Windsor Machines Q2 FY27 results: net loss of ₹5.27 crore vs ₹4.29 crore profit, revenue up 33.8%

How did Windsor Machines perform in Q2 FY27?

Windsor Machines reported consolidated revenue of ₹182.78 crore in Q2 FY27, up 33.8% from ₹136.64 crore in Q2 FY26 and 22.8% from ₹148.87 crore in Q1 FY27. Total income was ₹184.35 crore, against ₹137.38 crore a year earlier and ₹149.35 crore in the previous quarter.

EBITDA fell 81.4% to ₹1.58 crore from ₹8.50 crore in Q2 FY26, and declined 75.0% from ₹6.31 crore in Q1 FY27. The EBITDA margin fell 5.3 percentage points year on year to 0.9%, compared with 4.2% in the previous quarter.

The company reported a net loss of ₹5.27 crore in Q2 FY27, against a net profit of ₹4.29 crore in Q2 FY26 and a net loss of ₹0.91 crore in Q1 FY27. Basic EPS was negative ₹0.51, against EPS of ₹0.51 in Q2 FY26 and negative ₹0.10 in Q1 FY27. On a standalone basis, revenue was ₹179.65 crore and the company reported a net loss of ₹4.65 crore.

What changed in Windsor Machines' costs and profit?

Total expenses rose 41.3% to ₹189.26 crore from ₹133.93 crore in Q2 FY26 and 25.2% from ₹151.14 crore in Q1 FY27. Cost of materials increased by ₹54.42 crore to ₹152.61 crore, employee cost by ₹10.77 crore to ₹28.17 crore, finance costs by ₹1.20 crore to ₹2.23 crore and depreciation by ₹1.08 crore to ₹5.84 crore. Other expenses increased by ₹6.11 crore to ₹20.53 crore.

Management said the EBITDA margin contraction was due to elevated raw-material costs and higher employee expenses. It said the wage bill rose because of annual increments and recent senior-level hiring, which it described as not structural in nature. Other income increased by ₹0.83 crore to ₹1.57 crore from Q2 FY26, while tax fell by ₹1.47 crore to ₹0.35 crore.

Q2 FY26 included an exceptional gain of ₹2.66 crore, while Q2 FY27 had no exceptional item. The filing does not provide further reasons for the movements in finance costs, depreciation or other expenses.

How did the first half of FY27 go?

In H1 FY27, Windsor Machines reported consolidated revenue of ₹331.65 crore, up 32.7% from ₹249.97 crore in H1 FY26. Total income rose 33.0% to ₹333.7 crore from ₹250.84 crore, while the company reported a loss before tax of ₹6.7 crore compared with ₹3.25 crore in H1 FY26.

The net loss narrowed to ₹6.18 crore from ₹6.25 crore in H1 FY26. Basic EPS was negative ₹0.63, compared with negative ₹0.74 in the year-ago period.

What do the balance sheet and cash flow show?

At 30 September 2026, total assets were ₹1250.76 crore, compared with ₹883.44 crore at 31 March 2026. Total equity was ₹702.32 crore against ₹493.3 crore, borrowings were ₹84.77 crore against ₹79.8 crore, and cash was ₹36.48 crore against ₹25.24 crore. Inventories increased to ₹334.92 crore from ₹215.15 crore, while trade receivables fell to ₹31.32 crore from ₹38.16 crore and trade payables rose to ₹147.01 crore from ₹139.34 crore.

H1 FY27 operating cash flow was ₹3.66 crore, compared with negative ₹37.67 crore in H1 FY26. Investing cash flow was negative ₹206.59 crore against negative ₹53.6 crore, financing cash flow was ₹214.16 crore against ₹3.05 crore, and capital expenditure was ₹133.46 crore against ₹81.99 crore.

How has Windsor Machines done over the last 8 quarters?

Revenue increased year on year in each of the last eight quarters. It reached ₹184.64 crore in Q4 FY26, fell to ₹148.87 crore in Q1 FY27 and rose to ₹182.78 crore in Q2 FY27, close to the recent peak. The lowest revenue in the reported period was ₹107.65 crore in Q3 FY25.

