Q4 & FY26 Earnings Conference Call Transcript

Windlas Biotech reported FY26 revenue of INR904 crores, up 19% Y-o-Y, with Q4 revenue at INR238 crores (up 18%). The company achieved its highest post-listing EPS of INR31.60 with ROCE and ROE above 25%. Key highlights include 13 consecutive quarters of record revenue, strong cash generation with INR105 crores net operating cash flows and INR251 crores net liquidity, and a completed INR47 crores buyback. The CDMO vertical contributed 73% of revenue at INR664 crores (20% growth), while exports surged 40% to INR46 crores. Management noted the codeine-based syrup discontinuation impacted trade generics by an estimated INR50-60 crores annually but said alternate products are being introduced to fill capacity. Plant 6 is on track for H1 FY27 commercialization, taking total capacity to INR1,100 crores with 10-15% further efficiency upside.