Lincoln Pharmaceuticals Ltd Management Discussions

For the financial year ended March 31, 2026

The Economic Backdrop

The world around us

The global economy we operated in through FY26 proved steadier than many had feared, even as its backdrop turned visibly more fraught. The International Monetary Fund?s April 2026 World Economic Outlook - tellingly subtitled "Global Economy in the Shadow of War” - placed global growth at around 3.1% for 2026, a shade softer than the 3.3% estimated only months earlier, with almost the entire markdown owing to geopolitical conflict and renewed trade frictions. Activity stayed resilient in the United States, subdued across the Eurozone, and steady, if unspectacular, in China.

For an export-oriented manufacturer such as ourselves, the more tangible effects were felt in freight and logistics. Crude oil, which averaged roughly US$ 68 a barrel in 2025, was assumed to run materially higher through 2026 on conflict-related supply concerns, and shipping lanes in West Asia became a live risk to lead-times and costs. We felt some of this pressure directly in our fourth quarter.

Closer to home

India?s picture was decidedly brighter, and remained a tailwind for our business. The country held its place as the fastest-growing major economy, with growth estimated at around 7.3-7.4% for the year on the back of resilient consumption, sustained public capital expenditure and an unusually strong third quarter. Inflation stayed benign for most of the year, giving monetary policy the room to remain supportive of growth. As we look towards FY27, growth is expected to moderate to roughly 6.5% as cyclical tailwinds fade, with imported inflation and global commodity shocks the principal risks on our radar.

7.3-7.4%

India GDP growth, FY26

3.1%

Global growath, 2026

~6.5%

India outlook, FY27

Sources

•IMF, World Economic Outlook, April 2026 - https://www.imf.org/-/media/files/pubHcations/weo/2026/april/english/ch1.pdf

•IMF, World Economic Outlook Database - Real GDP growth (India) - https://www.imf.org/external/datamapper/NGDP_RPCH@WEO/IND

•Ministry of Finance, Government of India - Economic Survey 2025-26 - https://www.indiabudget.gov.in/economicsurvey/

• World Bank, Global Economic Prospects - https://www.worldbank.org/en/publication/global-economic-prospects

The Industry We Work In

WE WERE BUILT FOR THIS MARKET

The global pharmaceutical market

Our industry continues to grow on durable foundations - ageing populations, the rising burden of chronic disease, and a steady migration towards biologics and specialty medicines. The IQVIA Institute expects global spending on medicines to climb to about US$ 2.4 trillion by 2029, growing at 5-8% a year, with specialty products on course to account for roughly half of that spend. Oncology, immunology and anti-diabetics remain the largest and fastest-growing therapeutic areas, the United States remains the single largest market by value, and a coming wave of patent expiries will keep opening doors for cost-effective generics - precisely the space in which we compete.

The Indian pharmaceutical industry

India?s standing as the "pharmacy of the world” is, if anything, stronger than ever, and we are proud to be part of it. The country supplies roughly one in five generic medicines globally by volume and close to 60% of the world?s vaccines, and Indian pharmaceutical products reach more than 200 countries, including the most demanding regulated markets. Valued at around US$ 55-60 billion in FY25, the domestic market is projected to reach US$ 130 billion by 2030, compounding at over 10% a year, while our country?s drug and pharmaceutical exports rose about 9.4% to US$ 30.5 billion in FY25.

Policy support continues to deepen - from the Production-Linked Incentive scheme to the Rs. 10,000 crore Biopharma SHAKTI initiative announced in early 2026 - even as the sector contends with pricing pressure, rising input and compliance costs, and intense competition. This is the current we swim in, and we believe our affordable, branded-generics model is well aligned with where the industry is heading.

