Thank you. Good evening, everyone.

I, on behalf of Lincoln Pharmaceuticals Limited, once again welcome you all to company's quarter three financial year 26 investor conference call. On this call from the management, we have Mr.

Munjal Patel, Whole-Time Director, along with Mr. Darshit Shah, Chief Financial Officer, myself Trusha Shah, Company Secretary and Compliance Officer, and our investor relations team.

Before we begin the earnings call, I would like to mention that some of the statements made during today's call might be forward-looking in nature. These statements are based on current expectations, forecast, and assumptions that are subject to risk and uncertainties.

I will now hand over the call to Mr. Munjal Patel for his opening remarks.

We will then open the forum for question and answer. Over to you, sir.

Hello, everybody. Good afternoon or good evening, and welcome to the investor call of Lincoln Pharma.

My name is Munjal Patel, and I'm one of the management partner in the company as a Whole-Time Director. Particularly for the Q3, we are looking at the numbers of the revenue is 166.32 compared to last year, which was 146.35.

This is quarter three to quarter three FY26 to quarter three FY25. The EBITDA is 38.74 compared to last year it was 32.63 last year.

PAT profit before tax is 34.72, wherein last year it was 28.68. NP net profit is 28.60 compared to last year it was 20.77, and EPS is 14.28 compared to last year, which was 10.37.

This is regarding the quarterly comparison of Q3 last year and Q3 this year. There has been some minimum a plus and minus during the quarter to quarter results because of the geopolitical kind of situations, but eventually we have achieved the number.

As of now, the EPS for the nine months is coming close to 41. is coming to 38.07, which last year as a whole was somewhere around 41.11.

I think so we are going on the right track, and we will be achieving a good numbers by the end of the year. Just to brief you with what we have done till now is the company is going at a reasonable pace of 12% to 18%, that's what we are targeting to grow at.

Also the company has diversified and started investing more into the regulatory part of the registration of the products. We are now expanding the portfolios in the different regions also where we are, entering to some niche therapeutic index in domestic market also, as well as in the international markets also, doing all the research and the BE studies, as well as the whole dossier documentation process at our own site, and we will be submitting it into multiple countries, regulated countries also, which will give us growth.

Also for that we have already bought a special building, which we are about to finish up or it will start working within about two or two and a half months. There a special dedicated R&D center will be there for the development of the new products.

That is one step which we have done. Second step is the Cepha block, which was about to commence, has already commenced and the revenue has started churning around in that one also.

Still a lot of regulatory has to come, but whatever we could start with and the regulatory we are waiting on that will add on to the value, but today we are doing about roughly around 45 cr of business, which we are targeting this year. That would be something which will be coming up.

Overall, our growth and the target for 1,000 cr is still there, and we will achieve it anyhow. That would be something from my side.

If you have any questions, I'll please happy to take it for you.

Hello, sir. Good afternoon, and congratulations on good set of numbers.

Sir, my question was ki for our long-term target of 1,000 crores, where will the major growth come from? Domestic, branded generic, exports, or the regulated markets, and what is the realistic timeline for regulated market contribution to happen, and where are we currently over there?

Can you share some light on that?

Thank you, Mr. Pranav.

The basic growth will come from the existing facility wherein the new dossiers as well as the new products which we have launched and are being exhibited will come from there. That is the first growth because that is the existing business what we are doing.

We are still looking at an upwards of another 10%, 15% by next year at the first lot. Secondly, our Cepha block, which is just contributing to 45 as of now, our target is to achieve 150, but closely come to at least 90 to 100 by next year, that's what is our next target.

Also with the current business, since in the domestic market also, you see that our products have spread in a bigger way in comparison to what we were, our T-Nex molecule, which is one of the key amongst the ENT segment, today we are one of the brand leaders in the ENT segment. Now we are even exploring other market therapeutic index in the different horizon of the industry.

This is what we will have the growth from. Also regarding the regulated markets, we have done CMO and CDMO projects already signed with the company wherein we are looking at total right now we have 18 or 19 something which is already been processed,

and

five [crosstalk] Hello?

Yeah. Five we have already signed, probably around 24, 25 CDMO projects will be commercialized.

