India pharma faces global headwinds; Angel One sees 39% upside in Lincoln Pharma
Brokerage picks Lincoln Pharmaceuticals as a ‘Buy’, citing exports, regulated markets and strong Q1 growth
- Aug 19, 2026,
- Updated Aug 19, 2026 5:55 PM IST
India’s pharmaceutical industry is facing an outlook: demand and exports remain growth drivers, but global trade disruptions, regulatory hurdles and rising costs are creating pressure on drugmakers. Against this backdrop, Angel One has picked Ahmedabad-based Lincoln Pharmaceuticals as a stock to watch, assigning a ‘Buy’ rating and a target price of Rs 845, implying a potential 39% upside from Rs 610.
The brokerage’s view comes as India’s pharma exports crossed $31 billion in FY26, but the sector is now dealing with higher freight costs, geopolitical disruptions and uncertainty around access to key overseas markets.
For Lincoln, Angel One sees export expansion and a shift towards higher-value medicines as growth drivers. The company currently exports to more than 60 countries and is looking to expand that presence to around 90 countries. It has also secured TGA Australia and EU-GMP approvals, which could help it enter regulated markets.
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Lincoln started FY27 on a strong note. Consolidated net profit rose 30.9% year-on-year to Rs 36 crore in Q1FY27, while total income increased 19% to Rs 202 crore and EBITDA rose 32% to Rs 52 crore.
Angel One expects Lincoln to maintain double-digit growth and reach Rs 1,000 crore in revenue within three years. It expects EBITDA margins to remain around 19-20% during FY27-FY29.
The brokerage, however, has flagged risks including rising raw-material and employee costs, dependence on other income and Lincoln’s historically modest sales and earnings growth. It also noted that part of the recent profit increase came from other income.
For India’s pharma sector, the broader push by drugmakers to diversify exports and move into higher-value, regulated markets as global competition and trade risks increase.
India’s pharmaceutical industry is facing an outlook: demand and exports remain growth drivers, but global trade disruptions, regulatory hurdles and rising costs are creating pressure on drugmakers. Against this backdrop, Angel One has picked Ahmedabad-based Lincoln Pharmaceuticals as a stock to watch, assigning a ‘Buy’ rating and a target price of Rs 845, implying a potential 39% upside from Rs 610.
The brokerage’s view comes as India’s pharma exports crossed $31 billion in FY26, but the sector is now dealing with higher freight costs, geopolitical disruptions and uncertainty around access to key overseas markets.
For Lincoln, Angel One sees export expansion and a shift towards higher-value medicines as growth drivers. The company currently exports to more than 60 countries and is looking to expand that presence to around 90 countries. It has also secured TGA Australia and EU-GMP approvals, which could help it enter regulated markets.
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Lincoln started FY27 on a strong note. Consolidated net profit rose 30.9% year-on-year to Rs 36 crore in Q1FY27, while total income increased 19% to Rs 202 crore and EBITDA rose 32% to Rs 52 crore.
Angel One expects Lincoln to maintain double-digit growth and reach Rs 1,000 crore in revenue within three years. It expects EBITDA margins to remain around 19-20% during FY27-FY29.
The brokerage, however, has flagged risks including rising raw-material and employee costs, dependence on other income and Lincoln’s historically modest sales and earnings growth. It also noted that part of the recent profit increase came from other income.
For India’s pharma sector, the broader push by drugmakers to diversify exports and move into higher-value, regulated markets as global competition and trade risks increase.