WINDLAS

Windlas Biotech share price & financials

Price
₹844.25
Market cap
₹2.0k Cr
Sector
Healthcare
Calls analysed
6
Latest concall · Q1 FY27 · call held 11 Aug 2026

Windlas Biotech Limited Q1 FY27

Revenue ₹248 cr +18%EBITDA ₹34 cr +26%PAT ₹25 cr +37%EPS ₹8.46

What went well

  • Highest ever quarterly revenue of INR 248 crores, representing 18% Y-o-Y growth, marking 14 consecutive quarters of record revenue.
  • EBITDA (excluding ESOP expenses) grew 26% Y-o-Y to INR 34 crores, reflecting improved operational leverage.
  • PAT (excluding ESOP expenses) grew 37% Y-o-Y to INR 25 crores, with EPS improving to INR 8.46.

What to watch

  • The Trade Generics & Institutional vertical reported revenue of INR 30 crores, following the discontinuation of codeine-based products, which has impacted momentum.
  • API prices have been volatile, affecting both material availability and pricing, though the company operates on a cost-plus model.
Read the full call →

What Windlas Biotech Limited does

Windlas Biotech is a contract development and manufacturing organisation (CDMO) for generic pharmaceutical formulations, developing and manufacturing branded-generic tablets, capsules, oral liquids and injectables that partner pharma companies sell under their own brands. It also sells its own-brand generics directly to stockists and distributors (Trade Generics & Institutional) and exports formulations and health supplements to select international markets. Windlas owns the formulation IP for nearly all products it manufactures and runs its own R&D and dossier-development capability to support new product launches and regulatory filings for customers.

Segments

  • Generic Formulations CDMO
  • Trade Generics & Institutional
  • Exports
Manufacturing plants
5, all WHO-GMP compliant (Dehradun, Uttarakhand)
Installed capacity – tablets & capsules
8,522 Mn units/year
Installed capacity – pouches & sachets
54 Mn units/year
Installed capacity – liquid bottles
61 Mn units/year
Customers served
926
Brands catered to (CDMO)
5,644 across therapeutic areas
Founded 2001Headquarters Dehradun, UttarakhandEmployees 1,146 (FY2024-25) Company website

Guidance record · Q1 FY27

what the last two calls moved 9 tracked 1 delivered 1 missed 7 open
  • Dividend Payout Ratio delivered, diluted said Q4 FY25 Promised: policy of 20% of profits Q1 FY27: FY26 dividend of INR 13 cr declared. This represents a ~15.6% payout ratio, below the 20% policy target.
  • Stockist Count went quiet said Q4 FY25 Promised: go to somewhere like 5,000, 6,000 stockists Q1 FY27: No update provided on stockist count expansion for the second consecutive quarter.
  • Plant 6 Readiness on track said Q4 FY25 Promised: Within FY '26, it should be ready. Q1 FY27: Reiterated on track for commercialization by end of H1 FY27, with validations and customer audits ongoing.

All 9 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q4 FY26: revenue up 17.2%, net profit up 0.0% against the same quarter last year.

₹ Cr · quarterly
Line itemQ1 FY25Q2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26
Revenue175 187 195 203 210 +20%222 +19%233 +19%238 +17%
EBITDA21 23 25 26 27 +29%29 +26%24 −4%25 −4%
Net profit13 16 16 16 18 +38%18 +13%15 −6%16 +0%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +13.8% 1Y

₹0.7k₹0.8k₹0.9k₹1.0k₹1.1kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 7 Nov 2025Q3 FY26 — 11 Feb 2026Q4 FY26 — 22 May 2026Q1 FY27 — 11 Aug 2026

1Y: ₹992.2 on 10 Sept 2025 → ₹1,129.25. High ₹1,154.75 (7 Sept 2026), low ₹705.75 (16 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
+12.3%
11 Aug
Q4 FY26
+1.0%
22 May
Q3 FY26
−7.1%
11 Feb
Q2 FY26
−5.7%
7 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 20.7% a year over 3 years, FY23 to FY26. Operating margin held at 11.6%.