That's where we'll get the regulated market approval from, and whatever new we are developing, that also we will put in these regulated markets. That will be a bonus which will again help the business to grow and touch the 1,000.

We might even cross the 1,000.

Understood. Sir, for our domestic business, what is our doctor coverage expansion strategy, and which therapy areas are delivering the highest prescription growths, and can you tell something about that?

See,

if you see our highest therapeutic growth is coming up from anti-infectives, then is the respiratory, then is the alimentary and metabolism, which is what we are looking at, another is urinary, then hormones, and then is the muscular pain and other therapeutic index. This is our major contributors.

Understood. Thanks, sir.

I'll join back in the queue for it.

sir. Sir,

Okay. Okay.

Yeah. Hi.

Thanks for the opportunity. I have two questions.

One is that the company's dividend payout has been negligible over the last few years, what is the out—

He's just asking about the dividend, and then I think so it dropped, right? For the dividend, we are giving the consistent dividend till now.

We are thinking on to whether to revise or what to do. That would be something which we are discussing internally with the management and also with the growth structure of the company, whether the reserve what we have is pretty good for us to develop as a debt-free company or not.

Depending on that, we will be exploring whether we should go for extra or more dividend.

Yes, hi. The second question I had was that on the loans and advances, if you could explain that the substantial amount of loans and advances, what is the nature of that, and when are they likely to be paid back?

See, these loans and advances are either given to companies who are giving us which are few of them are those kind of ICDs which are giving us returns because we have substantial cash flow which is already there in the company and we are we have to not have everything in the one basket. Few we have been giving it as a ICD wherein secured the assets or loans have been given to us or, the mortgages have been done with us.

We are secure, and they are being paying us regular returns on the investments what we have been given. Plus we have also given to people who help us for getting the materials at a cheaper rate.

If we are getting some discounts at about 2%, 3% or 4%, up to even the printers they give up to 10% also if we pay out in cash. We give it to such people who which demand a discount, which contributes to the business.

Anything what is being given as a loans and advance, it is till now we haven't have any defaults, and we have been secured. We are getting returns which are upwards of 10% to 12%, and our main goal is to have the money which is sitting there not until it be invested, at least it should be giving us something more than the inflation rate just to cover the cost of the money what we are having on hand.

We have parked even in the mutual funds and various other FD kinds of instruments also, and even land is also there, so that's all in the books of the company.

Yes, sir. I missed the answer of my first question, but just connecting the two points that given the fact that there's substantial surplus cash, it will be in the best interest of the shareholders that instead of investing in the non-core activities like, say, loan against property, etc., it will be best if you could increase the dividend payout so that over a period of time this gets normalized.

See, you are right, but our problem is that if we can find something inorganic growth, which we are expecting. We are trying to dig into different parts of the pharma industry where we could find something which is an inorganic and we could take an exponential growth by having such funds on hand rather than if I take a payout, since we are the promoters, we would be the happiest ones to get.

We are not doing it is just to safeguard the company as a whole wherein if I get a kind of business wherein I can have an additional revenue, it is a beneficiary for the investor also and the company also. That is our key focus wherein the pricing and right now the inorganic growth if we can get, that's what we are looking at, or we will grow from scratch by building up a greenfield project.

The money sitting there is just for that purpose only.

Yes, sir. I totally agree.

It's just that you could balance the two objectives and find a mid balance. That will be the great for the company.

Thank you.

Thank you.

Thanks for the opportunity, sir. Am I audible?

Yes, you're

Yeah. Sir, I think in our last interaction we mentioned something about Canada, Australia, and EU business.

If you could provide more color on how we are doing on all those three fronts. What are the current revenue levels, and what kind of ramp-up we are expecting from those regions?

True.

Okay. That's what I was coming to when you said that.

In the Canadian business, we have already started with the 15 or 17 products commercialized. Various products have been given to them.

It is through a CDMO and CMO projects, which is contributing to this year somewhere around about $4 to $5 million of business roughly. Also another total of all is 25 products which we have, 23 or 25 products which we have signed till now.

Those products will be developed as well as commercialized. Out of that, commercialization has been done, and it has been giving contribution to the company.

