Windlas Biotech Limited (WINDLAS)

Loading page…

Windlas Biotech Limited (WINDLAS) · mywealthgrid

About

Windlas Biotech manufactures and markets pharmaceutical formulations, competing in India's generic drugs market with a market cap of ₹1,956 Cr and quarterly revenue around ₹210–248 Cr. The company operates with consistent single-digit profitability margins and low debt, positioning it as a mid-cap player in India's pharmaceutical sector. Recent results show revenue growth but stalled earnings, indicating cost pressures typical of competitive generic markets.

Face value: ₹5

Market cap

₹2,230 Cr

P/E

33.6×

P/B

3.9×

Dividend yield

1.1%

ROE

12.2%

ROCE

16.7%

Debt / equity

0.05

OPM

11.6%

EPS (TTM)

₹31.5

Book value

₹275.3

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Valuation at PE 29.43 is elevated relative to 2.99% annual returns and near-flat earnings growth, signaling limited margin of safety
Operating margins compressed from 12.84% (Sep 2025) to 10.75% (Jun 2026); verify if cost pressures are temporary or structural
Net profit flat (₹17.65 Cr Jun 2026 vs ₹17.67 Cr Jun 2025) despite 18% revenue growth, indicating costs rising faster than sales
Foreign investor participation at 2.04% is minimal; verify reasons for weak international institutional interest

Generated analysis · source review pending

Growth drivers

Revenue increased 18% YoY (₹210.09 Cr Jun 2025 to ₹248.1 Cr Jun 2026); verify if growth drivers are sustainable
Low debt (D/E 0.05) provides financial capacity for manufacturing or R&D investments if management prioritizes growth capex
Quarterly net profit of ₹15–18 Cr establishes stable earnings base; verify if profitability scales with further revenue growth
Regular dividend payouts signal management confidence in cash generation; verify if retained earnings support growth investments

Generated analysis · source review pending

1,264 historical price candles were omitted because the exchange source has not been verified.

₹1,082.4-1.3%1Y

Quick read

rule-based

Pros

+Profit CAGR of 33.7% over the last 5 years
+Revenue CAGR of 16.2% over the last 5 years
+Almost debt-free (debt/equity 0.1)
+Comfortable interest coverage of 19×
+Dividend payout of 37.5% of profit
+High promoter holding of 63.3% with no pledge

Cons

No red flags triggered.

Research score

Structured signal from quality, growth, valuation and momentum.

53/100

Business quality: 57
Growth: 55
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Torrent Pharmaceuticals LimitedTORNTPHARMTORNTPHARM	₹1,61,325 Cr	₹1,76,123 Cr	₹15,723 Cr	₹5,191 Cr	32.6%	₹2,181 Cr	15.3%	14.5%	27.1%	163
Zydus Lifesciences LimitedZYDUSLIFEZYDUSLIFE	₹1,14,284 Cr	₹1,26,053 Cr	₹28,592 Cr	₹8,316 Cr	31.2%	₹4,513 Cr	18.9%	23.4%	19.7%	212
Laurus Labs LimitedLAURUSLABSLAURUSLABS	₹1,07,176 Cr	₹1,09,573 Cr	₹7,270 Cr	₹2,034 Cr	26.1%	₹1,093 Cr	13.1%	21.3%	18.2%	263
Mankind Pharma LimitedMANKINDMANKIND	₹1,04,696 Cr	₹1,11,007 Cr	₹14,738 Cr	₹3,827 Cr	25.3%	₹2,068 Cr	13.6%	14.2%	12.5%	117
Aurobindo Pharma LimitedAUROPHARMAAUROPHARMA	₹97,389 Cr	₹1,05,065 Cr	₹34,935 Cr	₹7,085 Cr	20.3%	₹3,713 Cr	10.4%	14.7%	9.9%	252
Lupin LimitedLUPINLUPIN	₹92,866 Cr	₹98,777 Cr	₹29,967 Cr	₹9,538 Cr	31.5%	₹5,529 Cr	19.2%	34.2%	26.9%	181
Glenmark Pharmaceuticals LimitedGLENMARKGLENMARK	₹65,781 Cr	₹65,781 Cr	₹17,737 Cr	₹4,797 Cr	26.9%	₹1,496 Cr	8%	37.8%	0%	83
Alkem Laboratories LimitedALKEMALKEM	₹62,431 Cr	₹64,055 Cr	₹15,081 Cr	₹3,032 Cr	20.4%	₹2,158 Cr	16%	21.5%	17.8%	152
Biocon LimitedBIOCONBIOCON	₹60,413 Cr	₹75,238 Cr	₹17,321 Cr	₹3,536 Cr	20.4%	₹495 Cr	2.2%	3.9%	1.4%	85
Abbott India LimitedABBOTINDIAABBOTINDIA	₹56,901 Cr	—	₹4,310 Cr	₹921 Cr	27.3%	₹691 Cr	22.4%	44.1%	34.5%	110
Ipca Laboratories LimitedIPCALABIPCALAB	₹49,299 Cr	₹50,003 Cr	₹10,126 Cr	₹2,232 Cr	20.5%	₹1,310 Cr	12.3%	17.8%	15.2%	308
Gland Pharma LimitedGLANDGLAND	₹47,428 Cr	₹47,671 Cr	₹6,725 Cr	₹1,751 Cr	25.3%	₹1,129 Cr	16%	14.8%	10.5%	255

