Slide 1: Stock exchange cover letter (Regulation 30(6))
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 – Q4 & FY26
Windlas Biotech Limited Investor Presentation – Q4 & FY26
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 Q4 & FY26 Highlights SCALABILITY, DURABILITY & Annual Financials PROFITABILITY Business Verticals Company Overview 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 FY26) • Presence across all stages of Generics Value Chain • 5 State-of-the-Art,
Slide 6: Q4 & FY26 Highlights
windlas Q4 & FY26 Highlights
Slide 7: Managing Director’s Message
Managing Director’s Message 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
Slide 8: CEO & CFO’s Message
CEO & CFO’s Message FY26 was a defining year for the Company in more ways than one. Beyond the financial performance, what stood out was the consistency with which the business continued to scale despite a dynamic operating environment. During the year, we crossed Rs. 900 Cr in annual revenues for t
Slide 9: Key Business Highlights
Key Business Highlights 13th Consecutive Quarter Rs 121 Cr 29% - ROE# of record Revenue Rs 238 Cr *Adjusted EBITDA; YoY 32% - ROCE# (Q4FY26) growth 26% (FY26) (FY26) Rs 904 Cr Rs 83 Cr Rs 251 Cr Highest Ever Revenue; *Adjusted PAT; YoY Strong Net Liquidity & YoY growth 19% growth 31% Net Debt Free (
Slide 10: Vertical-wise Revenue Breakup
Vertical-wise Revenue Breakup Generic Formulations Trade Generics & Exports Revenue Mix (%) CDMO (Rs Cr) Institutional (Rs Cr) (Rs Cr) 5% +13% +40% +20% 22% FY26 664 555 195 172 73% 46 33 FY25 FY26 FY25 FY26 FY25 FY26 4% +20% +0.2% +67% 23% 176 FY25 147 45 46 73% 10 17 Q4FY25 Q4FY26 Generic Formulat
Slide 11: Consolidated Financial Performance
Consolidated Financial Performance Net Revenue from Operations (Rs Cr) Adjusted EBITDA (Rs Cr) & Margin (%) Adjusted PAT (Rs Cr) & Margin (%) 12.7% 13.4% 8.4% 9.2% +19% +26% +31% 904 760 121 97 83 63 FY25 FY26 FY25 FY26 FY25 FY26 12.8% 13.6% 8.2% 9.7% +18% +25% +39% 238 203 33 23 26 17 Q4FY25 Q4FY26
Slide 12: Consolidated Financial Performance
Consolidated Financial Performance Net Revenue from Operations (Rs Cr) Reported EBITDA (Rs Cr) & Margin (%) Reported PAT (Rs Cr) & Margin (%) 12.4% 11.6% 8.0% 7.4% +19% +11% +9% 904 760 94 105 66 61 FY25 FY26 FY25 FY26 FY25 FY26 12.6% 10.6% 8.0% 6.7% +18% -1% -2% 238 203 26 25 16 16 Q4FY25 Q4FY26 Q4
Slide 13: Consolidated Profit & Loss Highlights
Consolidated Profit & Loss Highlights Particulars (Rs Cr) FY26 FY25 Y-o-Y (%) Q4FY26 Q4FY25 Y-o-Y (%) Net Revenue from Operations 904 760 19% 238 203 18% COGS 557 472 147 125 Gross Profit 347 288 20% 91 78 18% Gross Margin (%) 38.4% 37.9% 38.3% 38.2% Employee Expenses (Excluding ESOPs) 135 120 34 32
Slide 14: 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 H2 H1 H2 H1 H2 H1 H2 H1 H2 ESOP Plan 2025 1.18 14.28 13.83 7.41 7.17 4.00 3.81 1.70 1.57 - ESOS Plan 2023 0.71 0.40 0.40 0.20 0.18 0.02 - - - - ESOP Plan 2021 0.04 0.00 0.00 - - - - - - - Total
Slide 15: Consistently Rewarding Shareholders
Consistently Rewarding Shareholders • Buyback of shares: • In April 2026, the company had announced a buyback of up to 4,70,000 equity shares (~2.23% of total equity shares), aggregating to ~Rs 47 Cr through the tender offer route • The buyback was undertaken at a price of Rs 1,000 per share, payabl
Slide 16: Annual Financials
windlas Annual Financials
Slide 17: 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) 11.3% 11.7% 12.4% 12.4% 11.6% 8.2% 8.3% 9.2% 8.0% 7.3% CAGR +18% CAGR +19% CAGR +15% CAGR +14% 904 760 61 66 105 58 631 94 32 466 513 78 38 43 28 29 52 60 19 20
