Sector Alpha Week of 2026-07-24
Sector Alpha — machine-written from the numbers · Data as of 2026-07-24

Windlas Biotech Ltd

WINDLAS
Pharma - API & CRAMS

Windlas Biotech Ltd's three tracks disagree. Price, valuation and the earnings engine each tell a different story — the next quarter or two settles it.

Biggest watch item: the P/E sits at the 71st percentile of its own range — the multiple has already done part of the work.

The price is building a base (7 weeks in) while the P/E sits at the 71st percentile of its own 5-year range. Underneath, the last four quarters read mixed — profit +0.0% year on year, and 152% of the last 3 years' profit arrived as cash. What settles it: the next one or two quarters of delivery.

Stage
Mixed
partial read
Price
₹844
−8.6% 1Y
P/E
26.6×
71st pctile
of its own 5-year range
Revenue (Mar 26)
₹238 Cr
+17.2% YoY
Profit (Mar 26)
₹16.0 Cr
+0.0% YoY
Operating margin
11.0%
−2.0 pp YoY
ROCE
16%
FY26
ROIC
17.6%
vs WACC 12.0% → +5.6 pp
Cash conversion
152%
of profit, last 3 FY
Unverified figures: Some figures on this page come from a second financial-data feed that could not be cross-checked against the primary source — the two do not share enough overlapping reported history to compare. They are drawn, because they are the only evidence there is, and every section carrying one is marked unverified. PEG is the exception: the quarterly curve is not drawn at all. PEG asks what is being paid for growth — both sides of that division come from the source that could not be checked, so it is withheld instead of marked.
01 · Price story

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Windlas Biotech Ltd trades at ₹844, building a base and 7 weeks into that stage. That is +1.2% against its own 200-day average. It sits at 37% of a 52-week range of ₹723 to ₹1,048. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 4 straight weeks.

Today the stock is building a base — week 7 of stage 1, confirmed. At ₹844 it trades +1.2% versus its 200-day average and sits at 37% of its 52-week range (₹723–₹1,048).

Jul 26: ₹844 Weekly closing price (₹) with 50- and 200-day averages; shaded bands mark the price stage (grey base, green advance, amber top, red decline). 3-year window.
+1.2% versus the 200-day line, week 7 of stage 1
Price50-day avg200-day avg
S2S4₹1,215₹960₹704₹449₹194₹844₹834Jul 23Apr 24Jan 25Oct 25Jul 26
S2S4₹1,215₹960₹704₹449₹194₹844₹834Jul 23Jan 25Jul 26
Beating or trailing, week by week since 2021 Each cell is one week from 2021 to now (260 weeks): the stock's trailing 13-week return minus the NIFTY 500's, green ahead / red behind (±25% ramp). Grey cells are the 13-week warm-up or weeks where the NIFTY 500 reading is not held.
trailing 13-week return vs the NIFTY 500
Aug 21Jul 26

Against the market, two honest reads. Cumulative: over the last 4.9 years the stock moved +130% while the NIFTY 500 moved +66% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 4 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 71st percentile of its own range.

02 · Valuation

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Windlas Biotech Ltd trades at 26.6× P/E, at the pricey end of its own range (71st percentile). Its long-run median P/E is 21.2×, measured across 4.9 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 26.6× is at the pricey end of its own range (71st percentile), against a long-run median of 21.2× measured over 4.9 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

P/E 26.6× vs a 21.2× long-run median P/E, weekly (left axis); earnings per share, trailing twelve months, weekly (right axis). 4.9-year window; loss-period spikes above 36× shown pinned at the top. The eps (ttm) bars are red where the reading is lower than the quarter before.
at the pricey end of its own range (71st percentile)
P/EMedianEPS (TTM) (quarterly)
38.1×₹52.729.4×₹39.520.6×₹26.311.8×₹13.23.1×₹0.0×27.20×₹32Aug 21Nov 22Feb 24May 25Jul 26
38.1×₹52.729.4×₹39.520.6×₹26.311.8×₹13.23.1×₹0.0×27.20×₹32Aug 21Feb 24Jul 26
P/E
26.6×
71st percentile of 5y

Why the multiple sits where it does: over the past year annual EPS moved +8.2% against a −8.6% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the +18.1%/yr price move, ~−8.4%/yr came from earnings growth and ~+26.5 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

A quarterly PEG curve, which only the second data source carries, is not drawn on this page: its two data sources do not share enough overlapping reported history to be compared. A figure nobody could check is not used to price growth — the gap is a decision, not missing data.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

03 · Stage: Mixed

Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Windlas Biotech Ltd reads as mixed on its fundamental arc. Mixed — no clean majority across the growth curves, ROCE holding at 16.0% — the per-curve reads carry the story. The read is built from 10 quarters across 3 curves, on partial evidence.

