Windlas Biotech Ltd. · NSE:WINDLAS
Windlas Biotech — H1 FY27 Earnings Presentation
35 slides from Windlas Biotech's earnings presentation, Nov 5, 2026
Slide 1: Windlas Biotech Limited – Regulation 30 filing cover letter
Windlas Biotech Limited Reg. Off.: 40/1, Mohabewala Industrial Area Dehradun, Uttarakhand 248 110, India Tel.:+91-135-6608000-30, Fax:+91-135-6608199 Corp. Off.: 705-706, Vatika Professional Point, Sector-66, Golf Course Ext. Road, Gurgaon, Haryana 122 001, India Tel.:+91-124-2821030 CIN-L74899UR200
Slide 2: Investor Presentation – Q2 & H1FY27
Windlas Biotech Limited Investor Presentation – Q2 & H1FY27
Slide 3: Disclaimer
Disclaimer This presentation and the accompanying slides (the “Presentation”), has been prepared by Windlas Biotech Limited (the “Company”), solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form t
Slide 4: Table of Contents
Table of Contents Windlas – At a Glance Q2 & H1FY27 Highlights SCALABILITY, DURABILITY & Business Verticals PROFITABILITY Company Overview Annual Financials 3
Slide 5: Windlas – Trusted Partner in Delivering Value Across the Healthcare Ecosystem
Windlas – Trusted Partner in Delivering Value Across the Healthcare Ecosystem Building Scale and Excellence in ~25 Years of Expertise Robust Financial Position Generic Formulations Creating Strong Entry Barriers (as of FY26) • Presence across all stages of Generics Value Chain • 5 State-of-the-Art,
Slide 6: Q2 & H1FY27 Highlights
windlas Q2 & H1FY27 Highlights
Slide 7: Management Commentary
Management Commentary The Indian Pharmaceutical Market (IPM) reported volume growth of 2.3% during the quarter. Windlas Biotech extending its track record to 15 consecutive quarters of record revenue with 19% YoY growth to Rs. 264 crore. Each of our three businesses plays a distinct role in our grow
Slide 8: Management Commentary
Management Commentary Consistency is not the most exciting word in business, but it is the one our customers & shareholders value the most. In H1 FY27, Windlas crossed Rs. 500 crore in half-yearly revenue for the first time. Revenue grew 19% YoY to Rs. 264 crore in Q2 FY27 and 18% to Rs. 512 crore i
Slide 9: Key Business Highlights Q2 & H1 FY27
Key Business Highlights Q2 & H1 FY27 15th Consecutive Quarter Rs. 70 Cr Crossed Rs. 500 Cr Record Revenue Rs. 264 Cr, *Adjusted EBITDA; Revenue milestone in 19% YoY growth YoY growth 23% (H1FY27) (Q2FY27) (H1FY27) Rs. 50 Cr Plant-4 & Plant-5 *Adjusted PAT; Plant-6 Received EUGMP YoY growth 33% Comme
Slide 10: Vertical-wise Revenue Breakup
Vertical-wise Revenue Breakup Generic Formulations CDMO Trade Generics & Institutional Exports (Rs. Cr) Revenue Mix (%) (Rs. Cr) (Rs. Cr) 32% -31% 46% 5% 13% 23 422 96 H1FY27 321 16 66 82% H1FY26 H1FY27 H1FY26 H1FY27 H1FY26 H1FY27 z 4% 34% -30% 26% 22% H1FY26 215 52 12 10 74% 160 36 Generic Formulat
Slide 11: Financial Performance (Adjusted)
Financial Performance Net Revenue from Operations (Rs. Cr) Adjusted EBITDA (Rs. Cr) & Margin (%) Adjusted PAT (Rs. Cr) & Margin (%) 13.2% 13.7% 8.6% 9.7% 18% 23% 33% 512 432 70 57 50 37 H1FY26 H1FY27 H1FY26 H1FY27 H1FY26 H1FY27 z 13.5% 13.7% 8.7% 9.5% 19% 20% 29% 264 222 36 30 25 19 Q2FY26 Q2FY27 Q2
Slide 12: Financial Performance (Reported)
Financial Performance Net Revenue from Operations (Rs. Cr) Reported EBITDA (Rs. Cr) & Margin (%) Reported PAT (Rs. Cr) & Margin (%) 12.7% 10.9% 8.2% 7.0% 18% 2% 1% 512 432 55 56 35 36 H1FY26 H1FY27 H1FY26 H1FY27 H1FY26 H1FY27 z 12.8% 11.1% 8.0% 6.8% 19% 3% 1% 264 222 29 29 18 18 Q2FY26 Q2FY27 Q2FY26
Slide 13: Profit & Loss Highlights
Profit & Loss Highlights Particulars (Rs. Cr) Q2FY27 Q2FY26 Y-o-Y (%) H1FY27 H1FY26 Y-o-Y (%) Net Revenue from Operations 264 222 19% 512 432 18% COGS 162 137 315 267 Gross Profit 102 85 19% 197 166 19% Gross Margin (%) 38.5% 38.4% 6 bps 38.5% 38.3% 12 bps Employee Expenses (Excluding ESOPs) 41 35 7
Slide 14: Balance Sheet and Cash Flow
