Windlas Biotech Ltd. (WINDLAS) AI Stock Analysis

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Windlas Biotech Ltd.

(NSE:WINDLAS)

Select Model

Rating:66Neutral

Price Target:INR 1,075.00▲(6.20% Upside)

Action:downgraded

Date:11/07/26

The company's financial foundation is its primary strength, driven by a debt-free balance sheet and strong cash generation, which supports a score of 66. However, this is significantly tempered by a high P/E ratio and a sharp, concerning decline in gross margins. Technical indicators are neutral to slightly weak, adding little positive momentum. The stock's premium valuation is difficult to justify given the emerging profitability challenges.

Positive Factors

Sustained Revenue GrowthStrong multi-year revenue growth indicates expanding demand for Windlas Biotech’s offerings and a proven ability to scale over time. Continued top-line momentum can support operating investment, broaden customer relationships, and strengthen the company’s position in pharmaceutical manufacturing.

Negative Factors

Gross Margin CompressionThe sharp FY2026 gross-margin decline raises questions about the durability of the company’s profitability and the economics of recent growth. If margins remain below historical levels, operating leverage may weaken and future revenue gains could translate less effectively into earnings.

Windlas Biotech Ltd. (WINDLAS) vs. iShares MSCI India ETF (INDA)

Market Cap: INR 21.11B
Dividend Yield: 0.62%
Average Volume (3M): 6,650
Price to Earnings (P/E): 31.7
Beta (1Y): 0.98
Revenue Growth: 18.48%
EPS Growth: -0.41%
Country: India
Employees: 1,385
Sector: General
Sector Strength: 55
Industry: Drug Manufacturers - Specialty & Generic

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 co...

Windlas Biotech Ltd. Financial Statement Overview

Summary

Solid overall financial health with strong balance sheet (Score 90) and improving cash flows (Score 75), offset by income statement concerns (Score 60) due to a sharp gross margin decline to 18.1%. Revenue and net income growth remain positive, but margin pressure is a key risk.

Income Statement

60Neutral

Balance Sheet

90Very Positive

Cash Flow

75Positive

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	9.84B	9.04B	7.60B	6.29B	5.11B	4.63B
Gross Profit	1.72B	1.64B	2.88B	2.28B	1.81B	1.61B
EBITDA	1.15B	1.05B	1.12B	916.40M	701.91M	591.29M
Net Income	666.97M	664.56M	609.94M	581.87M	426.26M	380.89M
Balance Sheet
Total Assets	10.15B	9.07B	7.60B	6.26B	5.29B	4.91B
Cash, Cash Equivalents and Short-Term Investments	2.62B	2.70B	2.40B	2.04B	1.32B	1.76B
Total Debt	534.29M	352.42M	325.97M	36.41M	49.93M	66.37M
Total Liabilities	4.46B	3.27B	2.55B	1.76B	1.27B	962.33M
Stockholders Equity	5.69B	5.81B	5.06B	4.50B	4.02B	3.95B
Cash Flow
Free Cash Flow	0	337.68M	159.93M	712.76M	-99.25M	-56.74M
Operating Cash Flow	0	1.01B	681.87M	1.09B	609.65M	91.30M
Investing Cash Flow	0	-931.15M	-740.64M	-920.68M	-141.10M	-1.55B
Financing Cash Flow	0	-82.06M	10.13M	-152.90M	-437.39M	1.30B

Windlas Biotech Ltd. Technical Analysis

Technical Analysis SentimentPositive

Last Price1012.25

Price Trends

50DMA1011.40Positive

100DMA947.20Positive

200DMA870.91Positive

Market Momentum

MACD-2.76Negative

RSI59.34Neutral

STOCH68.36Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:WINDLAS, the sentiment is Positive. The current price of 1012.25 is above the 20-day moving average (MA) of 916.61, above the 50-day MA of 1011.40, and above the 200-day MA of 870.91, indicating a bullish trend. The MACD of -2.76 indicates Negative momentum. The RSI at 59.34 is Neutral, neither overbought nor oversold. The STOCH value of 68.36 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:WINDLAS.

Windlas Biotech Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:WINDLAS against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:SYNCOMF	79Outperform	INR 19.15B	22.24	―	0.49%	0.44%	48.60%
IN:VENUSREM	76Outperform	INR 19.17B	15.87	―	0.70%	20.22%	73.03%
IN:WINDLAS	66Neutral	INR 20.62B	31.66	―	0.62%	18.48%	-0.41%
IN:MOREPENLAB	63Neutral	INR 52.99B	27.67	―	0.21%	30.20%	91.17%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:INDSWFTLAB	51Neutral	INR 31.50B	36.92	―	―	66.39%	-72.31%
IN:INDOCO	48Neutral	INR 20.31B	67.15	―	0.09%	10.75%	―

* General Sector Average

Performance Comparison

IN:WINDLAS and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IN:WINDLAS	Windlas Biotech Ltd.	1012.25	197.66	24.26%
IN:INDOCO	Indoco Remedies Limited	228.25	-33.37	-12.76%
IN:INDSWFTLAB	Ind-Swift Laboratories Ltd.	359.50	255.60	246.01%
IN:MOREPENLAB	Morepen Laboratories Limited	95.00	48.58	104.64%
IN:SYNCOMF	Syncom Formulation (India) Ltd.	20.26	3.77	22.88%
IN:VENUSREM	Venus Remedies Limited	1443.05	877.15	155.00%

Windlas Biotech Ltd. Corporate Events

Windlas Biotech Schedules Earnings Call for Q2 and H1 FY27 Results

Oct 30, 2026

Windlas Biotech Limited operates in the pharmaceutical and biotechnology sector, producing healthcare and biopharmaceutical products for the Indian market and beyond. The company is publicly listed on BSE and NSE, signaling its integration into India...

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 regul...

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.

Date of analysis: Nov 07, 2026

Windlas Biotech Ltd. AI Stock Analysis