Regarding the TGA, we have been getting the products identified because entering TGA was whether we should have a MA which is already ready and we can do the site transfer on that one. We were working on that base that we had an opportunity to get about 15 to 18 MAs with somebody who already has it, but we couldn't get successfully transferred those products to our commercial angle.

Now we are in a process wherein we have to file our own products from the start. We will do that again, and that will be taking another year or so for us to start the TGA.

EU is about to get reinspected. We are just waiting for the reinspection to be commenced because QP has already audited it, and until and unless we don't get it re-audited, we are waiting from it.

We have applied it from two countries, so as fast as we can, we will be able to get back the approvals, and we can go ahead with it. Since we have the SRA approval from Canada, we are open to all the markets as of now, there is no such kind of a business loss which we are facing.

Understood. Sir, you mentioned $4, $5 million business from Canada.

Are we expecting any ramp-up going forward, or is this the maximum level that we could do with current set of molecules?

As I told you, it is just about 15 or something products, and total is about 23 products which we have to commence. Once that is the basic benchmark, and that is only the tablet line which we are looking at.

Now since Health Canada inspected us in January, we got the tablets, capsule, ointment, sachets, dry syrup, and our liquid syrup line approved. Six lines are now approved from Health Canada.

It helps us in various markets which are indirectly accepting the accreditations of such markets, which are SRA markets, and help us to enter in those markets through these approvals. Of course it will increase, and it may cross even $10 million or $15 million down the line.

We are expecting more business to grow not even only from this particular region, but we can even grow it from Latin America, we can grow it from Southeast Asia, and other countries wherein these certificates are useful for us to get the products registered, and going forward it will give us a commercial value.

Got it, sir. Sir, you mentioned something about reinspection from EU.

I'm sorry, I didn't understand that part. Is this a timeline thing that we have to get inspected again in EU?

They

have a timeline. Every three years they do have an audit, but sometimes they are in a phase wherein they are already booked with lines, the auditors, they have a queue of it.

Firstly we had an audit from EU Germany, but Germany was full, now we are targeting even Hungary. Our QP audit, which is the first phase of the audit, that has been cleared.

Now we are just waiting for the final audit to come up, probably we can get it sometime in the middle of May, June, sometime, that's what we are targeting.

Understood, sir. When should we start a business coming from that region if we get that approval in May, June?

See,

we'll start once we have already submitted three products, and once these approvals are clear, we can again push up to more products, and then we might get the product's approval for those three products also.

Understood, sir. On the long-term revenue target, sir, 1,000 crores, I think earlier we guided for FY28.

Are we still sticking to that year, or are we pushing it forward?

Frankly telling you, we are still sticking to that, but it might take five, six months here and there, but we are still sticking to the number what we are in mind, because we have to achieve that number and we have to cross that figure. For that that's the reason that we are also waiting for either we can expand in the domestic territories or even through an inorganic growth or even through registrations or even by putting up a new facility, we have everything we are exploring.

We have hands on many things right now, probably we will be successful to achieve that number in the timeline what we have told, otherwise it will be maximum to maximum somewhere around six months.

Got it, sir. Currently, sir, we are doing around 15% in EBITDA margins.

Should we expect expansion on that front as well? See,

frankly telling you, to be on a secure side I would say 15% would be ideal, but no, we might go up to between 15% to 18%, that's what we can expect.

Perfect, sir. Makes sense.

Sir, last question on our Cepha— That's what

I don't want to overcommit you guys, and then I don't perform, and then again I have questions, it's just

Understood, sir. Perfectly understandable, sir.

Makes sense, actually. Sir, last question on cephalosporins block.

What kind of revenues are we doing from that, and have we achieved the break-even levels?

Today, as of now, while I'm speaking to you, this year has already crossed the break-even, and we are at least on the positive side of the balance sheet with whatever business we are doing, first thing. Secondly, the revenue from that by the end of this year we are expecting is between somewhere around 45 cr.

That is what we are expecting this year. Out of which, I think so 32 to 34 it is done.

Understood, sir. Understood.

Sir, I'll come back in the queue if I have more questions. Thank you.

Thank you.

Yeah. Thank you.

My questions have been answered. Just one question I wanted to know.

What is your R&D expenses as a percentage of revenue, and how should I look into that going forward?

