As of 6 Nov 2026, Windlas Biotech trades at 31.8× trailing earnings, above the industry P/E of 28.7×, and the shares are 16% below their 52-week high. It earns ROCE of 16% and ROE of 12%, and sales and net profit grew 21% and 16% a year over 3 years. It has almost no debt, and its dividend yield is 0.6%. It is a small-cap company with a market cap of ₹2,052 Cr, ranked 57th of 154 Drug Manufacturers (Specialty & Generic) companies by market cap; the shares fell 1.8% over the past year.
- ₹914.00
- ₹1,059.80
- ₹889.00
- ₹921.25
- 18.3 L
Health check
- ReturnsBehind
−1.8% over a year, better than 1 of 7 peers.
- Price tagIn line
P/E 31.8 vs industry 28.7.
- GrowthStrong
Sales +20.7%, profit +16.0% a year over 3 years.
- ProfitabilityAverage
ROCE 15.7% vs peer median 17.9%.
- Balance sheetFair
Debt 0.09× equity, interest covered 19.0×, Piotroski 5 of 9.
- Red flagsNone found
No warning signs in the headline numbers.
Small cap
Market sensitivity
Key metrics
- Market cap
- ₹2,052 Cr
- Small cap
- P/E
- 31.8
- Industry 28.7
- Price to book
- 3.60
- Peers 4.99
- Dividend yield
- 0.63%
- ROE
- 12.1%
- Peers 14.7%
- ROCE
- 15.7%
- Peers 17.9%
- Debt to equity
- 0.09
- Debt ₹53 Cr
- EPS (TTM)
- ₹31.26
- Face value ₹5
- OPM (TTM)
- 11.1%
- Net margin 6.7%
- Sales growth
- +18.1%
- Latest quarter vs a year ago
- Profit growth
- −0.1%
- Latest quarter vs a year ago
- Price to sales
- 2.07
- EV/EBITDA 16.6
Strengths and risks
Strengths
- Practically debt-free.
- Quarterly sales up 18.1% on a year ago.
- Positive operating cash flow in each of the last 4 years.
- Promoter stake up from 62.0% to 63.3%.
About Windlas Biotech
Windlas Biotech Limited, a contract development and manufacturing organization, manufactures and trades in pharmaceutical products in India. The company offers contract manufacturing; customized formulations; contract research and manufacturing services; customized formulation; and regulatory services. It also manufactures tablets, capsules, oral solids, modified-release formulations, chewable and dispersible tablets, customized generics, and complex…
- Headquarters
- Dehradun
- Employees
- 1,385
- Sector
- Healthcare
- ISIN
- INE0H5O01029
- Website
- windlas.com
Price range
- Avg volume (3M)
- 1.9 L
- 1-year return
- minus 1.8%
- From 52-week high
- minus 15.9%
Peers · Drug Manufacturers - Specialty & Generic
| Company | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SUNPHARMASun Pharmaceutical Industries | 1,860.00 | plus 1.69% | 4,46,276 | 40.7 | 4.99 | 17.9% | 13.1% | 28.2% | 10.4% | 10.6% | 0.86% | plus 8.2% |
| DIVISLABDivi's Laboratories | 10,320.50 | plus 1.78% | 2,73,977 | 93.6 | 16.35 | 19.0% | 16.2% | 34.9% | 11.0% | 12.1% | 0.29% | plus 49.0% |
| TORNTPHARMTorrent Pharmaceuticals | 4,750.00 | plus 0.85% | 1,80,675 | 80.2 | 9.83 | 9.1% | 15.7% | 33.7% | 13.3% | 20.2% | 0.80% | plus 31.7% |
| LAURUSLABSLaurus Labs | 2,340.00 | minus 0.26% | 1,26,433 | 94.4 | 20.86 | 19.5% | 24.0% | 30.4% | 3.8% | 4.0% | 0.09% | plus 138.6% |
