Windlas Biotech Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Windlas Biotech Ltd filed with BSE on 28 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Windlas Biotech reported FY26 revenue of INR904 crores, up 19% year-on-year, with Q4 FY26 revenue at INR238 crores, up 18% year-on-year, marking 13 consecutive quarters of record revenue. Management attributed growth to the CDMO vertical, which grew 20% year-on-year, while the Trade Generics and Institutional vertical faced softness from the exit of codeine-based cough syrups. The company also reported completion of a buyback, a proposed dividend, and progress on Plant 6, which reached mechanical completion and is expected to commercialize in H1 FY27.
Numbers mentioned
Revenue: INR904 crores (FY26)
p. 3
“we are pleased to report another year of strong performance, with revenue growing 19% Y-o-Y to INR904 crores in FY '26”
Hitesh Windlass, page 3 of the filed PDF · View the filing
Revenue: INR238 crores (Q4 FY26)
p. 3
“While Q4 FY '26 revenue increased 18% Y-o-Y to INR238 crores.”
Hitesh Windlass, page 3 of the filed PDF · View the filing
EPS: INR31.60 (FY26)
p. 3
“We reported our highest post-listing EPS of INR31.60, while continuing to sustain ROCE and ROE above 25% mark, a reflection of both operating discipline as well as capital efficiency.”
Hitesh Windlass, page 3 of the filed PDF · View the filing
Net operating cash flow: INR105 crores (FY26)
p. 3
“the business generated INR105 crores of net operating cash flows, enabling us to close the year with a strong net liquidity position of INR251 crores”
Hitesh Windlass, page 3 of the filed PDF · View the filing
Generic Formulations CDMO revenue: INR664 crores (FY26)
p. 4
“In Generic Formulations CDMO vertical, we achieved revenue of INR664 crores and INR176 crores in FY '26 and Q4 FY '26, reflecting 20% Y-o-Y growth.”
Komal Gupta, page 4 of the filed PDF · View the filing
Trade Generics and Institutional revenue: INR195 crores (FY26)
p. 4
“The Trade Generics and Institutional vertical grew 13% to INR195 crores during FY '26, while Q4 FY '26 revenue remained INR46 crores.”
Komal Gupta, page 4 of the filed PDF · View the filing
Export vertical revenue: INR46 crores (FY26)
p. 4
“Our export vertical revenue grew by 40% to INR46 crores in FY '26, while Q4 FY '26 increased by 67% Y-o-Y to INR17 crores”
Komal Gupta, page 4 of the filed PDF · View the filing
Adjusted EBITDA: INR121 crores, 13.4% (FY26)
p. 4
“On profitability, the underlying performance of the business remains strong, with FY '26 adjusted EBITDA at INR121 crores, 13.4%; and PAT at INR83 crores, 9.2%.”
Komal Gupta, page 4 of the filed PDF · View the filing
Reported EBITDA: INR105 crores (FY26)
p. 4
“Reported EBITDA for FY '26 grew 11% to INR105 crores, while reported PAT rose 9% to INR66 crores.”
Komal Gupta, page 4 of the filed PDF · View the filing
Buyback amount: INR47 crores (FY26)
p. 4
“The completion of the INR47 crores buyback without promoter participation were considered reflections of the Board's confidence in the intrinsic strength and future potential of the company.”
Komal Gupta, page 4 of the filed PDF · View the filing
Dividend: INR13 crores, INR6.3 per share (FY26)
p. 4
“the company has proposed a dividend of INR13 crores, INR6.3 per share for FY '26”
Komal Gupta, page 4 of the filed PDF · View the filing
Highest customer concentration: 6.5% (FY26)
p. 5
“Our highest customer is at 6.5% for the year. And top 10, we are at about 32%. Top 20 would be around 40%, 41%.”
Komal Gupta, page 5 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Plant 6 commercialization — commercialization by H1 FY27 · H1 FY27
stated firmly by Hitesh Windlass
p. 4
“Meanwhile, Plant 6 has achieved mechanical completion, and we remain on track for commercialization by H1 of FY '27.”
Hitesh Windlass, page 4 of the filed PDF · View the filing
FY27 capex — maintenance capex only · FY27
stated conditionally by Komal Gupta
p. 9
“So FY '27, we'll keep judging, but we don't expect FY '27, any organic capex other than the maintenance capex.”
Komal Gupta, page 9 of the filed PDF · View the filing
Additional capacity expansion — new capex cycle · FY28
stated conditionally by Komal Gupta
p. 9
“And if we are able to deliver very good numbers, maybe FY '28, we go for additional capacity, which everyone would love.”
Komal Gupta, page 9 of the filed PDF · View the filing
Peak turnover potential with Plant 6 — 1,000 cr revenue excluding injectables
stated firmly by Komal Gupta
p. 11
“So about -- excluding injectables, which is about 100 cr, we can deliver about 1,000 cr revenue with Plant 6.”
Komal Gupta, page 11 of the filed PDF · View the filing
Capacity efficiency unlock — 10% to 15% capacity expansion
stated as an aspiration by Komal Gupta
p. 16
“We are seeing that further 10% to 15% capacity expansion possibility is what we already seem confident about, which throughout the year, we should be able to unlock.”
