Windlas Biotech Limited has informed the Exchange about Investor Presentation
Windlas Biotech Limited
Reg. Off.: 40/1, Mohabewala Industrial Area Dehradun, Uttarakhand 248 110, India Tel.:+91-135-6608000-30, Fax:+91-135-6608199
Corp. Off.: 705-706, Vatika Professional Point, Sector-66, Golf Course Ext. Road, Gurgaon, Haryana 122 001, India Tel.:+91-124-2821030
CIN-L74899UR2001PLC033407
November 6, 2025
To Listing / Compliance Department BSE Limited Phiroze Jeejeebhoy Towers Dalal Street, Mumbai – 400 001
To Listing / Compliance Department National Stock Exchange of India Limited Exchange Plaza, C-1, Block G Bandra Kurla Complex Bandra (E), Mumbai – 400 051
BSE CODE: 543329
NSE SYMBOL: WINDLAS
Dear Sir/ Madam.
Sub: Regulation 30(6) of SEBI (LODR) Regulations, 2015
Please find enclosed herewith the Results Presentation for the Quarter and Half Year ended September 30, 2025 for
your record.
Kindly take the same on record.
Thanking you,
Yours faithfully,
For Windlas Biotech Limited
Ananta Narayan Panda Company Secretary & Compliance Officer
Encl: as above
www.windlas.com
Windlas Biotech Limited Investor Presentation – Q2 & H1FY26
Disclaimer
This presentation and the accompanying slides (the “Presentation”), has been prepared by Windlas Biotech Limited (the “Company”), solely for information purposes and do not
constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding
commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company.
This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty,
express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation
may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is
expressly excluded.
Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward-
looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are
difficult to predict. The Company’s actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this
Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by
third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third-party statements and projections. The Company and/or its
affiliated companies and/or their respective employees and/or agents have no responsibility or liability (express or implied) whatsoever and howsoever arising (including, without
limitation for any claim, proceedings, action, suits, losses, expenses, damages or costs) which may be brought against or suffered by any person as a result of acting in reliance upon the
whole or any part of the contents of this presentation and neither the Company, its affiliated companies nor their respective employees or agents accepts any liability for any error,
omission or misstatement, negligent or otherwise, in this presentation and any liability in respect of the presentation or any inaccuracy therein or omission therefrom which might
otherwise arise is hereby expressly disclaimed.
2
Table of Contents
SCALABILITY, DURABILITY & PROFITABILITY
Windlas – At a Glance
Q2 & H1FY26 Highlights
Business Verticals
Company Overview
Annual Financials
3
Windlas – Trusted Partner in Delivering Value Across the Healthcare Ecosystem
Building Scale and Excellence in Generic Formulations
~25 Years of Expertise Creating Strong Entry Barriers
Robust Financial Position (as of FY25)
• Presence across all stages of Generics Value Chain with
focus on Formulations - Development, Manufacturing and Marketing
• 5 State-of-the-Art, WHO-GMP compliant manufacturing plants with 8,522 Mn of capacity for Tablets & Capsules, 54 Mn for Pouch & Sachets & 61 Mn for Liquid Bottles
• 7 of the Top 10 and 15 of the Top 20 Indian Pharma
• DSIR approved R&D laboratory & pilot scaled equipment
Companies serviced
• 757 Customers served
•
IP Rights (Formulation Technology) across 99% of products sold
• 5,582 Brands catered to across therapeutic areas
•
Fast growing in Trade Generics and Exports
• Higher revenue share of Chronic & Sub-Chronic (59%) and
Complex Generic (67%) in overall product portfolio
• 400 Brands under Domestic Trade Generics
• 80 Products exported across 10 Countries
• 4,340 brands in Complex Generics
• Strong Dossier development and regulatory expertise
• Proficient Leadership Team
• Long standing Customer Relationships
• 5-year CAGR of
• 18% Revenue
• 23% EBITDA
• 30% PAT
• 25% ROE and 27% ROCE
• 3.8x Asset Turnover
• 14 Days of Working Capital
• Rs 213 Cr of strong liquidity and Net Debt free
• Rs 68 Cr of Cashflow from Operations
• A+ Stable ICRA Rating
4
Q2 & H1FY26 Highlights
Management Commentary
The Indian Pharmaceutical Market (IPM) registered a year-on-year growth of 7.7% in Q2 FY26, with volume decline of 0.2%. Despite the subdued industry volume growth, we
are pleased to report another strong quarter, delivering a revenue increase of 19% in both Q2 FY26 and H1 FY26.
