Windlas Biotech Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹1,906 Cr
- P/E
- 28.69
- ROE
- 12.23%
- PEG
- 1.74
- Price to sales
- 2.03
- Debt to equity
- 0.06
- 52W high / low
- ₹1,155 / ₹706
- Sales growth (5Y)
- 16.15%
- EBITDA margin
- 11.13%
- Net profit margin
- 7.35%
- Promoter holding
- 63.31%
- Sales (last year)
- ₹942 Cr
Windlas Biotech Ltd is a leading domestic pharmaceutical formulations contract development and manufacturing organization (CDMO). The company manufactures both solid and liquid pharmaceutical dosage forms and provides a comprehensive range of CDMO services ranging from product discovery, product development, and commercial manufacturing of generic products, including complex generics.[1]
Guidance scorecard · Q1 FY27 call
What Windlas Biotech Ltd's management guided
and where it ranks in Pharmaceuticals & Biotechnology
Pharmaceuticals & Biotechnology
RevenueQ1 FY27 call
10–20%- Company maintains focus on long-term growth across all three verticals: CDMO, Trade Generics & Institutional, and Exports.
- CDMO vertical showed strong 29% Y-o-Y growth; volume growth expected to be higher than price effects.
- Exports vertical has high potential with ongoing geography and portfolio expansion, plant approvals, and increased business development efforts.
- Trade Generics impacted by discontinuation of codeine products but expected to progressively bridge the gap via new product launches and geographic expansion.
- Capacity utilization with Plant 6 commissioning aims at INR1,100 crore revenue, with potential for 10-15% further increase via operational efficiencies.
2 more points from Windlas Biotech Ltd's call on revenue
Create a free account to keep reading this call
MarginsQ1 FY27 call
FlatSee what Windlas Biotech Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- Plant 6 expansion is targeted to be operational by end of H1 FY2026, with full depreciation impact starting Q2/Q3.
- Plant 6 is an incremental capacity expansion expected to add INR100-150 crores in revenue.
- No immediate new large-scale capex plans currently; focus remains on incremental capacity additions rather than big facility projects.
- Debottlenecking and operational capex will continue to optimize existing plants and improve efficiencies.
- Capacity enhancement projects typically take 6-8 months for machinery installation and qualification.
2 more points from Windlas Biotech Ltd's call on capex
Create a free account to keep reading this call
FundraisingQ1 FY27 call
See what Windlas Biotech Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
- The company continues to expand its customer base and product portfolio, especially in the CDMO and Export verticals, indicating a growing order pipeline.
- Plant 6 is expected to be commissioned by the end of Q2 FY27, which will enhance capacity and support increased order fulfillment.
- Management emphasizes close customer negotiations and responsiveness to volatile API prices, reflecting active order management.
2 more points from Windlas Biotech Ltd's call on the order book
Create a free account to keep reading this call
Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Pharmaceuticals & Biotechnology
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
Portfolio builder
Build your portfolio
from the top-ranked stocks
- 1. Pick 3–15 stocks
- 2. Choose large, mid or small cap and your sectors
- 3. Get a portfolio built from the rankings
Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Pharmaceuticals & Biotechnology companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹556 Cr | 22.1 | |
| 2 | 40%+ | Up 0–2% | ₹215 Cr | 22.2 | |
| 3 | 40%+ | Flat | ₹16,144 Cr | — | |
| 4 | 40%+ | Flat | ₹6,072 Cr | 48.0 | |
| 5 | 40%+ | Flat | ₹40 Cr | — | |
| 6 | 20–40% | Up 2%+ | ₹50,220 Cr | 43.8 |
Sign up free to see every company in the sector ranking and track Windlas Biotech Ltd.
