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WINDLAS - Windlas Biotech

📊 NSE: WINDLAS 🏢 Pharmaceuticals - Indian - Formulations 📅 Last Updated: 12/14/2025 15:17

📢 Recent Corporate Announcements

Windlas Biotech Allots 28,990 Equity Shares Under ESOP Schemes

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 13 Mar 2026, 12:55 PM

Windlas Biotech Limited has allotted 28,990 equity shares of face value Rs. 5 each on March 13, 2026, following the exercise of stock options by employees. The allotment includes 4,115 shares under the 2021 ESOP Plan and 24,875 shares under the 2023 ESOP Scheme. This is a routine corporate action intended to fulfill employee incentive obligations. While this increases the total share capital, the dilution is marginal and expected as part of the company's compensation structure.

Total allotment of 28,990 equity shares on March 13, 2026
4,115 shares issued under the Employee Stock Option Plan 2021
24,875 shares issued under the WBL Employee Stock Option Scheme 2023
All shares have a face value of Rs. 5 each

💡 No action is required as this is a routine administrative allotment with negligible impact on the company's valuation. Investors should focus on the company's upcoming quarterly performance and growth guidance.

Windlas Biotech Seeks Approval for Director Re-appointments and ₹1.56 Cr Annual Remuneration

🟡 NEUTRAL ⭐ 6/10

MANAGEMENT 📅 16 Feb 2026, 05:54 PM

Windlas Biotech has initiated a postal ballot to seek shareholder approval for the re-appointment of Mr. Ashok Kumar Windlass as Whole-time Director for a five-year term starting May 3, 2026. The proposal includes a fixed annual remuneration of ₹1.56 crore and requires a special resolution as he is over 75 years of age. Additionally, the company is seeking a second five-year term for Independent Directors Mr. Vivek Dhariwal and Mr. Gaurav Gulati. Shareholders can participate in remote e-voting from February 18 to March 19, 2026.

Proposed re-appointment of Mr. Ashok Kumar Windlass as WTD for 5 years with ₹1.56 crore annual salary.
Special resolution required for Mr. Windlass to continue in office beyond the age of 75 years.
Re-appointment of two Independent Directors, Vivek Dhariwal and Gaurav Gulati, for second 5-year terms.
Remote e-voting period set for February 18, 2026, to March 19, 2026, with a cut-off date of February 13.
Aggregate remuneration of promoter executive directors may exceed SEBI Regulation 17(6)(e) limits but will remain within Section 197 ceilings.

💡 Investors should monitor the voting results to ensure leadership continuity and evaluate if the proposed remuneration aligns with the company's performance. No immediate portfolio changes are necessary based on this routine governance update.

Windlas Biotech Issues Postal Ballot Notice for Re-appointment of Three Directors

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 16 Feb 2026, 05:20 PM

Windlas Biotech Limited has issued a postal ballot notice to seek shareholder approval for the re-appointment of three key board members. The proposal includes the re-appointment of Mr. Ashok Kumar Windlass as Whole-time Director effective May 3, 2026. Furthermore, the company seeks to re-appoint Mr. Vivek Dhariwal and Mr. Gaurav Gulati as Independent Directors starting May 6, 2026. The remote e-voting period for these resolutions is scheduled to run from February 18, 2026, to March 19, 2026.

Re-appointment of Mr. Ashok Kumar Windlass as Whole-time Director effective May 3, 2026
Proposed re-appointment of Independent Directors Vivek Dhariwal and Gaurav Gulati effective May 6, 2026
Remote e-voting period scheduled from February 18, 2026, to March 19, 2026
Cut-off date for determining shareholder voting eligibility was February 13, 2026

💡 This is a routine management continuity exercise; investors should monitor the voting results to ensure stable leadership remains in place. No immediate portfolio changes are recommended based on this administrative filing.

