Windlas Biotech Limited (WINDLAS)

Healthcare · Pharmaceuticals & Biotechnology · NSE · Updated 13 August 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹894.7 ↓ 5.31% (1Y)

🎯 Key Takeaways

Windlas Biotech is transitioning from a mature pharmaceutical manufacturer to a high-growth CDMO (Contract Development and Manufacturing Organization) with a strong focus on international markets, particularly the US and Europe. The company is actively investing in capacity expansion and product portfolio development to capture growth in the outsourcing segment, which now contributes 84% of revenue.
Revenue grew 4.3% QoQ to ₹195 in Q3FY25.
⚠️ Dependence on the CDMO segment for growth makes the company vulnerable to sector-specific slowdowns or margin compression.

Market Cap

₹1,645

P/E Ratio

26.4

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

Windlas Biotech is transitioning from a mature pharmaceutical manufacturer to a high-growth CDMO (Contract Development and Manufacturing Organization) with a strong focus on international markets, particularly the US and Europe. The company is actively investing in capacity expansion and product portfolio development to capture growth in the outsourcing segment, which now contributes 84% of revenue. Despite flat revenue growth in recent quarters, profitability has improved significantly, driven by operational efficiencies and scale in the CDMO vertical.

📰 What's Happening

In Q1 FY27, Windlas Biotech reported record revenue of ₹248 crores (+18% YoY), driven by 79% export growth and strong CDMO demand. The company completed a ₹47 crore share buyback and declared a ₹13 crore dividend (₹6.30 per share), underscoring confidence in cash flow. Management highlighted progress on Plant-6 commercialization and strategic partnerships. Earlier, the dissolution of the US subsidiary Windlas Inc. was finalized, removing it from consolidated reporting. The board also approved the FY26 dividend and buyback, reinforcing shareholder return commitments.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	141	145	153	162	171	175	187	195
Operating Profit	19	20	22	24	26	25	28	29
OPM %	11.7%	11.8%	12.2%	12.5%	12.9%	11.9%	12.3%	12.6%
Net Profit	11	12	14	15	17	13	16	16
EPS	₹5.37	₹5.79	₹6.75	₹7.26	₹8.17	₹6.47	₹7.49	₹7.45

Revenue has grown steadily from ₹141 crores in Q4 FY23 to ₹195 crores in Q3 FY25, with operating margins stabilizing around 12-12.6%. Profitability has accelerated, with adjusted PAT rising 37% YoY in Q1 FY27 to ₹25 crores, reflecting improved margins and scale in the CDMO segment. Despite flat sequential revenue in recent quarters, margins have held firm, indicating operating leverage. The company’s focus on high-margin CDMO services is yielding results, with exports growing rapidly and contributing to top-line expansion.

🔮 Management Outlook & What's Next

Management emphasized strategic focus on capacity expansion, portfolio development, and operational excellence, particularly with the commercialization of Plant-6 in H1 FY27. They highlighted long-term shareholder value creation amid a stable pharmaceutical market and plans to strengthen partnerships and expand offerings. The CDMO vertical is positioned as the primary growth driver, with management confident in sustaining momentum through continued investment and market expansion.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Pharmaceuticals & Biotechnology

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Sun Pharmaceutical Industries Limited	4.51 L Cr	41.3	20.3%	15.1%	0.03
Divi's Laboratories Limited	1.79 L Cr	72.4	22.1%	16.6%	0.00
Torrent Pharmaceuticals Limited	1.49 L Cr	80.1	—	—	—
Cipla Limited	1.16 L Cr	25.4	19.4%	14.6%	0.00
Dr. Reddy's Laboratories Limited	1.12 L Cr	20.0	19.7%	16.6%	0.12
Lupin Limited	1.04 L Cr	36.2	—	—	—
Mankind Pharma Limited	1.03 L Cr	49.2	—	—	—
Zydus Lifesciences Limited	1.02 L Cr	22.5	—	—	—
Aurobindo Pharma Limited	87,806	25.3	—	—	—
Laurus Labs Limited	71,455	356.8	—	—	—

🔗 Peer Stock Analyses

SUNPHARMA DIVISLAB TORNTPHARM CIPLA DRREDDY

⚠️ Risk Factors

1. Dependence on the CDMO segment for growth makes the company vulnerable to sector-specific slowdowns or margin compression. 2. Export growth, while strong, exposes the company to geopolitical, regulatory, and currency risks, particularly in key markets like the US and Europe. 3. The dissolution of the US subsidiary, while financially neutral, may indicate challenges in international operations or strategic realignment with long-term implications.

📋 Recent Filings

🧠 Analyst's Read

Windlas Biotech is positioning itself as a specialized CDMO player with improving profitability and disciplined capital allocation. Investors should monitor execution of capacity expansion plans, order intake in the CDMO segment, and management’s ability to sustain export growth amid global headwinds. The company’s shift from domestic formulation to high-margin outsourcing is central to its future trajectory.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-08-13.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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