.25B	1.07B	849.46M	1.01B	859.67M
Stockholders Equity	6.72B	6.72B	5.93B	5.02B	4.33B	3.66B
Cash Flow
Free Cash Flow	0.00	737.71M	237.41M	249.80M	306.07M	605.19M
Operating Cash Flow	0.00	930.15M	632.17M	392.62M	761.32M	692.70M
Investing Cash Flow	0.00	-789.47M	-573.42M	-366.43M	-780.80M	-642.27M
Financing Cash Flow	0.00	-64.02M	-51.80M	-45.01M	-25.56M	-57.45M

Lincoln Pharmaceuticals Ltd Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
LINCOLN	74 Outperform	₹9.16B	11.46	―	0.37%	―	―
WANBURY	62 Neutral	₹7.27B	13.64	―	―	8.92%	-5.56%
ANUHPHR	62 Neutral	₹7.31B	18.89	―	1.92%	14.09%	-34.41%
KILITCH	57 Neutral	₹5.44B	18.55	―	―	32.95%	67.39%
KOPRAN	57 Neutral	₹6.19B	37.40	―	1.96%	-6.96%	-66.75%
THEMISMED	54 Neutral	₹7.41B	-27.46	―	0.48%	-18.86%	-150.92%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%