Ahmedabad-based Lincoln Pharmaceuticals Ltd has drawn up plans to achieve revenue of ₹1,000 crore over the next three years, banking on portfolio expansion, new product registrations and entry into regulated markets.
“We are still sticking to that (FY28), but it might take five or six months here and there. We have hands on many things right now,” Whole-time Director Munjal Patel said during an earnings call.
He also said that Lincoln is exploring multiple growth levers including expansion in domestic territories, inorganic opportunities, new facilities and fresh registrations.
The ₹1,000-crore target is anchored in a broader strategy to deliver 15–18% annual growth, supported by strong performance in cardiac, diabetic, dermatology and ENT segments. The company is currently growing at 12–18% and expects incremental gains from both existing and new capacities.
A key thrust area is regulatory expansion. Lincoln has stepped up investments in product registrations, bioequivalence (BE) studies and dossier documentation, all being undertaken in-house. The company plans to file applications in multiple international markets, including regulated geographies.
To support this, it has acquired a dedicated building for a new R&D centre focused on new product development. The facility is expected to become operational within the next two to two-and-a-half months.
On the manufacturing front, the company’s Cepha block has already commenced operations and is generating around ₹45 crore in revenue. While additional regulatory approvals are awaited, Lincoln is targeting ₹90–100 crore from this block next year, with a longer-term goal of scaling it up to ₹150 crore.
Growth from the existing facility is also expected to contribute 10–15% upside next year, driven by new dossiers and recently launched products. In the domestic market, its ENT brand Tinnex has emerged as a leader in its segment, strengthening its position and enabling expansion into adjacent therapeutic categories.
In regulated markets, Lincoln has signed multiple CMO and CDMO agreements. Of around 24–25 CDMO projects in the pipeline, five have already been signed and 18–19 processed, which are expected to be commercialised over time. Revenues from Canada currently stand at $3–4 million.
The company is also evaluating inorganic growth opportunities. Patel indicated that retained funds could be deployed either for acquisitions or for a greenfield expansion, rather than dividend payouts, to drive exponential growth.
While timelines may shift marginally, Lincoln remains confident of achieving, and potentially exceeding, the ₹1,000-crore milestone.