Windlas Biotech to Meet Dron Capital and Other Investors on February 19, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 13 Feb 2026, 12:32 PM

Windlas Biotech Limited has scheduled a virtual meeting with institutional investors on February 19, 2026, at 3:30 PM. The meeting will include representatives from Dron Capital, Axia Capital, and Prad Capital. The company stated that the discussions will be based on publicly available information and documents. This is a routine regulatory disclosure under SEBI (LODR) Regulations, 2015.

Virtual meeting scheduled for February 19, 2026, at 3:30 PM IST.
Participating institutions include Dron Capital, Axia Capital, and Prad Capital.
Discussions will be restricted to information already in the public domain.
The schedule is subject to change based on exigencies from either side.

💡 No immediate action is required as this is a routine investor interaction. Investors should monitor for any post-meeting transcripts or presentations that may offer deeper insights into the company's operational outlook.

Windlas Biotech Schedules Virtual Investor Meet with Dron Capital and Others on Feb 19

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 13 Feb 2026, 12:30 PM

Windlas Biotech Limited has scheduled a virtual meeting with institutional investors on February 19, 2026, at 3:30 PM. The meeting will include representatives from Dron Capital, Axia Capital, and Prad Capital. The company has clarified that the discussions will be based strictly on publicly available documents and information. This is a routine engagement aimed at maintaining transparency with the institutional investment community.

Virtual meeting scheduled for February 19, 2026, starting at 3:30 PM IST.
Institutional participants include Dron Capital, Axia Capital, and Prad Capital.
Discussions will be limited to information already available in the public domain.
The meeting is conducted under Regulation 30 of SEBI (LODR) Regulations, 2015.

💡 No immediate action is required as this is a routine investor interaction. Investors may look for any post-meeting transcripts or presentations if the company chooses to publish them.

Windlas Biotech Q3 Revenue Up 20% to INR 233 Cr; Plant 6 Completion Set for FY26

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 11 Feb 2026, 02:45 PM

Windlas Biotech reported a strong Q3 FY26 with revenue growing 20% YoY to INR 233 crores, marking its 12th consecutive quarter of record revenue. The CDMO vertical led the performance with 23% growth, while the Exports segment surged 36% due to increased penetration in semi-regulated markets. Management confirmed that Plant 6 is on track for mechanical completion by the end of FY26, which will bring the total revenue capacity to approximately INR 1,100 crores. For the first 9 months of FY26, the company achieved an EPS of INR 24.02, representing a 12% YoY increase.

Q3 FY26 revenue grew 20% YoY to INR 233 Cr, while 9M FY26 revenue rose 19% to INR 666 Cr.
9M FY26 EBITDA (excluding ESOP expenses) stood at INR 89 Cr with a margin of 13.3%.
Exports vertical grew 36% in Q3 FY26, significantly outperforming domestic volume growth trends.
Plant 6 mechanical completion expected by end of FY26 with an estimated capex of INR 50-60 Cr.
Total revenue capacity target set at INR 1,000 Cr for oral solids and INR 100 Cr for injectables.

💡 Investors should focus on the successful commissioning and utilization of Plant 6 and the injectable facility as primary growth catalysts. The company's consistent 12-quarter revenue growth streak and expansion in high-margin exports make it a strong candidate for long-term portfolios in the CDMO space.

Windlas Biotech Faces Suspension of Codeine Syrup Production; ₹55.21 Cr Revenue Impact

🔴 NEGATIVE ⭐ 7/10

REGULATORY 📅 10 Feb 2026, 05:19 PM

Windlas Biotech has received a Show Cause Notice from the Food Safety & Drug Administration (Uttarakhand), resulting in the temporary suspension of Codeine-containing cough syrup manufacturing. This specific product line contributed ₹55.21 crore to the company's total revenue in the current financial year as of February 9, 2026. While the suspension is limited to this product category, the company is preparing a detailed response to address the regulatory concerns and resume operations. Investors should monitor the duration of this suspension as it affects a material revenue stream.