Komal Gupta, page 16 of the filed PDF · View the filing
EBITDA margin — long run
stated as an aspiration by Komal Gupta
p. 14
“And in the long run, we maintained that we expect the overall EBITDA level to grow.”
Komal Gupta, page 14 of the filed PDF · View the filing
Working capital levels
stated as an aspiration by Komal Gupta
p. 16
“And we remain focused to sustain levels like this.”
Komal Gupta, page 16 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Top customer contributes 6.5%, top 10 about 32%, top 20 about 40-41%.
Answered by Komal Gupta
Asked by Sajal Kapoor: How concentrated is the CDMO business by customer?
p. 5
“Our highest customer is at 6.5% for the year. And top 10, we are at about 32%. Top 20 would be around 40%, 41%.”
Komal Gupta, page 5 of the filed PDF · View the filing
Softness was mainly due to codeine cough syrup discontinuation and lumpy institutional orders; management expects long-term growth to resume.
Answered by Komal Gupta
Asked by Dhwanil Desai: What caused the softness in trade generics and will it continue?
p. 7
“So it has impacted the trade generics vertical. We are trying to fill in that portion of codeine business lost with alternate.”
Komal Gupta, page 7 of the filed PDF · View the filing
Management declined to comment on a specific timeline.
Answered by Hitesh Windlass
Asked by Dhwanil Desai: What is the EU GMP timeline for the injectables plant?
p. 8
“No, this is something that we don't want to comment.”
Hitesh Windlass, page 8 of the filed PDF · View the filing
Management said the compensation varies by line and is hard to quantify precisely, but revenue was not materially affected.
Answered by Komal Gupta
Asked by Gautam Gosar: How much of the codeine revenue loss has been compensated by alternate products?
p. 8
“So it can be 30% for a particular machine or a particular line, in one hand and it becomes 70% in the next line.”
Komal Gupta, page 8 of the filed PDF · View the filing
Management said FY27 will mainly involve maintenance capex, with a decision on further capacity likely in FY28 depending on performance.
Answered by Komal Gupta
Asked by Gautam Gosar: When will the next capex cycle begin?
p. 9
“When we are around 60%, we start building something else. That is how we generally do.”
Komal Gupta, page 9 of the filed PDF · View the filing
Management said the company can deliver about 1,000 crore revenue excluding injectables, with additional injectables potential of about 100 crore.
Answered by Komal Gupta
Asked by Ishit Desai: What is the peak turnover potential across all plants including Plant 6?
p. 11
“So about -- excluding injectables, which is about 100 cr, we can deliver about 1,000 cr revenue with Plant 6.”
Komal Gupta, page 11 of the filed PDF · View the filing
Management said their facility can already fill GLP-1 vials and they are watching the space closely as volumes may shift to CDMOs.
Answered by Hitesh Windlass
Asked by Abhishek Singhal: What is the company's view on the GLP-1 opportunity given its injectable facility?
p. 11
“So with respect to the vial format for GLP-1, our facility can fill those vials already, okay?”
Hitesh Windlass, page 11 of the filed PDF · View the filing
Management said price increases are discussed transparently with CDMO customers, and they may need to raise prices on their own brands.
Answered by Hitesh Windlass
Asked by Aniket Nikumb: How is the company managing API price increases and raw material disruption?
p. 16
“My sense is that, at least in our CDMO vertical, we have an open, transparent cost sheet.”
Hitesh Windlass, page 16 of the filed PDF · View the filing
Management expressed confidence they can unlock additional capacity efficiency and would act quickly if capacity became a constraint.
Answered by Komal Gupta
Asked by Dhwanil Desai: Will the company face a capacity crunch given growth rates and lead times for new capex?
p. 16
“So we don't think that capacity -- we would never let capacity become a concern.”
Komal Gupta, page 16 of the filed PDF · View the filing
Risks flagged
Loss of codeine-based cough syrup business due to regulatory action affecting trade generics revenue
p. 7
“So it has impacted the trade generics vertical. We are trying to fill in that portion of codeine business lost with alternate.”
Komal Gupta, page 7 of the filed PDF · View the filing
Institutional business within trade generics is lumpy quarter to quarter
p. 7
“which is a bit lumpy in nature. So a couple of quarters, it's good, and there are other quarters when it's not that high.”
Komal Gupta, page 7 of the filed PDF · View the filing
API price increases and supply disruptions from geopolitical events
p. 16
“On the API side, we -- of course, there have been supply disruptions and price increases based on the West Asia crisis, the fuel price surge, following prices have gone up”
Hitesh Windlass, page 16 of the filed PDF · View the filing
GLP-1 drugs off patent showing more side effects, creating uncertainty in market adoption
p. 12
“The particular GLP-1, which has come off patent, has had many more side effects than the ones that are still patented.”
Hitesh Windlass, page 12 of the filed PDF · View the filing
Regulatory misuse concerns around GLP-1 injectables being prescribed as beauty or lifestyle products
p. 12
“There is a little bit of misuse angle also where some of these GLP-1s have been pushed in as fashion drugs, pre-matrimony drugs, and they are being prescribed by gyms and beauty parlors.”
Hitesh Windlass, page 12 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.