The growth was driven by steady and balanced contributions across all three business verticals—Generic Formulations CDMO, Trade Generics and Institutional, and Exports—
with quality standards remaining at the core of our strategy.
The company reported an earnings per share (EPS) of Rs 16.91 for H1FY26, reflecting a 21% YoY growth. In line with our dividend policy, the company paid dividend Rs 12.2
crores (Rs 5.8 per share) related to FY25.
Mr. Hitesh Windlass Managing Director
We continue to strengthen our manufacturing infrastructure through sustained investments in capacity enhancement. The Plant-2 extension, operational since Q4 FY25, is
now contributing meaningfully to the business. Our Injectables facility has gained further customer approvals, with commercial supplies ramping up across both CDMO and
Trade Generics verticals. Plant 6 expansion is advancing well, and we remain on track to commission the facility within FY26
Looking ahead, We continue to drive long-term shareholder value through enhancing operational efficiency, talent empowerment, sustained investment in quality and
compliance and capability expansion across dosage forms.
Windlas Biotech continued its growth trajectory, delivering the 11th consecutive quarter of record revenue performance. Backed by strategic initiatives, disciplined execution,
and a focus on sustainable value creation, the company recorded a 19% YoY revenue growth in Q2 FY26 and H1 FY26, with revenue from operations at Rs 222 Cr and Rs 432
Cr.
In mid September FY26, ESOP grants related to ESOP 2025 scheme were awarded. A non-cash ESOP expenditure impact of Rs 12Mn is reflected in the financials. In Q2 FY26,
EBITDA stood at Rs 29 Cr and PAT at Rs 18 Cr, while gross margin improved by 68 bps YoY. For H1FY26 with EBITDA at Rs 55 Cr and PAT at Rs 35 Cr. The gross margin expanded
by 70 bps YoY, supported by a favorable business mix and scale benefits.
In H1FY26 and Q2 FY26 the Generic Formulations CDMO vertical delivered steady growth of 18% YoY, supported by strong customer engagement and sustained demand for
high-quality manufacturing capabilities. The Trade Generics and Institutional business gained momentum with 25% YoY growth in H1 FY26 & 24% in Q2 FY26, driven by an
expanding product portfolio. The Exports vertical grew 23% and 13% YoY in H1 FY26 and Q2 FY26, reflecting our increasing footprint across semi-regulated geographies.
We have further improved our liquidity position to Rs 237 Crores. and generated healthy net operating cash flows of Rs 56 Crores.
As we move ahead, our focus remains on strengthening core capabilities and enhancing efficiencies. With disciplined execution and strong customer partnerships, Windlas
Biotech is well-positioned to capture opportunities and deliver sustained value for all stakeholders.
Ms. Komal Gupta CEO & CFO
6
Key Business Highlights
11th consecutive Quarter of record Revenue Rs 222 Cr (Q2FY26)
Rs 432 Cr Highest Ever Revenue (H1FY26)
Rs 55 Cr EBITDA; YoY growth 25% (H1FY26)
Rs 35 Cr PAT; YoY growth 22% (H1FY26)
Rs 16.91 EPS; YoY growth 21% (H1FY26)
Rs 56 Cr Cash generated from Operations (H1FY26)
30% ROCE* 27% ROE* (H1FY26)
Rs 237 Cr Strong Liquidity & Net Debt free (H1FY26)
*For ROCE & ROE, Capital Employed & Equity at the end of period after removing cash/bank & mutual fund balances at the end of period
7
Consolidated Financial Performance
Net Revenue from Operations (Rs Cr)
EBITDA (Rs Cr) & Margin (%)
PAT (Rs Cr) & Margin (%)
+19%
432
362
12.1%
12.7%
8.0%
8.2%
+25%
+22%
44
55
29
35
H1FY25
H1FY26
H1FY25
H1FY26
H1FY25
H1FY26
+19%
187
222
12.3%
12.8%
8.4%
8.0%
+24%
+14%
23
29
16
18
Q2FY25
Q2FY26
Q2FY25
Q2FY26
Q2FY25
Q2FY26
Revenue Mix (%) H1FY26 Vs H1FY25
4%
22%
