Windlas Biotech Ltd

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Windlas Biotech Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents
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Windlas Biotech Ltd

₹ 881 -2.74%
21 Oct - close price
windlasbiotech.com BSE: 543329 NSE: WINDLAS
About

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]

Key Points

Market Position
Windlas Biotech is amongst the top five players in the domestic pharmaceutical formulations, contract development, and manufacturing organization (CDMO) industry in India, in terms of revenues. The company offers a range of CDMO services from product discovery to product development, licensing, and commercial manufacturing of generic products including complex generics. [1]

Website BSE NSE
  • Market Cap ₹ 1,818 Cr.
  • Current Price ₹ 881
  • High / Low ₹ 1,182 / 697
  • Stock P/E 27.4
  • Book Value ₹ 275
  • Dividend Yield 0.71 %
  • ROCE 15.9 %
  • ROE 12.2 %
  • Face Value ₹ 5.00
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Pros

  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 19.7%
  • Company's working capital requirements have reduced from 21.3 days to 14.4 days

Cons

  • Company has a low return on equity of 12.8% over last 3 years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Healthcare Healthcare Pharmaceuticals & Biotechnology Pharmaceuticals

Part of BSE Healthcare

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

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
141 145 153 162 171 175 187 195 203 210 222 233 238
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%
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%
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
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
352 307 329 428 466 513 631 760 904
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%
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%
11 64 16 16 38 43 58 61 66
EPS in Rs 7.04 35.07 8.91 8.70 17.48 20.04 27.98 29.10 31.49
Dividend Payout % -0% -0% -0% -0% 20% 20% 20% 20% 20%
Compounded Sales Growth
10 Years: %
5 Years: 16%
3 Years: 21%
TTM: 19%
Compounded Profit Growth
10 Years: %
5 Years: 16%
3 Years: 17%
TTM: 9%
Stock Price CAGR
10 Years: %
5 Years: 22%
3 Years: 37%
1 Year: -7%
Return on Equity
10 Years: %
5 Years: 12%
3 Years: 13%
Last Year: 12%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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
57 32 29 32 7 5 4 33 35
107 73 100 65 90 122 173 222 291
Total Liabilities 290 298 338 296 491 529 626 760 907
86 64 70 96 91 109 179 223 213
CWIP 53 5 -0 0 8 15 6 5 60
Investments 23 122 116 23 65 107 173 223 268
128 107 152 177 327 298 268 308 366
Total Assets 290 298 338 296 491 529 626 760 907

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
35 19 25 11 9 61 109 68 105
-11 -7 -14 -20 -155 -14 -92 -74 -92
-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/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit 102% 81% 113% 33% 34% 117% 163% 95% 115%

Ratios

Consolidated / View Standalone

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 14
ROCE % 15% 12% 19% 15% 14% 18% 17% 16%

Insights

In beta
Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
CDMO Number of Customers Catered
count

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CDMO Number of Products Catered
count
Complex Generic Variations
count
Installed Capacity - Tablets & Capsules
Mn units per annum
Stockists and Distributors
count
Top 10 Customer Concentration
% of CDMO revenue
Trade Generics Number of Brands
count
Capacity Utilization
%

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

2 Recently
Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
62.82% 62.82% 62.51% 62.51% 62.51% 62.34% 62.34% 61.98% 61.98% 61.90% 63.31% 63.31%
1.35% 1.18% 1.59% 2.00% 1.55% 1.52% 1.44% 1.11% 0.93% 0.60% 2.04% 2.09%
11.71% 11.82% 10.35% 9.58% 10.26% 10.89% 11.22% 11.44% 11.44% 11.80% 9.84% 7.24%
24.11% 24.19% 25.55% 25.91% 25.67% 25.25% 25.01% 25.48% 25.64% 25.69% 24.80% 27.35%
No. of Shareholders 61,90051,27745,82445,70646,59046,38345,88745,43345,46144,76944,99648,732

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Documents

Announcements

Annual reports

DRHP

Credit ratings

Concalls