Windlas Biotech Ltd. (WINDLAS) AI Stock Analysis

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Windlas Biotech Ltd.

(NSE:WINDLAS)

Select Model

Rating:70Outperform

Price Target:INR 961.00▲(4.08% 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

Revenue GrowthRevenue nearly doubled across FY2022–FY2026, demonstrating sustained demand for Windlas Biotech’s contract development and manufacturing services. This multi-year expansion supports operating scale, strengthens customer relevance, and provides a durable base for continued business development.

Negative Factors

Gross Margin CompressionThe sharp FY2026 gross-margin decline is a material threat to earnings quality and may indicate pressure within the economics of the current business mix. If sustained, lower gross profitability could restrict reinvestment capacity and reduce the benefit of continued revenue growth.

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

Market Cap: INR 20.86B
Dividend Yield: 0.68%
Average Volume (3M): 6,859
Price to Earnings (P/E): 29.1
Beta (1Y): 0.86
Revenue Growth: 18.53%
EPS Growth: 1.89%
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

Strong multi-year revenue growth and continued earnings growth supported by a conservatively financed balance sheet (very low leverage). Offsetting this, cash-flow quality is mixed with volatile free cash flow and weak cash conversion in FY2026, and FY2026 shows a sharp gross margin decline that could pressure profitability if sustained.

Income Statement

72Positive

Balance Sheet

86Very Positive

Cash Flow

58Neutral

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	9.42B	9.04B	7.60B	6.29B	5.11B	4.63B
Gross Profit	2.11B	1.64B	2.88B	2.28B	1.81B	1.61B
EBITDA	1.17B	1.05B	1.12B	916.40M	701.91M	591.29M
Net Income	664.45M	664.56M	609.94M	581.87M	426.26M	380.89M
Balance Sheet
Total Assets	0	9.07B	7.60B	6.26B	5.29B	4.91B
Cash, Cash Equivalents and Short-Term Investments	2.79B	2.70B	2.40B	2.04B	1.32B	1.76B
Total Debt	0	352.42M	325.97M	36.41M	49.93M	66.37M
Total Liabilities	-5.81B	3.27B	2.55B	1.76B	1.27B	962.33M
Stockholders Equity	5.81B	5.81B	5.06B	4.50B	4.02B	3.95B
Cash Flow
Free Cash Flow	265.34M	337.68M	159.93M	712.76M	-99.25M	-56.74M
Operating Cash Flow	559.24M	1.01B	681.87M	1.09B	609.65M	91.30M
Investing Cash Flow	-437.62M	-931.15M	-740.64M	-920.68M	-141.10M	-1.55B
Financing Cash Flow	-123.71M	-82.06M	10.13M	-152.90M	-437.39M	1.30B

Windlas Biotech Ltd. Technical Analysis

Technical Analysis SentimentNeutral

Last Price923.35

Price Trends

50DMA1010.81Negative

100DMA939.85Negative

200DMA867.34Positive

Market Momentum

MACD-32.59Negative

RSI47.55Neutral

STOCH41.50Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:WINDLAS, the sentiment is Neutral. The current price of 923.35 is above the 20-day moving average (MA) of 908.66, below the 50-day MA of 1010.81, and above the 200-day MA of 867.34, indicating a neutral trend. The MACD of -32.59 indicates Negative momentum. The RSI at 47.55 is Neutral, neither overbought nor oversold. The STOCH value of 41.50 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 19.33B	22.95	―	0.48%	0.44%	48.60%
IN:VENUSREM	76Outperform	INR 18.51B	15.93	―	0.69%	20.22%	73.03%
IN:WINDLAS	70Outperform	INR 18.02B	29.06	―	0.68%	18.53%	1.89%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:MOREPENLAB	55Neutral	INR 54.93B	28.31	―	0.21%	30.20%	91.17%
IN:INDSWFTLAB	51Neutral	INR 32.32B	36.55	―	―	66.39%	-72.31%
IN:INDOCO	48Neutral	INR 19.77B	63.15	―	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.	923.35	62.06	7.21%
IN:INDOCO	Indoco Remedies Limited	214.50	-45.82	-17.60%
IN:INDSWFTLAB	Ind-Swift Laboratories Ltd.	356.45	255.80	254.15%
IN:MOREPENLAB	Morepen Laboratories Limited	96.80	49.85	106.17%
IN:SYNCOMF	Syncom Formulation (India) Ltd.	20.87	4.88	30.51%
IN:VENUSREM	Venus Remedies Limited	1454.15	1008.17	226.06%

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: Aug 25, 2026

Windlas Biotech Ltd. AI Stock Analysis