Quarter summary

• The company commenced manufacturing at its new state-of-the-art injectables facility, built to international CGMP standards, targeting complex dosage forms and chronic therapies.
• Windlas Biotech sustained strong growth across all business verticals, significantly outpacing the overall Indian Pharmaceutical Market (IPM) due to strategic decisions in customer base expansion and innovative product launches.

Rationale

• Achieved record FY24 revenue of 631 crores (+23% YoY) and Q4 revenue of 171 crores (+22% YoY), marking the fifth consecutive quarter of highest-ever revenue and EBITDA, significantly outpacing the IPM growth of 7.6%.
• Demonstrated strong operating leverage with FY24 EBITDA growing 30% YoY to 78 crores (Q4 +34% YoY to 22 crores) and PAT growing 37% YoY to 58 crores (Q4 +48% YoY to 17 crores), indicating expanding margins.

Quarter summary

• The new injectable manufacturing facility has been commissioned, with revenue generation anticipated to start from mid-Q3 FY25.
• The company is actively pursuing capacity expansion through brownfield projects (Plant 2) and evaluating a small facility acquisition to support its aggressive growth strategy.

Rationale

• Achieved strong top-line growth with Q1 FY25 revenue at INR 175 crores, a 21% YoY increase, significantly outpacing the Indian pharma market's 7% YoY growth.
• Demonstrated broad-based growth across all verticals: Generic formulation CDMO grew 23% YoY (INR 135.9 crores), Trade Generics & Institutional grew 14% YoY (INR 35.1 crores), and Exports grew 10% YoY (INR 4.1 crores).

Quarter summary

• Windlas Biotech achieved its seventh consecutive quarter of highest-ever revenue, significantly outperforming the broader Indian pharmaceutical market.
• The company continued its strategic expansion by investing in both Plant-2 for oral solids and acquiring a brownfield facility for Plant-6, aiming to reach a Rs. 1000 crore revenue target.

Rationale

• Revenue growth of 22% YoY in Q2 and H1 FY25 (Rs. 187 crores and Rs. 362 crores respectively) significantly outpaced the Indian pharmaceutical market's 8% growth, indicating strong market share gains and operational outperformance.
• EBITDA increased by 23% YoY in Q2 and H1 FY25 (Rs. 23 crores and Rs. 44 crores respectively), demonstrating operating leverage as EBITDA growth exceeded revenue growth.

Quarter summary

• Injectables facility achieved GMP certification, enabling scheduled customer audits and initial commercialization, marking a pivotal step for future growth.
• Strategic focus on quality and compliance (Schedule M readiness, WHO TRS compliance) positions the company to gain market share from less compliant competitors.

Rationale

• Delivered exceptional top-line growth with Q3 FY25 revenue up 20% YoY to INR 195 crores and 9M FY25 revenue up 21% YoY to INR 557.2 crores, significantly outperforming the Indian Pharma Market's 7% growth (which had negative volume).
• Maintained strong operating profitability with Q3 FY25 EBITDA up 21% YoY to INR 24.6 crores (12.6% margin) and 9M FY25 EBITDA up 22% YoY to INR 68.6 crores (12.3% margin), successfully absorbing all operating costs and increased depreciation (Q3: +INR 3.6 crores, 9M: +INR 9.7 crores) from the new injectable facility.

Quarter summary

• Successful commissioning and initial commercialization of the Injectables facility, establishing a new dosage form capability and expanding the product portfolio.
• Strategic capacity expansion with Plant 2 extension utilized and Plant 6 oral solids facility modernization underway to support future growth targets in oral solids.

Rationale

• FY25 revenue grew by 20.4% Y-o-Y to INR 759 crores, with Q4 FY25 revenue growing 18.3% Y-o-Y to INR 202.7 crores, marking the ninth straight quarter of record revenue.
• EBITDA for FY25 increased by 20% Y-o-Y to INR 94.1 crores, with Q4 FY25 EBITDA up 16% Y-o-Y to INR 25.5 crores, indicating sustained operating margins despite increased depreciation and a 25% minimum wage hike in Uttarakhand.

Quarter summary

• The company achieved its 10th consecutive quarter of record revenue, underscoring its sustained growth trajectory and operational consistency.
• Strategic investments in manufacturing infrastructure, including the Plant 6 upgrade and enhancement of the injectable facility, are proceeding as planned to support future demand.

Rationale

• Reported its 10th successive quarter of record revenue performance, with Q1 FY26 revenue of INR 210 crores, marking a strong 19.9% Y-o-Y growth, demonstrating consistent top-line expansion.
• Achieved robust Y-o-Y growth in EBITDA (+27% to INR 27 crores) and PAT (+31% to INR 18 crores), accompanied by significant margin expansion (Gross margin +71 bps to 38.3%, EBITDA margin +70 bps to 12.6%).

Quarter summary

• Windlas Biotech delivered its 11th consecutive quarter of record revenue performance, driven by balanced contributions across all three business verticals.
• The company continues to strengthen its manufacturing infrastructure through sustained investments in capacity enhancement, with Plant-2 operational and Plant-6 advancing well.

Rationale

• Revenue from operations grew strongly by 19% YoY in both Q2 FY26 (INR 222 crores) and H1 FY26 (INR 432 crores), significantly outperforming the Indian pharmaceutical market's volume decline of 0.2%.
• Gross margin expanded by 68 bps YoY in Q2 FY26 and 70 bps YoY in H1 FY26, supported by a favorable business mix and scale benefits, indicating improving operational efficiency.