Year endingFY23FY24FY25FY26
Revenue₹514 Cr₹631 Cr₹760 Cr₹903 Cr
Operating profit₹60 Cr₹78 Cr₹95 Cr₹105 Cr
Operating margin11.7%12.4%12.5%11.6%
Interest₹0 Cr₹0 Cr₹3 Cr₹4 Cr
Depreciation₹13 Cr₹13 Cr₹27 Cr₹31 Cr
Net profit₹42 Cr₹58 Cr₹61 Cr₹67 Cr
Net margin8.2%9.2%8.0%7.4%
Cash from operations₹61 Cr₹109 Cr₹68 Cr₹105 Cr
Free cash flow₹-9 Cr₹71 Cr₹16 Cr₹37 Cr
ROCE14.0%18.0%17.0%16.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹6 Cr₹11 Cr₹10 Cr₹10 Cr₹11 Cr₹11 Cr
Reserves₹193 Cr₹384 Cr₹392 Cr₹440 Cr₹524 Cr₹570 Cr
Borrowings₹32 Cr₹7 Cr₹5 Cr₹4 Cr₹31 Cr₹35 Cr
Other liabilities₹65 Cr₹90 Cr₹122 Cr₹173 Cr₹249 Cr₹291 Cr
Total liabilities₹296 Cr₹491 Cr₹529 Cr₹626 Cr₹814 Cr₹907 Cr
Fixed assets₹96 Cr₹91 Cr₹109 Cr₹179 Cr₹217 Cr₹213 Cr
Capital work in progress₹0 Cr₹8 Cr₹15 Cr₹6 Cr₹24 Cr₹60 Cr
Investments₹23 Cr₹65 Cr₹107 Cr₹173 Cr₹246 Cr₹268 Cr
Other assets₹177 Cr₹327 Cr₹298 Cr₹268 Cr₹327 Cr₹366 Cr
Total assets₹296 Cr₹491 Cr₹529 Cr₹626 Cr₹814 Cr₹907 Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, DIIs trimmed −1.38 pp while promoters added +0.97 pp. The shareholder count shrank 2% to 44,996.

Promoters
63.3%
FIIs
2.0%
DIIs
9.8%
Public
24.8%

Since Jun 2025

  • DIIs −1.38 pp
  • Promoters +0.97 pp
  • FIIs +0.60 pp

How it drifted, 12 quarters

Over this window DIIs fell from 11.5% to 9.8% — −1.7 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 62.8%, FIIs 0.8%, DIIs 11.5%, Public 24.9%.Dec '23: Promoters 62.8%, FIIs 1.4%, DIIs 11.7%, Public 24.1%.Mar '24: Promoters 62.8%, FIIs 1.2%, DIIs 11.8%, Public 24.2%.Jun '24: Promoters 62.5%, FIIs 1.6%, DIIs 10.3%, Public 25.6%.Sep '24: Promoters 62.5%, FIIs 2.0%, DIIs 9.6%, Public 25.9%.Dec '24: Promoters 62.5%, FIIs 1.6%, DIIs 10.3%, Public 25.7%.Mar '25: Promoters 62.3%, FIIs 1.5%, DIIs 10.9%, Public 25.3%.Jun '25: Promoters 62.3%, FIIs 1.4%, DIIs 11.2%, Public 25.0%.Sep '25: Promoters 62.0%, FIIs 1.1%, DIIs 11.4%, Public 25.5%.Dec '25: Promoters 62.0%, FIIs 0.9%, DIIs 11.4%, Public 25.6%.Mar '26: Promoters 61.9%, FIIs 0.6%, DIIs 11.8%, Public 25.7%.Jun '26: Promoters 63.3%, FIIs 2.0%, DIIs 9.8%, Public 24.8%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 3 holders trimming and 1 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Windlas Biotech Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
AKW WBL Family Private Trust (through its Trustees Ashok Vimla Trusteeship Services Private Limited) 40.61%+0.90 pp
Ashok Kumar Windlass 21.32%+0.47 pp
ICICI Prudential Pharma Healthcare And Diaganostics (P.H.D) Fund Mutual fund3.42%−1.77 pp
Mncl Capital Compounder Fund 2 AIF1.70%+0.52 pp
Bandhan Small Cap Fund Mutual fund1.43%+0.32 pp
Vimla Windlasss 1.38%unchanged
Ajay Kumar Aggarwal - 2 1.21%−0.09 pp
Perpetuity Health To Wealth (H2w) Rising Fund AIF1.11%−0.07 pp
Hitesh Windlass 0.00%unchanged
Abha Jain 0.00%unchanged
Mahesh Chand Gupta 0.00%unchanged
Ashok Vimla Trusteeship Services Private Limited 0.00%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Expensive

To justify its price of ₹1129, this stock must grow earnings at 27% every year for 7 years. Our analysis caps realistic growth at ~17%. At that growth it is worth ₹685 — downside of 39%.

Growth the price implies
26.8% a year
for 7 years, fading to 4%
It has actually compounded at
16.8% a year
net profit, FY23–FY26 · EPS 17.0%
The gap
0.1 pp
-39% downside if it only repeats history
Price today ₹1,129.25 Value at the reference growth ₹685.03

Change the assumptions yourself →

All earnings calls (6)

Read the Q1 FY27 call →

Learn to analyse Windlas Biotech Limited

Guides on how to read this kind of business and the numbers that matter.