LINCOLN PHARMACEUTICALS LTD. Q1 FY27 Results

Lincoln Pharmaceuticals posted consolidated net profit of ₹36.23 Cr for Q1 FY27 (quarter ended June 30, 2026), up 30.9% YoY from ₹27.68 Cr, on revenue from operations of ₹177.28 Cr, up 15.1% YoY from ₹154.07 Cr. EBITDA rose 32.3% YoY to ₹51.70 Cr. Standalone and consolidated results are identical this quarter — the only subsidiary, Zullinc Healthcare LLP, posted nil revenue and nil loss, so the group print carries no minority-interest or consolidation drag. Basic EPS came in at ₹18.09 against ₹13.82 a year ago. Sequentially, revenue eased 5.3% from a seasonally elevated ₹187.28 Cr in Q4 FY26, and while PAT looks sharply higher QoQ (from ₹11.63 Cr), that's mostly because Q4 carried a rare ₹4.20 Cr net loss on the other-income line that depressed its base — the YoY read is the one that matters here, not the QoQ jump.

The margin picture is more nuanced than the headline PAT growth suggests. Core operating profit (EBITDA less other income, over revenue from operations) was ₹27.43 Cr, or about 15.5% of revenue — almost unchanged from 15.45% a year ago — meaning the underlying pharma business grew revenue and core operating profit in near lockstep (~15%), with no real operating leverage showing up yet. The extra lift in PBT (+34.4% YoY to ₹47.55 Cr) and PAT came chiefly from other income, which jumped 58.9% YoY to ₹24.26 Cr from ₹15.27 Cr; the filing gives no breakup of this line, so its recurring nature can't be confirmed. Working against that tailwind, the effective tax rate rose to 23.8% from 21.8% YoY, trimming some of the PBT gain on its way to the bottom line. No exceptional items were reported in either period, so no raw-vs-adjusted PAT split is needed.

The stock went into the print at ₹629.4, up 4% over the past month of trading.

For context: this is the highest quarterly PAT in the last 6 quarters on our records.

On guidance, management's press release reiterates a medium-term target of ₹1,000 Cr revenue over three years via 15-18% annual growth, led by cardiac, diabetic, dermatology and ENT segments; our records hold no prior formal guidance to grade this quarter against, and a web search turned up no analyst consensus for the quarter — Lincoln Pharma carries thin sell-side coverage, so the street comparison is marked unknown rather than guessed. Q1's 15.1% YoY revenue growth sits at the low end of that guided band. Director Munjal Patel framed the quarter as "building on our existing growth momentum," citing recent Canada, EU GMP and TGA Australia approvals as the company works to expand its export footprint from 60+ to 90 countries over 2-3 years; the filing does not break out export revenue to check that claim against a number. The company remains net-debt free, with FII holding at 4.60% as of June 30, 2026, and CRISIL reaffirmed its A/Stable/A1 ratings during the quarter.