See, as of now, our R&D expenses roughly comes to around 1.8% to 2%. With this aggressive planning what we are trying to do is we might come up to 3% or 3.2% or 3.25%, that's what we are targeting just to now scale up to the next level, because in the regulated markets we have to pay the higher fees as well as we want to have the dossiers and all the intangible asset which is there on our name.

For that, whatever expenses we have to do, we'll do. The R&D expenses as of now is roughly around 1.8% to 2%, which we are targeting to 3% to 3.25%.

Okay. Understood.

Thank you, sir.

Sir, what is our market share in top five brands, and on that front, are we competing on price, or price pressure, prescription stickiness, and what is the strategy over there?

See, our top five brands, if you talk about, especially in international, it varies country to country because we are into a different segment of mode wherein we are there. Country to country the brand and the brand value keeps on changing, but we are significantly present in each country, at least with whatever we are present with.

Our top brands are contributing around starting from $100,000 to sometimes to $2 million a brand. In the domestic market, as I told you, the therapeutic index which we are focusing, the major is the Trixon brand, which is there.

Also with that there is this Vivien brand, as well as Mobile brand, as well as the what do you call the T-Nex, which is the innovator brand for the ear and what do you call, wax-a-gain. That is the brands which we are focusing the most.

Overall, that is what is our target which we are having.

Understood. Sir, what percentage of exports comes from tender-driven Africa market versus the branded emerging markets versus the regulated markets?

See, to be specific, for now if I consider Africa market or regulated market, mostly now everything has become the same as per the GMP what has been applied to in even Africa also. I think so the markets are the same, but if you would ask me for a Canada one, which I told you as of now we are doing about $3 to $4 million, we would deduct that much from our current sales, which is the regulated market.

Rest everything is coming from Africa, Southeast Asia, Latin America, and the other tendering business like UN, WHO, or UNICEF, or other kit projects which we can have, tender projects.

Okay. Understood.

That's it from my side. Thanks.

Hello. Is my voice audible?

Yes, Prashant, your voice is audible. Yeah.

Thanks for the opportunity, and congratulations on a decent set of numbers to the team. I have basically two questions, and I joined a bit late, pardon me if it is repetitive.

The first question is regarding other income. For the nine months if we see, it works out to around 50% of the EBITDA.

Going forward, how sustainable do you see? What is this other income, and will this be in the same range, or can you give some more insights into this?

Okay. See, the other income is two types of income.

One is the dollar difference income, which is being generated, so that is one part of the other income. Second part of the other income is whatever the reserves which we have put and the earnings which we are getting in terms of the return, that is also part of the other income.

These two are contributing to the other income.

When you say the foreign exchange differences, so that means we don't do basically any hedging, and any rupee devaluation is boosting the income. Is that understanding correct?

See, what happens is, we do hedging, but we don't hedge fully. Because if we fully hedge, sometimes, today, as you see that, there are a lot of dollar plus and minuses.

We also don't know whether we would be right or wrong to do the hedge right now or not. Also with the country also, we don't know whether the in the country also the scenario would be such that they might not able to remit it because of the globally what we have seen since January, February of this year, that, last year, that, the plus and minuses of the currency was going on.

We don't do full hedging. Yes, we do hedge, but we don't fully hedge the currency.

Fair enough. The second thing is you mentioned about increasing our presence in Canada, Latin America, certain parts of Africa, Europe.

In two parts in this, basically how many of our products are registered in each of these markets? Like how many products registered in Europe, Canada, Latin America?

What has been the cost, and how do we see the trend going forward? Have we put a number of how much are we going to spend in getting product and formulations registered, dossiers filed, any details on that if you can provide?

I would give you a rough idea because exactly it really depends on the timeline of the R&D as well as the BE studies to be passed and the different tests to be conducted and the validation batches to be performed and the stability to be done, and after that only we will be able to register these products. With Canada, as I told you, the revenues have already been started since it was a CDMO and a CMO project.

With that I have earlier on the call given a number that this year we will be touching around between the $3 to $4 million as of now in Canada. In Latin America, we have products which belongs to the local partner.

Now we are registering either the same products or even the newer products, which would be not competing, but it would be the ownership of Lincoln only. That the model that we want to implement, and altogether that would be implying to various markets.

