Windlas Biotech Ltd. · NSE:WINDLAS
Windlas Biotech — Q2 FY26 Earnings Presentation
32 slides from Windlas Biotech's earnings presentation, Nov 6, 2025
Slide 1: Regulation 30 cover letter to stock exchanges
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: Windlas Biotech Limited Investor Presentation – Q2 & H1FY26
Windlas Biotech Limited Investor Presentation – Q2 & H1FY26
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 Q2 & H1FY26 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: Q2 & H1FY26 Highlights
windlas Q2 & H1FY26 Highlights
Slide 7: Management Commentary
Management Commentary The Indian Pharmaceutical Market (IPM) registered a year-on-year growth of 7.7% in Q2 FY26, with volume decline of 0.2%. Despite the subdued industry volume growth, we are pleased to report another strong quarter, delivering a revenue increase of 19% in both Q2 FY26 and H1 FY26
Slide 8: Key Business Highlights
Key Business Highlights 11th consecutive Quarter Rs 432 Cr Rs 55 Cr of record Revenue Rs 222 Cr Highest Ever Revenue EBITDA; YoY growth 25% (Q2FY26) (H1FY26) (H1FY26) Rs 35 Cr Rs 16.91 Rs 56 Cr PAT; YoY growth 22% EPS; YoY growth 21% Cash generated from Operations (H1FY26) (H1FY26) (H1FY26) 30% ROCE
Slide 9: Consolidated Financial Performance
Consolidated Financial Performance Net Revenue from Operations EBITDA (Rs Cr) & Margin (%) PAT (Rs Cr) & Margin (%) Revenue Mix (%) (Rs Cr) H1FY26 Vs H1FY25 12.1% 12.7% 8.0% 8.2% 4% 22% +19% +25% +22% 432 H1FY26 362 55 74% 44 35 29 H1FY25 H1FY26 H1FY25 H1FY26 H1FY25 H1FY26 12.3% 12.8% 8.4% 8.0% 4% 2
Slide 10: Vertical-wise Revenue Breakup
Vertical-wise Revenue Breakup Generic Formulations CDMO Trade Generics & Institutional Exports (Rs Cr) (Rs Cr) (Rs Cr) +18% +25% +23% 321 16 272 96 13 77 H1FY25 H1FY26 H1FY25 H1FY26 H1FY25 H1FY26 +18% +24% +13% 160 52 136 42 9 10 Q2FY25 Q2FY26 Q2FY25 Q2FY26 Q2FY25 Q2FY26 9
Slide 11: Consolidated Profit & Loss Highlights
Consolidated Profit & Loss Highlights Particulars (Rs Cr) Q2FY26 Q2FY25 Y-o-Y (%) H1FY26 H1FY25 Y-o-Y (%) Net Revenue from Operations 222 187 19% 432 362 19% COGS 137 116 267 226 Gross Profit 85 71 21% 166 136 22% Gross Margin (%) 38.4% 37.7% 68 bps 38.3% 37.6% 70 bps Employee Expenses (Excluding ES
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 14.32 13.83 7.41 7.17 4.00 3.81 1.70 1.57 - 1.18 ESOS Plan 2023 0.43 0.40 0.20 0.18 0.02 - - - - 0.71 ESOP Plan 2021 0.00 0.00 - - - - - - - 0
Slide 13: Condensed Balance Sheet and Cashflow (Consolidated)
Condensed Balance Sheet and Cashflow (Consolidated) Balance Sheet (Rs Cr) 30-Sept-25 30-Sept-24 Cash Flow Statement (Rs Cr) H1FY26 H1FY25 Equity Capital 11 10 Operating Profit Before Working Capital Changes 58 46 Reserves 524 461 Changes in Working Capital 5 -9 Borrowings 26 15 Trade Payables 193 18
Slide 14: Consistently Rewarding Shareholders
Consistently Rewarding Shareholders • The Earnings Per Share (EPS) stood at Rs 8.48 in Q2FY26 compared to Rs 7.49 in Q2FY25 reflecting a growth of 12.6% 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 15: Business Verticals
windlas Business Verticals
Slide 16: 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 17: 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 18: 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 19: 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 20: Company Overview
windlas Company Overview
Slide 21: ~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 22: 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 23: 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 24: 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 25: 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 26: Strong Board of Directors, Coupled with Proficient Management Team
Strong Board of Directors, Coupled with Proficient Management Team Management Team Komal Gupta Vivek Dhariwal Ashok Kumar Windlass Hitesh Windlass Manoj Kumar Windlass CEO & CFO Chairman and Independent Director Whole Time Director Managing Director Jt. Managing Director 24+ Years of Experience. Qua
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