Lincoln Pharmaceuticals Limited (LINCOLN.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+161.8%

₹1,329.83

vs ₹508.05 price

Levered DCF

₹1,790.45

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	12.87×	13.43×	12.84×	9.32×	8.97×	7.23×	5.03×	8.77×
P/B	1.49×	1.65×	2.02×	1.35×	1.44×	1.23×	0.83×	1.59×
P/S	1.69×	1.77×	2.06×	1.35×	1.33×	1.09×	0.69×	1.2×
EV / EBITDA	8.5×	8.81×	8.88×	6.06×	5.85×	4.73×	3.3×	6.25×
Gross margin	32.8%	53.3%	51.2%	51.3%	52.6%	51.4%	27.2%	26.5%
Operating margin	12.4%	14.2%	14.3%	15.4%	35.2%	17.4%	16.2%	17.2%
Net margin	13.1%	13.2%	16.1%	14.4%	14.8%	15.0%	13.7%	13.6%
Current ratio	5.25×	4.71×	4.84×	5.09×	3.9×	4.07×	3.78×	2.61×
Debt / equity	0.01×	0×	0×	0×	0×	0×	0.02×	0.12×
Interest coverage	82.12×	47.05×	56.81×	38.42×	113.69×	46.11×	30.17×	15.39×
Dividend yield	0.3%	0.3%	0.3%	0.4%	0.5%	0.0%	2.8%	0.8%
Payout ratio	4.1%	4.4%	3.2%	4.1%	4.3%	0.0%	14.1%	7.4%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	11.6%	12.3%	15.7%	14.5%	16.0%	17.0%	16.4%	18.1%
Return on invested capital	8.1%	9.7%	10.4%	10.9%	26.7%	14.2%	14.2%	17.1%
Return on assets	9.9%	10.3%	13.3%	12.4%	13.0%	13.8%	13.2%	13.3%
Free cash flow yield	7.2%	6.7%	2.0%	3.7%	4.9%	13.4%	26.2%	8.9%
Earnings yield	7.8%	7.4%	7.8%	10.7%	11.1%	13.8%	19.9%	11.4%
Enterprise value	₹11.1B	₹10.9B	₹11.9B	₹6.8B	₹6.2B	₹4.4B	₹2.5B	₹4.6B
Net debt / EBITDA	-0.13×	-0.11×	-0.03×	-0.03×	-0.05×	-0.12×	-0.09×	0.39×
Cash conversion cycle (days)	128	110	135	145	154	112	-5	146