Temporary suspension of Codeine-containing cough syrup manufacturing by Uttarakhand authorities.
Affected product line contributed ₹55.21 crore to revenue in the current FY up to Feb 9, 2026.
Suspension is limited to Codeine-based products; other manufacturing operations remain unaffected.
Company is in the process of filing a detailed response to the Show Cause Notice within stipulated timelines.

💡 Investors should monitor the duration of the suspension as the affected revenue is significant. Watch for the company's formal response and any further regulatory actions or clearances from the Food Safety & Drug Administration.

Windlas Biotech Releases Q3 FY26 Earnings Call Audio Recording

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 06 Feb 2026, 04:05 PM

Windlas Biotech Limited has officially released the audio recording of its conference call held for the Q3 and nine-month period ended December 31, 2025. The call focused on the company's unaudited consolidated and standalone financial results. This disclosure is a standard regulatory requirement following the analyst meet conducted on February 6, 2026. Investors can access the recording via the company's website to understand management's perspective on recent performance.

Audio recording of the Q3 and 9M FY2025-26 earnings call is now available online.
The call discussed financial results for the quarter and nine months ended December 31, 2025.
A written transcript of the proceedings will be shared with stock exchanges shortly.
The recording can be accessed at the dedicated link: https://windlas.com/audio-transcript/

💡 Investors should review the audio recording or the upcoming transcript to gain insights into management's commentary on the CDMO business and future growth guidance.

Windlas Biotech Re-appoints Founder and Two Independent Directors for 5-Year Terms

🟢 POSITIVE ⭐ 6/10

MANAGEMENT 📅 05 Feb 2026, 06:52 PM

Windlas Biotech has approved the re-appointment of its founder, Mr. Ashok Kumar Windlass, as Whole-time Director for a five-year term starting May 2026. The board also re-appointed Chairman Mr. Vivek Dhariwal and Mr. Gaurav Gulati as Independent Directors for their second five-year terms. These moves ensure leadership continuity and maintain a board with deep expertise in pharmaceutical manufacturing and business strategy. The re-appointments are subject to shareholder approval and will extend the current leadership's tenure until 2031.

Mr. Ashok Kumar Windlass re-appointed as Whole-time Director for a 5-year term from May 3, 2026, to May 2, 2031.
Chairman Vivek Dhariwal re-appointed as Independent Director for a second 5-year term starting May 6, 2026.
Gaurav Gulati re-appointed as Independent Director for a second 5-year term starting May 6, 2026.
The leadership team brings combined experience from major firms like Pfizer, Baxter, and Oyo Hotels.

💡 Investors should view this as a sign of management stability and continuity, which is beneficial for long-term strategic execution. No immediate action is required as the existing leadership remains in place.

Windlas Biotech to Dissolve Non-Operating US Subsidiary Windlas Inc.

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 05 Feb 2026, 06:44 PM

Windlas Biotech Limited has announced the dissolution of its wholly owned subsidiary, Windlas Inc. USA, following board approval on February 5, 2026. The subsidiary was non-operating and contributed zero revenue to the company's consolidated turnover in FY 2024-25. Its net worth was marginally negative at USD -1,923.10, representing 0% of the parent company's net worth. This move is a routine administrative action to streamline the corporate structure by removing inactive entities.

Board approved the dissolution of Windlas Inc. USA, a non-operating wholly owned subsidiary.
The subsidiary reported USD NIL turnover and 0% revenue contribution for FY 2024-25.
Net worth of the subsidiary stood at USD -1,923.10 as of the end of the last financial year.
No consideration or sale proceeds will be received from the dissolution process.
Application for dissolution will be filed under the laws of Delaware, USA.

💡 Investors should view this as a routine corporate cleanup of a non-active entity. It has no material impact on the company's financial health or core operations.