Loading peers…

Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	428	466	513	631	760	904
COGS	274	303	325	396	472	557
Gross profit	153	163	188	235	288	347
	99	111	127	157	194	242
	55	52	60	78	94	105
OPM %	12.8%	11.3%	11.7%	12.4%	12.4%	11.6%
Depreciation	13	12	12	13	28	31
Interest	1	1	1	1	4	5
	-19	7	10	13	18	18
Profit before tax	22	46	57	77	80	87
Tax	6	7	14	19	19	21
Tax %	28.4%	16.4%	25.3%	24.5%	23.5%	23.6%
	16	38	43	58	61	66
PAT margin %	3.6%	8.2%	8.3%	9.2%	8%	7.4%
EPS (₹)	—	18.8	19.7	28	29.2	31.6
EPS adjusted (₹)	12.2	17.4	20.4	28	29.1	31.5
	—	18.6%	20.3%	19.7%	19.9%	19.9%
Annual report	—	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	6	11	10	10	10	11
Reserves	193	384	392	440	495	570
	31	6	0	0	27	30
	66	90	126	176	228	297
Total equity & liabilities	296	491	529	626	760	907
	93	89	109	179	223	213
CWIP	0	8	14	6	3	56
Investments	26	67	107	173	223	268
	177	327	299	268	311	370
Total assets	296	491	529	626	760	907

Loading financials…

Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	35.8%	35%	36.6%	37.2%	37.9%	38.4%

Loading ratios…

Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	62.82%	62.82%	62.82%	62.51%	62.51%	62.51%	62.34%	62.34%	61.99%	61.99%	61.9%	63.31%
	0.8%	1.35%	1.18%	1.59%	2%	1.55%	1.52%	1.44%	1.11%	0.93%	0.6%	2.04%
	11.53%	11.71%	11.82%	10.35%	9.58%	10.26%	10.89%	11.21%	11.43%	11.44%	11.81%	9.84%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	24.85%	24.12%	24.18%	25.55%	25.91%	25.68%	25.25%	25.01%	25.47%	25.64%	25.69%	24.81%
No. of shareholders	—	—	—	—	—	—	—	—	45,433	45,461	44,769	44,996

Loading shareholding…

F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

Loading f&o…

Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 2 fund houses

Held by these funds

1.96%

of the company's equity

All mutual funds

5.76%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

2 schemes · 2 fund houses

		Shares
Healthcare FundNEW	ICICI Prudential Mutual Fund	4.04 L	40.17	0.57%	1.962%	—
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	215	0.02	0.05%	0.001%	-0

Loading fund holders…

Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Loading documents…

Events

Upcoming dates and the company’s corporate-action history.