Sources

• IQVIA Institute, The Global Use of Medicines: Outlook to 2029 - https://www.iqvia.com/insights/the-iqvia- institute/reports-and-publications/reports/the-global- use-of-medicines-outlook-through-2029

•India Brand Equity Foundation (IBEF), Pharmaceuticals - https://www.ibef.org/industry/pharmaceutical-india

•IBEF, Pharmaceutical Companies in India - https://www.ibef.org/blogs/pharmaceutical-companies- in-india-advancing-innovation-and-global-reach

About Us

HEALTHCARE FOR ALL - SINCE 1979

Founded in 1979, we - Lincoln Pharmaceuticals Limited - have built our business around a straightforward promise: affordable, high-quality medicines, made to international standards, in service of our enduring vision of "Healthcare for All”. From our research and manufacturing base in Gujarat, we manufacture in line with WHO-GMP norms, and our EU-GMP certification gives us marketing rights across all 27 EU member states and the wider European Economic Area.

Our portfolio spans the full range of dosage forms - tablets, capsules, dry syrups, liquid orals, injectables, sachet powders, suspensions, semi-solids such as creams, gels and ointments, small- and large-volume parenterals, and oral and topical sprays. With more than 600 formulations across 15 therapeutic areas, we hold a strong position in anti-infectives, respiratory, gynaecology, cardiology, central nervous system, antidiabetic, anti-malarial and antibacterial therapies, and we are steadily widening our presence in lifestyle and chronic care, with a particular focus on women?s healthcare and dermatology.

Sources

• Lincoln Pharmaceuticals Limited - Investor Relations & disclosures - https://www.lincolnpharma.com

• BSE Limited - Lincoln Pharmaceuticals filings (Scrip Code: 531633) - https://www.bseindia.com

•National Stock Exchange of India - Lincoln Pharmaceuticals filings (Symbol: LINCOLN) - https://www.nseindia.com

Our Capabilities

Manufacturing

We operate two advanced manufacturing facilities, at Khatraj (Ahmedabad) and Mehsana, Gujarat, certified to stringent international standards including EU-GMP, TGA, WHO-GMP, ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018. During the year we scaled up commercial production at our expanded Cephalosporin facility at Mehsana, and we made encouraging progress at our newly commissioned API plant, where we have already secured approvals for ten products with more in the pipeline, against an internal-accrual investment of around Rs. 4 crore. Backward integration into APIs matters to us: it strengthens our supply security, sharpens our cost control, and reduces our dependence on external sourcing.

Research & Development

Our DSIR-recognised R&D centre at Khatraj, Ahmedabad, established in 2000, anchors our innovation agenda across chemical (API process), formulation and analytical research. We have filed more than 25 patent applications and hold 7 granted patents, and we continue to concentrate on complex generics, differentiated drug- delivery systems, bioequivalence and a disciplined patent strategy. During FY26 we deliberately stepped up our R&D investment in the conviction that a deeper, higher-value pipeline is the surest route to durable growth.

CM	10	25+	700
Manufacturing facilities	API products approved	Patent applications filed	Products in pipeline

Sources

• Lincoln Pharmaceuticals Limited - Investor Relations & disclosures - https://www.lincolnpharma.com

• BSE Limited - Lincoln Pharmaceuticals filings (Scrip Code: 531633) - https://www.bseindia.com

• National Stock Exchange of India - Lincoln Pharmaceuticals filings (Symbol: LINCOLN) - https://www.nseindia.com

How Our Business Performed

We delivered steady top-line growth in FY26 and, importantly, returned to profit growth after a softer FY25, all while continuing to invest in capacity, backward integration and international registrations. A particular source of satisfaction was our Cephalosporin block at Mehsana, which turned profitable during the year and contributed approximately Rs.46cr. crore to our FY26 revenue - early validation of our capacity-led growth strategy.

Segment- and therapy-wise performance

In line with our move into chronic and lifestyle care, our growth in FY26 was led by the cardiac, diabetic, dermatology and ENT categories, even as the acute segment remained our foundation. By therapeutic area, General Anti-Infectives continued to be our single largest contributor at roughly a quarter of formulation sales, followed by our Musculo-Skeletal, Respiratory, Alimentary Tract & Metabolism, Cardiovascular and Parasitology segments. Our full-year therapy-wise contribution is set out in the chart alongside (acute 84.82% : chronic 9.04%, Other 6.15%).

