MarketFriction

Windlas Biotech Ltd

NSE WINDLAS · BSE 543329 · Pharmaceuticals
₹1,082.40 -0.82%
NSE close2026-10-01
52 week range697.40 - 1,181.90
Market cap₹2,269 Cr.
P/E34.2
IPO 2021 · +135% since Price band 20% Delivery 49.6%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Standalone, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales153162171175187195203210222233238248
Expenses134142149154164170177184194209213221
Operating Profit192022212325262729242527
OPM %12%13%13%12%12%13%13%13%13%10%11%11%
Other Income334454554545
Interest000011111112
Depreciation334667878887
Profit before tax182023182020212324202023
Tax %23%24%25%26%23%24%22%24%25%25%21%23%
Net Profit141517131615161818151618
EPS in Rs6.757.268.156.457.497.297.778.438.457.097.598.55
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales274315320288329428466513631760904942
Expenses253290284244288373413453553666799837
Operating Profit20253644415553607894105105
OPM %7%8%11%15%12%13%11%12%12%12%12%11%
Other Income14521-2971013181818
Interest755421111455
Depreciation99118913121213283131
Profit before tax61425353111465777798787
Tax %20%35%33%36%27%55%16%25%25%24%24%
Net Profit591722225394358616666
EPS in Rs8.1416.4130.2435.0535.037.8117.6920.0527.9528.9431.4831.68
Dividend Payout %-0%-0%-0%-0%-0%-0%20%20%20%20%20%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth13%16%21%19%
Compounded Profit Growth31%28%17%2%
Stock Price CAGR%25%45%21%
Return on Equity12%12%13%12%
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital6666661110101011
Reserves132141158188210193384392440495570
Borrowings5362433027327543335
Other Liabilities909493731006589121172222291
Total Liabilities281304299297344296491529626760907
Fixed Assets56565862689691109179223213
CWIP915115-008156560
Investments951211231211212365107173223268
Other Assets121111107110154177327298268308366
Total Assets281304299297344296491529626760907
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity4773922211196110968105
Cash from Investing Activity-62-39-11-7-9-20-154-14-92-74-92
Cash from Financing Activity385-25-8-61130-44-151-13
Net Cash Flow24-27475-8-1532-50
Free Cash Flow35-82812116-6-9711637
CFO/OP249%34%122%80%84%33%34%117%163%95%115%
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days7470687972688783798092
Inventory Days4962443885557184576340
Days Payable137120124117143537698121138156
Cash Conversion Cycle-1413-12013708269156-24
Working Capital Days-46-372-123408672321814
ROCE %10%13%18%14%19%15%14%18%17%16%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters62.82%62.82%62.82%62.51%62.51%62.51%62.34%62.34%61.98%61.98%61.90%63.31%
FIIs0.80%1.35%1.18%1.59%2.00%1.55%1.52%1.44%1.11%0.93%0.60%2.04%
DIIs11.52%11.71%11.82%10.35%9.58%10.26%10.89%11.22%11.44%11.44%11.80%9.84%
Public24.85%24.11%24.19%25.55%25.91%25.67%25.25%25.01%25.48%25.64%25.69%24.80%
No. of Shareholders68,79861,90051,27745,82445,70646,59046,38345,88745,43345,46144,76944,996