Balance Sheet and Cash Flow Balance Sheet (Rs. Cr) Sept-26 Sept-25 Cash Flow Statement (Rs. Cr) Sept-26 Sept-25 Equity Capital 10 11 Operating Profit Before Working Capital Changes 70 58 Reserves 559 524 Changes in Working Capital -9 5 Borrowings 46 26 Trade Payables 319 193 Cash Generated From Oper
Slide 15: Expected Non-Cash ESOP P&L impact
Expected Non-Cash ESOP P&L impact Scheme (Rs. Cr) FY 2025-26 FY 2026-27 FY 2027-28 FY 2028-29 FY 2029-30 FY 2030-31 H1 (Actual) H2 (Actual) H1 (Actual) H2 H1 H2 H1 H2 H1 H2 H1 H2 ESOP Plan 2025 1.18 14.28 13.74 7.73 7.34 4.16 3.90 1.79 1.61 0.05 0.01 - ESOS Plan 2023 0.71 0.40 0.32 0.35 0.28 0.10 0.
Slide 16: Consistently Rewarding Shareholders
Consistently Rewarding Shareholders • Buyback of shares: • In April 2026, the company had announced a buyback of up to 4,70,000 equity shares (~2.23% of total equity shares), aggregating to ~Rs. 47 Cr through the tender offer route • The buyback was undertaken at a price of Rs. 1,000 per share, paya
Slide 17: Business Verticals
windlas Business Verticals
Slide 18: Generic Formulations CDMO – Largest Business Vertical
1. Generic Formulations CDMO – Largest Business Vertical; Growing Consistently • Generic Fomulations CDMO focuses on Branded Generic Products which are sold to pharma companies who market products under their own brands Key Offerings • Windlas is amongst the leading Domestic Generic Formulations CDM
Slide 19: Key Factors for Customer Base Expansion
Key Factors for Customer Base Expansion Audits by several MNCs & Domestic Customers over the years Focused On Building Sustained Customer Base While Mitigating Client Concentration Risk Product Excellence: Dosage innovation, complex generic products No. of Customers (#) Manufacturing Excellence: Tra
Slide 20: Trade Generics & Institutional – High Growth Vertical
2. Trade Generics & Institutional – High Growth Vertical with Strong Market Potential • Manufactures market affordable and high-quality generic drugs • Brand Ownership is with Windlas Biotech Market Opportunities • Untapped Rural Demand: Large underserved population with • Sold directly to stockist
Slide 21: Exports – Expanding Global Footprint
3. Exports – Expanding Global Footprint • Number of Brands: Focused on Emerging & Semi-Regulated International Markets Geographical Reach • Brand Used: Own Brands and End Customer Brands • Products: Exported 67 Products during FY26 which includes Generic Medicines & Health Supplements • Develop and
Slide 22: Company Overview
windlas Company Overview
Slide 23: ~25 Years of Building Excellence – Our Journey So Far
~25 Years of Building Excellence – Our Journey So Far ▪ Revenue crossed Rs. 900 Cr ▪ Plant-IV and Plant – V both received GMP certificate from Philippines. ▪ Plant-6 Commercialized as on Sept’ 26 ▪ Plant-IV approved by SAPHRA(South Africa) ▪ Invested Rs. 89 Mn in and EU-GMP(Europe) building Plant an
Slide 24: Windlas Biotech's Presence in Pharma Value Chain
Windlas Biotech’s Presence in Pharma Value Chain Innovator Value Chain Patent Expiry Clinical trials Bulk Drugs Formulation Research (I-III) Marketing Manufacturing Manufacturing Value Chain Generics Formulation API Dev & Dev & Clinical (III+ ) Packaging Marketing Manufacturing Manufacturing Generic
Slide 25: State-of-the-Art Manufacturing Facilities
State-of-the-Art Manufacturing Facilities Location - Dehradun Plant 1 Plant 2 Plant 3 Plant 4 Plant 6 Plant 5 Commencement Year 2001 2014 2018 2009 2027 Total Capacity 2024 Dosage Form Oral Solid Drugs (Mn) Injectables WHO-GMP Compliant Tablets & Capsules (Mn) 772 5,477 992 1,281 200 10,522 Manufact
Slide 26: Robust R&D Capabilities Driving Innovation and Growth
Robust R&D Capabilities Driving Innovation and Growth R&D Expenditure (Rs. Cr) Leading to New Innovations Key Highlights • Medicated chewing gum (multi-vitamin) • DSIR approved state of the art • Chocolate flavored chewable tablets R&D laboratory & pilot scaled 8.9 • Dispersible tablets equipment 7.