Geography-wise performance

Exports remained our larger revenue contributor through the year, with the mix tilting further towards international markets in the second half. For the full year, our domestic- export split was approximately 58.5% : 41.5% (domestic Rs. 278.24 crore; exports Rs. 392.79 crore). Our key export regions span East and West Africa, Central, North and Latin America, and South-East Asia. Our recent entry into the Canadian market began to contribute during the year (annualised revenue of approximately US$ 1.32 million), and, together with our TGA-Australia and EU-GMP approvals, keeps us firmly on track towards our goal of serving more than 90 countries.

Sources

• Lincoln Pharmaceuticals Limited - Investor Relations & disclosures - https://www.lincolnpharma.com

• BSE Limited - Lincoln Pharmaceuticals filings (Scrip Code: 531633) - https://www.bseindia.com

• National Stock Exchange of India - Lincoln Pharmaceuticals filings (Symbol: LINCOLN) - https://www.nseindia.com

New Lauches

DOMESTIC

During FY26, we expanded our domestic portfolio across womens health, diabetes management, antifungal therapy, respiratory care, hepatology and wellness. These launches strengthen our participation in chronic and speciality segments while widening the range of differentiated formulations available to healthcare professionals and patients.

Bioker Forte Advanced Cyclic Hair Kit

A structured cyclical hair-care kit formulated to support the nutritional requirements associated with healthy hair growth and scalp wellness. The kit provides a systematic supplementation approach to help strengthen hair and address nutrition-related hair concerns.

Charge Up Gold - Multivitamin & Mineral Supplement

A comprehensive multivitamin and mineral supplement formulated to help bridge everyday nutritional gaps. It supports energy metabolism, immunity, physical vitality and overall wellbeing as part of a balanced nutritional regimen.

Dydrolink-SR 30 - Dydrogesterone Sustained-Release Tablets 30 mg

A sustained-release progestogen formulation developed for conditions where progesterone support is clinically indicated. Its extended-release profile is designed to provide prolonged drug exposure and support continuity of therapy under medical supervision.

ElaGix 150 - Elagolix Tablets 150 mg

An oral gonadotropin-releasing hormone antagonist used in the management of moderate to severe pain associated with endometriosis. It reduces ovarian hormone stimulation involved in the development of endometriosis-related symptoms.

ITRALIN Oral Solution - Itraconazole Oral Solution BP 10 mg/ml

A triazole antifungal oral solution used in the treatment of oropharyngeal and oesophageal candidiasis. The liquid dosage form facilitates administration where oral-solution therapy is clinically preferred.

ElaGix 200 - Elagolix Tablets 200 mg

An oral gonadotropin-releasing hormone antagonist used in the management of moderate to severe pain associated with endometriosis. It reduces ovarian hormone stimulation involved in the development of endometriosis-related symptoms.

Linsita-E - Sitagliptin 100 mg + Empagliflozin 25 mg Tablets

A fixed-dose combination of a DPP-4 inhibitor and an SGLT2 inhibitor for improving glycaemic control in adults with Type 2 Diabetes Mellitus. It combines incretin-based action with increased urinary glucose excretion through complementary mechanisms.

Linsita EM Forte 100/25/1000 - Sitagliptin, Empagliflozin and Metformin Extended-Release Tablets

A triple-mechanism oral antidiabetic formulation for adults requiring additional glycaemic management in Type 2 Diabetes Mellitus. It combines metformin- based insulin sensitisation, incretin enhancement and urinary glucose excretion in an extended-release formulation.

Namcold Oxy Advance - Oxymetazoline Hydrochloride Nasal Solution IP

A topical nasal decongestant formulated for the temporary relief of congestion associated with the common cold, allergic conditions and sinus pressure. It reduces swelling within the nasal passages and supports freer nasal airflow.

Ryno Oxy - Fluticasone Furoate and Oxymetazoline Hydrochloride Nasal Spray

A combination nasal spray that brings together the anti-inflammatory action of fluticasone furoate and the topical decongestant action of oxymetazoline. It is designed to address both nasal inflammation and congestion associated with allergic rhinitis.