H1FY26
74%
4%
21%
H1FY25
75%
Generic Formulations CDMO Trade Generics & Institutional Exports
8
Vertical-wise Revenue Breakup
Generic Formulations CDMO (Rs Cr)
Trade Generics & Institutional (Rs Cr)
+18%
+25%
272
321
77
96
Exports (Rs Cr)
+23%
13
16
H1FY25
H1FY26
H1FY25
H1FY26
H1FY25
H1FY26
+18%
136
160
+24%
52
42
+13%
9
10
Q2FY25
Q2FY26
Q2FY25
Q2FY26
Q2FY25
Q2FY26
9
Consolidated Profit & Loss Highlights
Particulars (Rs Cr)
Net Revenue from Operations
COGS
Gross Profit
Gross Margin (%)
Employee Expenses (Excluding ESOPs)
Other Expenses
EBITDA (excluding ESOPs expenses)
Q2FY26
222
137
85
38.4%
35
20
30
Q2FY25
187
116
71
37.7%
30
17
24
EBITDA Margin (%) (excluding ESOPs expenses)
13.5%
12.7%
Other Income
Finance Costs
Depreciation
Profit Before Tax (excluding ESOPs expenses)
Taxes
Profit After Tax (excluding ESOPs expenses)
PAT Margin (%) (excluding ESOPs expenses)
ESOP Expenses*
Reported EBITDA
Reported EBITDA Margin (%)
Reported Profit Before Tax
Reported Profit After Tax
Reported PAT Margin (%)
EPS (Rs)
4
1
8
25
6
19
8.7%
1.5
29
12.8%
24
18
8.0%
8.48
5
1
7
21
5
16
8.8%
0.7
23
12.3%
20
16
8.4%
7.49
Y-o-Y (%)
19%
21%
68 bps
26%
81 bps
19%
18%
-8 bps
24%
51 bps
16%
14%
-37 bps
H1FY26
432
267
166
38.3%
67
42
57
H1FY25
362
226
136
37.6%
57
34
45
13.2%
12.5%
9
2
15
49
11
37
8.6%
1.9
55
12.7%
47
35
8.2%
16.91
9
2
13
40
9
31
8.5%
1.5
44
12.1%
39
29
8.0%
13.97
Y-o-Y (%)
19%
22%
70 bps
25%
63 bps
22%
22%
18 bps
25%
61 bps
21%
22%
15 bps
*The ESOP charge in the Profit and Loss account is a non-cash expense and does not impact the company’s operating cash flows
10
Expected Non-Cash ESOP P&L impact
Scheme (Rs Cr)
FY 2025-26
FY 2026-27
FY 2027-28
FY 2028-29
FY 2029-30
H1 (Actual)
H2
H1
14.32
13.83
0.43
0.00
0.40
0.00
H2
7.41
0.20
-
H1
7.17
0.18
-
H2
4.00
0.02
-
H1
3.81
-
-
H2
1.70
-
-
H1
1.57
-
-
14.75
14.23
7.61
7.35
4.01
3.81
1.70
1.57
ESOP Plan 2025
ESOS Plan 2023
ESOP Plan 2021
Total
Note:
1.18
0.71
0.04
1.94
H2
-
-
-
-
• The ESOP charge in the Profit and Loss account is a non-cash expense and does not impact the company’s operating cash flows
• The above table illustrates expected ESOP cost (valuation as per Black-Scholes Model) for all unvested ESOPs granted so far, as of September 30, 2025
• All granted ESOPs assumed to be vested
• Movements of share price after the date of the grant do not affect the ESOP charge for already granted ESOPs
• In case of Windlas ESOP Plan 2025 the charge is front-ended with approximately 28% in FY26, 39% in FY27, 20% in FY28, 10% in FY29 and 3% in FY30
11
Condensed Balance Sheet and Cashflow (Consolidated)
Balance Sheet (Rs Cr)
30-Sept-25
30-Sept-24
Cash Flow Statement (Rs Cr)
H1FY26
H1FY25
Equity Capital
Reserves
Borrowings
Trade Payables
Other Liabilities
Total Liabilities & Equity
Fixed Assets
CWIP
Investments
Inventories
Trade Receivables
Cash Equivalents
Other Assets
Total Assets
11
524
26
193
61
814
215
27
246
70
198
15
44
814
10
461
15
188
73
747
187
32
182
82
187
31
45
747
Operating Profit Before Working Capital Changes
Changes in Working Capital
Cash Generated From Operations
Direct Taxes Paid (Net of Refund)
Net Cash From Operating Activities
Net Cash From Investing Activities
Net Cash From Financing Activities
Net Decrease/Increase in Cash and Cash Equivalents
58
5
63
-7
56
-44
-12
-0.2
Add: Cash & Cash Equivalents at the Beginning of the Period
0.4
46
-9
37
-7
30
-37
3
-5
5
Cash & Cash Equivalents at the End of the Period
0.2
0.4
12
Consistently Rewarding Shareholders
• The Earnings Per Share (EPS) stood at Rs 8.48 in Q2FY26 compared to Rs 7.49 in Q2FY25 reflecting a growth of 12.6% YoY
• Dividend:
• In line with our policy, Company paid a dividend of Rs 12.2 Cr (Rs 5.8 per share) to its shareholders for FY25 in August 2025
