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Windlas Biotech Ltd (WINDLAS)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 543329 NSE: WINDLAS Pharmaceuticals & Drugs | Small Cap | Windlas Biotech Share Price

₹863.60 9.20 (1.08%)

As on 24-Jun'26 16:59

Windlas Biotech Ltd (WINDLAS)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 543329 NSE: WINDLAS Pharmaceuticals & Drugs | Small Cap | Windlas Biotech Share Price

₹863.60 9.20 (1.08%)

As on 24-Jun'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹1,782 Cr.
Current Price
₹863.6
52-Week Low / High
₹699 / 1,095
TTM EPS
₹32.2
TTM Sales
₹904 Cr.
Book Value per Share
₹258.7
P/E Ratio
26.83
Higher than its 5-year historical median
Industry PE
48.5
Price to Book (P/B)
3.34
Higher than its 5-year historical median
Price to Sales (P/S)
1.97
Higher than its 5-year historical median
EV/EBITDA
14.78
Higher than its 5-year historical median
Dividend Yield
0.67%
Profitability Efficiency
Return on Equity (ROE)
12.82%
Outperforms industry median
Return on Capital Employed (ROCE)
17.04%
Outperforms industry median
Return on Assets (ROA)
8.75%
Operating Profit Margin
12.4%
Net Profit Margin
7.98%
Gross Profit Margin
14.1%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
20.43%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
20.51%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
4.32%
Asset Quality
Promoter Holding
61.90%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹524 Cr.
Equity
₹10.3 Cr.
Face Value
₹5
All Time Low / High
₹203.15 / 1197.00

Windlas Biotech stock performance

Key Ratios
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Quality

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Valuation

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Price Trend

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Q.1 Is Windlas Biotech Ltd a good quality company?
Windlas Biotech Ltd is a good quality company, based on a consistently good multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does Windlas Biotech Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Windlas Biotech Ltd vs industry peers?
Windlas Biotech Ltd revenue CAGR is 18.24%, compared to the industry median CAGR of 5.35%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of Windlas Biotech Ltd?
Promoters hold 61.90% of the Windlas Biotech Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Windlas Biotech Ltd over the last decade?
Over the last 3 year(s), the stock has delivered a CAGR of 41.51% based on the current price.

10 Year X-Ray : Login to view analysis.

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Windlas Biotech Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % 7.7%9.6%14.4%17.9%14.7%5.2%15%14.4%18.3%17%-
Value Creation
Index
-0.5-0.30.00.30.1-0.60.10.00.30.2-

Growth Parameters

Sales 274315320288329428466513631760904
Sales YoY Gr.-15.2%1.6%-10%14.1%30%9%10.1%23%20.4%-
Adj EPS 2.95.810.612.31315.217.52027.928.832.2
YoY Gr.-101.4%83%16.5%5.6%16.4%15.8%13.8%39.5%3.5%-
BVPS (₹) 86.892.6103.2106.6121109.3180.5191.1214.2238.8258.7
Adj Net
Profit
4.69.216.822.523.727.638.241.857.960.366
Cash Flow from Ops. 47.36.939.122.124.911.596110968.2-
Debt/CF from Ops. 1.18.611.41.12.70.7000.4-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales 12%18.2%17.7%20.4%
Adj EPS 29.2%17.2%18%3.5%
BVPS11.9%14.6%9.8%11.5%
Share Price - - 42.1% -4.9%

Key Financial Parameters

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
4.46.310.612.411.413.212.910.513.612.612.9
Op. Profit
Mgn %
7.57.91215.412.612.811.411.712.412.411.6
Net Profit
Mgn %
1.72.95.27.87.26.58.28.19.27.97.4
Debt to
Equity
0.40.40.20.20.10.20000.10
Working Cap
Days
145115118123126119140171147127116
Cash Conv.
Cycle
27910322396968413058

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales274315320288329428466513631760
Operating Expenses + 253290282244287373413453553666
Manufacturing Costs9101112153436545352
Material Costs203234224181212261291299374454
Employee Cost 252933334458637087123
Other Costs 16171417171923293837
Operating Profit 20253844415553607894
Operating Profit Margin (%) 7.5%7.9%12.0%15.4%12.6%12.8%11.4%11.7%12.4%12.4%
Other Income + 1432237101318
Exceptional Items 00000-320000
Interest 7554311114
Depreciation 9911891312121328
Profit Before Tax 6142535321146577779
Tax 15812867141919
Profit After Tax 59172224539435861
PAT Margin (%) 1.7%2.9%5.3%7.8%7.2%1.2%8.3%8.3%9.2%8.0%
Adjusted EPS (₹)2.95.810.712.313.02.817.720.428.028.9
Dividend Payout Ratio (%)0%0%0%0%0%0%19.80%19.60%19.70%20%

Valuation of Windlas Biotech - Standalone

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 141150167194220199393400445501
Share Capital 99966611101010
Reserves 132141158188214193382389435490
Debt +44513023223060027
Long Term Debt2018126110000
Short Term Debt24331817212950027
Minority Interest0000000000
Trade Payables7677755883406387131167
Others Liabilities 20252520232727404965
Total Liabilities 280303297295349296489527626760

Fixed Assets

Net Fixed Assets +56565862709691109179223
Gross Block9110111412679184164194275347
Accumulated Depreciation35455664988738596123
CWIP 9151150081565
Investments 951211231211272365107173223
Inventories27402719494159756281
Trade Receivables556159626479111117136167
Cash Equivalents 2926131831114253116
Others Assets 981313202542793844
Total Assets 280303297295349296489527626760