Windlas Biotech Q3FY26: Revenue up 20% to Rs 233 Cr; 12th Consecutive Record Revenue Quarter

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 05 Feb 2026, 06:28 PM

Windlas Biotech reported a strong 20% YoY revenue growth in Q3FY26, reaching Rs 233.1 crore, marking its 12th consecutive quarter of record revenue. While reported PAT for the quarter saw a marginal decline of 4% to Rs 14.9 crore due to non-cash ESOP expenses, adjusted PAT grew significantly. The core CDMO vertical, contributing over 70% of revenue, grew by 23% YoY, while the export segment surged by 36%. For the 9-month period, the company maintained healthy momentum with a 19% revenue increase and a 13% rise in reported PAT.

Revenue from operations grew 20% YoY to Rs 233.1 crore in Q3FY26, driven by the CDMO segment.
Adjusted EBITDA (excluding ESOP expenses) for 9MFY26 rose 26% YoY to Rs 89 crore with a 13.3% margin.
CDMO revenue increased 23% YoY in Q3FY26, contributing 71.6% to the total revenue mix.
Export vertical showed significant traction with 36% YoY growth in Q3FY26, reaching Rs 13.2 crore.
Plant-6 is on track for mechanical completion by the end of FY26, signaling future capacity expansion.

💡 Investors should focus on the strong 20% top-line growth and the robust performance of the CDMO segment, looking past the reported PAT dip caused by non-cash ESOP expenses. The consistent revenue records and upcoming capacity at Plant-6 suggest a positive long-term growth trajectory for the company.

Windlas Biotech Q3FY26 Revenue up 20% to ₹233 Cr; Adjusted PAT Surges 38% YoY

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 05 Feb 2026, 06:19 PM

Windlas Biotech reported its 12th consecutive quarter of record revenue, reaching ₹233 crore in Q3FY26, a 20% YoY increase. While reported PAT for Q3 fell 4% to ₹15 crore due to significant non-cash ESOP charges, the adjusted PAT (excluding ESOPs) surged 38% to ₹22 crore. The core CDMO vertical, contributing 73% of revenue, grew 23% in Q3, while the Exports segment jumped 36%. The company remains net debt-free with ₹213 crore in liquidity and expects to complete its Plant-6 expansion by the end of FY26.

9MFY26 Revenue grew 19% YoY to ₹666 Cr, driven by strong performance across CDMO and Export verticals.
Adjusted EBITDA (excluding non-cash ESOP expenses) for 9MFY26 rose 26% YoY to ₹89 Cr with a 13.3% margin.
CDMO vertical revenue grew 23% YoY in Q3FY26 to ₹167 Cr, with 67% of the portfolio focused on complex generics.
Exports segment showed robust momentum with 36% YoY growth in Q3FY26, increasing penetration in RoW markets.
Maintains a strong financial position with ₹213 Cr liquidity and remains net debt-free.

💡 Investors should focus on the adjusted (Ex-ESOP) profit figures to assess operational performance, as non-cash accounting charges are temporarily masking strong bottom-line growth. The consistent revenue trajectory and shift toward complex generics and exports make this a positive long-term growth story.

Windlas Biotech Q3 Revenue Grows 19.5% YoY to ₹233 Cr; PAT Marginally Lower at ₹15 Cr

🟡 NEUTRAL ⭐ 7/10

EARNINGS 📅 05 Feb 2026, 05:45 PM

Windlas Biotech reported a 19.5% YoY increase in revenue for Q3 FY26, reaching ₹2,331.02 million. Despite the top-line growth, net profit declined slightly to ₹150.02 million from ₹155.76 million in the same quarter last year, impacted by a 30% rise in employee benefit expenses. For the nine-month period ending December 2025, the company maintained a positive trajectory with a 12.9% increase in net profit. The board also approved the dissolution of its non-operative US subsidiary to simplify the corporate structure.

Q3 FY26 Revenue from Operations increased 19.5% YoY to ₹2,331.02 million.
Net Profit for the quarter dipped 3.7% YoY to ₹150.02 million due to higher operating costs.
9M FY26 Revenue reached ₹6,655.90 million, up from ₹5,571.73 million in the previous year.
Employee benefit expenses surged to ₹420.48 million in Q3 FY26 compared to ₹321.72 million in Q3 FY25.
Board approved the dissolution of Windlas Inc. USA, a non-operative wholly-owned subsidiary.