| ZYDUSLIFEZydus Lifesciences | 1,197.90 | plus 0.41% | 1,19,491 | 28.6 | 4.29 | 19.0% | 14.7% | 26.2% | 16.5% | 37.0% | 0.08% | plus 22.8% |
| DRREDDYDr. Reddy's Laboratories | 1,373.00 | plus 0.51% | 1,14,462 | 40.9 | 2.96 | 14.2% | 7.3% | 15.9% | 11.0% | −1.7% | 0.58% | plus 13.8% |
| CIPLACipla | 1,411.00 | plus 0.49% | 1,13,993 | 39.4 | 3.22 | 14.9% | 8.3% | 17.3% | 7.2% | 11.5% | 0.92% | minus 6.6% |
| WINDLASWindlas Biotech | 994.40 | plus 7.94% | 2,052 | 31.8 | 3.60 | 15.7% | 12.2% | 11.1% | 20.7% | 16.0% | 0.63% | minus 1.8% |
| Median of 7 peers | – | 0.51% | 1,26,433 | 40.9 | 4.99 | 17.9% | 14.7% | 28.2% | 11.0% | 11.5% | 0.58% | 22.8% |
Quarterly results
| ₹ Cr | Jun 25 | Sep 25 | Dec 25 | Mar 26 | Jun 26 |
|---|---|---|---|---|---|
| 210 | 222 | 233 | 238 | 248 | |
| 184 | 194 | 209 | 213 | 221 | |
| 26.5 | 28.6 | 24.4 | 25.3 | 26.7 | |
| 12.6% | 12.8% | 10.5% | 10.6% | 10.8% | |
| 5.2 | 3.6 | 4.6 | 4.4 | 5.1 | |
| 1.1 | 1 | 1.3 | 1.5 | 1.7 | |
| 7.4 | 7.6 | 7.7 | 8 | 7.2 | |
| 23.3 | 23.6 | 20 | 20.2 | 22.9 | |
| 24.0% | 24.5% | 24.9% | 20.7% | 23.0% | |
| 17.7 | 17.8 | 15 | 16 | 17.7 | |
| 8.34 | 8.40 | 7.05 | 7.49 | 8.32 |
Profit & loss
- Sales CAGR 3Y
- +20.7%
- Profit CAGR 3Y
- +16.0%
- EPS CAGR 3Y
- +16.5%
- ROE
- 12.1%
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 511 | 629 | 755 | 898 | |
| – | +23.2% | +20.1% | +18.9% | |
| 450 | 551 | 661 | 793 | |
| 60.3 | 78.2 | 94.6 | 105 | |
| 11.8% | 12.4% | 12.5% | 11.7% | |
| 4.3 | 2.6 | 2.6 | 3 | |
| 0.8 | 1.1 | 4.4 | 4.8 | |
| 12.4 | 13.4 | 28 | 30.7 | |
| 5.6 | 10.8 | 15 | 14.5 | |
| 57 | 77.1 | 79.8 | 87 | |
| 25.3% | 24.5% | 23.5% | 23.6% | |
| 42.6 | 58.2 | 61 | 66.5 | |
| – | +36.5% | +4.8% | +9.0% | |
| 19.70 | 27.88 | 28.87 | 31.15 |
Forecast
Balance sheet
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 10.5 | 10.4 | 10.5 | 10.6 | |
| 392 | 440 | 495 | 570 | |
| 5 | 3.6 | 32.6 | 35.2 | |
| 122 | 173 | 222 | 291 | |
| 529 | 626 | 760 | 907 | |
| 161 | 185 | 224 | 267 | |
| 52.6 | 10.5 | 4.8 | 57 | |
| 5.2 | 1.6 | 0.1 | 6.3 | |
| 131 | 203 | 239 | 279 | |
| 179 | 226 | 293 | 298 | |
| 529 | 626 | 760 | 907 |
Cash flow
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 61 | 109 | 68.2 | 105 | |
| −14.1 | −92.1 | −74.1 | −91.8 | |
| −43.7 | −15.3 | 1 | −13 | |
| 3.1 | 1.6 | −4.9 | 0.1 | |
| −70.9 | −37.7 | −52.2 | −67.7 | |
| −9.9 | 71.3 | 16 | 37.3 | |
| −7.6 | −8.3 | −11.5 | −12.2 |
Shareholding pattern
- Promoters63.31%
- Public36.69%
| Quarter | Split | Promoters | Public | Promoter change |
|---|---|---|---|---|
| 30 Sep 2026 | 63.31% | 36.69% | 0.00 | |
| 30 Jun 2026 | 63.31% | 36.69% | 0.00 | |
| 18 May 2026 | 63.31% | 36.69% | plus 1.41 | |
| 31 Mar 2026 | 61.90% | 38.10% | minus 0.09 | |
| 31 Dec 2025 | 61.99% | 38.01% | – |
Major shareholders
Filings & events
News
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