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Swing Capital

Windlas Biotech Ltd

NSE: WINDLAS BSE: 543329Pharma

Windlas Biotech Ltd is a leading domestic pharmaceutical formulations contract development and manufacturing organization (CDMO). The company manufactures both solid and liquid pharmaceutical dosage forms and provides a comprehensive range of CDMO services ranging from product discovery, product development, and commercial manufacturing of generic products, including complex generics.[1]

₹772
52W: ₹697 — ₹1098
PE 24.4 · Book ₹253 · +205% vs book
Market Cap₹1,630 Cr
Stock P/E24.4Price to Earnings
ROCE16.9%Return on Capital
ROE12.7%Return on Equity
Div. Yield0.76%Face Value ₹5

Strengths

  • +Company is almost debt free.
  • +Company has been maintaining a healthy dividend payout of 19.8%
  • +Company's working capital requirements have reduced from 40.4 days to 17.5 days

Weaknesses

  • −Company has a low return on equity of 12.3% over last 3 years.

Shareholding Pattern

Promoters61.9%
FIIs0.6%
DIIs11.8%
Public25.69%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters62.51%62.51%62.51%62.34%▼0.262.34%61.98%▼0.461.98%61.9%▼0.1
FIIs1.59%2%▲0.41.55%▼0.41.52%▼0.01.44%▼0.11.11%▼0.30.93%▼0.20.6%▼0.3
DIIs10.35%9.58%▼0.810.26%▲0.710.89%▲0.611.22%▲0.311.44%▲0.211.44%11.8%▲0.4
Public25.55%25.91%▲0.425.67%▼0.225.25%▼0.425.01%▼0.225.48%▲0.525.64%▲0.225.69%▲0.1

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales153162171175187195203210222233
Expenses134142149154164170177184194209
Operating Profit19202221232526272924
OPM %12%13%13%12%12%13%13%13%13%10%
Net Profit14151713161516181815
EPS ₹6.757.268.156.457.497.297.778.438.457.09

AI Insights

Revenue Trend

TTM revenue at ₹868Cr, up 14.2% YoY. OPM at 12%.

Debt Position

Borrowings at ₹31Cr. Debt-to-equity ratio: 0.06x. Healthy balance sheet.

Capex Cycle

CWIP at ₹24Cr (11% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 11.8% (+0.27pp change). FIIs: 0.6% (-0.20pp change). Promoters hold 61.9%.

Margin & Efficiency

ROCE improving from 0% (Mar 2016) to 17% (Mar 2025). Working capital days: 17.

Valuation

PE 24.4x with 16.9% ROCE. Price is 205% above book value of ₹253. Dividend yield: 0.76%.

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