Windlas Biotech Limited, a leading pharmaceutical formulations CDMO player in India, reported its unaudited financial results for the quarter and half year ended September 30, 2026.

Financial Performance Highlights

H1 FY27 Performance (Consolidated):

  • Revenue from operations: ₹512 crores (vs. ₹432 crores in H1 FY26), growth of 18% YoY
  • Adjusted EBITDA: ₹70 crores (vs. ₹57 crores in H1 FY26), growth of 23% YoY
  • Adjusted EBITDA Margin: 13.7%
  • Adjusted PAT: ₹50 crores (vs. ₹37 crores in H1 FY26), growth of 33% YoY
  • PAT Margin: 9.7%
  • Highest ever EPS: ₹17.21
  • Reported EBITDA (excluding non-cash ESOP expenses): ₹56 crores
  • Reported PAT (excluding non-cash ESOP expenses): ₹36 crores
  • Non-cash ESOP expenses: ₹14 crores for H1 FY27

Q2 FY27 Performance (Consolidated):

  • Revenue from operations: ₹264 crores (vs. ₹222 crores in Q2 FY26), growth of 19% YoY
  • 15th consecutive quarter of record revenue
  • Adjusted EBITDA: ₹36 crores (vs. ₹30 crores in Q2 FY26), growth of 20% YoY
  • Adjusted EBITDA Margin: 13.7%
  • Adjusted PAT: ₹25 crores (vs. ₹19 crores in Q2 FY26), growth of 29% YoY
  • PAT Margin: 9.5%
  • Reported EBITDA (excluding non-cash ESOP expenses): ₹29 crores
  • Reported PAT (excluding non-cash ESOP expenses): ₹18 crores
  • Non-cash ESOP expenses: ₹7 crores for Q2 FY27

Vertical Performance Breakdown

| Vertical | H1FY27 (₹ Cr) | H1FY26 (₹ Cr) | YoY Growth | Q2FY27 (₹ Cr) | Q2FY26 (₹ Cr) | YoY Growth |

| Generic Formulations CDMO | 422 | 321 | 32% | 215 | 160 | 34% |

| Trade Generics & Institutional | 66 | 96 | -31% | 36 | 52 | -30% |

| Exports | 23 | 16 | 46% | 12 | 10 | 26% |

Generic Formulations CDMO Vertical:

  • Contributed approximately 82% of total revenue for both H1 and Q2 FY27
  • H1 FY27 revenue: ₹422 crores (32% YoY growth)
  • Q2 FY27 revenue: ₹215 crores (34% YoY growth)

Trade Generics & Institutional Vertical:

  • Contributed approximately 13% for H1 FY27 and 14% for Q2 FY27
  • H1 FY27 revenue: ₹66 crores (31% decline YoY)
  • Q2 FY27 revenue: ₹36 crores (30% decline YoY)

Exports Vertical:

  • Contributed approximately 5% for both H1 and Q2 FY27
  • H1 FY27 revenue: ₹23 crores (46% YoY growth)
  • Q2 FY27 revenue: ₹12 crores (26% YoY growth)

Operational Highlights

  • Plant 6 commercialized in September 2026
  • Received EU GMP Certificate for Plant-4 & Plant-5
  • Strong net liquidity position: ₹223 crores as on September 30, 2026
  • Net debt-free status maintained
  • ROCE: 38% for H1 FY27 (excluding Plant 6)
  • ROE: 33% for H1 FY27 (excluding Plant 6)
  • Including Plant 6 capex impact: ROCE at 28% and ROE at 24%

Capital Management

  • Successfully completed ₹47 crore buyback without promoter participation
  • Paid dividend of ₹13 crores (₹6.3 per share) related to FY26
  • All capex funded from internal resources

Management Commentary

Mr. Hitesh Windlass, Chairman & Managing Director:

  • Indian Pharmaceutical Market reported volume growth of 2.3% during the quarter
  • Generic Formulations CDMO remains the anchor business with customers entrusting larger share of portfolios
  • Trade Generics portfolio reshaping with replacement of codeine-based products with new launches
  • Export markets showing progress with focus on dossiers, product registrations and site approvals

Ms. Komal Gupta, CEO & CFO:

  • Company crossed ₹500 crore in half-yearly revenue for the first time
  • Focus on quality of earnings alongside growth pace
  • Plant-4 and Plant-5 (Injectable Facility) received EU GMP certification during Q2 FY27
  • Investments in P-2 extension and injectables facility progressing steadily
  • Capital efficiency maintained despite Plant 6 capex