diff --git a/sphinx_mdinclude/render.py b/sphinx_mdinclude/render.py
index df4a999..75ca587 100644
--- a/sphinx_mdinclude/render.py
+++ b/sphinx_mdinclude/render.py
@@ -241,6 +241,17 @@ def link(self, text: str, url: str, title: Optional[str] = None) -> str:
             text = re.sub(r":target: (.*)\n", f":target: {url}\n", text)
             return text
 
+        if text.startswith("``") and text.endswith("``"):
+            # Return raw HTML for inline code:
+            html = (
+                '<code class="docutils literal">'
+                '<span class="pre">{}</span>'
+                "</code>".format(text[2:-2].replace("`", "&#96;"))
+            )
+            return self._raw_html(
+                '<a href="{url}">{text}</a>'.format(url=url, text=html)
+            )
+
         underscore = "_"
         if title:
             return self._raw_html(
diff --git a/sphinx_mdinclude/tests/test_renderer.py b/sphinx_mdinclude/tests/test_renderer.py
index ac7ba5f..fed4edf 100644
--- a/sphinx_mdinclude/tests/test_renderer.py
+++ b/sphinx_mdinclude/tests/test_renderer.py
@@ -147,6 +147,17 @@ def test_inline_code_with_opening_and_closing_space_and_backtick(self) -> None:
             '<span class="pre">&#96;a&#96;</span></code>`',
         )
 
+    def test_inline_code_within_link(self) -> None:
+        src = "[`foobar`](https://example.com)"
+        out = self.conv(src)
+        self.assertEqual(
+            out.strip(),
+            ".. role:: raw-html-md(raw)\n"
+            "   :format: html\n\n\n"
+            ':raw-html-md:`<a href="https://example.com"><code class="docutils literal">'
+            '<span class="pre">foobar</span></code></a>`',
+        )
+
     def test_strikethrough(self) -> None:
         src = "~~a~~"
         self.conv(src)