Slide 1: Stock exchange cover letter for results presentation
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 – 9M & Q3FY26
Windlas Biotech Limited Investor Presentation – 9M & Q3FY26
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 9M & Q3FY26 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 FY25) • Presence across all stages of Generics Value Chain with • 5 State-of-the-
Slide 6: 9M & Q3FY26 Highlights
windlas 9M & Q3FY26 Highlights
Slide 7: Management Commentary
Management Commentary India’s healthcare budget has crossed Rs 1 lakh crore, signaling stronger support for health infrastructure and affordable treatments. Chronic and sub-chronic therapeutic segments are expanding rapidly due to lifestyle shifts, dietary changes, and rising medicine consumption. O
Slide 8: Key Business Highlights
Key Business Highlights 12th Consecutive Quarter Rs 79 Cr Rs 89 Cr of record Revenue Rs 233 Cr EBITDA; YoY growth 16% *EBITDA; YoY growth 26% (Q3FY26) (9MFY26) (9MFY26) Rs 666 Cr Rs 50 Cr Rs 60 Cr Highest Ever Revenue PAT; YoY growth 13% *PAT; YoY growth 28% (9MFY26) (9MFY26) (9MFY26) Highest Ever C
Slide 9: Vertical-wise Revenue Breakup
Vertical-wise Revenue Breakup Generic Formulations CDMO Trade Generics & Institutional Exports (Rs Cr) (Rs Cr) (Rs Cr) +20% +18% +29% 487 149 408 29 127 23 9MFY25 9MFY26 9MFY25 9MFY26 9MFY25 9MFY26 +23% +7% +36% 167 53 136 50 13 10 Q3FY25 Q3FY26 Q3FY25 Q3FY26 Q3FY25 Q3FY26 8
Slide 10: Consolidated Financial Performance
Consolidated Financial Performance Net Revenue from Operations EBITDA (Rs Cr) & Margin (%) PAT (Rs Cr) & Margin (%) Revenue Mix (%) (Rs Cr) 9MFY26 Vs 9MFY25 12.3% 11.9% 8.0% 7.6% +19% 4% 23% +16% +13% 666 9MFY26 557 79 73% 69 45 50 9MFY25 9MFY26 9MFY25 9MFY26 9MFY25 9MFY26 12.6% 10.5% 8.0% 6.4% 4% 2
Slide 11: Consolidated Profit & Loss Highlights
Consolidated Profit & Loss Highlights Particulars (Rs Cr) 9MFY26 9MFY25 Y-o-Y (%) Q3FY26 Q3FY25 Y-o-Y (%) Net Revenue from Operations 666 557 19% 233 195 20% COGS 410 347 143 121 Gross Profit 255 211 21% 90 74 21% Gross Margin (%) 38.4% 37.8% 38.4% 38.0% Employee Expenses (Excluding ESOPs) 101 89 35
Slide 12: 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 H1 (Actual) H2 H1 H2 H1 H2 H1 H2 H1 H2 ESOP Plan 2025 1.18 14.32 13.83 7.41 7.17 4.00 3.81 1.70 1.57 - ESOS Plan 2023 0.71 0.43 0.40 0.20 0.18 0.02 - - - - ESOP Plan 2021 0.04 0.00 0.00 - - - - -
Slide 13: Consistently Rewarding Shareholders
Consistently Rewarding Shareholders • The Earnings Per Share (EPS) stood at Rs 24.02 in 9MFY26 compared to Rs 21.41 in 9MFY25 reflecting a growth of 12% YoY • Dividend: • In line with our policy, Company paid a dividend of Rs 12.2 Cr (Rs 5.8 per share) to its shareholders for FY25 in August 2025 • A
Slide 14: Business Verticals
windlas Business Verticals
Slide 15: 1. Generic Formulations CDMO – Largest Business Vertical; Growing Consistently
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 • Windlas is amongst the leading Domestic Generic Formulations CDMO players in I
Slide 16: 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 17: 2. Trade Generics & Institutional – High Growth Vertical with Strong Market Potential
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 • Sold directly to stockist and distributors, without medical representative support; &
Slide 18: 3. Exports – Expanding Global Footprint
3. Exports – Expanding Global Footprint • Number of Brands: Focused on Emerging & Semi-Regulated International Markets • Brand Used: Own Brands and End Customer Brands Geographical Reach • Products: Exported 80 Products during FY25 which includes Generic Medicines & Health Supplements • Develop and