5

Final dividend16 Jul 2026 · ex-date₹6.3
Final dividend21 Jul 2025 · ex-date₹5.8
Dividend dividend17 Sept 2024 · ex-date₹5.5
Final dividend5 Sept 2023 · ex-date₹4
Dividend dividend9 Sept 2022 · ex-date₹3.5

1

Board meeting to consider results10 Aug 2026

1

Loading events…

Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

13 announcementsExport CSV

1 Sept 2026, 5:41 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

14 Aug 2026, 2:59 pmCompany Update

Announcement under Regulation 30 (LODR)-Earnings Call Transcript

Earnings Call Transcript PDF

11 Aug 2026, 2:04 pmCompany Update

Intimation Under Regulation 30 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015 - Recording Of Conference Call

General PDF

10 Aug 2026, 4:15 pmCompany Update

Announcement under Regulation 30 (LODR)-Press Release / Media Release

Press Release / Media Release PDF

10 Aug 2026, 4:12 pmCompany Update

Announcement under Regulation 30 (LODR)-Investor Presentation

Investor Presentation PDF

10 Aug 2026, 3:29 pmResult

Outcome Of The Board Meeting Held On August 10, 2026

Financial Results PDF

10 Aug 2026, 3:23 pmBoard Meeting

Board Meeting Outcome for Outcome Of The Board Meeting Held On August 10, 2026

Outcome of Board Meeting PDF

24 Jul 2026, 5:28 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

AGM PDF

Date	Category	Subject	Filing
1 Sept 2026, 5:41 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
14 Aug 2026, 2:59 pm	Company Update Earnings Call Transcript	Announcement under Regulation 30 (LODR)-Earnings Call Transcript

Loading announcements…

Ratio	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	35.8%	35%	36.6%	37.2%	37.9%	38.4%

24 deals · 16 Aug 2021 – 11 Aug 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
11 Aug 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Sell	1,18,632	₹936.43	₹11.11 Cr
11 Aug 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Buy	1,18,632	₹935.99	₹11.10 Cr
20 Feb 2025	AJAY KUMAR AGGARWAL	Bulk	NSE	Buy	1,44,995	₹787.42	₹11.42 Cr
19 Feb 2025	SAMVITTI CAPITAL PRIVATE LIMITED ACTIVE ALPHA MULTICAP	Bulk	NSE	Sell	1,15,374	₹683.49	₹7.89 Cr
1 Mar 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	1,10,668	₹564.94	₹6.25 Cr
1 Mar 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	1,10,668	₹565.96	₹6.26 Cr
8 Feb 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	1,35,363	₹522.27	₹7.07 Cr
8 Feb 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	1,35,363	₹522.39	₹7.07 Cr
2 Jan 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	4,09,737	₹517.50	₹21.20 Cr
2 Jan 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	4,09,737	₹517.17	₹21.19 Cr

1–10 of 24

1 / 3

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	11	9	61	109	68	105
	-20	-155	-14	-92	-74	-92
	7	130	-44	-15	1	-13
Net cash flow	-2	-15	3	2	-5	0
Free cash flow	5	-6	-10	71	16	37
CFO / Operating profit %	20.6%	17.4%	101.3%	139.4%	72.5%	100.2%

Leverage
Current ratio	2.08	4.06	2.92	2.51	2.11	1.95

Windlas Biotech Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

5

1

1

Announcements

Not in the F&O segment

Announcements

5

1

1

Annual reports

Credit ratings

Investor Presentation and earnings call

Compounded sales growth

Compounded profit growth

Return on equity

Working capital
Receivable days	68	87	83	79	80	92

Return ratios
Return on assets %	5.3%	7.8%	8.1%	9.3%	8%	7.3%

Windlas Biotech Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Dividends5

Board meetings1

Buybacks1

Announcements

Not in the F&O segment

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Announcements

Dividends5

Board meetings1

Buybacks1

Annual reports

Credit ratings

Investor Presentation and earnings call

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

5

1

1

5

1

1