Soludine Advance - Benzydamine HCL & Chlorhexidine Gluconate Mouth Spray

A dual-action antiseptic and anti-inflammatory mouth spray formulated to provide rapid, symptomatic relief from oral and throat pain. It effectively reduces inflammation, swelling, and discomfort associated with conditions such as tonsillitis, pharyngitis, and mouth ulcers, while promoting a healthier oral environment.

Udilink SR 450 - Ursodeoxycholic Acid Sustained-Release Tablets 450 mg

A sustained-release bile-acid formulation used in the management of selected cholestatic liver disorders, including primary biliary cholangitis, and certain cholesterol gallstones. The formulation is designed to provide prolonged release of the active ingredient.

EXPORT

During FY26, we introduced products across neurology, psychiatry, gastroenterology, diabetes, transplant care, urology, cardiovascular therapy and mens health in selected international markets. These additions deepen our country-specific portfolios and reinforce our strategy of widening access through focused registrations and market-led product development.

Altoin-100 - Phenytoin Tablets BP 100 mg

An antiepileptic medicine used in the control of generalised tonic-clonic and complex partial seizures. It stabilises neuronal activity and helps limit the spread of abnormal electrical impulses within the brain.

Aripilin-10 - Aripiprazole Tablets USP 10 mg

An atypical antipsychotic used in the management of schizophrenia and manic or mixed episodes associated with Bipolar I Disorder. It modulates dopamine and serotonin signalling pathways involved in mood, behaviour and perception.

Aripilin-15 - Aripiprazole Tablets USP 15 mg

An atypical antipsychotic used in the management of schizophrenia and manic or mixed episodes associated with Bipolar I Disorder. It modulates dopamine and serotonin signalling pathways involved in mood, behaviour and perception.

Histalin 8 - Betahistine Dihydrochloride Tablets BP 8 mg

A betahistine formulation used in the management of Meniere?s syndrome and associated symptoms such as vertigo, tinnitus, nausea and hearing disturbance.

It supports the control of vestibular and balance- related symptoms.

Histalin 16 - Betahistine Dihydrochloride Tablets BP 16 mg

A betahistine formulation used in the management of Meniere?s syndrome and associated symptoms such as vertigo, tinnitus, nausea and hearing disturbance.

It supports the control of vestibular and balance- related symptoms.

LCT Kit 500 - Lansoprazole, Clarithromycin and Tinidazole Combination Kit

A combination therapy kit developed for Helicobacter pylori eradication regimens associated with acid- peptic disease. Lansoprazole provides gastric acid suppression, while clarithromycin and tinidazole provide complementary antimicrobial action.

Lincoln-Dipaflox-10 - Dapagliflozin Tablets 10 mg

An SGLT2 inhibitor used to improve glycaemic control in adults with Type 2 Diabetes Mellitus by increasing urinary glucose excretion. Under relevant approved indications, dapagliflozin is also used in heart-failure and chronic-kidney-disease management.

Mycofil - Mycophenolate Mofetil Tablets USP 500 mg

An antimetabolite immunosuppressant used with other immunosuppressive medicines to help prevent rejection following kidney, heart or liver transplantation. It acts by suppressing lymphocyte proliferation involved in immune-mediated organ rejection.

Oxybutynin Tablets 5 mg

An antimuscarinic medicine used in the management of overactive bladder symptoms, including urinary urgency, frequency and urge incontinence. It reduces involuntary bladder contractions and supports improved bladder control.

Pregabest- Pregabalin Capsules 75 mg

A neurological formulation used in the management of neuropathic pain and as adjunctive therapy for partial-onset seizures. It modulates calcium-channel activity to reduce excessive neuronal signalling associated with pain and seizures.

Telmisin - Telmisartan Tablets USP 40 mg

An angiotensin II receptor blocker used in the management of hypertension. It blocks the action of angiotensin II, supporting sustained blood-pressure control and reducing cardiovascular risks associated with uncontrolled hypertension.