• According to our company policy, we aim to maintain a Dividend Payout Ratio as near as possible to 20% of our consolidated profit after tax,
subject to -
o Company’s need for Capital for its growth plan
o Positive Cash Flow
Earnings Per Share (Rs)
Dividend (Rs Cr)
28.0
29.2
18.6
19.7
16.0
-
-
7.6
5.5
11.5
12.2
FY21
FY22
FY23
FY24
FY25
FY20*
FY21*
FY22
FY23
FY24
FY25
8.9
FY20
*No Dividends in FY20 & FY21 as the company got listed in FY22
13
Business Verticals
1. Generic Formulations CDMO – Largest Business Vertical; Growing Consistently
• Generic Fomulations CDMO focuses on Branded Generic Products which are sold to pharma companies who
market products under their own brands
• Windlas is amongst the leading Domestic Generic Formulations CDMO players in India
Key Offerings
•
Intellectual Property Rights of 99% of the products sold are owned by Windlas
• End-to-end services
Product Development → Clinical Approvals & Licensing → Commercial GMP Manufacturing
• Number of Products: 5582 ; Number of Customers 757
• Revenue Contribution as of H1FY26: 74%
Steady Revenue Growth with Expanding Product Portfolio
CDMO Revenue (Rs Cr)
No. of Generic Formulations CDMO Products Catered every year (#)
CAGR +14%
CAGR +40%
365
384
403
288
555
481
1,051
1,364
1,834
2,771
5,582
4,273
FY20
FY21
FY22
FY23
FY24
FY25
FY20
FY21
FY22
FY23
FY24
FY25
• Fixed Dosage Formulations (FDFs): Tablets, capsules, oral solids
• Modified-release formulations
• Chewable and dispersible tablets
• Customized generics for partner specifications
• Complex generics and multi-drug combinations
• Injectables: Liquid vials, lyophilized vials, and ampoules
Portfolio Aligned with Fast-Growing Chronic & Complex Verticals
41%
59%
33%
67%
Chronic & Sub-chronic
Acute
Complex Generics
Conventional Products
Chronic & Sub-chronic: Anti-diabetic, cardiovascular, neuropsychiatry, respiratory health and nutraceuticals Acute: Gastroenterology, vitamins, minerals and supplements (“VMS”), analgesic, dermatological and cough/ cold
15
Key Factors for Customer Base Expansion
Audits by several MNCs & Domestic Customers over the years
Focused On Building Sustained Customer Base While Mitigating Client Concentration Risk
Product Excellence: Dosage innovation, complex generic products
Manufacturing Excellence: Track record, responsiveness, quality, technical standards, turnaround times
Planned Capital Expenditure: Investment in specialized products, services, equipment, and infrastructure
Quality, Quantity, Specifications for Products
Responsibility for Raw Materials and Packaging Procurement
Proper Pricing & Supply Terms
Long-term relationships enable planned Capex, driving sustainable growth and profitability
No. of Customers (#)
CAGR +40%
757
583
441
143
204
285
FY20
FY21
FY22
FY23
FY24
FY25
Top 10 Customer Contribution
Top Customer Contribution
57%
58%
52%
42%
36%
34%
12%
11%
13%
10%
9%
6%
FY20
FY21
FY22
FY23
FY24
FY25
16
2. Trade Generics & Institutional – High Growth Vertical with Strong Market Potential
• Manufactures market affordable and high-quality generic drugs
• Brand Ownership is with Windlas Biotech
• Sold directly to stockist and distributors, without medical representative support; & also includes
institutional sales supplied to large government and buyers based on tender procurement.
• Number of Brands: 400
• Revenue Contribution as of H1FY26: 22%
Market Opportunities
• Untapped Rural Demand: Large underserved population with
limited healthcare access.
• Policy Support: Government initiatives (e.g., Jan Aushadhi Yojana)
encouraging trade generic adoption.
• Cost Advantage: Lower prices compared to branded generics.
• Value Proposition: Comparable quality at reduced cost.
