WINDLAS

Windlas Biotech Limited

Formulations and injectables manufacturer for regulated and emerging markets

Healthcare›Healthcare›Pharmaceuticals & Biotechnology›Pharmaceuticals

windlas.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹917.40
Market cap
1,893 Cr
Stock P/E
28.5
P/B
3.33
Dividend yield
0.6%
ROE (FY26)
11.4%
ROCE (FY26)
15.0%
Operating margin (FY26)
8.2%
Debt / equity (FY26)
0.05
OCF / EBITDA (FY26)
100.2%
OCF / EBITDA (3Y)
101.9%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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What you need to know

Windlas (Windlas Biotech) manufactures pharmaceutical formulations, mainly as a contract development and manufacturing organisation (CDMO) for other drug companies, and also sells trade generics and exports.

Company snapshot

81stBy market cap

Ranked among 119 companies in Pharmaceuticals.

What we see

Positives
  • ✓102% of operating profit came in as cash over the last three years — profits are backed by real cash.
2 more signals from the filings.Sign in free to see them all

Statement tables · Standalone

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales153 Cr162 Cr171 Cr175 Cr187 Cr195 Cr203 Cr210 Cr222 Cr233 Cr238 Cr248 Cr
Operating expenses (approx.)134 Cr142 Cr149 Cr154 Cr164 Cr170 Cr177 Cr184 Cr194 Cr209 Cr213 Cr221 Cr
EBITDA19 Cr20 Cr22 Cr21 Cr23 Cr25 Cr26 Cr27 Cr29 Cr24 Cr25 Cr27 Cr
OPM %12.2%12.5%12.8%11.9%12.3%12.6%12.6%12.6%12.8%10.5%10.6%10.8%
Other income3 Cr3 Cr4 Cr4 Cr5 Cr4 Cr5 Cr5 Cr4 Cr5 Cr4 Cr5 Cr
Interest0.28 Cr0.30 Cr0.28 Cr0.49 Cr1 Cr1 Cr1 Cr1 Cr1 Cr1 Cr1 Cr2 Cr
Depreciation3 Cr3 Cr4 Cr6 Cr7 Cr7 Cr8 Cr7 Cr8 Cr8 Cr8 Cr7 Cr
Profit before tax18 Cr20 Cr23 Cr18 Cr20 Cr20 Cr21 Cr23 Cr24 Cr20 Cr20 Cr23 Cr
Tax %23.4%23.8%24.9%26.4%22.8%23.8%21.8%24.0%24.5%24.9%20.6%23.0%
Net profit14 Cr15 Cr17 Cr13 Cr16 Cr15 Cr16 Cr18 Cr18 Cr15 Cr16 Cr18 Cr
EPS (₹)₹6.75₹7.26₹8.15₹6.47₹7.49₹7.29₹7.77₹8.43₹8.48₹7.09₹7.60₹8.46

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales428 Cr466 Cr513 Cr631 Cr760 Cr904 CrSign in free for the trailing twelve months
Operating expenses (approx.)373 Cr413 Cr453 Cr553 Cr666 Cr799 CrSign in free for the trailing twelve months
EBITDA55 Cr53 Cr60 Cr78 Cr94 Cr105 CrSign in free for the trailing twelve months
OPM %12.8%11.4%11.7%12.4%12.4%11.6%Sign in free for the trailing twelve months
Other income3 Cr7 Cr10 Cr13 Cr18 Cr18 CrSign in free for the trailing twelve months
Interest1 Cr1 Cr0.79 Cr1 Cr4 Cr5 CrSign in free for the trailing twelve months
Depreciation13 Cr12 Cr12 Cr13 Cr28 Cr31 CrSign in free for the trailing twelve months
Profit before tax11 Cr46 Cr57 Cr77 Cr79 Cr87 CrSign in free for the trailing twelve months
Tax %55.2%16.2%25.3%24.5%23.6%23.6%Sign in free for the trailing twelve months
Net profit5 Cr39 Cr43 Cr58 Cr61 Cr66 CrSign in free for the trailing twelve months
EPS (₹)₹2.75₹18.81₹19.71₹27.95₹29.03₹31.59Sign in free for the trailing twelve months
Dividend payout %—0.0%17.9%14.3%19.0%18.3%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital6 Cr11 Cr10 Cr10 Cr10 Cr11 Cr
Reserves193 Cr384 Cr392 Cr440 Cr495 Cr570 Cr
Borrowings31 Cr6 Cr0.44 Cr0.11 Cr27 Cr30 Cr
Other liabilities66 Cr90 Cr126 Cr176 Cr228 Cr297 Cr
Total liabilities296 Cr491 Cr529 Cr626 Cr760 Cr907 Cr
Fixed assets (net)93 Cr91 Cr103 Cr169 Cr195 Cr187 Cr
CWIP0.04 Cr8 Cr14 Cr6 Cr3 Cr56 Cr
Investments23 Cr65 Cr107 Cr173 Cr223 Cr268 Cr
Inventories41 Cr59 Cr75 Cr62 Cr81 Cr62 Cr
Trade receivables79 Cr111 Cr117 Cr136 Cr167 Cr227 Cr
Cash & bank16 Cr0.55 Cr4 Cr5 Cr0.42 Cr0.53 Cr
Other assets44 Cr158 Cr111 Cr74 Cr90 Cr106 Cr
Total assets296 Cr491 Cr529 Cr626 Cr760 Cr907 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity11 Cr9 Cr61 Cr109 Cr68 Cr105 Cr
Cash from investing-20 Cr-154 Cr-14 Cr-92 Cr-74 Cr-92 Cr
Cash from financing0.78 Cr130 Cr-44 Cr-15 Cr1 Cr-13 Cr
Net cash flow-8 Cr-15 Cr3 Cr2 Cr-5 Cr0.10 Cr
Free cash flow (OCF − Capex)6 Cr-6 Cr-10 Cr71 Cr16 Cr37 Cr

Ratios

MetricMar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %11.7%10.0%11.7%14.4%17.4%15.8%15.0%
ROE %7.7%8.0%9.6%10.6%12.9%12.1%11.4%
Debtor days71688783798092
Inventory days805669537666127251807
Days payable13554756216211261496969
Cash conversion cycle16708174-8466-13344-5071
OCF / EBITDA %60.3%20.9%17.4%101.2%139.4%72.5%100.2%
OCF / EBITDA % (3 years)——30.7%48.7%93.8%102.4%101.8%
Debt / equity0.110.150.020.00110.00020.050.05
Current ratio1.342.084.062.922.512.111.95
Net debt / EBITDA0.100.260.11-0.05-0.070.280.28