Telmisin-H - Telmisartan and Hydrochlorothiazide Tablets

A fixed-dose antihypertensive combination for patients requiring dual-mechanism blood-pressure management. It combines angiotensin receptor blockade with thiazide-diuretic action to provide complementary blood-pressure reduction.

Verdenil-10 - Vardenafil Tablets 10 mg

A phosphodiesterase type-5 inhibitor used in the treatment of erectile dysfunction. It enhances the natural erectile response to sexual stimulation by improving cGMP-mediated blood flow to penile tissues.

Verdenil-20 - Vardenafil Tablets 20 mg

A phosphodiesterase type-5 inhibitor used in the treatment of erectile dysfunction. It enhances the natural erectile response to sexual stimulation by improving cGMP-mediated blood flow to penile tissues.

Sitalin-50 - Sitagliptin Tablets USP 50 mg

A DPP-4 inhibitor used with diet and exercise to improve glycaemic control in adults with Type 2 Diabetes Mellitus. It prolongs incretin activity and supports glucose-dependent insulin secretion.

Sitalin-100 - Sitagliptin Tablets USP 100 mg

A DPP-4 inhibitor used with diet and exercise to improve glycaemic control in adults with Type 2 Diabetes Mellitus. It prolongs incretin activity and supports glucose-dependent insulin secretion.

Our People and Our Planet

Our People

Our more than 1,700 colleagues are the foundation of everything we do. Through the year we continued to invest in their skills, well-being and leadership development, and in a collaborative, inclusive culture that helps us attract and retain talent across every function. We see our people not as a cost to be managed but as the capability that will carry us towards our next phase of growth, and as the team that ultimately delivers on our promise of "Healthcare for All”.

Sustainability

We are equally serious about our environmental footprint. Our solar installations at Mehsana, Khatraj and Radhanpur, together with our wind turbines, now meet close to 100% of our energy requirements from renewable sources - lowering both our electricity cost and our impact on the environment, and reinforcing our standing as an eco-conscious manufacturer committed to long-term, responsible value creation.

Our people make the medicine; renewable energy keeps the lights on.

Sources

• Lincoln Pharmaceuticals Limited - Investor Relations & disclosures - https://www.lincolnpharma.com

• BSE Limited - Lincoln Pharmaceuticals filings (Scrip Code: 531633) - https://www.bseindia.com

• National Stock Exchange of India - Lincoln Pharmaceuticals filings (Symbol: LINCOLN) - https://www.nseindia.com

Our Financial Performance

FY26 was a year of record revenue and renewed profit growth, achieved while we kept our balance sheet net debt-free. Our total income rose 9.10% to Rs. 704.48 crore - the highest in our history and our first year above the Rs. 700 crore mark. EBITDA grew 5.78% to Rs. 131.14 crore, and our profit after tax increased 6.74% to Rs. 87.89 crore. Finance costs remained negligible throughout the year.

Our FY26 profitability reflected both the scale of our strategic investment and a more demanding cost environment. We accordingly encourage readers to assess our operating performance on that basis. Our fourth quarter was further affected by war-related developments and a more challenging global business environment.

We also wish to be transparent on two matters. Our revenue from operations grew to approximately Rs. 671 crore and our total income to a record Rs. 704.48 crore - close to the Rs. 750 crore aspiration we had set for FY26. We have identified clear pathways to build on this - through the ramp-up of our high-value product portfolio, the contribution of our new API capacity, and a disciplined recovery of our margins - and we have reset our medium- term targets accordingly, as detailed in the section that follows. In recognition of our performance and financial position, our Board has recommended a dividend of Rs. 1.80 per equity share (18% on the face value of Rs. 10 each), in line with the prior year.

Four-year data (FY23-FY26), from the annual reports in this project + the FY26 results:

We remained net debt-free through the year, with our long-term rating reaffirmed by CRISIL at A/Stable and our short-term rating at A1 (ICRA: A and A1). Foreign institutional holding rose to 5.20% as on 31 March 2026, and our total income has compounded at approximately 10% over the five years from FY21 to FY26. Our market capitalisation, book value per share and year-end net worth as on 31 March 2026 are set out in our financial statements (Rs. 757.63 crore).