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity + 4773922251196110968
PBT 6142535321146577779
Adjustment 161215101047107718
Changes in Working Capital 29-184-9-4-40-38644-9
Tax Paid -3-2-5-13-13-7-9-10-19-21
Cash Flow From Investing Activity + -62-39-11-7-14-20-154-14-92-74
Capex -13-15-11-10-15-6-15-70-38-52
Net Investments 00-03087-14251-56-24
Others -49-23111-1023522
Cash Flow From Financing Activity + 395-25-8-51130-44-151
Net Proceeds from Shares 100500165004
Net Proceeds from Borrowing 00-5-8-6-5-0-0-00
Interest Paid -7-5-5-3-3-1-1-1-1-4
Dividend Paid 0000000-8-8-11
Others 4510-15-137-33-35-612
Net Cash Flow 24-27475-8-1532-5

Financial Ratio

PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)4.516.4410.8812.5611.432.3913.0210.7513.7612.82
ROCE (%)7.689.5514.3717.914.75.2215.0314.3818.3117.04
Asset Turnover Ratio1.141.081.070.971.021.331.191.011.091.1
PAT to CFO Conversion(x)9.40.782.2911.042.20.231.421.881.11
Working Capital Days
Receivable Days82.106768.4077.107061.2074.508173.2072.80
Inventory Days39.6038.7037.8028.8037.9038.7039.2047.5039.6034.50
Payable Days116.50119.10123.60133.90121.7085.9064.6091.80106.50120

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Windlas Biotech Ltd FAQs

The current trading price of Windlas Biotech on 24-Jun-2026 16:59 is ₹863.6.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 23-Jun-2026 the market cap of Windlas Biotech stood at ₹1,782.1 Cr

The latest P/E ratio of Windlas Biotech as of 23-Jun-2026 is 26.83.

The latest P/B ratio of Windlas Biotech as of 23-Jun-2026 is 3.34.

The 52-week high of Windlas Biotech is ₹1,095 and the 52-week low is ₹699.4.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Windlas Biotech is ₹904 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Windlas Biotech Ltd is a good quality company.

The key valuation ratios of Windlas Biotech Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Windlas Biotech Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

About Windlas Biotech Ltd

Windlas Biotech is amongst the top five players in the domestic pharmaceutical formulations contract development and manufacturing organization (CDMO) industry in India in terms of revenue. With over two decades of experience in manufacturing both solid and liquid pharmaceutical dosage forms and significant experience in providing specialized capabilities, including, high potency, controlled substances and low solubility, it provides a comprehensive range of CDMO services ranging from product discovery, product development, licensing and commercial manufacturing of generic products, including complex generics, in compliance with current Good Manufacturing Practices (GMP) with a focus on improved safety, efficacy and cost. In addition to providing services and products in the CDMO market, it also sell its own branded products in the trade generics and OTC markets as well as export generic products to several countries.

The company’s CDMO Services and Products SBV is focused on providing products and services across a diverse range of pharmaceutical and nutraceutical generic products for Indian and multinational pharmaceutical companies who market such products under their own brand names to the end users. The company’s Domestic Trade Generics and OTC Brands SBV consists of (i) trade generic products; and (ii) OTC brands, which include nutraceutical and health supplement products that do not require prescription and are marketed, distributed and promoted in India under its own brand names through online and offline channels and majorly manufactured by it. Trade generic products are generic medicines, i.e. drugs for which the patents have expired, which are sold directly to the distributor and not marketed through medical representatives, and are typically used as a substitute for more expensive branded generic medicines in order to offer affordable medicines to patients by the retailers and pharmacies. The company’s Exports SBV is engaged in identifying high growth markets and opportunities in semi-regulated international markets as well as selected regulated markets, for developing and registering product applications to obtain marketing authorizations for generic medicines and health supplements and subsequently, sell such products to pharmaceutical companies and pharmacies in the respective markets.

Business area of the company

The company provides pharmaceutical development services, large-scale manufacturing services and authentic yet affordable products to its customers and consumers around the world.

Awards, accreditations and recognitions

  • 2018: The company was awarded the TV100 Industrial Excellence Award in the field of medicine.
  • 2019: The company was awarded the certificate of appreciation from the Secretary, Bureau of Energy Efficiency for valuable contributions in implementing energy efficiency and cleaner production measures under the project ‘Financing Energy Efficiency at MSMEs’.
  • 2019: The company was awarded the certificate of partnership recognizing its contribution to and participation in the Swasth Bharat Yatra, a pan-India cyclothon organised by the Food Safety and Standards Authority of India.

Major events and milestones

  • 2001: Commenced operations at Dehradun Plant - I situated at 40/1, Mohabewala Industrial Area, Dehradun 248 110 and initiated commercial production.
  • 2009: Commenced operations at Dehradun Plant - IV situated at plot no. 183 and 192, Mohabewala Industrial Area, Dehradun 248 110.
  • 2010: Revenues crossed Rs 1,000 million for the FY 2009-10.
  • 2014: Received first USFDA inspection clearance for the WHC Plant.
  • 2014: Revenues crossed Rs 2,000 million for the FY 2013-14.
  • 2014: Commenced operations at Dehradun Plant - II situated at khasra no. 141 to 143 and 145, Mohabewala Industrial Area, Dehradun 248 110.
  • 2015: Investment of Rs 750 million from Tano India Private Equity Fund II.
  • 2017: Revenues crossed Rs 3,000 million for the FY 2016-17.
  • 2018: Launched first product in the United States from the Dehradun Plant - IV situated at plot no. 183 and 192, Mohabewala Industrial Area, Dehradun.
  • 2018: Commenced operations at Dehradun Plant - III situated at plot no. 39, Pharmacity, Selaqui, Dehradun.
  • 2021: Approval of Scheme of Amalgamation of its erstwhile subsidiary, Windlas Healthcare, with and into the company.
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