Lincoln Pharma. Q1 FY27 Results (NSE: LINCOLN)

13 Aug 2026 · Analysis by Alpha Inflection

Signal: Growth reaccelerated

The read

The operating trajectory inflected sharply in Q1FY27: revenue growth accelerated to 15.07% YoY from 11.3% in Q4FY26, EBITDA growth reached 32.29% with margin expansion of 378bps to 29.15% after three quarters of OPM contraction, and PAT rose 30.90%; however, gross margin still compressed 299bps and the sustainability of the rebound depends on whether lower other expenses persist.

P&L walk

Consolidated revenue from operations rose 15.07% YoY to 17,728.21 lakh, gross margin contracted 299bps to 51.97%, but lower other expenses and operating costs lifted EBITDA margin to 29.15%, driving PAT up 30.90% to 3,623.45 lakh.

Key positives

• Revenue from operations was 17,728.21 lakh, up 15.07% YoY, accelerating from 11.3% YoY in Q4FY26.
• EBITDA rose 32.29% YoY to 5,170.00 lakh versus revenue growth of 15.07%, a 17.22 percentage-point growth gap; employee benefits grew only 4.89% and other expenses declined 22.40% YoY, supporting a 378bps EBITDA-margin expansion.
• PAT increased 30.90% YoY to 3,623.45 lakh and EPS tracked PAT at 30.90% with unchanged share capital.
• The company remains net-debt free and has expanded into Canada, with EU GMP and TGA Australia approvals supporting its stated plan to grow exports from 60+ to 90 countries.

Key concerns

• Gross margin contracted 299bps YoY to 51.97%, despite raw material consumed declining to 33.04% of revenue from 39.58%; the broader product-cost and pricing/mix driver is not disclosed.
• Revenue declined 5.34% QoQ from 18,727.73 lakh, so the 15.07% YoY acceleration needs confirmation across subsequent quarters.
• The ₹1,000 crore revenue target over three years requires sustained 15-18% annual growth versus FY26 total income growth of 9.10%.

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