" Revenue from operations, Basic EPS and year-end Net Worth for FY26 are to be confirmed from / are indicative against our signed financial statements; FY25 comparatives are as reported. ”

A record top line, a return to profit growth - and Net Debt-Free

Sources

• Lincoln Pharmaceuticals Limited - Audited Financial Results, Q4 & FY26 (filed with BSE & NSE, 28 May 2026) - https://www.lincolnpharma.com

• BSE Limited - corporate announcements (Scrip Code: 531633) - https://www.bseindia.com

• National Stock Exchange of India - corporate announcements (Symbol: LINCOLN) - https://www.nseindia.com

Our Key Financial Ratios

Our balance sheet remained conservatively financed and net debt-free throughout the year.

Particulars	2025-26	2024-25
Profitability
EBITDA Margin (%)	18.6%	19.2%
Net Profit Margin (%)	13.1%	13.2%
Operating Profit Margin (%)	42.7%	42.1%
Return on Net Worth (%)	11.8%	12.3%
Return on Capital Employed (%)	14.9%	16.1%
Working capital
Debtor Turnover (Days)	87	97
Inventory Turnover (Days)	94	99
Current Ratio (Times)	5.26	4.71
Gearing
Interest Coverage Ratio (Times)	129.47	65.85
Debt-Equity Ratio (Times)	NIL	NIL

Basis of computation: EBITDA margin = EBITDA /

Total income; Net profit margin = PAT / Revenue from operations; Return on net worth = PAT / Net worth;

Debtor / Inventory days = (Trade receivables or Inventory / Revenue from operations) x 365; Interest coverage = EBIT / Finance cost; Debt-equity = Debt / Net worth.

FY26 EBITDA and net profit margins are computed on reported total income / revenue from operations and are indicative.

2 Working-capital days lengthened during FY26; precise figures to be drawn from the audited financial statements.

Sources

• Lincoln Pharmaceuticals Limited - Audited Financial Results, Q4 & FY26 (filed with BSE & NSE, 28 May 2026) - https://www.lincolnpharma.com

• BSE Limited - corporate announcements (Scrip Code: 531633) - https://www.bseindia.com

• National Stock Exchange of India - corporate announcements (Symbol: LINCOLN) - https://www.nseindia.com

The Road Ahead - Our Strategic Blueprint

FROM RS. 700 CRORE TO RS. 1,000 CRORE.

Having crossed Rs. 700 crore in total income, we have set ourselves a more ambitious mark: Rs. 1,000 crore in revenue within the next three years, underpinned by an aspiration to grow at 15-18% a year. We intend to get there along four clear tracks:

• High-value therapeutic expansion. We intend to scale our cardiac, anti-diabetic, dermatology and ENT portfolios within the lifestyle and chronic-care segments, while sustaining our established leadership in the acute segment.

• Capacity utilisation and backward integration. We will pursue our now-profitable Cephalosporin facility and the progressive ramp-up of our API plant, thereby strengthening our cost structure and supply-chain resilience.

• Expansion of global footprint. We aim to extend our presence from over 60 to more than 90 countries through new product registrations, building on our entry into Canada and our TGA-Australia and EU-GMP approvals.

• Innovation-led pipeline. We will continue to deepen our research and development programme, supported by a pipeline of approximately 700 products, higher R&D investment and planned bioequivalence studies to underpin our future filings.

We are clear-eyed that delivering this ambition will depend on the pace at which our high-value portfolio ramps, the traction we win in new export markets, and our success in rebuilding margins from current levels. These are the measures by which we ask our stakeholders to judge us in the years ahead.

We have set the mark.

Now we go and meet it.

