NSE: WINDMACHIN · BSE: 522029
WINDSOR MACHINES LIMITED
Manufactures industrial machinery in three segments: Injection Moulding Machinery, CNC & VMC Machinery, and Extrusion Machinery Division. For FY26 (period ended 2026-03-31), Injection Moulding Machinery was the largest at 252.8 crore (44.3% of segment revenue) with EBIT of 14.9 crore, followed by CNC & VMC Machinery at 186.3 crore (32.6%, EBIT 16.1 crore) and the Extrusion Machinery Division at 131.8 crore (23.1%, EBIT 3.3 crore). Total FY26 revenue was 570.5 crore against a small net profit of 0.6 crore, with total assets of 883.4 crore. Materials make up 70% of revenue, employee costs 12.9%, and capex ran at 29.5% of revenue. The company is expanding physical capacity: in May 2026 it completed acquisition of about 77,198 square metres of land in Chibhda, Rajkot for Rs 55 crore, and shareholders approved the sale of the non-operational Thane plant (about 21,912 sq metres) the same month. A new 'Energy Storage Systems' line appears in the segment disclosures but had no revenue in the periods shown. A new CEO, Mohan Ramachandran, took charge on July 16, 2026. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Injection Moulding Machinery (44%), CNC & VMC Machinery (33%), Extrusion Machinery Division (23%). Cyclical, capital-goods maker of plastic-processing and metalworking machinery.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 369 | 377 | 354 | 369 | 570 |
| EBITDA (ex other income) | 29 | 29 | 22 | 44 | 27 |
| margin % | 8.0 | 7.7 | 6.3 | 12.0 | 4.8 |
| Owners' profit | 2 | 5 | (8) | 7 | 1 |
| EPS, as reported (₹) | 0.34 | 0.71 | (1.19) | (0.47) | 0.08 |
| ROE % · ROCE % | 0.8 · 4.6 | 1.6 · 5.4 | (2.8) · 2.4 | (0.4) · 3.4 | 0.1 · 1.6 |
| Debt / equity (x) | 0.04 | 0.12 | 0.13 | 0.01 | 0.16 |
| Cash from operations | 27 | 12 | 46 | (41) | (51) |
| Capex | (2) | (6) | (27) | (348) | (168) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 59 | 108 | 121 | 113 | 137 | 136 | 185 | 149 |
| Profit before tax | (22) | 42 | 4 | (9) | 6 | (3) | 11 | (2) |
| Net profit | (37) | 42 | (4) | (11) | 4 | (4) | 7 | (1) |
| EPS (₹) | (5.65) | 6.42 | (0.52) | (1.25) | 0.51 | (0.45) | 0.83 | (0.10) |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Extrusion Machinery Division | 132 | 22.9 |
| Injection Moulding Machinery | 253 | 44.0 |
| CNC & VMC Machinery## | 102 | 17.8 |
| CNC & VMC Machinery ## | 44 | 7.7 |
| CNC & VMC Machinery | 44 | 7.6 |
| Total, before eliminations | 575 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ADITYA INFOTECH LIMITED | 46,786 | 97.2 | 24.93 | 80.7 | 19.6 | 24.5 | — | 14.8 |
| SYRMA SGS TECHNOLOGY LTD | 29,194 | 78.7 | 9.52 | 50.8 | 11.3 | 13.4 | — | 11.1 |
| HONEYWELL AUTOMATION IND | 27,680 | 50.5 | 6.20 | — | 11.8 | 15.5 | — | 18.2 |
| KAYNES TECHNOLOGY IND LTD | 22,459 | 64.9 | 4.72 | 31.9 | 7.6 | 9.8 | — | 17.1 |
| JYOTI CNC AUTOMATION LTD | 21,078 | 65.5 | 10.53 | 37.3 | 16.8 | 19.2 | — | 22.2 |
| LMW LIMITED | 17,356 | 99.3 | 6.05 | 56.2 | 4.6 | 5.9 | 13.2 | 11.9 |
| TEGA INDUSTRIES LIMITED | 13,374 | 469.7 | 3.93 | 40.0 | 4.2 | 5.4 | — | 4.2 |
| LLOYDS ENGG WORK LIMITED | 12,314 | 48.4 | 7.32 | 50.2 | 11.7 | 11.5 | — | 15.0 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 362.0 | 26.5 | 125 of 130 | 4% |
| P/B | 5.9 | 3.1 | 81 of 112 | 28% |
| ROCE | 0.8 | 11.3 | 125 of 142 | 12% |
| ROE | 0.1 | 9.8 | 102 of 113 | 10% |
| Debt / Equity | 0.2 | 0.2 | 59 of 113 | 48% |
| EBITDA margin | 4.6 | 12.4 | 92 of 110 | 17% |
| Revenue growth | 31.4 | 20.6 | 35 of 114 | 70% |
| Profit growth | 91.4 | 17.1 | 32 of 109 | 71% |
| Market cap | 2909 | 279 | 23 of 141 | 84% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 9 Oct 2026 · Windsor Machines submits SEBI dematerialisation confirmation certificate for Sep 2026 quarter | compliance | minimal | — | — |
| 9 Oct 2026 · Windsor Machines to transfer unclaimed FY19 dividends and shares to IEPF | compliance | minimal | — | — |
| 8 Oct 2026 · Newspaper ad confirming postal ballot notice dispatch | compliance | minimal | — | — |
| 7 Oct 2026 · Postal ballot for CEO appointment of Mr. Mohan Ramachandran | board shareholder meetings | low | — | — |
| 5 Oct 2026 · Windsor Machines updates authorised KMPs for stock exchange disclosures | compliance | low | — | — |
| 5 Oct 2026 · Executive Director Mr. Vinay Bansod resigns from Windsor Machines | management changes | high | — | — |
| 5 Oct 2026 · Mohan Ramachandran appointed as Whole-time Director and CEO | management changes | high | — | — |
| 30 Sept 2026 · Windsor Machines 63rd AGM: All 3 resolutions passed with over 99.99% approval | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Windsor Machines 63rd AGM held; three ordinary resolutions tabled | board shareholder meetings | low | — | — |
| 23 Sept 2026 · Trading Window Closure Ahead of Q2 FY27 Results | compliance | minimal | — | — |
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.