Lincoln Pharmaceuticals Limited was established in January 1979 as a partnership firm by Mahendra G Patel, Rajnikant G Patel, and Hasmukhbhai I Patel to manufacture pharmaceutical formulations. It was subsequently converted into a Public Limited Company in January 1995. The company has evolved from a small partnership firm to become a significant player in the pharmaceutical industry, with a strong focus on both domestic and international markets.
Lincoln Pharmaceuticals was listed on the National Stock Exchange of India in February 2015, making it accessible to public investors. The company has maintained its headquarters in Ahmedabad, Gujarat, and has built a robust manufacturing infrastructure over the decades.
Lincoln Pharmaceuticals operates as a comprehensive pharmaceutical company engaged in manufacturing, marketing, and distribution of pharmaceutical products. The company has developed over 600 formulations across 15 therapeutic areas and maintains 1,700 registered products with another 700 in the pipeline. The company also holds 7 patented products and has filed applications for 25+ patents.
The company's product portfolio specializes in therapeutic areas including anti-infectives, respiratory, gynecology, cardiology, central nervous system, anti-diabetic, and anti-malarial treatments. Lincoln offers a wide range of pharmaceutical dosage forms, including immediate and soft gelatin capsules, syrups, dry syrups, powder sachets, suspensions, semi-solids like creams, gels, ointments, as well as parenteral and topical sprays.
The company has strategically positioned itself in various therapeutic segments, with operations in cardiac, diabetic, anti-malarial, anti-biotics, cephalosporins, analgesic, antipyretics, vitamin-minerals and iron preparations, among others. Some of their key products include ARHL Tablet for treating chloroquine-resistant falciparum malaria, Ibuprofen Tablet for pain and inflammation, and various other specialized formulations.
Lincoln Pharmaceuticals operates two manufacturing facilities in Ahmedabad and Mehsana cities of Gujarat state, both certified by ISO 9001:2015, and received WHO cGMP certification in 1984. The company's manufacturing facility is approved by European Union (EU) GMP from EudraGMP, Therapeutic Goods Administration (TGA) - Australia, and over 60 countries' drug authorities.
Lincoln manufactures pharma formulations in various dosage forms including tablets, capsules, dry syrup, cream, non-sterile & sterile ointment, dry powder injection, ampoules injection, liquid vials, eye drops, and oral liquid. The company has received significant certifications including European Union (EU) GMP certification from EudraGMP for its Khatraj facility in May 2020 and Australia's Therapeutic Goods Administration (TGA) certification for its Gujarat plant in October 2021.
Lincoln Pharmaceuticals has established a strong global presence, with operations serving approximately 60 countries in Europe, Latin America, Africa, Asia Pacific, Southeast Asia, and 26 States across India. The company has strategically shifted its focus toward export markets, which has proven to be a profitable decision.
The share of exports has increased significantly from 21% in FY2012 to 53% in FY2021, demonstrating the company's successful international expansion strategy. As the share of exports increased over the last 10 years, the operating profit margin (OPM) of the company also increased from 7% in FY2012 to 21% in FY2021.
• Market Capitalization: ₹1,200.68 crore (as of May 16, 2025)
• FY2024-25 Performance: Revenue of ₹62,323 lakhs, Net Profit of ₹8,235 lakhs
• Q4 FY2024-25 Performance: Net Profit of ₹11.62 crore, Revenue of ₹161.30 crore
• P/B Ratio: 1.69 times (as of April 4, 2025)
• P/E Ratio: 12.51 times (as of April 4, 2025)
• Dividend Recommended (FY25): ₹1.80 per equity share (18%)
• Current Dividend Yield: 0.30%
• Promoter Holding: 49.78% (as of March 2025)
The company has delivered revenue of 623 crore and profit of 82.4 crore. Though the company has delivered a sales growth of 10.0% over the past five years, it has shown improvement in profitability margins through strategic focus on higher-margin export markets. The company has reduced debt significantly and is almost debt-free, having repaid its entire debt in FY2021, providing flexibility for future investments and expansion plans.
Lincoln Pharmaceuticals has been focusing on expanding its presence in lifestyle and chronic segments. The company aims to expand its global footprint by registering new products for export and building a portfolio in lifestyle and chronic segments. Lincoln Pharmaceuticals targets ₹1000 crore in revenues over the next three years, driven by growth in cardiac, diabetic, derma, and ENT segments.
The company plans to invest in new molecules and expand into export markets, including Canada, Australia, and Germany. The company aims for ₹750 crore revenue by FY26, with a continued focus on lifestyle and chronic segments.
Lincoln Pharmaceuticals represents a well-established pharmaceutical company with a strong manufacturing base, growing export presence, and improving profitability metrics. The company's strategic focus on international markets and specialized therapeutic segments positions it well for future growth, supported by robust manufacturing capabilities and regulatory approvals across multiple countries.