Slide 27: Strategy & Pathway to Sustainable Growth
Strategy & Pathway to Sustainable Growth Lead the Way in Generic Formulation CDMO R&D-Led Product Development • Capitalize on strong position in a fragmented market through • Focus on first-to-launch complex generics and novel dosage organized expertise & innovation formats (medicated gums, dispersi
Slide 28: Strong Board of Directors
Strong Board of Directors… Hitesh Windlass Manoj Kumar Windlass Pawan Sharma Prachi Jain Windlass Chairman & Managing Director Jt. Managing Director Executive Director Non-Executive Director Serves as the Managing Director, leading the Company’s Co-founder and senior leadership team member at Serves
Slide 29: Proficient Management Team
…Coupled with Proficient Management Team Komal Gupta Ananta Narayan Panda Om Prakash Sule CEO & CFO CS and Compliance Officer Site Quality Head Leads the Company’s strategic, financial, and Oversees corporate governance, secretarial Leads the Company’s site-wide quality operations, operational agend
Slide 30: Annual Financials
windlas Annual Financials
Slide 31: Track Record of Healthy Financial Performance and Position
Track Record of Healthy Financial Performance and Position Revenue (Rs. Cr) EBITDA (Rs. Cr) & Margin (%) PAT (Rs. Cr) & Margin (%) EPS (in Rs) 11.3% 11.7% 12.4% 12.4% 11.6% 8.2% 8.3% 9.2% 8.0% 7.3% CAGR +18% CAGR +19% CAGR +15% CAGR +14% 904 760 61 66 105 58 631 94 32 466 513 78 38 43 28 29 52 60 19
Slide 32: Profit & Loss
Profit & Loss Particulars (Rs. Cr) FY26 FY25 FY24 FY23 FY22 Net Revenue from Operations 904 760 631 513 466 COGS 557 472 396 325 303 Gross Profit 347 288 235 188 163 Gross Margin (%) 38.4% 37.9% 37.2% 36.6% 35.0% Employee Expenses (Excluding ESOP expenses) 135 120 85 69 62 Other Expenses 91 71 69 57
Slide 33: Balance Sheet
Balance Sheet Assets (Rs. Cr) Mar-26 Mar-25 Mar-24 Mar-23 Mar-22 Liabilities (Rs. Cr) Mar-26 Mar-25 Mar-24 Mar-23 Mar-22 Property, Plant and Equipment 187 196 170 103 88 Equity Share Capital 11 11 10 11 11 Capital Work in Progress 56 3 6 14 8 Other Equity 570 495 440 392 384 Right to Use Assets 23 2
Slide 34: Cash Flow
Cash Flow Particulars (Rs. Cr) Mar-26 Mar-25 Mar-24 Mar-23 Mar-22 Net Profit Before Tax and Extraordinary Items 87 80 77 57 46 Adjustments for: Non-Cash Items / Other Investment or Financial Items 37 18 7 7 10 Operating Profit Before Working Capital Changes 124 98 84 64 56 Changes in Working Capital
Slide 35: Connect with Us
Connect with Us Windlas Biotech Ltd. Stellar IR Advisors Pvt. Ltd. Komal Gupta Ankit Jain | Manveer Sharma [email protected] [email protected] | [email protected] +91 124 2821034 +91 22 62398024 40/1, Mohabewala Industrial Area, Dehradun 248 110 A-405, Kanakia Wall Street, Andheri (Ea