We are taking a gradual step. Every year we are targeting somewhere between 5 to 7 crores in terms of registrations, BE studies, that is what we are targeting.

This would be the part of your R&D cost or another line item? See,

it would be bifurcated into two parts. One would be the R&D cost, which is the technical part.

When the dossiers will be submitted, it has to be in the registration and the regulated part, which would be kind of an asset also, and which can be on the expense side. You will see that on the books as the expense side.

Understand. Just a suggestion, what you have explained, if you can put a slide or two of that in your investor presentation, it will be helpful for us investors to know that information and we'll be able to track it on a more meaningful way going forward.

That's just a suggestion from my side.

I think on the website somewhere it is there. If you can just put it on our investor email, they will send you the link to the page where it is.

Sure, I will do that. That's all from my side.

Wish you all the best.

Thank you.

Hi. Thanks for the opportunity.

Am I audible?

You are audible, Saket.

Yeah. Sir, exports has emerged as a major driver for us this quarter.

Even if I look at other Indian pharma companies also, exports is driving a lot of growth, especially non-US. Sir, just wanted to double-click on that.

Around currently almost 400 crores of our revenue comes from exports. How does that, sir, break up across LatAm, Africa, South Asia, say, Europe, and Canada?

To be frank enough on this particular answer, I have a rough estimate, which would be Africa would be somewhere between 40%. Rough is fine, sir.

Rough is fine. These are all the rough estimates what I'm talking about.

I can give you the exact numbers if you can email us, and I'll give you the exact numbers. Then Latin and Southeast Asia combined would be somewhere between 25%, then another 15% would be the UNICEF, UN, and other tender business, and the rest of the component would be Canada business and some smaller other businesses which we do.

Fair enough, sir. Sir, how much in dosage form, is it what percentage would we say injectables?

Because mostly these countries and tender-wise, injectable is a great offering from most of the companies. How does that break up for us, what percentage comes from injectables, what from oral solid, and say, different dosage forms?

See,

we have total as of now in Lincoln total about 17 different line items, which are, that is the segment. Tablet is one of the segment, and injectable itself has got another three segments into it.

Like that, that are only four segment what I'm talking about. We have total 17 different line items.

In that, we have sublines of production as well as packaging as well as everything. Altogether if you look at, the top seller, of course, would be the tablets, then would be the injectables, and injectable would be dry powder injectables, and then would be the capsules and other ampoules and dry syrup and all that.

Fair point, sir. Sir, do we largely distribute via importers, or we have our own distribution set up also in some of these countries?

See,

we don't have our own distribution set up, but yes, we do have our own marketing team. We have our own country managers, and that is what which we are doing.

As of now, we don't have our own setup because we don't want to have local currency problems, we don't want to tackle with the local any other kind of issues wherein we are not aware of. Whatever business which we are doing, it is B2B, but in fact, we are tracking it down to B2C also since we have our country manager and our team of marketing team who is going and spreading these products into various countries into various areas.

Got it, sir. Sir, why I was asking is that many companies nowadays like Caplin, they're setting up their own warehouses because they feel that having an inventory in that particular country helps you better market your products because you can then supply this.

Is that in the works in some of the countries where you have meaningful sales now, you want to deep dive or augment your presence?

We don't want to get into that because I think so you are rightly said that Caplin has a strength over that. Since they have created that strength, it is good that even they could explore that.

Our strength is not in that. Our strength is into manufacturing and marketing of the products through the distribution channel only.

For now, we are going on that line of action only, and we feel comfortable as well as the whole business cycle is feasible that way. We don't need to worry about the outstanding payments, currency variations into different markets, and many other local issues.

That is something which we have our peace of mind as of now since we have that channel. We would like to go with the channel what we have as of now.

Fair point, sir. Sir, currently, I think the domestic-export share is around 30-70, 70% in exports.

Now for the 1,000 crore guidance that you have given, what's the mix? Is it 70-30, or it would be more, say, domestic driven?

See,

it will be both sides. It will grow the same, and probably it might be that we will come up to 65-35 or 60-40.

There is always a bit of a shift in the numbers, but since it is Lincoln by itself and until it is giving the same margins what we are expecting, I think so for us as a baby both are the same. Yes, this would be plus and minus here and there, but the value would be somewhere between 60-40 range.