Fastest-growing SBV over the last three years, with a steadily increasing number of brands
Number of Brands (#)
Distributed through Stockists & Distributors (#)
Revenue (Rs Cr)
CAGR +42%
30
44
61
91
172
122
185
218
128
271
280
850
703
579
CAGR +26%
400
+29%
996
1095
877
FY20
FY21
FY22
FY23
FY24
FY25
FY20
FY21
FY22
FY23
FY24
FY25
FY20
FY21
FY22
FY23
FY24
FY25
17
3. Exports – Expanding Global Footprint
• Number of Brands: Focused on Emerging & Semi-Regulated International Markets
• Brand Used: Own Brands and End Customer Brands
Geographical Reach
• Products: Exported 80 Products during FY25 which includes Generic Medicines & Health Supplements
• Develop and register product dossiers to secure marketing authorizations
• Revenue Contribution as of H1FY26: 4%
Exports Vertical Driving Consistent Growth
Revenue (Rs Cr)
Number of Products (#)
CAGR +25%
+18%
327
274
190
209
198
107
FY20
FY21
FY22
FY23
FY24
FY25
68
FY22
74
FY23
69
FY24
80
FY25
18
Company Overview
~25 Years of Building Excellence – Our Journey So Far
▪ Invested Rs 89 Mn in building
Plant and Machinery
▪ Acquired the erstwhile associate – Windlas Healthcare(Now Plant-4)
▪ Plant-IV approved by
SAPHRA(South Africa) and EU-GMP(Europe)
▪ Commissioned Plant - 5
Injectable facility
2025
2023-24
▪ Received first USFDA inspection clearance
▪ Revenues crossed Rs 200 Cr
for the FY13-14
▪ Commenced operations at
Plant – 2
▪ Investment of Rs 75 Cr from Tano India Private Equity Fund II
2018
2014-15
▪ Commenced operations at Dehradun Plant – 1 and initiated commercial production
2010
2001
▪ Commenced operations at
Dehradun Plant – 4 Revenues crossed Rs 100 Crores for FY2010
• Revenues crossed Rs 300 Cr for
the FY16-17
•
Launched first product in the United States from the Dehradun Plant – 4
• Commenced operations at
Dehradun Plant – 3
• Divestment of Windlas
Healthcare to Cadila Healthcare
2021-22
2019-20
▪ Got listed on Exchanges in
August 2021
▪ Capacity of Capsules/ Tablets increased from 5 Bn+ as of March 31,2020 to 7 Bn+ as of March 31, 2022
▪ Revenues crossed Rs 750
Cr for the FY25
▪ Injectable facility GMP
certified
▪ Completed Plant - 2
extension
▪ Initiated Plant-6 capex for OSD capacity expansion
20
Windlas Biotech’s Presence in Pharma Value Chain
Innovator Value Chain
Patent Expiry
Research
Clinical trials (I-III)
Bulk Drugs Manufacturing
Formulation Manufacturing
Marketing
Value Chain
Generics API Dev & Manufacturing
Formulation Dev & Manufacturing
Clinical (III+ )
Packaging
Marketing
Generic Value Chain
• Windlas is present in all segments of Generics Value chain (we have API R&D and pilot plant for internal consumption)
• We invest in creating our own formulation technology for our products. Almost 100% of our CDMO supplies are based on products where we
own the entire IP from initiation to regulatory permission
21
State-of-the-Art Manufacturing Facilities
Location - Dehradun
Commencement Year
WHO-GMP Compliant
Tablets & Capsules (Mn)
Liquid Bottles (Mn)
Pouch & Sachet (Mn)
Plant 1
2001
772
23
22
Plant 2
2014
5,477
38
20
Plant 3
2018
992
-
-
Plant 4
2009
1,281
-
12
Total Capacity (Mn)
Plant 5
2024
8,522
61
54
Manufactures: Ampoules, Liquid Vials, Lyophilized Vials
Upcoming Plant 6
Plant 6
2025
Recently acquired, currently in development phase
Rs 352 Cr Gross block of Fixed Assets as of March 2025
Rs 247 Cr Invested in building PPE & Other**
Rs 72 Cr Capex for FY25
1146 Total Employees as of FY25
Audits Successfully Done by MNCs & Large Domestic Customers
63% Capacity Utilization vs 59% in FY24
**Intangible Assets of Last 5 years; excluding CWIP/ROU/Intangible under development)
22
Robust R&D Capabilities Driving Innovation and Growth
R&D Expenditure (Rs Cr)
Leading to New Innovations
8.9
7.9
6.5
6.3
3.9
3.6
FY20
FY21
FY22
FY23
FY24
FY25
• Medicated chewing gum (multi-vitamin)
• Chocolate flavored chewable tablets
• Dispersible tablets
• Sustained release products
• Novel Formulations of Existing Molecules
No. of variations in Complex Generics (#)
High Margin Complex Generics Fueling Revenue Growth (%)
4,340
3,190
1,901
1,325
725
934
FY20
FY21
FY22
FY23
FY24
FY25
33
1
7
27
Fixed Dosage Combinations
Fixed Dosage Modified Research
Customized Generics
