Windlas Biotech Reports Record ₹904 Crore Revenue for FY26

Windlas Biotech Limited has announced its financial results for the fiscal year 2026 ended March 31, 2026, reporting a record annual revenue of ₹904 crore. This marks a 19% year-on-year increase. The company posted a reported Profit After Tax (PAT) of ₹66 crore for the fiscal year.

Reader Takeaway: Sustained growth in CDMO and exports, while managing segment volatility and expanding capacity.

What just happened

Windlas Biotech achieved annual revenues of ₹904 crore in FY26, a 19% rise from the previous year. Key revenue drivers included ₹664 crore from Generic Formulations CDMO (up 20%), ₹195 crore from Trade Generics and Institutional (up 13%), and ₹46 crore from the Export Vertical (up 40%). The company reported a PAT of ₹66 crore for FY26, with adjusted PAT at ₹83 crore. It also generated ₹105 crore in net operating cash flows and ended the fiscal year with a net liquidity of ₹251 crore.

Why this matters

The strong revenue growth underscores the company's consistent execution and expanding market presence, particularly in its Contract Development and Manufacturing Organization (CDMO) and export segments. The healthy cash flow and liquidity position provide financial flexibility. The proposed dividend of ₹6.3 per share and a recently completed ₹47 crore buyback indicate a commitment to shareholder returns.

The backstory

This performance continues a trend of sustained growth for Windlas Biotech, marking its 13th consecutive quarter of record revenue. The company has been focused on expanding its manufacturing capacities. Its Plant 6 has achieved mechanical completion, with commercialization expected in the first half of FY27, aiming to bring the combined facility capacity to approximately ₹1,100 crore.

What changes now

With Plant 6 nearing commercialization in FY27, the company is poised for further capacity-driven growth. The company is actively working to fill capacity in its Trade Generics segment, which saw some softness due to the discontinuation of certain codeine-based products, by introducing alternative products like liquids and enzymes.

Risks to watch

While performance is strong, investors should note potential volatility in the Trade Generics segment due to product discontinuations. Input cost inflation, particularly for APIs, remains a factor, although the company has cost-pass-through agreements. Maintaining stringent regulatory and quality standards, especially with increasing global demands, requires continuous investment.

Peer comparison

(No direct peer comparison data available in the filing.)

Context metrics (time-bound)

• Annual Revenue (FY26): ₹904 crore (19% YoY growth)
• Reported PAT (FY26): ₹66 crore
• Proposed Dividend: ₹6.3 per share
• Net Liquidity: ₹251 crore (as of March 31, 2026)
• Plant 6 Commercialization: Expected H1 FY27

What to track next

Investors will be watching the successful commercialization of Plant 6 in FY27 and the company's ability to integrate and grow alternate product lines within the Trade Generics segment. Monitoring the progress of filling vials for the GLP-1 market will also be key.