That's what we are looking at.

Fair point, sir. Now you talked about there is a lot of focus on branding or branded generics within our portfolio.

Sir, for a branded company, don't you think this 15% EBITDA is slightly on the lower side because in India, at least, many branded pharma companies easily enjoy, say, margins upwards of 20%, 25%. Even in exports, those who largely again, the modern asset-light model that we are right now focusing on, the margins are upwards of 20%, 25%.

In fact, Caplin has 35-odd percent, but okay, that's a scaled-up company, so that might be slightly different. Any reason for why slightly lower than average margins, sir?

See,

that's what I told you. We are expecting 15 as the bare minimum, and we might go to 18, and we might even cross to See, this all depends on the product mix and the seasonal aspect which is there.

We have products, we are branding the products, and nothing comes at just the one shot. Branding is such an activity that everybody is trying, and we have to work a lot in terms of people, development, skills of the people as well as the marketing team.

Everybody has to be aligned accordingly. We are doing all the activities possible into various regions and various areas, also in the therapeutic index wherever we are possible we can do that.

We will try to grow and give a better number, but this is what I told as first also that to be secure enough I can say that between 15% to 18% we will achieve.

Got it, sir. Sir, if I look at our current revenue mix, is it like 100% is, say, marketed by us, or we also, say, act as CMOs or CDMOs to other partner who again, we have the manufacturing license and they are the ones who are marketing?

In that case, the margin might come down slightly. What's the mix between, say, own brands versus, say, CMOs/CDMO for our revenue?

See,

particularly in CDMO, CMO model, we are the manufacturer, and since we have such kind of accreditations, specially for domestic, we don't manufacture for anybody except for Abbott. Also, we have only one product which we are doing for them.

In the plant as of now, we are not manufacturing anything for somebody who is locally doing it or third-party manufacturing. Domestic also we don't entertain any kind of manufacturing or they are manufacturing at our site and marketing it to somewhere.

The margin whatever is there is there in the business itself.

Sir. Okay.

Sir, thanks for responding to my queries patiently, sir. Appreciate, and best of luck.

Thank you.

Yes, thank you for the opportunity again, sir. Sir, with the current existing manufacturing base, what is the peak revenues that we can do?

I think so we can, see, what we are doing is as of now we have still a gap of another I would say around 15% to 20%, which we can still cope up with in the existing site, keeping a bit of a hollow just in case of needed, that is separate. Yes, we can grow another 20% from the existing site when we use all the lines.

Actually, it depends on the usage and the usage of the lines what we are doing, and that's how the product mix is being developed. Whenever we are doing even R&D, we are looking at what lines we have and what we should develop, all our lines can be fully occupied whenever since they have been audited by so many countries, and we can go ahead and do that.

That's what would be our major thought on it.

If I'm getting it correct, from here onwards we can do around 750 to 800 crores with our existing base, obviously keeping in mind all of the details that you mentioned. If we want to go beyond that, we'll either need a new plant or inorganic expansion like you mentioned during this call.

Is my sense correct?

Yes, of course. That is excluded.

This you are excluding Cepha, Cepha is another which is already 45 we are doing. We are targeting 150 on that also.

It will add up to another that plant is still in the phase of approvals and production, so that would be another value which will be added to the business. Also we buy many products, finished products in many countries from outside also.

That business is also there. We can even have an expansion in that business also.

All together we have different avenues to grow the business, and yes, our basic requirement would be a unit or a inorganic growth, so that is there, and that's what we are looking for.

Sir, on this inorganic side, is there any specific niche that we are looking at? Maybe some drug type or some therapy that we are looking at or delivery system?

Just to get a broad sense. See,

what my bread and butter is mostly the tableting and the injectable part, firstly we would be looking at the tableting block somewhere if possible, and that too if they have such kind of accreditations of what we are looking at, then only we'll go with that. Then would be the injectable one.

Since we are already into that business, we would like to cover that business first, and then go to something different again now into oncology or hormones, which we are also planning to move forward. Firstly we want to take this as a challenge and take it up from there.

Understood, sir. Thank you for answering my question.