💡 While revenue growth is robust, the margin pressure from rising employee costs warrants caution; investors should hold for long-term CDMO prospects.

Windlas Biotech Schedules Q3 & 9MFY26 Earnings Conference Call for February 6, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 29 Jan 2026, 02:05 PM

Windlas Biotech Limited has scheduled its earnings conference call to discuss financial results for the quarter and nine months ended December 31, 2025. The call is slated for Friday, February 6, 2026, at 12:00 PM IST. Key management personnel, including Managing Director Hitesh Windlass and CEO/CFO Komal Gupta, will be present to address investor queries. This routine announcement provides the necessary dial-in details for domestic and international participants to join the performance review.

Conference call scheduled for February 6, 2026, at 12:00 PM IST.
Focus on financial performance for Q3 and 9M ended December 31, 2025.
Management representation by MD Hitesh Windlass and CEO/CFO Komal Gupta.
Universal dial-in numbers provided: +91 22 6280 1256 and +91 22 7115 8157.
International toll-free numbers available for USA, UK, Singapore, and Hong Kong.

💡 Investors should mark the date to listen to management's commentary on the CDMO business outlook and margin performance. No immediate trading action is required based on this scheduling notification.

Windlas Biotech to Meet Monarch Networth Capital on January 27, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 22 Jan 2026, 01:57 PM

Windlas Biotech Limited has scheduled a one-on-one virtual meeting with Monarch Networth Capital. The meeting is slated for January 27, 2026, at 2:00 PM IST. The company has clarified that the discussions will be based solely on publicly available information and documents. This disclosure is a routine filing under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

One-on-one virtual meeting scheduled with Monarch Networth Capital.
The meeting is set to take place on Tuesday, January 27, 2026, at 2:00 PM.
Discussions will be restricted to information already in the public domain.
The announcement was made in compliance with SEBI LODR Regulation 30 (6).

💡 No immediate action is required as this is a routine interaction with an institutional investor. Shareholders may look for any subsequent investor presentations or transcripts that the company might release following the meeting.

View All WINDLAS Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

In H1 FY26, the Generic Formulation CDMO vertical grew 18% YoY, Trade Generics & Institutional grew 25% YoY, and the Exports vertical grew 23% YoY. For Q2 FY26, these segments grew 18%, 24%, and 13% YoY respectively, contributing to a total revenue of INR 222 Cr.

Geographic Revenue Split

The company is expanding its footprint in semi-regulated geographies through its Exports vertical, which grew 23% in H1 FY26. Domestic operations comprise the majority of revenue through CDMO and Trade Generics (INR 172 Cr in FY25).

Profitability Margins

Gross margin expanded by 70 bps YoY in H1 FY26 and 68 bps YoY in Q2 FY26. Historical PAT margins were 8.0% in FY25, 9.2% in FY24, and 8.3% in FY23. The company achieved a 30% ROCE and 27% ROE for H1 FY26.

EBITDA Margin

EBITDA margin (excluding ESOPs) stood at 12.7% in FY25 (INR 97 Cr) and H1 FY26 EBITDA reached INR 55 Cr, representing a 25% YoY growth. The margin has improved from 10.3% in FY20 to a steady 12.7% in recent years.

Capital Expenditure

The company utilized INR 50 Cr from IPO proceeds to fund capex for the new injectables facility. Total net cash used in investing activities was INR 74 Cr in FY25 and INR 92 Cr in FY24.

Credit Rating & Borrowing

ICRA reaffirmed an [ICRA]A+ (Stable) rating for long-term fund-based facilities (INR 58.70 Cr) and [ICRA]A1 for short-term unallocated facilities. Interest coverage was healthy at 43.5 times in FY21, and the company remains net debt-free with INR 237 Cr liquidity.