Three growth curves, twelve quarters Year-on-year growth of trailing-twelve-month revenue (left axis), profit and EPS (right axis — they swing far wider), % at each quarter-end. Where the trailing-twelve-month history is short, the curve falls back to single-quarter year-on-year growth — noisier, and the classifier smooths and caps base-effect spikes before reading. A missing point means that reading is not held for the quarter.
the trajectory the stage is read from
RevenueProfitEPS
36%73%31%51%26%30%21%9.0%16%−12%%%17.2%0%8.3%Jun 23Sep 24Mar 26
36%73%31%51%26%30%21%9.0%16%−12%%%17.2%0%8.3%Jun 23Sep 24Mar 26
ROCE Annual readings — the quarterly balance-sheet pieces this curve needs are not held for this stock, so the returns read moves once a year and carries less weight in the call.
the return curve, annual readings
ROCE
18%17%16%15%14%%16%FY23FY24FY26
18%17%16%15%14%%16%FY23FY24FY26
Revenue growth
Steady high
latest +17.2% · span +17.2% to +30.0%
Profit growth
Falling
latest +0.0% · span −6.3% to +54.5%
ROCE
Steady high
latest 16.0% · span 14.0%–18.0%

Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

Growth, year by year: revenue +18.9% in FY26, profit +8.2% Year-over-year growth per fiscal year, %: revenue (left axis); net profit and EPS (right axis — profit growth swings far wider). Zero line drawn. Turnaround-year spikes shown pinned (▲).
Revenue YoYProfit YoYEPS YoY
34%330%21%221%8.7%113%−3.8%0.0%−16%−105%%%18.9%8.2%FY18FY22FY26
34%330%21%221%8.7%113%−3.8%0.0%−16%−105%%%18.9%8.2%FY18FY22FY26
TTM growth by quarter Trailing-twelve-month growth versus the year-ago TTM, per quarter, %: revenue (left axis); profit and EPS (right axis). The acceleration read compares the last 4 quarters (+18.8%) with the last 8 annualized (+19.6%).
revenue stabilising, profit stabilising
Revenue TTM YoYProfit TTM YoYEPS TTM YoY
25%35%23%27%22%18%20%10%18%1.9%%%18.8%9.8%Jun 23Sep 24Mar 26
25%35%23%27%22%18%20%10%18%1.9%%%18.8%9.8%Jun 23Sep 24Mar 26
Compound annual growth rate (%) Compound annual growth rate over each window, %. Revenue, profit and EPS from fiscal-year figures; share price is the price CAGR over the same spans. A dash = that window is not held, or the base was a loss.
1yr3yr5yr10yr
Revenue+18.9%+20.8%+16.1%
Profit+8.2%+15.4%+32.8%
EPS+8.2%+16.3%+5.0%
Share price−8.6%+37.1%+18.1%
Revenue YoY (Mar 26)
+17.2%
latest quarter vs a year ago
Profit YoY (Mar 26)
+0.0%
latest quarter vs a year ago
Revenue 10y
12.5%
long-run compound pace

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

04 · 4-Factor Sector Score

4-Factor Sector Score

52.8/100 — rank 11 of 24 in Pharma - API & CRAMS · 77% evidence confidence

Windlas Biotech Ltd scores 52.8 out of 100 against the 24 companies it is compared with in Pharma - API & CRAMS, ranking 11. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 17.5 + 14.8 + 11.7 + 8.8 = 52.8. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

05 · Revenue

Revenue Revenue is the top line: everything the company billed its customers in the period.

Windlas Biotech Ltd reported ₹238 Cr of revenue in the Mar 26 quarter, +17.2% year on year. That is the 10th straight quarter of year-on-year growth. Over 8 years it has compounded at 12.5% a year. The last full year, FY26, came in at ₹904 Cr. The last four reported quarters add to ₹903 Cr.

Windlas Biotech Ltd reported ₹238 Cr of revenue in the Mar 26 quarter, +17.2% year on year. That is the 10th straight quarter of year-on-year growth. Over 8 years it has compounded at 12.5% a year. The last full year, FY26, came in at ₹904 Cr. The last four reported quarters add to ₹903 Cr.

FY26 revenue came in at ₹904 Cr (+18.9% on the year), capping 8 years at 12.5% compound. The latest quarter (Mar 26) printed ₹238 Cr, +17.2% year on year — the 10th consecutive quarter of year-over-year growth.

