Nature of Event

The Board of Directors of Lincoln Pharmaceuticals Limited at its meeting held on October 29, 2026, approved the un-audited financial results (standalone and consolidated) for the quarter and half year ended September 30, 2026, along with the limited review report from auditors. The meeting commenced at 11:00 AM and concluded at 12:15 PM. This is pursuant to Regulation 33 of the SEBI Listing Regulations. In terms of Regulation 47, the company will publish an extract of the results on its website www.lincolnpharma.com.

Financial Highlights (Standalone and Consolidated)

The financial results are presented in ₹ lakhs.

Income Statement (Standalone)
  • Revenue from Operations: Q2 FY27: 19,134.51, Q1 FY27: 17,728.21, Q2 FY26: 16,336.39; H1 FY27: 36,862.72, H1 FY26: 31,743.06, FY26: 67,102.99
  • Other Income: Q2 FY27: 953.40, Q1 FY27: 2,426.46, Q2 FY26: 723.21; H1 FY27: 3,379.86, H1 FY26: 2,250.38, FY26: 3,345.40
  • Total Income: Q2 FY27: 20,087.91, Q1 FY27: 20,154.67, Q2 FY26: 17,059.60; H1 FY27: 40,242.58, H1 FY26: 33,993.44, FY26: 70,448.39
  • Expenses:
  • Cost of Material Consumed: Q2 FY27: 7,747.06, Q1 FY27: 5,857.86, Q2 FY26: 5,719.90; H1 FY27: 13,604.92, H1 FY26: 11,816.83, FY26: 23,957.41
  • Purchase of Stock-In-Trade: Q2 FY27: 2,686.47, Q1 FY27: 2,093.36, Q2 FY26: 2,172.27; H1 FY27: 4,779.83, H1 FY26: 3,755.33, FY26: 7,902.55
  • Changes in Inventories: Q2 FY27: (643.82), Q1 FY27: 563.09, Q2 FY26: (217.61); H1 FY27: (80.73), H1 FY26: (959.17), FY26: (743.96)
  • Employee Benefits Expenses: Q2 FY27: 3,129.27, Q1 FY27: 3,331.03, Q2 FY26: 3,035.60; H1 FY27: 6,460.30, H1 FY26: 6,211.28, FY26: 12,518.86
  • Finance Costs: Q2 FY27: 31.79, Q1 FY27: 25.87, Q2 FY26: 23.07; H1 FY27: 57.66, H1 FY26: 44.05, FY26: 101.29
  • Depreciation and Amortisation: Q2 FY27: 388.44, Q1 FY27: 388.43, Q2 FY26: 361.90; H1 FY27: 776.87, H1 FY26: 709.62, FY26: 1,449.96
  • Other Expenses: Q2 FY27: 3,846.85, Q1 FY27: 3,139.65, Q2 FY26: 3,083.39; H1 FY27: 6,986.50, H1 FY26: 5,995.50, FY26: 13,699.78
  • Total Expenses: Q2 FY27: 17,186.06, Q1 FY27: 15,399.29, Q2 FY26: 14,178.52; H1 FY27: 32,585.35, H1 FY26: 27,573.44, FY26: 58,885.89
  • Profit Before Tax: Q2 FY27: 2,901.85, Q1 FY27: 4,755.38, Q2 FY26: 2,881.08; H1 FY27: 7,657.23, H1 FY26: 6,420.00, FY26: 11,562.50
  • Tax Expense:
  • Current Tax: Q2 FY27: 769.90, Q1 FY27: 535.30, Q2 FY26: 861.90; H1 FY27: 1,305.20, H1 FY26: 1,274.20, FY26: 2,737.10
  • Deferred Tax (Net): Q2 FY27: (84.79), Q1 FY27: 596.63, Q2 FY26: (12.45); H1 FY27: 511.84, H1 FY26: 346.65, FY26: (3.09)
  • Short/(Excess) Provision of Income Tax of Previous Years: Q2 FY27: 174.13, Q1 FY27: Nil, Q2 FY26: 33.23; H1 FY27: 174.13, H1 FY26: 33.23, FY26: 39.11
  • Net Profit: Q2 FY27: 2,042.61, Q1 FY27: 3,623.45, Q2 FY26: 1,998.40; H1 FY27: 5,666.06, H1 FY26: 4,765.92, FY26: 8,789.38
  • Earnings Per Share (₹): Basic and Diluted: Q2 FY27: 10.20, Q1 FY27: 18.09, Q2 FY26: 9.98; H1 FY27: 28.29, H1 FY26: 23.79, FY26: 43.88
Balance Sheet (Standalone as of September 30, 2026, Unaudited vs March 31, 2026, Audited)
  • Assets:
  • Non-Current Assets: 32,116.80 (Sep 2026) vs 30,739.57 (Mar 2026)
  • Property, Plant and Equipment: 18,965.82 vs 18,986.38
  • Right to Use Asset: 15.66 vs 16.74
  • Capital Work-in-Progress: 666.06 vs 522.84
  • Other Intangible Assets: 105.06 vs 91.95
  • Financial Assets: Investments: 5.26 vs 5.26, Loans: 9,034.92 vs 10,694.01, Others: 104.95 vs 132.23
  • Other Non-Current Assets: 3,219.07 vs 290.16
  • Current Assets: 64,289.33 vs 58,286.77
  • Inventories: 8,166.89 vs 8,010.56
  • Financial Assets: Investments: 24,457.65 vs 20,854.08, Trade Receivables: 16,322.51 vs 16,058.22, Cash and Cash Equivalents: 2,120.77 vs 2,109.01, Other Bank Balances: 1,092.55 vs 1,112.92, Loans: 8,402.24 vs 8,090.16, Others: 430.19 vs 196.81
  • Other Current Assets: 3,296.53 vs 1,855.01
  • Liabilities and Equity:
  • Equity: Share Capital: 2,002.97 (unchanged), Other Equity: 79,149.50 vs 73,760.23
  • Non-Current Liabilities: 2,610.02 vs 2,172.76
  • Financial Liabilities: 638.76 vs 643.67
  • Provisions: 77.81 vs 175.65
  • Deferred Tax Liabilities (Net): 1,893.45 vs 1,353.44
  • Current Liabilities: 12,643.64 vs 11,090.38
  • Financial Liabilities: Borrowings: 342.16 vs 442.16, Trade Payables: Micro and Small Enterprises: 1,168.51 vs 692.31, Other than Micro and Small: 8,367.66 vs 7,779.96, Other Financial Liabilities: 1,495.65 vs 1,112.36
  • Other Current Liabilities: 429.85 vs 286.92
  • Provisions: 522.84 vs 611.18
  • Current Tax Liabilities (Net): 316.97 vs 165.49
Cash Flow Statement (Standalone for H1 FY27 vs FY26)
  • Operating Activities: Cash flow generated: 5,083.47, taxes paid: (1,327.85), net cash flow: 3,755.62 vs 10,636.02 (FY26)
  • Investing Activities: Net cash used: (3,553.56) vs (9,840.35)
  • Financing Activities: Net cash used: (190.30) vs 15.90
  • Net increase in cash: 11.76 vs 811.57