Pro shows every company guiding 40%+ revenue growth →Full Pharmaceuticals & Biotechnology rankingFinancials of Windlas Biotech Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Windlas Biotech Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 141 | 145 | 153 | 162 | 171 | 175 | 187 | 195 | 203 | 210 | 222 | 233 | 238 |
| Expenses + | 124 | 128 | 134 | 142 | 149 | 154 | 164 | 170 | 177 | 184 | 194 | 209 | 213 |
| Operating Profit | 16 | 17 | 19 | 20 | 22 | 21 | 23 | 25 | 26 | 27 | 29 | 24 | 25 |
| OPM % | 12% | 12% | 12% | 13% | 13% | 12% | 12% | 13% | 13% | 13% | 13% | 10% | 11% |
| Other Income + | 2 | 3 | 3 | 3 | 4 | 4 | 5 | 4 | 5 | 5 | 4 | 5 | 4 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 4 | 3 | 3 | 3 | 4 | 6 | 6 | 7 | 8 | 7 | 8 | 8 | 8 |
| Profit before tax | 15 | 16 | 18 | 20 | 23 | 18 | 20 | 20 | 21 | 23 | 24 | 20 | 20 |
| Tax % | 24% | 26% | 23% | 24% | 25% | 26% | 23% | 23% | 22% | 24% | 25% | 25% | 21% |
| Net Profit + | 11 | 12 | 14 | 15 | 17 | 13 | 16 | 16 | 16 | 18 | 18 | 15 | 16 |
| EPS in Rs | 5.38 | 5.80 | 6.75 | 7.26 | 8.17 | 6.45 | 7.49 | 7.45 | 7.77 | 8.43 | 8.45 | 7.12 | 7.58 |
Financials of Windlas Biotech Ltd
Profit & Loss
Annual income statement trend
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Sales + | 352 | 307 | 329 | 428 | 466 | 513 | 631 | 760 | 904 |
| Expenses + | 313 | 270 | 295 | 373 | 414 | 453 | 553 | 666 | 799 |
| Operating Profit | 39 | 38 | 34 | 55 | 52 | 60 | 78 | 94 | 105 |
| OPM % | 11% | 12% | 10% | 13% | 11% | 12% | 12% | 12% | 12% |
| Other Income + | 4 | 54 | 2 | -19 | 7 | 10 | 13 | 18 | 18 |
| Interest | 6 | 5 | 3 | 1 | 1 | 1 | 1 | 4 | 5 |
| Depreciation | 17 | 11 | 9 | 13 | 12 | 12 | 13 | 28 | 31 |
| Profit before tax | 20 | 76 | 25 | 22 | 46 | 57 | 77 | 80 | 87 |
| Tax % | 44% | 16% | 34% | 28% | 16% | 25% | 25% | 24% | 24% |
| Net Profit + | 11 | 64 | 16 | 16 | 38 | 43 | 58 | 61 | 66 |
| EPS in Rs | 20.04 | 99.55 | 25.28 | 24.69 | 17.48 | 20.04 | 27.98 | 29.10 | 31.49 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 20% | 20% | 20% | 20% | 20% |
Financials of Windlas Biotech Ltd
Balance Sheet
Capital structure and asset base
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 6 | 6 | 6 | 6 | 11 | 10 | 10 | 10 | 11 |
| Reserves | 119 | 187 | 203 | 193 | 384 | 392 | 440 | 495 | 570 |
| Borrowings + | 57 | 32 | 29 | 32 | 7 | 5 | 4 | 33 | 35 |
| Other Liabilities + | 107 | 73 | 100 | 65 | 90 | 122 | 173 | 222 | 291 |
| Total Liabilities | 290 | 298 | 338 | 296 | 491 | 529 | 626 | 760 | 907 |
| Fixed Assets + | 86 | 64 | 70 | 96 | 91 | 109 | 179 | 223 | 217 |
| CWIP | 53 | 5 | 0 | 0 | 8 | 15 | 6 | 5 | 56 |
| Investments | 23 | 122 | 116 | 23 | 65 | 107 | 173 | 223 | 268 |
| Other Assets + | 128 | 107 | 152 | 177 | 327 | 298 | 268 | 308 | 366 |
| Total Assets | 290 | 298 | 338 | 296 | 491 | 529 | 626 | 760 | 907 |
Financials of Windlas Biotech Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 35 | 19 | 25 | 11 | 9 | 61 | 109 | 68 | 105 |
