Linc Ltd(LINC)

NSE: LINCBSE: 531241

₹ 86-6.66%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 512 crWebsite: www.linclimited.comUpdated: 24 Oct 2026

About

Linc Ltd makes and sells gel pens, ball pens, markers, mechanical pencils, files, folders and other stationery under its own brands Linc, Pentonic and Swype, and also sells associated brands such as Uni, Deli and Morris. It reported revenue of 543.01 (Rs Cr) in FY26. Its plants at Umbergaon in Gujarat and Serakole in West Bengal have a combined annual capacity of 60 crore pens, and its network serves more than 2.60 lakh retailers across India.^[1][2]

Brands and product mix

Own brands as of FY26: Linc (everyday writing), Pentonic (design brand) and Swype (markers and highlighters). Associated brands: Uni from Mitsubishi Pencil, Deli and Morris.^[1]
As of FY26 the portfolio had 2,317 own-brand SKUs and 1,284 licensed-brand SKUs.^[1]
Pentonic made up 35.2% of revenue in Q1 FY27, against 34.40% in FY26. The brand launched in FY18/19.^[3]
Premium own-brand writing instruments brought in ₹7,206 lakhs in Q1 FY27, 55.1% of revenue.^[3]
Categories added in FY26: mechanical pencils, geometry boxes, folders, twist crayons, graphite pencils and markers. A new retractable Uni-ball pen was launched at the ₹20 price point.^[1]
Products launched in Q1 FY27: JustClick Highlighters, Pentonic Twistick, Linc Brush Pen, Pentonic Mechanical Pencil, Pentonic Squad, Pentonic SF Pencil, Linc Fineliner and Swype Highlighters.^[3]
The company plans 2-3 new premium Pentonic launches (₹20+) in FY27 and a couple more in FY28.^[4]
Linc introduced Linc Supreme in 1978, which the FY26 annual report calls India's first plastic ballpoint pen.^[1]

Manufacturing and operations

Plants at Umbergaon (Gujarat) and Serakole (West Bengal) had a combined annual capacity of 60 crore pens as of FY26.^[1]
As of FY26 the group ran three manufacturing facilities: two operated by the company and one by a subsidiary.^[1]
As of Q3 FY26, the Swype marker range was sold in only 2-3 of 5 domestic zones, which the company put down to capacity limits.^[5]
In FY26 Linc developed post-consumer recycled materials and built a qualified network of secondary regional suppliers.^[1]
The workforce was 2,603 in FY26: 1,078 on-roll and 1,525 off-roll employees. The company holds ISO 9001:2008 certification.^[1]
Higher polymer prices, the main raw material, hit costs in Q1 FY27. Only about 50% of the increase was passed on to the trade.^[3]

Volumes and realisations

Writing instrument volume was 16.4 crore units in Q3 FY26, up about 20% YoY. Pentonic accounted for 6.5 crore units.^[5]
The average Linc brand price fell to about ₹5 in Q3 FY26 from about ₹6.3 the previous quarter, as the company moved into the below-₹5 price segment.^[5]
Pentonic pen volumes were about 1,435 lacs in H1 FY26, down from about 1,602 lacs in H1 FY25. The average Pentonic price per pen was ₹6.58 in H1 FY26.^[6]

Sales channels and distribution

As of FY26 the network had 40 channel partners, 4,483 distributors and 397 sales professionals, serving more than 2.60 lakh retailers across India.^[1]
The general trade sales force was split into two verticals, one for Linc and Pentonic and one for Uni-ball and Deli, and nearly 150 more sales professionals joined (FY26 annual report).^[1]
In Q1 FY27, general trade grew 8% and e-commerce 32%. Corporate sales fell 14% and exports fell 3%.^[3]
Quick-commerce platforms used as of FY26 include Blinkit, Zepto, Instamart, Amazon Now and Flipkart Minutes.^[1]
West and South India together made up 41% of revenue in Q1 FY27, up from 27% in FY19.^[3]
The first Stackoo retail outlet and experience centre opened in Kolkata. A second store, in Sky City Mall, Borivali (Mumbai), was planned for the fourth week of August 2026.^[3]

Exports

Exports were about 20% of revenue in Q3 FY26, at a run rate of about ₹100 crore that has been flat for 2-3 years.^[5]
Exports fell almost 25% YoY in Q4 FY26 because of disruption in the Middle East and Eastern Africa.^[4]
As of FY26, exports were being rebalanced towards Indonesia, the Philippines, Saudi Arabia and South Africa.^[1]
Exports from the parent company to East Africa fell as that volume moved to the Kenya subsidiary.^[5]

Joint ventures and subsidiaries

Uni-Linc, the JV with Mitsubishi Pencil Co., Japan, started in October 2025 with a ₹20 ball pen for India and Southeast Asia. Management projects ₹200 crore revenue by FY30.^[6]
Exports were more than 50% of Uni-Linc's revenue in Q1 FY27. Linc's share of JV profit was ₹23 lakhs, against a loss of ₹30 lakhs in Q1 FY26.^[3]
In 2023 Linc acquired a 60% stake in Gelx Industries Limited, Kenya, which the report describes as one of Kenya's leading pen manufacturers.^[1]
A dedicated e-commerce subsidiary was set up with a distribution partner. Linc holds 65% and the distributor 35%.^[1]
The Morris Korea partnership involved a ₹0.50 crore investment, with Linc holding a 50.01% stake.^[1]
The board approved a further USD 250,000 investment in the Turkish JV, Silka Linc, in phases, with a matching amount from the JV partner. Silka is a 50:50 JV.^[3][7]

Expansion and capex

The West Bengal plant linked to the Morris Korea venture is expected to start operating by Q3 FY27. It was first guided for Q4 FY26, then for Q1 FY27.^[3]
Management plans to raise advertising spend to about 3% of revenue. It was 1.5% in Q1 FY27 and in FY26.^[3]

Ownership and recent developments

As of FY26, promoters held 61.0% of the shares and Mitsubishi Pencil Co. held 13.5%.^[1]
Management postponed formal FY27 guidance to the Q2 FY27 call.^[3]
The cash conversion cycle was 65 days in Q1 FY27, against 64 days in FY26.^[3]

Market Cap

₹512 Cr

High / Low

₹134 / 76

Stock P/E

17.4

Price / Book

2.1

Book Value

₹43

EPS

₹5.5

No. of Shares

5.95 Cr

ROCE

17.9%

ROE

13.3%

OPM

9.6%

Debt / Equity

0.02

Sales

₹543 Cr

Net Profit

₹33 Cr

Promoter holding

61.2%

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