Windsor Machines Limited (WINDMACHIN)
₹281.75 -1.90% last close, 23 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Windsor Machines' revenue was ₹149 Cr (+31.4% year on year, -19.4% on the previous quarter), and net profit ₹-0.9 Cr (a smaller loss than a year earlier); the operating margin was 4.2%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹149 | +31.4% | -19.4% |
| Operating profit | ₹6.3 | -20.9% | -42.4% |
| Net profit | ₹-0.9 | loss narrowed | to loss |
| EPS (₹) | -0.10 | loss narrowed | to loss |
| Operating margin | 4.2% | — | — |
WINDMACHIN delivery percentage
NSE end-of-day data for
On Fri, 23 Oct 2026, 63.56% of the WINDMACHIN shares traded on NSE were taken to delivery, against the stock's own 20-session average of 57.53%. That is close to its usual level.
Delivery in the last 5 sessions: 50.1% · 47.6% · 48.2% · 93.7% · 63.6%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Windsor Machines Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited on October 03, 2026. It confirms that share certificates received for dematerialisation during the quarter were processed, confirmed or rejected, and mutilated in accordance with SEBI norms. This is a standard statutory compliance filing with no impact on business operations or financials.
- Compliance certificate submitted under Regulation 74(5) of SEBI DP Regulations for the quarter ended September 30, 2026
- Certificate issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited on October 03, 2026
- Formal submission to BSE and NSE completed on October 09, 2026
- Confirmation that received share certificates were duly mutilated, cancelled, and substituted in member registers
Windsor Machines Limited has issued a Postal Ballot notice seeking shareholder approval for the appointment of Mr. Mohan Ramachandran as Director, and as Whole-time Director & Chief Executive Officer (WTD & CEO) for a 3-year term effective October 5, 2026, to October 4, 2029. Remote e-voting commences on October 8, 2026, and concludes on November 6, 2026. The explanatory statement noted a standalone FY26 loss of Rs. 4.43 crore, primarily impacted by Rs. 11.61 crore in one-time exceptional expenses incurred for plant shifting to Rajkot.
- Appointment of Mr. Mohan Ramachandran as Whole-time Director and CEO for a 3-year term from October 05, 2026 to October 04, 2029
- E-voting period scheduled from October 08, 2026 (9:00 AM) to November 06, 2026 (5:00 PM) with a cut-off date of October 02, 2026
- Standalone FY26 gross turnover and other income recorded at Rs. 570.26 crore with a net loss of Rs. 4.43 crore
- Exceptional one-time settlement of Rs. 11.61 crore paid to workmen across Vatva, Chattral, and Thane on plant consolidation to Chibhda, Rajkot
Windsor Machines Limited informed the stock exchanges that its Board of Directors approved an updated list of Key Managerial Personnel (KMP) authorized to determine event materiality and make disclosures pursuant to Regulation 30(5) of SEBI LODR. The authorized personnel include Whole-Time Director Vinay Bansod, CFO Anand Jain, Whole-Time Director & CEO Mohan Ramachandran, and Company Secretary Rohit Sojitra. The filing is a standard administrative compliance update with no financial or operational impact.
- Board authorized 4 Key Managerial Personnel on October 05, 2026, under Regulation 30(5)
- Authorized officials include CEO Mohan Ramachandran, WTD Vinay Bansod, CFO Anand Jain, and CS Rohit Sojitra
- Filing is strictly procedural and has no direct financial impact on the company's ₹606 Cr TTM revenue base
Windsor Machines Limited has announced that Mr. Vinay Bansod has tendered his resignation as Executive Director, effective from the close of business hours on October 15, 2026. The resignation was tendered to explore new opportunities. Following his departure, he will also cease to be a member of the Stakeholders Relationship Committee and the Operation and Banking Committee. The company is currently operating with a TTM revenue of Rs 606 Cr and reported a small net loss of Rs 0.91 Cr in the latest quarter ending June 2026.