Quarterly profit moved from a net profit of ₹41.68 crore in Q3 FY25 to losses in several later quarters. It was ₹7.24 crore in Q4 FY26, negative ₹0.91 crore in Q1 FY27 and negative ₹5.27 crore in Q2 FY27. The EBITDA margin peaked at 9.1% in Q4 FY25, fell to 0.9% in Q2 FY27, and has declined in each of the last two quarters.

Which businesses drove the quarter?

The Injection Moulding Machinery division reported Q2 FY27 revenue of ₹100.19 crore, up 151.0% from ₹39.92 crore in Q2 FY26. EBIT was ₹8.81 crore, compared with a loss of ₹3.98 crore, and the reported EBIT margin was 8.8%.

The CNC & VMC Machinery division reported revenue of ₹56.56 crore, up 14.2% from ₹49.51 crore, and EBIT of ₹2.82 crore against ₹9.22 crore. Its reported EBIT margin was 5.0%. The Extrusion Machinery Division reported revenue of ₹26.03 crore, down 44.8% from ₹47.16 crore, and EBIT of ₹0.13 crore against a loss of ₹0.49 crore; its EBIT margin was 0.5%.

What else did the company announce?

The board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026, along with the limited review reports. It also proposed to purchase approximately 49,214 square meters of leased non-agriculture land adjoining the existing manufacturing plant in Chibhda, subject to required approvals.

A same-day filing said the board would meet on 6 November 2026 to consider raising funds through equity shares, convertible securities, warrants or other eligible securities through a preferential issue, qualified institutional placement, rights issue or another permissible mode, subject to regulatory and statutory approvals. The filing also proposed reconstitution of four committees and constitution of a Risk Management Committee, with several new committee members and Mohan Ramachandran, Whole Time Director and CEO, named in the risk committee.

What did the auditors point out?

The independent auditor’s review report stated that nothing had come to the auditor’s attention causing the belief that the accompanying statement had not disclosed the information required under Regulation 33 of the SEBI LODR Regulations, or contained any material misstatement. The auditor also stated that a review was substantially less in scope than an audit and did not express an audit opinion.

The report included two emphasis-of-matter paragraphs drawing attention to the amalgamation of Global CNC Private Limited, a wholly-owned subsidiary, with Windsor Machines. The scheme was approved by the National Company Law Tribunal, Ahmedabad Bench, on 19 March 2026 and became effective upon filing of the certified copy with the Registrar of Companies, Ahmedabad, on 31 March 2026; it was given effect in the financial statements by merging the carrying amount of assets and liabilities.

What did Windsor Machines' management say?

Management said Q2 FY27 revenue growth of 33.8% was led by Injection Moulding, while the CNC division faced challenges from the ongoing global shortage of controlling units. It said the consolidated order book stood at ₹273 Cr on 30 September 2026, and the CNC division secured government tender orders worth ₹59 Cr for 38 machines in October 2026.

Management said the fully operational Rajkot plant has capacity of 3,600 machines p.a., expandable up to 8,400 machines p.a. It linked ₹310 Cr from the fund raise to expansion of the Rajkot facility with incremental capital expenditure and said legacy assets were being monetised for more than ₹300 Cr.

Management said integrated manufacturing and higher capacity utilisation were expected to deliver structural cost efficiencies and higher margins, while product-mix improvement and a shift towards higher-value machines were expected to drive a steady increase in average selling price over time. It also identified elevated raw-material costs, higher employee expenses, the controlling-unit shortage and increased working-capital exposure as risks.

How did Windsor Machines shares react?

Windsor Machines initially rose 1.6% five minutes after the after-market filing, then fell 1.8% at both 15 minutes and 30 minutes. The stock closed the reaction day down 0.1% from its pre-results close of ₹290.5, while the Industrial Products sector rose 1.9%. Windsor Machines therefore underperformed the sector median by 2.0 percentage points on the reaction day.

Earlier reaction-day moves were negative on six of the eight listed result dates, including 1.8% on 8 August 2026, 3.6% on 9 May 2026 and 4.5% on 30 January 2026. The positive moves were 3.0% on 8 November 2025 and 2.4% on 7 November 2024, alongside 0.2% on 1 February 2025.

How did other Industrial Products companies do?

Among 38 Industrial Products companies compared, the median revenue growth was 33.5%, compared with Windsor Machines’ revenue growth of 33.8%. Nineteen peers grew revenue slower than the company, while 19 grew faster. Of 32 peers for which profit was compared, 24 reported higher profit.