Fundamentals

Market Cap₹ 2,269 Cr.
Current Price₹ 1,096
Stock P/E34.2
Book Value₹ 275
ROCE15.9 %
ROE12.2 %
Dividend Yield0.57 %
Face Value₹ 5.00
Compounded Sales Growth (TTM)19%
Compounded Profit Growth (TTM)2%
Standalone figures.
Valuation
Market capRs 2,285 Cr
Enterprise valueRs 2,318 Cr
P/E (TTM)34.40x
Price to book3.93x
Price to sales2.42x
EV / EBITDA18.92x
EV / EBIT25.19x
EV / sales2.46x
Price to cash flow21.77x
Earnings yield2.91%
Dividend yield0.57%
P/E, 3-year average25.87x
P/B, 3-year average3.12x
P/E, 5-year average20.11x
P/B, 5-year average2.34x
Profitability
Operating margin (excl. other income)11.58%
Operating margin (incl. other income)13.55%
EBITDA margin13.01%
Pre-tax margin9.19%
Net profit margin7.05%
Net margin, latest quarter7.11%
ROE12.23%
ROCE15.90%
ROA7.97%
ROE, 3-year average12.85%
ROCE, 3-year average16.97%
ROA, 3-year average8.93%
ROE, 5-year average12.44%
ROCE, 5-year average16.04%
ROA, 5-year average8.99%
ROIC (approx.)11.45%
Tax rate23.58%
Other income / net worth3.06%
Growth
Sales growth (latest year)18.98%
Profit growth (latest year)9.55%
Sales CAGR, 3 years20.78%
Sales CAGR, 5 years16.15%
Profit CAGR, 3 years15.93%
Profit CAGR, 5 years67.69%
Sales growth QoQ4.03%
Profit growth QoQ10.17%
Sales growth YoY (latest quarter)18.09%
Profit growth YoY (latest quarter)-0.11%
Per share
EPS (TTM)Rs 31.47
EPS (latest year)Rs 31.48
EPS (latest quarter)Rs 8.36
EPS, 3-year averageRs 29.46
EPS, 5-year averageRs 25.29
Book value per shareRs 275.19
Sales per shareRs 446.36
Cash flow per shareRs 49.72
Free cash flow per shareRs 17.53
Dividend per share (latest year)Rs 6.15
Dividend per share, 3-year averageRs 5.82
Dividend per share, 5-year averageRs 4.99
Dividends
Dividend payout19.54%
Dividend payout, 3-year average19.75%
Dividend payout, 5-year average19.74%
Efficiency
Asset turnover1.00x
Fixed asset turnover4.24x
Inventory turnover9.63x
Inventory days38 days
Debtor days92 days
Debtors turnover3.98x
Creditor days156 days
Cash conversion cycle-24 days
Working capital days14 days
Leverage
Total debtRs 35 Cr
Cash and bankRs 2 Cr
Net debtRs 33 Cr
Debt to equity0.06x
Net debt / EBITDA0.27x
Interest coverage16.95x
Current ratio (filing 2026-03-31)1.95x
Quick ratio (filing 2026-03-31)1.76x
Trade payables (filing 2026-03-31)Rs 238 Cr
Owners' fund to total sources64.01%
Debt to assets3.88%
Cash flow
Cash from Operating Activity (latest year)Rs 105 Cr
Cash from Investing Activity (latest year)Rs -92 Cr
Cash from Financing Activity (latest year)Rs -13 Cr
Net Cash Flow (latest year)Rs 0 Cr
Free cash flow (latest year)Rs 37 Cr
FCFE (approx.: FCF + change in debt)Rs 40 Cr
Cash from ops / profit, 5 years1.32x
Sales to cash flow8.62x
Statement figures
Net sales (TTM)Rs 942 Cr
Net sales (latest year)Rs 904 Cr
Sales (latest quarter)Rs 248 Cr
Operating profit excl. other income (latest year)Rs 105 Cr
Operating profit (latest quarter)Rs 27 Cr
Other income (TTM)Rs 18 Cr
EBITDA (TTM)Rs 123 Cr
PBDT (TTM)Rs 117 Cr
Profit before tax (TTM)Rs 87 Cr
Tax (latest year)Rs 20 Cr
Net profit (TTM)Rs 66 Cr
Net profit (latest year)Rs 66 Cr
Net profit (latest quarter)Rs 18 Cr
Depreciation (TTM)Rs 31 Cr
Depreciation (latest quarter)Rs 7 Cr
Interest (TTM)Rs 5 Cr
Cost of goods sold (latest year)Rs 595 Cr
Total expenditure (latest year)Rs 799 Cr
Total income (latest year)Rs 922 Cr
Share capitalRs 11 Cr
ReservesRs 570 Cr
Shareholders' fundsRs 581 Cr
Total assetsRs 907 Cr
Net blockRs 213 Cr
Capital work in progressRs 60 Cr
InvestmentsRs 268 Cr
ReceivablesRs 227 Cr
InventoryRs 62 Cr
Other liabilitiesRs 291 Cr
Shares outstanding (crore)2.11
Ownership
Promoter holding63.31% (+0.97 in a year)
Computed by MarketFriction from the standalone statements. Returns use average balances.
P/E 34.4 is at the 71th percentile of its own 5.2-year range (median 27.2, low 11.5, high 164.7).
P/B 3.93 is at the 79th percentile (median 3.12).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodWINDLASNifty 50Difference
1 week-1.0%-2.8% +1.7 pts
1 month+7.3%-6.8% +14.1 pts
3 months+24.1%-7.6% +31.8 pts
6 months+46.9%+0.4% +46.5 pts
1 year+16.4%-9.9% +26.3 pts
2 years+25.1%-13.6% +38.7 pts
3 years+203.6%+14.2% +189.4 pts
5 years+202.0%+27.9% +174.1 pts
6 mutual fund schemes hold about ₹85 Cr. Over three months 0 bought more and 6 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
ICICI Pru Healthcare Fund-0.57%40 -40%
Bandhan Small Cap Fund0.08%27 -29%
UTI Healthcare Fund1.28%19 -16%
Bandhan BSE Healthcare Index Fund0.05%0 -12%
ICICI Pru Small Cap Fund0.00%0 -100%
ICICI Pru Small Cap Fund0.00%0 -100%

Red flags

F-score 5 of 8
No red flags in the latest statements and filings.
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026
Sales ₹248 Cr +18.1% vs Jun 2025. Net profit ₹18 Cr +0.0%.
Against our estimate for Jun 2026: sales -0.2%, profit -2.3% in line. Our estimate for Sep 2026: sales Rs 261 Cr, profit Rs 18 Cr (how).