- Executive Director Vinay Bansod tendered resignation on October 05, 2026
- Cessation takes effect from closing business hours on October 15, 2026
- Steps down from the Stakeholders Relationship Committee and Operation and Banking Committee
- Reason cited is to explore new opportunities
Windsor Machines Limited has appointed current CEO Mr. Mohan Ramachandran as an Additional Director designated as Whole-time Director & Chief Executive Officer, effective October 05, 2026. The appointment is for a 3-year term ending October 04, 2029, subject to shareholder approval. Mr. Ramachandran brings over 32 years of industrial and automotive manufacturing experience, having previously worked at Eicher Group, Mahindra & Mahindra, Cummins Technologies, and Milacron India. This leadership formalization comes as Windsor Machines seeks operational turnaround, posting a TTM revenue of ₹606 Cr and PAT of ₹7 Cr.
- Appointed as Whole-time Director & CEO for a tenure of 3 years effective October 05, 2026 to October 04, 2029
- Candidate possesses more than 32 years of industry experience across automotive and industrial manufacturing
- Board meeting approving the appointment concluded within 15 minutes (05:40 p.m. to 05:55 p.m. IST on October 05, 2026)
- Appointment remains subject to approval by the members of the company
Windsor Machines Limited announced the conclusion and voting results of its 63rd Annual General Meeting held on September 29, 2026. A total of 55,901,025 votes were polled, representing 54.03% of the outstanding shares. All three ordinary resolutions—including the adoption of FY26 financial statements, the reappointment of director Hitendrabhai Hasmukhbhai Patel, and the ratification of Rs 90,000 remuneration for cost auditors—were approved with >99.99% votes in favor.
- 55,901,025 total votes polled out of 103,459,417 outstanding shares (54.0318% voter turnout)
- Adoption of FY26 audited standalone and consolidated financial statements passed with 99.9997% votes in favor
- Reappointment of retiring director Hitendrabhai Patel approved with 55,900,834 votes in favor and 191 against
- Ratification of cost auditor remuneration of Rs 90,000 plus applicable taxes approved
Windsor Machines Limited has reconstituted its Stakeholders Relationship Committee (SRC) via a circular resolution passed on September 18, 2026. Non-Executive Independent Director Mr. Manoj Dineshchandra Antani, previously a member, has been appointed as the Chairperson of the committee. The committee also includes Whole Time Director Mr. Vinay Bansod and Executive Director Mr. Hitendrabhai Hasmukhbhai Patel. The filing is a standard corporate governance adjustment and has no direct financial impact on the company's ₹606 crore TTM revenue or earnings.
- Circular resolution approved by the Board on September 18, 2026
- Mr. Manoj Dineshchandra Antani appointed as Chairperson of the Stakeholders Relationship Committee
- Committee reconstituted to a 3-member composition comprising 1 Independent and 2 Executive Directors
- Disclosure submitted pursuant to Regulation 30 and Regulation 20 of SEBI LODR Regulations
Windsor Machines Limited has received trading approvals from both NSE and BSE for 17,32,405 equity shares of face value Rs. 2 each. These shares were allotted to promoters on a preferential basis following warrant conversion at an issue premium of Rs. 189.85 per share (total price of Rs. 191.85 per share). The allotment represents an equity value of approximately Rs. 33.24 crore (about 1.3% of the current market capitalization of Rs. 2,513 crore). The shares will be admitted to dealings effective September 17, 2026, and remain locked in until March 31, 2028.
- Trading approval granted for 17,32,405 equity shares of face value Rs. 2 each
- Issued to promoters at a premium of Rs. 189.85 per share (issue price of Rs. 191.85)
- Effective listing and trading date on NSE and BSE is September 17, 2026
- Allotted shares are subject to a lock-in period ending March 31, 2028
Windsor Machines Limited has scheduled its 63rd Annual General Meeting (AGM) for Tuesday, September 29, 2026, at 2:00 PM IST through video conferencing. The cut-off date to determine eligibility for remote e-voting is Tuesday, September 22, 2026. The register of members and share transfer books will remain closed from September 23 to September 29, 2026. Remote e-voting will be open from September 26 to September 28, 2026, via CDSL.
