Windlas Biotech Ltd is a leading domestic pharmaceutical formulations contract development and manufacturing organization (CDMO) in India. Established in 2001, the company is renowned for high-quality pharmaceutical and nutraceutical products and is among the top five players in the domestic pharmaceutical formulations CDMO industry in India by revenue.
Windlas Biotech manufactures both solid and liquid pharmaceutical dosage forms and provides a comprehensive range of CDMO services. These services span from product discovery, product development, licensing, and commercial manufacturing of generic products, including complex generics, across various therapeutic categories such as anti-diabetic, cardiovascular, neuropsychiatry, and respiratory therapies.
Windlas Biotech operates through a diversified business model, serving multiple therapeutic areas and customer segments. Its service capabilities encompass formulation development, technology scale-up, and full-scale commercial manufacturing for both solid and liquid pharmaceutical dosage forms.
The company boasts a robust manufacturing infrastructure with multiple GMP-certified facilities. The recent addition of a new GMP-certified injectable facility brings all five of Windlas Biotech's manufacturing plants into compliance with this standard, positioning the company to expand its product portfolio offerings in the CDMO space. This new injectable facility received Good Manufacturing Practices (GMP) certification, with revenue generation from it expected to commence from Q3 FY25 after stability testing.
In addition to its CDMO services, Windlas Biotech also markets its own manufactured nutraceutical, pharmaceutical, and ayurvedic products primarily to semi-urban and rural communities through a salesforce and distribution network spread across over 14 states.
As of July 3, 2025, Windlas Biotech Ltd (WINDLAS) holds a market capitalization of ₹1903.21 Crore, reflecting strong investor confidence with a 25.0% increase in market cap over the past year.
The company reported strong financial performance in Q4 FY2024-25:
- Revenue: ₹207.65 crore
- Net Profit: ₹16.28 crore
- Revenue Growth: 20% year-over-year, driven by strategic initiatives in exports and product diversification, despite facing challenges such as increased depreciation costs and regulatory compliance.
- EPS: Highest ever at INR 29.19
For the full financial year 2024-25:
- Revenue: ₹760 crore (20% growth compared to the previous year)
- Profit: ₹61.0 crore
The Company's revenue grew by 21% YoY to ₹175 crores in Q1 FY2025-26.
- EBITDA: Increased by 22% to ₹21 crores.
- PAT: ₹13 crores, registering a 12% YoY uptick.
- Market Capitalization: ₹1,903.21 crore (as of July 3, 2025)
- P/E Ratio: 31.20
- P/B Ratio: 4.23
- Promoter Holding: 62.3%
- Working Capital Cycle: 14 days
- Dividend Paid (FY24): ₹5.5 per share, amounting to ₹11.5 crore (October 2024)
- 52-Week High: ₹1198.25
- 52-Week Low: ₹659
Windlas Biotech is actively pursuing expansion and diversification strategies.
- Capacity Expansion: The company is on track for capacity expansion of Plant 2 and has acquired a shortlisted brownfield facility in Selaqui, Dehradun, to meet its capacity expansion needs.
- Injectables: Revenue generation from the new injectable facility is expected to commence from Q3 FY2024-25.
- Capacity Utilization: Current capacity utilization for oral solids is healthy at 60%-62%, with plans underway to enhance manufacturing capabilities, particularly in the growing Generic Formulations CDMO and Trade Generics segments.
- Operational Excellence: The company emphasizes automated systems, robust quality control mechanisms, and eco-friendly processes, reflecting its strategic focus on operational excellence and sustainability.
Management remains optimistic about future growth, particularly in export markets and the evolving trade generics landscape. The company's strategic focus on expanding its injectable capabilities and maintaining strong relationships with existing customers positions it well for sustained growth in the pharmaceutical CDMO sector.
Windlas Biotech's diverse business model across CDMO services, trade generics, and institutional sales provides multiple revenue streams, reducing dependency on any single segment. This diversification, combined with strong financial discipline and a commitment to quality, makes Windlas Biotech an attractive investment proposition in the growing Indian pharmaceutical market.