Sir, is my voice audible, sir?

sir, you're audible. Sir, thank you for the opportunity.

I am a shareholder of Lincoln Pharma for the past four years, sir. I have seen the growth of the company—

Okay. My voice is audible, sir?

Hello?

Hello?

Sir. Thank you for the opportunity, sir.

Sir, a few questions, sir. Most of the questions covered by the previous participants.

First thing, sir, is there any plan for the buyback of the share? And

We are not planning any kind of buyback.

Okay. Sir, previously in the past three years back, there is a promoter shareholding has been gradually increased.

Lately, there is no more major buying. Is there any plan to increase the shareholding of the promoter, sir?

Because Yes. As and when required, and whenever we see an opportunity, yes, we will again go with whenever we have that additional funds, of course, we will invest first in the company only because we'll be the most beneficial one out of it.

Since we are sitting here all day, we will do that. That promoter holding will be increased gradually, and we will keep on doing that.

Sir, yeah. Thank you, sir.

Thank you for your answer, sir. Sir, one thing, sir, why there is DII holding is not increasing in our company even though FII has increased their shareholding?

See, the DIIs have a criteria of something wherein they have a benchmark limit of the market cap, and after that only they can enter a company. That's the reason that they don't directly enter the company.

FIIs are looking at the positive results and whatever growth they're looking at, they can directly invest. That's the reason that you see the FIIs are there, but DIIs are still not there.

Sir, regarding that Africa market, I think they are 40% directly depend upon the Africa market in export. We are facing any sort of cash ratio.

Is there any delay, sir, because of this sort of currency fluctuation in forex fluctuation delay?

We don't see any kind of losses till now in such kind of even situation geopolitically. Yes, money comes in 10, 15 days plus and minus, but that is something which we have to do sometimes whenever that happens.

Otherwise, money flow is going on in the correct direction.

Yes. Sir, this is one of the last question, sir.

In other income part, sometimes in some quarter it's positive contribution, in another quarter we are seeing negative contribution. Is that means why it is so, sir?

Means our whatever the investment, is it not generating that much return, sir?

See, what happened was in February when we all saw the dip in the market, then that was seen in the balance sheet also at that point of time also. The recovery is now being done in the market, so that's why last two quarters you are seeing a bit of an increment, and now you are seeing much more of an increment in the other income.

Gradually down the line, you will see a bit of a better one also.

Yes. Sir, thank you, sir.

Thank you from my side, sir. Kindly focus on the increasing the wealth of the shareholders, sir.

I am part of this company for the last four years. Hope that our company do good things, expand shareholder wealth and at the same time promoter wealth.

Thank you, sir. Thank you once again.

We agree. You are with us for so long, and four years is a long time, and we are really grateful for that.

We commit that we'll grow the company, and being part of Lincoln, think us as your family. You are a shareholder of the company, you can come and visit the office as well as the factory whenever you want.

We invite you anytime to come to and visit the factory also.

Thank you. Thank you, sir.

Sir, one thing from my side. Please continue this concall every quarter, sir.

We are seeing that there is no concall from the last two quarters, I think. I request

We'll try and do that.

Thank you. Thanks.

Hello, sir. Am I audible?

Yes, ma'am.

Sir, this 45 crores of revenue that we are expecting by this year-end, this is from which segment?

That is a Cepha block, ma'am. Okay.

That is the another factory which we bought in Mehsana. It is gradually commenced, and this year we're touching about 45 cr.

Sir. Any revenue and margin expectation for FY27?

FY27

or this current year?

Next year, sir.

Next year, we, as I told you, we will be somewhere between 15% to 18%, that is guaranteed. Might be we cross above that also.

Looking, see, there are a lot of dynamics which are going on in the market. If I commit something right now and something goes wrong or as a industry also, a lot of trade barriers come into it, then we don't know.

Yes, we are looking at a better return on whatever we are committing, at least over 18% if possible, but we try and do touch the 18% and above benchmark if possible.

Sir. Thank you.

All the best.

Firstly, thank you, everyone, for joining us today for discussing company's third quarter result and business performance. For any other question, queries, or plant visit, please write to us.

We would try to respond them at the earliest possible. Thank you very much again for attending this call, and have a nice day.

Thank you.