Slide 18: Consolidated Profit & Loss
Consolidated Profit & Loss Particulars (Rs Cr) FY26 FY25 FY24 FY23 FY22 Net Revenue from Operations 904 760 631 513 466 COGS 557 472 396 325 303 Gross Profit 347 288 235 188 163 Gross Margin (%) 38.4% 37.9% 37.2% 36.6% 35.0% Employee Expenses (Excluding ESOP expenses) 135 120 85 69 62 Other Expenses
Slide 19: Consolidated Balance Sheet
Consolidated Balance Sheet Assets (Rs Cr) Mar-26 Mar-25 Mar-24 Mar-23 Mar-22 Liabilities (Rs Cr) Mar-26 Mar-25 Mar-24 Mar-23 Mar-22 Property, Plant and Equipment 187 196 170 103 88 Equity Share Capital 11 11 10 11 11 Capital Work in Progress 56 3 6 14 8 Other Equity 570 495 440 392 384 Right to Use
Slide 20: Consolidated Cash Flow
Consolidated Cash Flow Particulars (Rs Cr) Mar-26 Mar-25 Mar-24 Mar-23 Mar-22 Net Profit Before Tax and Extraordinary Items 87 80 77 57 46 Adjustments for: Non-Cash Items / Other Investment or Financial Items 37 18 7 7 10 Operating Profit Before Working Capital Changes 124 98 84 64 56 Changes in Wor
Slide 21: Business Verticals
windlas Business Verticals
Slide 22: 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 Key Offerings • Windlas is amongst the leading Domestic Generic Formulations CDM
Slide 23: 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 24: 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 • Untapped Rural Demand: Large underserved population with • Sold directly to stockist
Slide 25: 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 67 Products during FY26 which includes Generic Medicines & Health Supplements • Develop and
Slide 26: Company Overview
windlas Company Overview
Slide 27: ~25 Years of Building Excellence – Our Journey So Far
~25 Years of Building Excellence – Our Journey So Far Revenue crossed Rs 900 Cr Plant-6 near completion stage Plant-4 and Plant – 5 both received GMP certificate from Philippines. Plant-IV approved by SAPHRA(South Africa) Invested Rs 89 Mn in and EU-GMP(Europe) building Plant and Commiss
Slide 28: 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 29: State-of-the-Art Manufacturing Facilities
State-of-the-Art Manufacturing Facilities Location - Dehradun Plant 1 Plant 2 Plant 3 Plant 4 Plant 5 Plant 6 Total Capacity Commencement Year 2001 2014 2018 2009 2024 2027 (Mn) WHO-GMP Compliant Tablets & Capsules (Mn) 772 5,477 992 1,281 8,522 Manufactures: OSD Facility, Ampoules, Liquid Mechanica
Slide 30: 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 Key Highlights • Medicated chewing gum (multi-vitamin) • DSIR approved state of the art • Chocolate flavored chewable tablets R&D laboratory & pilot scaled equipment 8.9 8.3 • Dispersible tablets
Slide 31: 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 32: 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 33: …Coupled with Proficient Management Team
…Coupled with Proficient Management Team Komal Gupta Ananta Narayan Panda Om Prakash Sule CEO & CFO CS and Compliance Officer Site Quality Head Leads the Company’s strategic, financial, and Oversees corporate governance, secretarial functions, Leads the Company’s site-wide quality operations, operat
Slide 34: Connect with Us
Connect with Us Windlas Biotech Ltd Stellar IR Advisors Pvt Ltd Komal Gupta Ankit Jain komal@windlasbiotech.com ankit@stellar-ir.com +91 124 2821034 +91 22 62398024 40/1, Mohabewala Industrial Area, Dehradun 248 110 A-405, Kanakia Wall Street, Andheri (East), Mumbai 400 093 www.windlas.com www.stell