| Cash from Investing Activity + | -11 | -7 | -14 | -20 | -155 | -14 | -92 | -74 | -92 |
| Cash from Financing Activity + | -26 | -6 | -5 | 1 | 130 | -44 | -15 | 1 | -13 |
| Net Cash Flow | -2 | 6 | 5 | -8 | -15 | 3 | 2 | -5 | 0 |
| Free Cash Flow | 10 | 10 | 10 | 6 | -6 | -9 | 71 | 16 | 37 |
| CFO/OP | 102% | 81% | 113% | 33% | 34% | 117% | 163% | 95% | 115% |
Financials of Windlas Biotech Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 69 | 73 | 71 | 68 | 87 | 83 | 79 | 80 | 92 |
| Inventory Days | 54 | 36 | 85 | 55 | 71 | 84 | 57 | 63 | 40 |
| Days Payable | 130 | 110 | 143 | 53 | 76 | 98 | 121 | 129 | 156 |
| Cash Conversion Cycle | -7 | -1 | 13 | 70 | 81 | 69 | 15 | 14 | -24 |
| Working Capital Days | -30 | -12 | 2 | 40 | 85 | 71 | 32 | 17 | 123 |
| ROCE % | 15% | 12% | 19% | 15% | 14% | 18% | 17% | 16% |
Guidance history
How Windlas Biotech Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 10–20% | Flat | Planned | — | — |
| Q4 FY26 call → | 10–20% | Flat | Planned | — | — |
| Q3 FY26 call → | 10–20% | Flat | Planned | Planned | — |
| Q2 FY26 call → | 10–20% | Up 0–2% | Planned | — | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
32 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −3.4% | 57% |
| Last 6 months | +8.4% | 65% |
| Last 3 months | +7.4% | 76% |
The price is 20% below its all-time high of ₹1,154.75 (7 Sept 2026). Stocks more than 20% below their peak have their score halved, so 64 became 32.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Windlas Biotech Ltd: 0.4 × 57 + 0.4 × 65 + 0.2 × 76 = 64, halved to 32 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Windlas Biotech Ltd's management said in earlier quarters
- Q1 FY27 earnings call analysis →
- Q2 FY26 earnings call analysis →
- Q1 FY26 earnings call analysis →
- Q3 FY26 earnings call analysis →
- Q4 FY25 earnings call →
- Q3 FY25 earnings call →
- Q2 FY25 earnings call →
- Q1 FY25 earnings call →
- Q4 FY24 earnings call →
- Q3 FY24 earnings call →
- Q2 FY24 earnings call →
- Q1 FY24 earnings call →
Others in Pharmaceuticals & Biotechnology this season
- Lincoln Pharmaceuticals Ltd (Q2 FY27)
2,798.12 Lakhs increase (approximately 17.1% growth) . Key results statement takeaways from Lincoln Pharmaceuticals Ltd's Q2 FY27 results statement — and how it
- Alivus Life Sciences Ltd (Q2 FY27)
Q2 FY27 Revenue from Operations: ₹6,820 million, up 16.0% year-on-year (YoY). Key investor presentation takeaways from Alivus Life Sciences Ltd's Q2 FY27 invest
- Strides Pharma Science Ltd (Q2 FY27)
Q2FY27 Revenue: ₹14,297 million, up 17.1% YoY (Page 4, 15) . Key investor presentation takeaways from Strides Pharma Science Ltd's Q2 FY27 investor presentation
- Laurus Labs Ltd (Q2 FY27)
2Q FY27 Revenue:** ₹2,206 crore, up 33% year-on-year (Y-o-Y) and 9% quarter-on-quarter (Q-o-Q). Key investor presentation takeaways from Laurus Labs Ltd's Q2 FY