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Lincoln Pharmaceuticals Limited

LINCOLN.NS
47
Drug Manufacturers - Specialty & Generic · Healthcare
Price
₹592.00
-8.15 (-1.36%)
Market Cap
₹11.86B
Exchange
National Stock Exchange of India
Winston Score
47
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 10, 2026 · filings through Mar 31, 2026

Lincoln Pharmaceuticals Limited, established in 1979 and headquartered in Ahmedabad, India, is a pharmaceutical company engaged in the manufacturing and global distribution of its products. Its comprehensive product line addresses a wide array of medical needs, including dermatological, gynecological, gastrointestinal, and otological conditions. The company also specializes in phosphodiesterase type 5 inhibitors and general anesthetics. Further expanding its therapeutic reach, Lincoln provides treatments for common ailments like coughs, colds, and allergies, alongside anti-asthmatics. Other key product categories include sterile ophthalmic solutions (eye drops and ointments), anti-malarial drugs, and a range of vitamins, minerals, and antioxidants. The portfolio is further diversified with anti-bacterial, anti-viral, and anti-fungal agents; pain relief and fever reduction medications (analgesics and anti-pyretics); and specialized drugs for mental health (anti-psychotics, anti-convulsants, anti-depressants) and diabetes (anti-diabetics). Cardiovascular health is addressed with anti-hypertensives and diuretics, while gastrointestinal issues are targeted with anti-diarrheals, anti-spasmodics, and laxatives. Additionally, the company offers branded generic pharmaceuticals.

Winston Score History

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+11.4% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+0.5% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

$0/ year

Declining (-100% vs prior year)

0.0% of revenue

Below sector average (18%)

R&D spend declining — could signal cost-cutting or efficiency

Cash Position

Cash flow positive

$3.5B cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Lincoln Pharmaceuticals Limited is a rare growth stock that's already generating positive cash flow while growing at 11%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 20.0M (2022) → 20.0M (2026)

Score breakdown

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Quality

Gross Margin
33.1%
Modest — 33.1% gross margin
Operating Margin
11.3%
Modest — 11.3% operating margin
ROCE
2.8%
Weak — 2.8% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY
+7.7%
Steady sales growth (+7.7% YoY)
EPS YoY
+6.7%
Modest earnings growth (+6.7% YoY)

Single-digit earnings growth — steady but not exciting.

EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion
57%
Weak — only 57% of profit becomes cash
FCF Margin
5.8%
Thin free cash flow (5.8%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity
0.01
Conservative — low debt load (0.01)
Interest Cover
82.12x
Comfortably covers interest (82.1x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)
13.5x
Attractive valuation — P/E 13.5

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward
-7.5
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend Yield
0.30%
Small dividend — 0.30% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth
+10.0%
Dividend growing modestly (10.0% YoY)

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