- 63rd AGM to be held on September 29, 2026, via Video Conferencing / OAVM
- E-voting cut-off date fixed as Tuesday, September 22, 2026
- Book closure period set from September 23, 2026, to September 29, 2026 (both days inclusive)
- Remote e-voting window open from September 26, 2026 (9:00 AM IST) to September 28, 2026 (5:00 PM IST)
Windsor Machines Limited has issued the notice for its 63rd Annual General Meeting (AGM) scheduled for September 29, 2026, via video conferencing. The agenda includes ordinary business such as the adoption of FY26 financial statements and the reappointment of Executive Director Mr. Hitendrabhai Hasmukhbhai Patel (who holds a 5.76% equity stake). Additionally, shareholders will vote on the ratification of ₹90,000 remuneration for the cost auditor for FY27.
- 63rd Annual General Meeting scheduled for September 29, 2026, at 02:00 PM IST via Video Conferencing.
- Shareholder approval sought for ratification of ₹90,000 cost auditor remuneration for FY 2026-27.
- Re-appointment by rotation of Executive Director Mr. Hitendrabhai Hasmukhbhai Patel, who holds 58,63,956 shares (5.76% stake) with annual CTC of ₹96,00,004.
Windsor Machines Limited responded on August 18, 2026, to an NSE surveillance letter (Ref: NSE/CM/Surveillance/17371-) regarding a significant increase in trading volume. The company stated that it has adhered to all Regulation 30 SEBI LODR disclosures and has not withheld any material or price-sensitive information. Windsor clarified that the observed volume spurt across exchanges is purely market-driven.
- NSE issued surveillance inquiry letter ref NSE/CM/Surveillance/17371- on August 18, 2026
- Company confirmed full compliance under Regulation 30 of SEBI LODR Regulations
- Management affirmed no undisclosed price-sensitive information has been withheld
- Trading volume spurt across exchanges clarified as purely market-driven
Windsor Machines has received final trading approval from NSE and BSE for 1,04,24,811 equity shares issued on a preferential basis. These shares were allotted to non-promoters at an issue price of Rs. 191.85 per share (including a premium of Rs. 189.85) following the conversion of warrants. The total value of this specific allotment is approximately Rs. 200 crore, representing about 8.1% of the company's current market capitalization. While trading commences on August 13, 2026, these shares are subject to a lock-in period until February 28, 2027.
- 1,04,24,811 equity shares of Rs. 2 face value received trading approval from NSE and BSE
- Shares issued at a total price of Rs. 191.85 per share (Rs. 189.85 premium)
- Total capital represented by this allotment is approximately Rs. 200 crore
- Trading effective date set for Thursday, August 13, 2026
- Allotted shares are under lock-in until February 28, 2027
Windsor Machines reported a 31.4% YoY revenue growth to ₹148.9 Cr for Q1FY27, driven by strong underlying demand despite Middle East supply chain disruptions. The company is undergoing a major strategic transformation under new promoters (Plutus Investments), having raised ₹725 Cr and consolidated operations into a single 36-acre integrated Rajkot facility. While EBITDA margins were temporarily pressured by raw material costs, the company has expanded its capacity to 3,600 machines p.a. with a roadmap to 8,400. The appointment of industry veteran Mohan Ramachandran as CEO marks a shift toward disciplined operational execution.