⚙️ Operational Drivers

Raw Materials

Raw materials and packaging materials are the primary inputs, representing approximately 62.1% of revenue (COGS of INR 472 Cr on INR 760 Cr revenue in FY25). Specific chemical names are not disclosed.

Capacity Expansion

Current annual installed operating capacity is 706.4 crore units across four manufacturing facilities in Dehradun. Expansion is focused on the new injectables segment to support profitability and scale ramp-up.

Raw Material Costs

COGS was INR 472 Cr in FY25 (62.1% of revenue), up from INR 396 Cr in FY24. Procurement strategies involve long-term relationships to manage pricing and supply terms for raw materials and packaging.

Manufacturing Efficiency

The company achieved an asset turnover of 3.8x in FY25. Efficiency is driven by a focus on high-volume complex generics and chronic/sub-chronic dosage forms (59% of portfolio).

Logistics & Distribution

Trade Generics are sold directly to stockists and distributors without medical representative support to maintain a low-cost distribution model.

📈 Strategic Growth

Expected Growth Rate

18-20%

Growth Strategy

Growth will be achieved through the ramp-up of the new injectable facility, expanding the Trade Generics brand portfolio (which grew from 128 brands in FY20 to 400 in FY25), and increasing export penetration in semi-regulated markets. The company targets high-margin complex generics (67% of portfolio) and chronic therapies.

Products & Services

Pharmaceutical formulations (tablets, capsules, liquids), injectables, and trade generic medicines across chronic and sub-chronic therapeutic areas.

Brand Portfolio

The company owns 400 brands in its Trade Generics segment and has IP rights for formulation technology across 99% of products sold, including 4,340 brands in Complex Generics.

New Products/Services

Foraying into the injectables segment and expanding the Trade Generics portfolio, which has seen a 40% CAGR in revenue over the last three years.

Market Expansion

Targeting high-growth semi-regulated geographies in the Exports vertical, which grew 23% in H1 FY26.

Market Share & Ranking

Windlas is one of the leading formulations CDMO players in the organized domestic market, though it remains a moderate-sized player overall with FY25 revenue of INR 760 Cr.

Strategic Alliances

Maintains long-standing customer relationships with leading pharmaceutical companies for CDMO services; specific partner names for JVs are not disclosed.

🌍 External Factors

Industry Trends

Large pharma companies are shifting capex toward high-end products like biosimilars and regulated markets, creating an ecosystem where they outsource standard formulations to established CDMOs like Windlas.

Competitive Landscape

Competes with other domestic CDMOs and generic manufacturers; market dynamics are shifting toward specialized CDMOs as large players outsource non-core manufacturing.

Competitive Moat

Moat is built on 25 years of expertise, IP rights on 99% of products, and high entry barriers in complex generics (67% of portfolio). Sustainability is supported by long-term CDMO contracts and brand ownership in Trade Generics.

Macro Economic Sensitivity

Sensitive to the growth of the Indian Pharmaceutical Market (IPM), which grew 7.7% in Q2 FY26. Volume sensitivity is high as the industry saw a 0.2% volume decline in the same period.

Consumer Behavior

Increasing demand for affordable high-quality generic drugs is driving the 40% CAGR in the Trade Generics vertical.

Geopolitical Risks

Exposure to semi-regulated markets in the Exports vertical (23% growth) introduces risks related to trade barriers and local regulatory changes in those regions.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by the Companies Act 2013 (Section 143) and WHO-GMP standards for pharmaceutical manufacturing. Compliance with quality standards is central to the CDMO strategy.

Environmental Compliance

Operates three WHO-GMP compliant plants, ensuring adherence to international manufacturing standards.

Taxation Policy Impact

Effective tax rate is approximately 23.7% based on FY25 PBT of INR 80 Cr and Tax of INR 19 Cr. The company previously received an INR 8 Cr tax benefit from the WHC merger.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the successful ramp-up and capacity utilization of the new injectable facility, which carries higher depreciation costs (INR 28 Cr in FY25 vs INR 13 Cr in FY24).