Chewables/Dispersable
32
Plain Oral Solids
Key Highlights
• DSIR approved state of the art R&D laboratory & pilot scaled equipment
• Focus on low cost First-to- launch generic products
• Significant experience in
developing Multi-Drug Product, fixed-dosage combinations (FDCs), and modified-release formats
• Fully staffed formulation and
analytical development, medical affairs and regulatory teams
• Strong R&D enables customized
complex generics, driving differentiation
• 177 Quality Control Personnel
23
Strategy & Pathway to Sustainable Growth
Lead the Way in Generic Formulation CDMO
• Capitalize on strong position in a fragmented market through
organized expertise & innovation
•
Leverage industry consolidation to scale faster and strengthen leadership
Diversified Business Model Across 3 Core Verticals
• Generic Formulation CDMO – End-to-end development &
manufacturing
• Trade Generics & Institutional (SBV) – Strong presence in
domestic healthcare market
• Exports – Expanding footprint in high-growth ROW markets
Injectable Facility – Unlocking Next Growth Wave
• Commissioned state-of-the-art facility for Ampoules, Liquid Vials,
Lyophilized Vials
• Entry into critical care & specialized therapies to broaden
portfolio
R&D-Led Product Development
• Focus on first-to-launch complex generics and novel dosage formats (medicated gums, dispersible, sustained release)
• Fast-track new launches aligned with upcoming patent expirations
• Develop high-bioavailability products to strengthen differentiation
Expanding Customer Base & Deepening Partnerships
• Expand wallet share with marquee clients in value-added
CDMO services
• Target new customer acquisitions while mitigating
concentration risk
Future-Ready Infrastructure
• Retrofitting Plant-6 (Oral Solids) with next-gen capabilities
• Digital QMS & real-time analytics enhancing compliance,
traceability & efficiency
24
Strong Board of Directors, Coupled with Proficient Management Team
Vivek Dhariwal Chairman and Independent Director
Ashok Kumar Windlass Whole Time Director
Hitesh Windlass Managing Director
Manoj Kumar Windlass Jt. Managing Director
34+ years of experience in manufacturing and supply operations.
Previously associated with ICI India Ltd, Baxter India Private Ltd, and Pfizer Ltd.
B-Tech from IIT-B & MSc from University of Kentucky
Ex Chairman of Confederation of Indian Industries, Uttarakhand State Council.
Established Windlas Biotech in 2001.
Led Windlas Biotech as MD till 2020
25+ years of experience in field of management.
B-Tech from the IIT-BHU, MS in Material Science & Engr. from Georgia Institute of Technology and MBA from the Booth School of Business, University of Chicago.
Co-founded Windlas Biotech in 2001.
BBA graduate from George State University Atlanta
Deeply engaged in managing Client Relations, and Product Portfolio Expansion, overall Commercial Operations including Business Development, Supply Chain and Procurement.
Management Team
Komal Gupta CEO & CFO
24+ Years of Experience. Qualification: CA, CS & ICWA Working with Windlas since 2015. Previously worked with DSM Group and Anand Automotives Systems Ltd.
Ananta Narayan Panda CS and Compliance Officer
Experience - 24+ Years; Previously worked with GMR Airports Limited, Spice Smart Solutions Limited
Om Prakash Sule Site Quality Head
Pawan Sharma Executive Director
Prachi Jain Windlass Non-Executive Director
Gaurav Gulati Independent Non-Executive Director
Srinivasan Venkatraman Independent Non-Executive Director
Experience - 31+ Years; Previously worked with Piramal Enterprises Limited and Mankind Pharma Limited.
24+ years of experience in the pharmaceutical industry, he has a Bachelor’s degree in Law from the Hemwati.
Nandan Bahuguna Garhwal University, Srinagar (Garhwal)
25+ years of experience.
25+years of experience.
Fellow member of the ICAI
B-Tech from the IIT, Delhi, MS in engineering from University of Southern California, and an MBA from University of Chicago.
Currently associated with Michael & Susan Dell Foundation India and previously with Boston Consulting Group.
Previously associated with PwC, KPMG, and BearingPoint.
BSc from the University of Illinois.
MBA from Booth School of Business.