- Revenue increased 31.4% YoY to ₹148.9 Cr in Q1FY27
- Order book as of June 30, 2026, stands at ₹217 Cr, representing ~38% of TTM revenue
- Manufacturing capacity expanded to 3,600 machines p.a., with a long-term target of 8,400 machines
- Completed acquisition of Global CNC for ₹343 Cr and Unitech for ₹42 Cr to diversify product offerings
- Raised ₹725 Cr through a preferential issue, significantly strengthening the balance sheet for expansion
Windsor Machines Limited has submitted its quarterly statement of deviation for the period ended June 30, 2026, confirming that funds raised via a preferential issue are being utilized as per original objectives. The company raised gross proceeds of ₹724.99 crore in January 2025, primarily to fund the acquisition of Global CNC Private Limited. As of the reporting date, ₹342.77 crore has been utilized against an original allocation of ₹344.00 crore for this acquisition. The monitoring agency, ICRA Limited, and the company's Audit Committee reported no deviations or adverse comments.
- Gross proceeds of ₹724,99,99,413.45 raised through a preferential issue on January 09, 2025.
- Net proceeds available for utilization stand at ₹700,07,27,990.
- ₹342.76 crore utilized for the acquisition of Global CNC Private Limited as of June 30, 2026.
- Original allocation for the Global CNC acquisition was set at ₹344.00 crore.
- Monitoring agency ICRA Limited confirmed zero deviations in fund usage for the quarter.
Windsor Machines reported a 31.3% YoY increase in consolidated revenue to ₹148.87 Cr for Q1 FY27. The company significantly narrowed its consolidated net loss to ₹0.91 Cr, compared to a loss of ₹10.54 Cr in the same quarter last year. While revenue grew YoY, it saw a sequential decline from ₹184.64 Cr in Q4 FY26. The results incorporate the impact of the Global CNC Private Limited merger and the ongoing liquidation of the Italian subsidiary, Wintal Machines SRL.
- Consolidated revenue from operations grew 31.3% YoY to ₹148.87 Cr.
- Consolidated net loss narrowed by 91% YoY to ₹0.91 Cr from ₹10.54 Cr.
- Finance costs increased significantly to ₹3.50 Cr from ₹1.10 Cr in the year-ago quarter.
- Standalone revenue for the quarter stood at ₹146.21 Cr, contributing the bulk of consolidated income.
- The company restated Q1 FY26 figures to account for the amalgamation of Global CNC Private Limited effective April 1, 2025.
Financial Performance
Revenue Growth by Segment
Consolidated revenue from operations grew 4.17% YoY to INR 368.72 Cr in FY 2024-25 from INR 353.97 Cr. However, standalone revenue declined 3.63% to INR 327.60 Cr. The company sold 323 machines in FY 2024-25, a 15.45% decrease from 382 machines in the previous year, indicating a shift toward higher-value units despite lower volume.
Geographic Revenue Split
Not explicitly disclosed in percentages; however, the company operates primarily in India (Gujarat) and previously had operations in Italy through Wintal Machines SRL, which entered voluntary judicial liquidation on December 30, 2024.
Profitability Margins
Consolidated Net Profit Margin remained negative as the company reported a loss of INR 3.23 Cr, though this was an improvement from the INR 7.71 Cr loss in FY 2023-24. Standalone PAT turned into a loss of INR 25.27 Cr from a profit of INR 3.42 Cr, largely due to exceptional items and tax adjustments.
EBITDA Margin
Consolidated EBITDA margin stood at 6.92% (INR 25.53 Cr) in FY 2024-25, a slight contraction from 7.13% (INR 25.24 Cr) in FY 2023-24. Standalone EBITDA margin was higher at 8.24% (INR 27.00 Cr) compared to 8.16% in the previous year.
Capital Expenditure
The company raised approximately INR 462.50 Cr through a preferential issue of equity shares and warrants. As of March 31, 2025, INR 383.63 Cr has been utilized for stated objectives, including business expansion and operational requirements.
Credit Rating & Borrowing
Consolidated finance costs decreased significantly by 47.23% to INR 8.03 Cr from INR 15.22 Cr, suggesting a reduction in high-cost debt or improved borrowing terms following the change in promoter to Plutus Investments.