FY26 revenue ₹904 Cr (+18.9% YoY) Revenue bars, ₹ Cr (left); YoY growth-% line (right). 9-year window. A bar is red when it is lower than the year before.
12.5% a year over 8 years
RevenueYoY growth
97634%73221%4888.7%244−3.8%0−16%₹ Cr%₹90418.9%FY18FY22FY26
97634%73221%4888.7%244−3.8%0−16%₹ Cr%₹90418.9%FY18FY22FY26
Mar 26: ₹238 Cr (+17.2% YoY) Quarterly revenue bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
10th straight quarter of growth
Revenue (quarterly)YoY growth
25736%19331%12926%6421%016%₹ Cr%₹23817.2%Jun 23Sep 24Mar 26
25736%19331%12926%6421%016%₹ Cr%₹23817.2%Jun 23Sep 24Mar 26

Pace check: the last four quarters averaged +18.9% growth against the decade's 12.5% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +18.8% over the last 4 quarters against +19.6%/yr over the last 8 — stabilising; TTM profit +9.8% vs +7.5%/yr — stabilising.

→ Revenue grew — did margins hold as it scaled? Next: 11.0% this quarter (−2.0 pp YoY).

06 · Operating margin

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Windlas Biotech Ltd's operating margin is 11.0% in the Mar 26 quarter, −2.0 percentage points against the same quarter a year ago. Across 9 fiscal years the operating margin has ranged 10.0% to 13.0%. The current quarter sits inside that band.

Windlas Biotech Ltd's operating margin is 11.0% in the Mar 26 quarter, −2.0 percentage points against the same quarter a year ago. Across 9 fiscal years the operating margin has ranged 10.0% to 13.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 11.0%, −2.0 pp against the same quarter a year ago. Across 9 fiscal years the operating margin has ranged 10.0%–13.0%.

🚨 Why the margin moved: operating margin went −2.0 pp year on year while gross margin went +0.1 pp — the loss came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

FY26: 12.0% Operating margin by fiscal year, %, line (left); year-on-year change in the margin, in percentage points, line (right). 9-year window.
within a 10.0–13.0% band over 9 years
operating marginYoY change (pp)
13.2%3.4%12.4%1.9%11.5%0.5%10.6%−0.9%9.76%−2.4%%%12%0%FY18FY22FY26
13.2%3.4%12.4%1.9%11.5%0.5%10.6%−0.9%9.76%−2.4%%%12%0%FY18FY22FY26
Mar 26: 11.0% operating margin (−2.0 pp YoY) Quarterly operating margin, %, line (left); year-on-year change in the margin, in percentage points, line (right). Last 12 quarters. Operating profit as a share of revenue, per quarter.
Operating marginYoY change (pp)
13.2%1.3%12.4%0.2%11.5%−1.0%10.6%−2.2%9.76%−3.3%%%11%−2%Jun 23Sep 24Mar 26
13.2%1.3%12.4%0.2%11.5%−1.0%10.6%−2.2%9.76%−3.3%%%11%−2%Jun 23Sep 24Mar 26

→ Margins slipped — did that reach the bottom line? Next: profit +0.0% in the latest quarter.

07 · Net profit

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Windlas Biotech Ltd earned ₹16.0 Cr of net profit in the Mar 26 quarter, +0.0% year on year. Full-year FY26 profit was ₹66.0 Cr. The 8-year compound rate is 25.1%. That is 6.7% of the quarter's revenue. The same quarter a year earlier earned ₹16.0 Cr.

Windlas Biotech Ltd earned ₹16.0 Cr of net profit in the Mar 26 quarter, +0.0% year on year. Full-year FY26 profit was ₹66.0 Cr. The 8-year compound rate is 25.1%. That is 6.7% of the quarter's revenue. The same quarter a year earlier earned ₹16.0 Cr.

Mar 26 profit was ₹16.0 Cr, +0.0% year on year. On the full year, FY26 printed ₹66.0 Cr (+8.2%), and the 8-year compound rate is 25.1%.

FY26 profit ₹66.0 Cr (+8.2% YoY) Net profit bars, ₹ Cr (left); YoY growth-% line (right). 9-year window. A bar is red when it is lower than the year before.
25.1% a year over 8 years
Net profitYoY growth
71526%53365%36203%1842%0−120%₹ Cr%₹668.2%FY18FY22FY26
71526%53365%36203%1842%0−120%₹ Cr%₹668.2%FY18FY22FY26
Mar 26: ₹16.0 Cr (+0.0% YoY) Quarterly net profit bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
Net profit (quarterly)YoY growth
1973%1551%1030%59.0%0−12%₹ Cr%₹160%Jun 23Sep 24Mar 26
1973%1551%1030%59.0%0−12%₹ Cr%₹160%Jun 23Sep 24Mar 26

🚨 Why profit moved: revenue contributed +17.2% and the margin −2.0 pp — the quarter was revenue-led despite a thinner margin.