Previously associated with Wealth Tree Advisors, Hines, Aon Global Insurance Services, and Lovelock & Lewes
Mohammed Aslam President – Sales and Marketing
Experience - 45+ Years; Graduate in Science (Biology & Chemistry). Previously worked with Pharmed -Bracco, Modi- Mundi Pharma, a Swiss MNC and Dalmia Industries Limited
25
Annual Financials
Track Record of Healthy Financial Performance and Position
Revenue (Rs Cr)
EBITDA (Rs Cr) & Margin (%)
PAT (Rs Cr) & Margin (%)
EPS (in Rs)
10.3% 12.7%
11.3%
11.7%
12.4%
12.4%
4.9% 6.7%
8.2%
8.3%
9.2%
8.0%
CAGR +18%
CAGR +23%
CAGR +30%
CAGR +26%
760
631
428
466
513
329
94
78
55
52
60
34
58
61
38
43
16
29
9
16
19
20
28
29
FY20
FY21
FY22
FY23
FY24
FY25
FY20
FY21
FY22
FY23
FY24
FY25
FY20 FY21^^ FY22
FY23
FY24 FY25**
FY20
FY21
FY22
FY23
FY24
FY25
Asset Turnover Ratio (x)
Net worth (Rs Cr)
4.9
4.8
4.4
3.2
3.5
3.4
3.8
506 486
450
395 402
210 199
Net Debt to Equity (x) & Net Debt to EBITDA (x)
0.0
0.0
-0.3
-0.1
-0.1
0.1
0
-0.5
-0.4
0.0
0.1
FY20
FY21
-2.1 FY22
FY23
FY24
FY25
ROCE & ROE (%)
29%
15%
26%
10%
19% 18%
18% 16%
27% 25% 27%
24% 23% 25%
FY20 FY21^ FY22 FY23 FY24 FY25 FY25*
FY20 FY21 FY22 FY23 FY24 FY25 FY25*
FY20 FY21 FY22 FY23 FY24 FY25 FY25*
Net Debt/Equity
Net Debt/EBITDA
ROCE
ROE
^Adjusted for exceptional items in FY21 (Negative Impact of Rs. 22 Crs). 1. All ratios calculated considering capex for Injectables (Plant-5), Plant-2 extension and Plant-6 (upcoming). For FY25 two bars have been shown, one considering complete capex and second *excluding CWIP of Plant-6 2. For ROCE & ROE, Capital Employed & Equity at the end of period after removing cash/bank & mutual fund balances at the end of period. ** PAT include incremental depreciation majorly attributable to Injectable facility. ^^Adjusted for exceptional items in FY21 (Negative Impact of Rs. 22 Crs).
27
Consolidated Profit & Loss
Particulars (Rs Cr)
Net Revenue from Operations
COGS
Gross Profit
Gross Margin (%)
Employee Expenses (Excluding ESOPs expenses)
Other Expenses
EBITDA (excluding ESOPs expenses)
EBITDA Margin (%) (excluding ESOPs expenses)
Other Income
Finance Costs
Depreciation
PBT before exceptional items & excluding ESOPs expenses
Taxes
Profit After Tax before exceptional items & excluding ESOPs expenses
Exceptional (Loss)/Gain
Tax benefit due to merger with Windlas Healthcare
Profit After Tax after exceptional items & excluding ESOPs expenses
FY25
760
472
288
37.9%
120
71
97
12.7%
18
4
28^
82^
19
63^
0
0
63
Profit After Tax Margin (%) after exceptional items & excluding ESOPs expenses
8.4%
ESOP Expenses*
Reported EBITDA
Reported EBITDA Margin (%)
Reported Profit Before Tax
Reported Profit After Tax
Reported PAT Margin (%)
Reported Earnings Per Share (EPS)
2.5
94
12.4%
80^
61^
8.0%
29.19
FY24
631
396
235
37.2%
85
69
80
FY23
513
325
188
36.6%
69
57
60
FY22
466
303
163
35.0%
62
47
54
FY21
428
274
153
35.8%
58
40
55
FY20
329
212
117
35.7%
44
40
34
12.7%
11.7%
11.6%
12.7%
10.3%
14
1
13
79
19
60
0
0
60
9.6%
2.1
78
12.4%
77
58
9.2%
27.97
10
1
12
57
14
43
0
0
43
8.3%
1.0
60
11.7%
57
43
8.3%
19.70
7
1
12
47
8
40
0
0
40
8.6%
1.8
52
11.3%
46
38
8.2%
18.58
3
1
13
43 14# 29
(22)
8
16
6.7%
-
55
12.7%
43
16
3.6% 15.99##
3
3
9
25
9
16
0
0
16
4.9%
-
34
10.3%
25
16
4.9%
8.90