Consolidated Financial Results

Consolidated results include Zullinc Healthcare LLP (wholly owned subsidiary). The figures are largely similar to standalone with minor adjustments.

  • Net Profit Attributable to Owners: Q2 FY27: 2,042.61, Q1 FY27: 3,623.45, Q2 FY26: 1,998.40; H1 FY27: 5,666.06, H1 FY26: 4,765.92, FY26: 8,789.38
  • EPS remains the same as standalone.
  • Balance sheet and cash flow show consolidated positions.

Media Release Highlights

  • Financial Performance:
  • Q2 FY27: Total Income: ₹200.88 crore (up 17.75% YoY), EBITDA: ₹33.22 crore (up 1.71% YoY), Net Profit: ₹20.84 crore (up 4.15% YoY)
  • H1 FY27: Total Income: ₹402.43 crore (up 18.39% YoY), EBITDA: ₹84.92 crore (up 18.37% YoY), Net Profit: ₹57.50 crore (up 20.52% YoY)
  • Dividend: Shareholders approved a dividend of ₹1.80 per share (18%) for FY25-26 at the 32nd AGM held on September 30, 2026.
  • Strategic Updates:
  • Introduced four new divisions in domestic market and API facility at Khatraj Plant.
  • Targeting ₹1,000 crore revenue over next three years with 15-18% annual growth.
  • Net-debt free; FII holding at 4.55% as of September 30, 2026.
  • Meets nearly 100% energy needs through renewable sources (wind and solar).
  • Exports to 60+ countries, aims to expand to 90 countries in 2-3 years.
  • Has 600+ formulations in 15 therapeutic areas, over 1,700 registered products.
  • Management Commentary: Mr. Munjal Patel, Director, emphasized focus on sustainable growth and expansion in domestic and international markets.

Additional Information

  • The company has a single business segment: 'Pharmaceutical Business'.
  • Figures for previous periods have been regrouped/reclassified for consistency.
  • Factory locations: Mehsana and Khatraj, Gujarat.