Sources

• Lincoln Pharmaceuticals Limited - Investor Relations & disclosures - https://www.lincolnpharma.com

• BSE Limited - Lincoln Pharmaceuticals filings (Scrip Code: 531633) - https://www.bseindia.com

• National Stock Exchange of India - Lincoln Pharmaceuticals filings (Symbol: LINCOLN) - https:// www.nseindia.com

Risks, Concerns and Mitigation

We operate in a regulated, competitive and globally exposed industry, and we manage risk as an integral part of how we run our business - identifying issues at the departmental level and either addressing them directly

or escalating them to our management. Identifying risk, however, is only the first step; the value lies in how we manage it. The principal risks we track, and the measures through which we seek to mitigate them, are set out below.

Risk and Concern	Our Mitigation
Quality & regulatory Non-compliance at any facility can lead to product recalls, loss of approvals and reputational harm.	We maintain robust quality-management systems, multiple international certifications (EU-GMP, WHO-GMP, TGA, ISO) and continuous staff training across both our facilities, supported by periodic internal and external audits.
Pricing & competition Price control on essential medicines and competition in export markets can erode our realisations.	Our branded-generics model, therapy-focused field force and steady cadence of new launches sustain prescription stickiness and protect our margins.
Input cost & supply chain Raw-material and freight inflation can compress our margins.	Our backward integration into APIs, development of alternate sourcing and ongoing cost-control measures reduce our exposure to input and freight inflation.
Foreign exchange A large share of our revenue is from exports, exposing us to currency movement.	We monitor and manage our currency exposure within a defined treasury framework.
Working capital Our receivables and inventory cycles lengthened during FY26, tying up capital.	We are tightening our collection and inventory controls to reverse the lengthening of our working-capital cycle.
Geopolitical & trade Conflict-related logistics and shifting trade policy can disrupt our exports, as seen in our fourth quarter.	We diversify across a wide base of export markets to keep any single-country exposure contained.
Talent & cyber Attracting and retaining skilled talent, and protecting our information systems, are essential to our operations.	We invest in skill development and retention, and maintain IT controls appropriate to our scale, to mitigate human-capital and cyber risk.

Sources

Lincoln Pharmaceuticals Limited - Investor Relations & disclosures - https://www.lincolnpharma.com

BSE Limited - Lincoln Pharmaceuticals filings (Scrip Code: 531633) - https://www.bseindia.com

National Stock Exchange of India - Lincoln Pharmaceuticals filings (Symbol: LINCOLN) - https://www.nseindia.com

Our Internal Control Systems

We maintain an internal control framework designed to safeguard the integrity of our operations - ensuring the accuracy and reliability of our financial reporting, protecting our assets from fraud, waste or abuse, and promoting operational efficiency through adherence to all applicable legal and regulatory requirements. Our framework rests on a positive control environment, continuous risk assessment, robust control activities, clear communication of roles and responsibilities, and ongoing monitoring. Our Board of Directors and senior management provide oversight of its design, implementation and effectiveness. While we recognize that the system is designed to provide reasonable - not absolute - assurance, we remain committed to its continuous strengthening.

Sources

• Lincoln Pharmaceuticals Limited - Investor Relations & disclosures - https://www.lincolnpharma.com

• BSE Limited - Lincoln Pharmaceuticals filings (Scrip Code: 531633) - https://www.bseindia.com

• National Stock Exchange of India - Lincoln Pharmaceuticals filings (Symbol: LINCOLN) - https:// www.nseindia.com

Human Resources

We regard our workforce of over 1,700 employees as central to our success. Through the year, our human resources function continued to focus on initiatives that enhance skills, promote employee well-being and cultivate a positive, inclusive work environment. We remain committed to attracting and retaining talent, developing leadership from within, and fostering a culture of learning, collaboration and integrity. These efforts ensure that we are well-equipped to navigate an evolving pharmaceutical landscape and to continue delivering on our vision of "Healthcare for All”. Our industrial relations remained cordial throughout the year.

Cautionary Statement

This report contains forward-looking statements that reflect our current expectations and strategic outlook, describing our objectives, projections and plans. These statements are subject to inherent risks and uncertainties - including our reliance on telecommunication and information-technology systems, potential changes in government policy, and other unforeseen circumstances - that could cause our actual results to differ materially from those expressed or implied. We assume no responsibility for decisions made on the basis of these statements and are under no obligation to update them.