Operational Drivers
Raw Materials
Steel, specialized engineering components, and electronic controllers for plastic processing machinery. Specific percentage of total cost for each is not disclosed.
Capacity Expansion
Current capacity is measured by machine output, with 323 machines sold in FY 2024-25. The company is focusing on new product launches and expanding geographical coverage to increase market share.
Raw Material Costs
Total standalone expenses were INR 301.96 Cr, representing 92.17% of standalone revenue. Procurement strategies involve leveraging the new promoter's (Plutus Investments) network for better cost management.
Manufacturing Efficiency
Machine sales volume efficiency declined by 15.45% YoY (from 382 to 323 units), though revenue per machine increased, suggesting a move toward more complex, higher-margin extruders.
Strategic Growth
Growth Strategy
Growth will be driven by the new promoter, Plutus Investments and Holding Private Limited, focusing on new product launches and expanding geographical reach. The company received a capital advance refund of INR 24.61 Cr and is streamlining its portfolio by exiting non-core or loss-making entities like Wintal Machines SRL (Italy) and RCube Energy Storage Systems (44.70% stake sold).
Products & Services
Plastic processing machineries, specifically extruders and injection molding machines used in the engineering and plastic sectors.
Brand Portfolio
Windsor Machines.
New Products/Services
New product launches are planned to increase market share, though specific revenue contribution percentages are not disclosed.
Market Expansion
Expansion into additional geographical regions is a core part of the management's strategy for FY 2025-26.
Strategic Alliances
Collaborations with academic universities for joint research projects to enhance product range and quality.
External Factors
Industry Trends
The industry is characterized by cyclicality. Future growth is expected to be driven by technological shifts in plastic processing and expansion into new regional markets.
Competitive Landscape
The company competes in the plastic processing machinery market, focusing on leadership through technology absorption and new product launches.
Competitive Moat
The company's moat is built on its long-standing brand (established 1963) and its technical expertise in extruders. Sustainability is supported by the recent INR 462.50 Cr capital infusion and a change in promoter to a more active investment group.
Macro Economic Sensitivity
High sensitivity to the overall economic environment and the cyclical nature of the plastic processing industry.
Consumer Behavior
Shift toward more efficient and high-performance plastic processing machines is driving the demand for the company's new product range.
Geopolitical Risks
The judicial liquidation of the Italian subsidiary Wintal Machines SRL highlights risks associated with international operations and regulatory environments in Europe.
Regulatory & Governance
Industry Regulations
Subject to the Environment Protection Act, 1986, and various labor and pollution control laws specific to manufacturing engineering products.
Environmental Compliance
Compliant with Gujarat Pollution Control Regulations; operations are conducted in an environmentally responsible manner.
Taxation Policy Impact
The company applied for the Direct Tax Vivaad se Vishwas Scheme 2024 for AY 2020-21, booking an expense of INR 13.96 Cr to settle litigations. It also recorded a deferred tax liability reduction of INR 12.31 Cr.
Legal Contingencies
The company has filed an appeal in the Mumbai High Court against an ITAT order for AY 2015-16 involving a tax demand of INR 15.64 Cr. It also faces ongoing judicial liquidation proceedings for its Italian subsidiary, Wintal Machines SRL.
Risk Analysis
Key Uncertainties
The primary uncertainty is the recovery of the global and domestic economic environment, which directly impacts the demand for capital goods like plastic processing machinery.
Geographic Concentration Risk
Operations are heavily concentrated in Gujarat, India, following the exit from the Italian market.
Third Party Dependencies
Dependency on specialized service providers, evidenced by a settlement resulting in a INR 24.61 Cr capital advance refund from a service provider.
Technology Obsolescence Risk
Risk of falling behind in technology is mitigated by R&D collaborations with universities and the launch of the WML ESOP Policy 2022 to retain technical talent.
Credit & Counterparty Risk
The company provided for total investment and receivables from Wintal Machines SRL, expecting zero proceeds from its liquidation, indicating high historical credit risk with subsidiaries.
