NSE: WINDLAS · BSE: 543329
WINDLAS BIOTECH LIMITED
Manufactures pharmaceutical formulations on contract for other pharma companies (CDMO), sells trade generics and institutional products in India, and exports formulations to regulated and emerging markets. The CDMO vertical is the dominant business at ₹664 crores in FY26 (+20% Y-o-Y), supplying contract development and manufacturing services to a diversified client base. Trade Generics and Institutional sales contributed ₹195 crores (+13%), while Exports grew 40% to ₹46 crores with Philippines GMP received for Plants 4 and 5 (injectables). Plant 6 reached mechanical completion and is targeted for H1 FY27 commercialisation, with a further 10–15% efficiency upside targeted on top of existing manufacturing capacity that will also include ₹100 crores of injectable capacity. Employee costs at 16.8% of revenue are the largest disclosed cost line; capex is at 7.5% of revenue with FY27 planned as maintenance capex only. The injectable facility has GLP-1 vial-filling capability being evaluated for CDMO opportunities, and Q4 FY26 was the 13th consecutive quarter of record revenue. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. CDMO (73%), Trade Generics & Institutional, Exports. Pharmaceutical contract manufacturing with growing injectables and regulated exports
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 466 | 513 | 631 | 760 | 904 |
| EBITDA (ex other income) | 52 | 60 | 78 | 94 | 105 |
| margin % | 11.3 | 11.7 | 12.4 | 12.4 | 11.6 |
| Owners' profit | 38 | 43 | 0 | 0 | 66 |
| EPS, as reported (₹) | 18.80 | 19.70 | 27.97 | 29.19 | 31.60 |
| ROE % · ROCE % | 9.6 · 11.8 | 10.6 · 14.2 | 12.9 · 17.2 | 12.1 · 16.5 | 11.4 · 15.7 |
| Debt / equity (x) | 0.02 | 0.00 | 0.00 | 0.05 | 0.05 |
| Cash from operations | 9 | 61 | 109 | 68 | 105 |
| Capex | (15) | (71) | (38) | (52) | (68) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 175 | 187 | 195 | 203 | 210 | 222 | 233 | 238 |
| Profit before tax | 18 | 20 | 20 | 21 | 23 | 24 | 20 | 20 |
| Net profit | 13 | 16 | 16 | 16 | 18 | 18 | 15 | 16 |
| EPS (₹) | 6.47 | 7.49 | 7.45 | 7.77 | 8.43 | 8.48 | 7.12 | 7.58 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUN PHARMACEUTICAL IND L | 4,20,165 | 34.8 | 5.01 | 22.5 | 13.7 | 17.5 | 11.8 | 32.3 |
| DIVI S LABORATORIES LTD | 2,51,896 | 86.3 | 15.03 | 65.0 | 15.3 | 18.8 | 8.7 | 42.8 |
| TORRENT PHARMACEUTICALS L | 1,56,538 | 73.9 | 8.90 | 38.9 | 12.2 | 8.0 | 11.8 | 33.1 |
| ZYDUS LIFESCIENCES LTD | 1,17,055 | 26.1 | 3.96 | 15.1 | 17.3 | 18.0 | 12.4 | 25.2 |
| LAURUS LABS LIMITED | 1,15,722 | 105.7 | 21.31 | 64.4 | 16.4 | 17.2 | 7.2 | 32.0 |
| DR. REDDY S LABORATORIES | 1,09,385 | 33.9 | 2.86 | 14.6 | 10.9 | 13.0 | 12.1 | 15.0 |
| CIPLA LTD | 1,09,060 | 32.3 | 3.16 | 16.7 | 11.2 | 14.7 | 8.0 | 19.7 |
| MANKIND PHARMA LIMITED | 1,03,353 | 50.6 | 6.24 | 28.4 | 11.7 | 10.8 | — | 27.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 27.8 | 30.1 | 74 of 158 | 54% |
| P/B | 3.1 | 3.0 | 84 of 163 | 49% |
| ROCE | 14.8 | 10.8 | 66 of 183 | 64% |
| ROE | 11.4 | 9.8 | 72 of 166 | 57% |
| Debt / Equity | 0.1 | 0.2 | 68 of 166 | 59% |
| EBITDA margin | 12.4 | 17.5 | 106 of 165 | 36% |
| Revenue growth | 17.7 | 16.3 | 76 of 161 | 53% |
| Profit growth | (1.8) | 30.9 | 107 of 158 | 33% |
| Market cap | 1812 | 810 | 80 of 181 | 56% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 13 Oct 2026 · Independent Director Mr Vivek Dhariwal resigns effective Oct 12, 2026 | management changes | medium | — | — |
| 12 Oct 2026 · Board changes: two new independent directors join, one resigns | management changes | medium | — | — |
| 12 Oct 2026 · Windlas Biotech appoints two independent directors, one resigns | management changes | high | — | — |
| 7 Oct 2026 · Quarterly compliance certificate from registrar for July-Sep 2026 | compliance | minimal | — | — |
| 25 Sept 2026 · Trading Window Closure from October 1, 2026 Ahead of Q2 Results | compliance | minimal | — | — |
| 1 Sept 2026 · Windlas Biotech schedules analyst and investor meetings on September 7 | board shareholder meetings | low | — | — |
| 11 Aug 2026 · Q1 conference call audio recording uploaded on website | investor communications | low | — | — |
| 10 Aug 2026 · Windlas Biotech Q1 FY27: Revenue at record Rs 248 cr, up 18% YoY | compliance | low | — | — |
| 10 Aug 2026 · Windlas Q1 FY27 Investor Presentation: Revenue up 18% YoY to Rs 248 Cr | investor communications | medium | — | — |
| 10 Aug 2026 · Windlas Biotech Q1 FY27: Revenue up 18% YoY, PAT flat at Rs 176.5M | results | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.