Activity

Compare
CompanyMcap (Cr)P/EROCE
Sun Pharmaceutical Industries Ltd447,47635.420.5 %
Divis Laboratories Ltd250,36384.022.0 %
Torrent Pharmaceuticals Ltd186,15283.415.2 %
Zydus Lifesciences Ltd119,75024.621.1 %
Cipla Ltd111,43031.115.5 %
Laurus Labs Ltd106,92897.817.8 %
Mankind Pharma Ltd105,12049.313.5 %
Dr Reddys Laboratories Ltd104,49432.413.0 %
Aurobindo Pharma Ltd97,68225.812.9 %
Lupin Ltd93,84015.829.9 %
Glenmark Pharmaceuticals Ltd68,90522.139.8 %
Alkem Laboratories Ltd62,77227.621.2 %
Biocon Ltd61,43984.53.61 %
Abbott India Ltd57,94935.944.8 %
Gland Pharma Ltd49,33343.115.1 %
No bulk or block deals on record.
Ex-dateActionFactor
2026-07-16Dividend - Rs 6.30 Per Share
2026-04-24Buy Back
2025-07-21Dividend - Rs 5.80 Per Share
2024-09-17Dividend - Rs 5.50 Per Share
2024-09-17Annual General Meeting
2023-09-05Annual General Meeting/Dividend - Rs 4 Per Share
2022-09-09Annual General Meeting/Dividend - Rs 3.50 Per Share
DateTypeWhat it says
2026-09-01Concall / analyst meetSchedule of meet
2026-08-14Concall / analyst meetEarnings call transcript of Q1 FY27
2026-08-11Concall / analyst meetLink of Recording
2026-08-10Press ReleaseA press release dated August 10, 2026, titled "press release on "Windlas Biotech Limited Reports its Q1 FY27 Financial Results"".
2026-08-10Investor PresentationInvestor Presentation
2026-08-10Board meeting outcomeWindlas Biotech Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-08-05Concall / analyst meetSchedule of meet
2026-08-05Concall / analyst meetSchedule of meet
2026-07-24Shareholder meetingSubmission of Combined Voting Results and Scrutinizer s Report under Regulation 44(3) of the SEBI (Listing Obligations and Disclosure Requirements) Re...
2026-07-24Shareholder meetingVoting results.
2026-07-23Shareholder meetingThe proceedings of Annual General Meeting of the Company held on July 23, 2026.
2026-07-09Concall / analyst meetSchedule of meet
2026-07-02General UpdatesCompletion of despatch of Notice of 25th AGM and the Annual Report for FY26
2026-07-01General UpdatesRecord date/ cut-off date for the purpose of AGM
2026-07-01Shareholder meetingThe Annual General Meeting to be held on July 23, 2026
2026-07-01Record DateRecord date for the purpose of Dividend is 16-Jul-2026.
2026-06-29Credit RatingCredit Rating
2026-06-26Concall / analyst meetSchedule of meet
2026-06-24Concall / analyst meetSchedule of meet
2026-06-24Concall / analyst meetSchedule of meet
2026-05-28Concall / analyst meetTranscript
2026-05-22Concall / analyst meetLink of Recording
2026-05-21UpdatesIntimation pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015 regarding grant of Stock Options...
2026-05-21Press ReleaseA press release dated May 21, 2026, titled " Windlas Biotech Limited Reports its Q4 and FY26 Financial Results ".
2026-05-21Investor PresentationInvestor Presentation
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Not on any NSE surveillance list in the latest file.

Quick answers

What is the market cap of Windlas Biotech Ltd?

Windlas Biotech Ltd (WINDLAS) has a market capitalisation of Rs 2,269 Cr. at the 2026-10-01 close.

What is the P/E ratio of Windlas Biotech Ltd?

Windlas Biotech Ltd trades at a P/E of 34.2 on trailing twelve-month profit, at the 2026-10-01 close.

What were Windlas Biotech Ltd's latest quarterly results?

In the Jun 2026 quarter, Windlas Biotech Ltd sales was Rs 248 Cr (+18.1% vs Jun 2025) and net profit was Rs 18 Cr.

What is the 52-week high and low of Windlas Biotech Ltd?

The 52-week high is Rs 1,181.90 and the 52-week low is Rs 697.40.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03