^PBT and PAT include incremental depreciation majorly attributable to Injectable facility, # tax includes tax benefit of Rs 8 Cr due to merger with Windlas Healthcare, ## EPS before exceptional items and excluding ESOP *The ESOP charge in the Profit and Loss account is a non-cash expense and does not impact the company’s operating cash flows
28
Consolidated Balance Sheet
Assets (Rs Cr)
Mar-25 Mar-24 Mar-23 Mar-22 Mar-21 Mar-20
Liabilities (Rs Cr)
Mar-25 Mar-24 Mar-23 Mar-22 Mar-21 Mar-20
Property, Plant and Equipment
196
170
Capital Work in Progress
Right to Use Assets
Other Intangible Assets Intangible Assets under Development Financial Assets
(i) Investments
(ii) Other Financial Assets
Deferred Tax Assets (Net)
Other Non-current Assets
Total Non-Current Assets
Inventories
Financial Assets
(i) Investments
(ii) Trade Receivables
(iii) Cash and Bank Balances (iv) Bank Balances & Financial Assets (v) Other Financial Assets
Current Tax Assets(Net)
Other Current Assets
Total Current Assets
Total Assets
3
23
5
2
0
4
0
2
235
81
223
167
0
16
1
3
33
525
760
6
5
5
0
0
4
1
5
195
62
173
136
5
26
2
1
26
431
626
103
14
6
1
1
0
8
2
42
175
75
107
117
4
22
2
0
29
354
529
88
93
66
Equity Share Capital
8
2
1
0
0
5
2
3
109
59
65
111
1
113
4
4
25
382
491
0
3
0
1
0
3
0
3
102
42
23
79
16
15
0
4
15
194
296
0
4
0
1
94
2
1
3
171
49
22
64
18
0
0
1
13
168
339
Other Equity
Total Equity
Financial Liabilities
(i) Borrowings
(ii) Other Financial Liabilities
(iii) Lease Liability
Deferred Tax Liabilities (Net)
Provisions
Total Non-Current Liabilities
Financial Liabilities
(i) Borrowings
(ii) Trade Payables
(iii) Other Financial Liabilities
(iv) Lease Liability
Provisions
Current Tax Liabilities (Net)
Other Current Liabilities
Total Current Liabilities
Total Equity and Liabilities
11
495
506
10
440
450
11
392
402
11
384
395
6
193
199
6
203
210
0
0
2
0
3
5
27
167
38
3
2
0
13
249
760
0
0
2
0
2
4
0
132
33
2
1
0
5
172
626
0
0
3
0
2
6
0
88
26
2
0
1
4
121
529
0
0
0
0
2
2
6
63
23
1
0
0
2
94
491
1
0
1
1
1
4
31
40
19
1
0
0
3
93
296
1
0
1
0
1
4
21
84
2
19
0
0
0
125
339
29
Consolidated Cash Flow
Particulars (Rs Cr)
FY25
FY24
FY23
FY22
FY21
FY20
Net Profit Before Tax and Extraordinary Items
Adjustments for: Non-Cash Items / Other Investment or Financial Items
Operating Profit Before Working Capital Changes
Changes in Working Capital
Cash Generated From Operations
Direct Taxes Paid (Net of Refund)
Net Cash From Operating Activities
Net Cash From Investing Activities
Net Cash From Financing Activities
Net Decrease/Increase in Cash and Cash Equivalents
Add: Cash & Cash Equivalents at the Beginning of the Period
Cash & Cash Equivalents at the End of the Period
80
18
98
-9
89
-21
68
-74
1
-5
5
0
77
7
84
44
128
-19
109
-92
-15
2
4
5
57
7
64
6
71
-10
61
-14
-44
3
1
4
46
10
56
-38
18
-9
9
-155
130
-15
16
1
22
36
58
-40
18
-7
12
-20
1
-8
24
16
25
17
42
-4
38
-13
25
-14
-5
5
13
18
30
Connect with Us
Windlas Biotech Ltd
Komal Gupta
Stellar IR Advisors Pvt Ltd
Ankit Jain | Omkar Sawant
komal@windlasbiotech.com
ankit@stellar-ir.com | omkar@stellar-ir.com
+91 124 2821034
+91 22 62398024
40/1, Mohabewala Industrial Area, Dehradun 248 110
A-405, Kanakia Wall Street, Andheri (East), Mumbai 400 093
www.windlas.com
www.stellar-ir.com