Windlas Biotech Ltd
P&L
Quarterly Consolidated
vs Q3 FY26
Windlas Biotech FY26 Revenue Up 19% YoY to ₹904 Cr
21 May 2026 · 21 May, 5:41 pm
Summary
Windlas Biotech Limited delivered strong financial results for Q4 and FY26, with FY26 revenue soaring to a record ₹904 crores, up 19% year-on-year, and Q4FY26 revenue at ₹238 crores, an 18% increase. The company achieved its highest ever Adjusted EBITDA of ₹121 crores for FY26, growing 26% year-on-year with a margin of 13.4%, while Adjusted PAT reached ₹83 crores, up 31% with a 9.2% margin. The CDMO vertical was a significant contributor, reaching ₹664 crores in revenue with 20% year-on-year growth. Management expressed optimism for future growth, focusing on strategic initiatives like client diversification and operational efficiencies, while highlighting the company's strong net liquidity of ₹251 crores and net debt-free status.
Key Highlights
- 1
Windlas Biotech reported its 13th consecutive quarter of record revenue, reaching ₹238 crores in Q4FY26, an 18% increase year-on-year.
- 2
For the full fiscal year 2026, the company achieved its highest ever revenue of ₹904 crores, demonstrating a robust 19% year-on-year growth.
- 3
Adjusted EBITDA for FY26 increased by 26% year-on-year to ₹121 crores, with the adjusted EBITDA margin standing at 13.4%.
- 4
Adjusted Profit After Tax (PAT) for FY26 grew significantly by 31% year-on-year to ₹83 crores, achieving an adjusted PAT margin of 9.2%.
- 5
The Contract Development and Manufacturing Organization (CDMO) vertical delivered its highest ever revenue of ₹664 crores in FY26, contributing approximately 73% to consolidated revenue with 20% year-on-year growth.
- 6
The company reported a strong net liquidity position of ₹251 crores and remained net debt-free at the end of FY26, alongside generating ₹105 crores in cash from operations.
- 7
Key business milestones include Plant-4 and Plant-5 (Injectable Facility) receiving GMP certificates from the Philippines, and Plant-6 achieving mechanical completion with commercialization expected by H1 FY27.
Management Comments
Mr. Hitesh Windlass
The Indian Pharmaceutical Market (IPM) registered a YoY volume growth of 2.7% in FY26. Despite moderate industry volume growth, we are pleased to report another year of strong performance, with revenue growing 19% YoY to Rs. 904 Cr in FY26, while Q4 FY26 revenue increased 18% YoY to Rs 238 Cr. This performance demonstrates our focus on scalability, durability, and profitability along with consistent delivery and the strong trust we have built with our customers over the years. The year gone by was not merely about delivering growth, but about reinforcing the quality of that growth. We reported our highest post-listing EPS of Rs. 31.60, while continuing to sustain ROCE and ROE above the 25% mark — a reflection of both operating discipline and capital efficiency. Equally important, the business generated Rs. 105 Cr of net operating cash flows, enabling us to close the year with a strong net liquidity position of Rs. 251 Cr. At a time when capital efficiency and liquidity are becoming increasingly critical, we believe these metrics place the Company in a position of distinct strength. During FY26, Plant-4 and Plant-5 (Injectable Facility) received GMP certificate from Philippines. Our Injectables and Plant-2 Ext. facilities continue to drive overall business growth, reflecting the strength of our strategic investments. Meanwhile, Plant-6 has achieved mechanical completion, and we remain on track for commercialization by H1 FY27. Looking ahead, we are optimistic about the growth prospects across the industry and remain focused on enhancing long-term value for shareholders through diversification of client base, increasing operational efficiencies, retaining & rewarding of key talent and expansion of dosage forms.
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