Windlas Biotech Limited – Investor Presentation Summary

Key Operational Highlights

  • Served 926 customers and catered to 5,644 brands across therapeutic areas
  • 8 of the Top 10 and 15 of the Top 20 Indian Pharma Companies serviced
  • 546 brands under Domestic Trade Generics
  • 67 products exported across 10 countries
  • 5 WHO-GMP compliant manufacturing plants with capacity for 8,522 Mn tablets & capsules, 54 Mn pouch & sachets, and 61 Mn liquid bottles
  • 4,393 brands in Complex Generics portfolio
  • IP Rights (Formulation Technology) across 99% of products sold
  • Higher revenue share of Chronic & Sub-Chronic (53%) and Complex Generic (74%) in overall product portfolio

Key drivers of operational performance: Customer expansion, deeper customer engagement, new product launches, and focus on complex generics.

Segment-wise Performance

  • Generic Formulations CDMO: Revenue of ₹207 crore (84% of total), 29% YoY growth
  • Trade Generics & Institutional: Revenue of ₹30 crore (12% of total)
  • Exports: Revenue of ₹11 crore (4% of total), 79% YoY growth

Explanation of significant changes in segment performance: Trade Generics & Institutional revenue declined following discontinuation of codeine-based products, while Generic Formulations CDMO growth was driven by customer expansion and new product launches.

Financial Highlights

Revenue: Rs. 248 crore

EBITDA: Rs. 27 crore (reported), Rs. 34 crore (adjusted excluding ESOP)

PAT: Rs. 18 crore (reported), Rs. 25 crore (adjusted excluding ESOP)

EPS: Rs. 8.46

Margins: EBITDA Margin 10.9% (reported), 13.7% (adjusted); PAT Margin 7.3% (reported), 10.1% (adjusted)

YoY/QoQ comparison: Revenue grew 18% YoY; Adjusted EBITDA grew 26% YoY; Adjusted PAT grew 37% YoY

Drivers of financial performance: Higher revenue growth, operational leverage improvements, and focus on complex generics portfolio.

Key Risks: Discontinuation of codeine-based products affecting Trade Generics vertical.

Geographical Revenue Split

Domestic vs Export Revenue: Domestic revenue constitutes 96% of total, Export revenue constitutes 4% of total

Balance Sheet Snapshot

Net Debt/Equity: Net debt free position

Reserves: Rs. 570 crore (Mar-26)

Current Assets/Liabilities: Current Assets Rs. 627 crore, Current Liabilities Rs. 321 crore (Mar-26)

Working Capital/Leverage Metrics: Strong net liquidity of Rs. 251 crore

Financial Health Insights: Strong cash flow generation, net debt free position, A+ Stable ICRA Rating

Capex & Cash Flow Health

Capital Expenditure: Plant-6 commercialization expected in H1 FY27

Free Cash Flow: Not Specified

Operating Cash Flow: Rs. 104 crore (FY26)

Net Debt Movement: Net debt free position maintained

Investment Rationale: Focus on capacity expansion with Plant-6, technology upgrades, and injectables capabilities

Strategic & R&D Initiatives

Investments in Innovation: DSIR approved R&D laboratory, pilot scaled equipment, focus on low cost first-to-launch generic products

Expected impact on growth: Complex generics and customized formulations driving differentiation

Strategic Rationale: Expanding manufacturing capacity, enhancing product portfolio, and strengthening customer partnerships

Industry Trends & Business Environment

Macro/Industry Trends: Indian Pharmaceutical Market (IPM) witnessed volume growth of 3.4% in Q1 FY27

Impact on Company: Steady industry environment supporting growth trajectory across all business verticals

Management Commentary & Growth Outlook

Strategic Outlook: "We remain focused on creating sustainable value through disciplined execution, talent development, client diversification, capability enhancement, and expansion across dosage forms"

FY Guidance: Not Specified

Market Share Targets: Not Specified

Risks and Opportunities: Focus on bridging gap in Trade Generics vertical through new launches and replacements