Slide 19: Company Overview
windlas Company Overview
Slide 20: ~25 Years of Building Excellence – Our Journey So Far
~25 Years of Building Excellence – Our Journey So Far ▪ Plant-IV approved by SAPHRA(South Africa) and EU-GMP(Europe) ▪ Commissioned Plant - 5 ▪ Invested Rs 89 Mn in building Injectable facility ▪ Received first USFDA Plant and Machinery 2025 inspection clearance ▪ Acquired the erstwhile ▪ Revenues c
Slide 21: 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 22: State-of-the-Art Manufacturing Facilities
State-of-the-Art Manufacturing Facilities Upcoming Plant 6 Location - Dehradun Plant 1 Plant 2 Plant 3 Plant 4 Plant 5 Plant 6 Total Capacity Commencement Year 2001 2014 2018 2009 2024 2025 (Mn) WHO-GMP Compliant Recently Tablets & Capsules (Mn) 772 5,477 992 1,281 8,522 acquired, Manufactures: Ampo
Slide 23: 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 • Medicated chewing gum (multi-vitamin) Key Highlights • Chocolate flavored chewable tablets • DSIR approved state of the art R&D laboratory & pilot scaled 8.9 • Dispersible tablets 7.9 equipment
Slide 24: 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 25: Strong Board of Directors…
Strong Board of Directors… Vivek Dhariwal Ashok Kumar Windlass Hitesh Windlass Manoj Kumar Windlass Chairman and Independent Director Whole-Time Director Managing Director Jt. Managing Director Provides strategic oversight and governance as Chairman Serves as Whole-Time Director, contributing to str
Slide 26: …Coupled with Proficient Management Team
…Coupled with Proficient Management Team Komal Gupta Ananta Narayan Panda Om Prakash Sule Mohammed Aslam CEO & CFO CS and Compliance Officer Site Quality Head President – Sales & Marketing Leads the Company’s strategic, financial, Oversees corporate governance, secretarial Leads the Company’s site-w
Slide 27: Annual Financials
windlas Annual Financials
Slide 28: 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) 10.3% 12.7% 11.3% 11.7% 12.4% 12.4% 4.9% 6.7% 8.2% 8.3% 9.2% 8.0% CAGR +18% CAGR +23% CAGR +30% CAGR +26% 760 94 631 78 58 61 466 513 60 428 55 52 38 43 28 29 3
Slide 29: Consolidated Profit & Loss
Consolidated Profit & Loss Particulars (Rs Cr) FY25 FY24 FY23 FY22 FY21 FY20 Net Revenue from Operations 760 631 513 466 428 329 COGS 472 396 325 303 274 212 Gross Profit 288 235 188 163 153 117 Gross Margin (%) 37.9% 37.2% 36.6% 35.0% 35.8% 35.7% Employee Expenses (Excluding ESOPs expenses) 120 85
Slide 30: Consolidated Balance Sheet
Consolidated Balance Sheet Assets (Rs Cr) Mar-25 Mar-24 Mar-23 Mar-22 Mar-21 Mar-20 Liabilities (Rs Cr) Mar-25 Mar-24 Mar-23 Mar-22 Mar-21 Mar-20 Property, Plant and Equipment 196 170 103 88 93 66 Equity Share Capital 11 10 11 11 6 6 Capital Work in Progress 3 6 14 8 0 0 Other Equity 495 440 392 384
Slide 31: Consolidated Cash Flow
Consolidated Cash Flow Particulars (Rs Cr) FY25 FY24 FY23 FY22 FY21 FY20 Net Profit Before Tax and Extraordinary Items 80 77 57 46 22 25 Adjustments for: Non-Cash Items / Other Investment or 18 7 7 10 36 17 Financial Items Operating Profit Before Working Capital Changes 98 84 64 56 58 42 Changes in
Slide 32: Connect with Us
Connect with Us Windlas Biotech Ltd Stellar IR Advisors Pvt Ltd Komal Gupta Ankit Jain | Omkar Sawant komal@windlasbiotech.com ankit@stellar-ir.com | omkar@stellar-ir.com +91 124 2821034 +91 22 62398024 40/1, Mohabewala Industrial Area, Dehradun 248 110 A-405, Kanakia Wall Street, Andheri (East), Mu