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Windlas Biotech Ltd.
(WINDLAS)
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Rating:70Outperform
Price Target:
₹1,092.00
▲(27.41% Upside)
Action:Upgraded
Date:08/25/26
The score is driven mainly by solid fundamentals (strong growth and a very low-debt balance sheet), tempered by concerns around cash-flow volatility and the sharp FY2026 gross margin decline. Technicals add support due to a clear uptrend, while valuation reduces the score given the higher P/E and low dividend yield.
Positive Factors
Durable revenue growth
Revenue nearly doubled across FY2022–FY2026, indicating sustained demand for Windlas’s formulation manufacturing and CDMO services. This growth supports scale benefits and suggests the company is expanding its customer or product base beyond a short-term sales uplift.
Negative Factors
Sharp gross-margin compression
The steep FY2026 gross-margin decline raises a durable concern about product mix, input costs, pricing, or manufacturing efficiency. If margins do not recover, the company’s revenue growth may translate into weaker operating leverage and lower profit quality.
Read all positive and negative factors
Positive Factors
Negative Factors
Durable revenue growth
Revenue nearly doubled across FY2022–FY2026, indicating sustained demand for Windlas’s formulation manufacturing and CDMO services. This growth supports scale benefits and suggests the company is expanding its customer or product base beyond a short-term sales uplift.
Read all positive factors
Windlas Biotech Ltd. (WINDLAS) vs. iShares MSCI India ETF (INDA)
Market Cap
₹20.41B
Dividend Yield0.64%
Average Volume (3M)3.48K
Price to Earnings (P/E)30.8
Beta (1Y)0.78
Revenue Growth18.53%
EPS Growth1.89%
CountryIN
Employees1,385
SectorGeneral
Sector StrengthN/A
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)31.61
Shares Outstanding20,636,229
10 Day Avg. Volume3,282
30 Day Avg. Volume3,478
Financial Highlights & Ratios
PEG Ratio2.80
Price to Book (P/B)2.67
Price to Sales (P/S)1.71
P/FCF Ratio45.88
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Windlas Biotech Ltd. Business Overview & Revenue Model
Company Description
Windlas Biotech Limited functions as a comprehensive contract development and manufacturing organization (CDMO). Its CDMO offerings span the full product lifecycle, encompassing initial discovery, subsequent development, licensing, and large-scale...
How the Company Makes Money
Windlas Biotech primarily makes money by providing contract manufacturing and related services for pharmaceutical companies. Its main revenue stream is the sale of manufactured finished dosage formulations (and associated manufacturing services) t...
Windlas Biotech Ltd. Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
86
Very Positive
Cash Flow
58
Neutral
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 9.04B | 7.60B | 6.29B | 5.11B | 4.63B |
| Gross Profit | 1.64B | 2.88B | 2.28B | 1.81B | 1.61B |
| EBITDA | 1.05B | 1.12B | 916.40M | 701.91M | 591.29M |
| Net Income | 664.56M | 609.94M | 581.87M | 426.26M | 380.89M |
Balance Sheet | |||||
| Total Assets | 9.07B | 7.60B | 6.26B | 5.29B | 4.91B |
| Cash, Cash Equivalents and Short-Term Investments | 2.70B | 2.40B | 2.04B | 1.32B | 1.76B |
| Total Debt | 352.42M | 325.97M | 36.41M | 49.93M | 66.37M |
| Total Liabilities | 3.27B | 2.55B | 1.76B | 1.27B | 962.33M |
| Stockholders Equity | 5.81B | 5.06B | 4.50B | 4.02B | 3.95B |
Cash Flow | |||||
| Free Cash Flow | 337.68M | 159.93M | 712.76M | -99.25M | -56.74M |
| Operating Cash Flow | 1.01B | 681.87M | 1.09B | 609.65M | 91.30M |
| Investing Cash Flow | -931.15M | -740.64M | -920.68M | -141.10M | -1.55B |
| Financing Cash Flow | -82.06M | 10.13M | -152.90M | -437.39M | 1.30B |
Windlas Biotech Ltd. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | ₹22.22B | 18.49 | ― | ― | 20.87% | 116.29% | |
70 Outperform | ₹20.41B | 30.84 | ― | 0.73% | 18.53% | 1.89% | |
69 Neutral | ₹16.50B | 18.71 | ― | ― | 0.44% | 48.96% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | ₹51.45B | 37.88 | ― | 0.49% | 9.48% | 50.08% | |
51 Neutral | ₹28.21B | 53.88 | ― | ― | 113.34% | -80.12% | |
48 Neutral | ₹20.79B | 823.93 | ― | 0.08% | 12.08% | ― |
* General Sector Average
IN:WINDLAS
Windlas Biotech Ltd.
981.60
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-0.46%
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Windlas Biotech Ltd. Corporate Events
Windlas Biotech Files Q1 FY27 Earnings Call Transcript With Indian Exchanges
Aug 14, 2026
Windlas Biotech Limited has released the transcript of its Q1 FY27 earnings conference call, formally submitting the document to the listing and compliance departments of BSE and the National Stock Exchange of India in line with SEBI disclosure re...
Windlas Biotech Schedules Investor and Analyst Meeting for July 2
Jun 24, 2026
Windlas Biotech Limited has announced a scheduled in-person group meeting with investors and analysts, including Vara Capital and Apricus Wealth Investment Managers, on July 2, 2026. The company stated that only publicly available information will...
Windlas Biotech Schedules Virtual Meets With Key Institutional Investors
Jun 24, 2026
Windlas Biotech Limited has scheduled a series of virtual one-on-one meetings with key institutional investors and analysts, including Trust Mutual Fund, Baring Private Equity Partners India, Vaikarya Investment Management and UT Mutual Fund in ea...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.