Pace comparison, last four quarters: profit +11.2% vs revenue +18.9%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

→ Profit rose — but did the cash follow? Next: 152% of the last 3 years' profit arrived as cash.

08 · Cash flow — the router

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 152% of Windlas Biotech Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹105 Cr of operating cash against ₹66.0 Cr of profit. After ₹76.0 Cr of capital spending, ₹29.0 Cr was left as free cash.

FY26: operating cash of ₹105 Cr against reported profit of ₹66.0 Cr, leaving free cash of ₹29.0 Cr after ₹76.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 152% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

FY26: CFO ₹105 Cr vs profit ₹66.0 Cr Operating cash flow and net profit by fiscal year, ₹ Cr; the line is free cash flow (CFO minus capital spending). 9-year window, annual resolution.
152% of 3-year profit arrived as cash
Operating cashNet profitFree cash
12080410−39₹ Cr₹105₹66₹29FY18FY22FY26
12080410−39₹ Cr₹105₹66₹29FY18FY22FY26
FY26: CFO = 159% of profit (three-year rate 152%) Operating cash as a share of net profit, per fiscal year, % (line). Dashed line = 100% — every unit of profit arriving as cash; outlier years shown pinned.
Conversion100%
322%242%162%82%0.0%%159%FY18FY22FY26
322%242%162%82%0.0%%159%FY18FY22FY26

Why conversion sits at 152%: the cash cycle tightened 94 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.

Router verdict: the bigger cash user is investment — capital spending ran 3.1× depreciation over three years, so the next section's job is to check what that build-out is buying.

→ So follow the cash to where it goes. Next: ₹221 Cr of building over 3 years.

09 · Where the cash goes

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Windlas Biotech Ltd's cash conversion cycle runs −24 days in FY26, down from 70 days in FY21. Capital spending ran ₹221 Cr over the last 3 years. At FY26 sales of ₹904 Cr each day of that cycle holds about ₹2.5 Cr, so roughly ₹−59.0 Cr sits inside the business at any moment.

FY26: debtors at 92 days, inventory at 40 days — roughly 1.3 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of −24 days, tighter than FY21's 70.

The full loop: cash goes out to suppliers and production on day 0; stock waits 40 days to sell; customers pay about 92 days after that; and suppliers themselves are paid at 156 days — netting out to the −24-day cycle.

In money terms: at FY26 sales of ₹904 Cr, each day of the cycle holds about ₹2.5 Cr — so the −24-day loop keeps roughly ₹−59.0 Cr sitting inside the business at any moment.

FY26: a −24-day cash cycle Debtor days, inventory days, payable days and the cash conversion cycle by fiscal year. 9-year window.
−94 days vs FY21
Cash cycleInventory daysDebtor daysPayable days
1701186614−38days−24d40d92d156dFY18FY20FY22FY24FY26
1701186614−38days−24d40d92d156dFY18FY22FY26

On the investment side: capital spending of ₹221 Cr over the last 3 fiscal years against ₹72.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹60.0 Cr (FY26) — capacity paid for but not yet earning.

FY26: capex ₹76.0 Cr, work-in-progress ₹60.0 Cr Capital spending per fiscal year, ₹ Cr (bars); capital work-in-progress, ₹ Cr (line). Quarterly capital-spending history is not held for India — annual is the honest resolution.
a build-out
CapexWork-in-progress
87489−31−70₹ Cr₹76₹60FY19FY20FY22FY24FY26
87489−31−70₹ Cr₹76₹60FY19FY22FY26

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 16% and the ROIC − WACC spread is +5.6 pp.

10 · Return on capital

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.⚠ unverified

Windlas Biotech Ltd earns a ROCE of 16% in FY26. That is up from a trough of 12% in FY20. Return on invested capital clears the cost of that capital by +5.6 percentage points, so growth here adds value rather than only size. The wiring behind it is 7.3% net margin on 1.00× asset turns.

FY26 ROCE is 16%, recovered from a FY20 trough of 12% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 7.3% net margin × 1.00× asset turns × 1.56× balance-sheet leverage ≈ 11.4% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: 17.6% − 12.0% = a +5.6 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. A spread this wide means every rupee reinvested creates more than a rupee of value — the engine compounds.

FY26: ROCE 16% Return on capital employed by fiscal year, % (line); ROIC by fiscal year, % (line). 8-year window, dips included. Dashed line = the 12.0% cost of capital used on this page.
the climb back from FY20's 12%
ROCEROIC (annual)WACC
20%18%16%13%11%%16%17.8%FY19FY22FY26
20%18%16%13%11%%16%17.8%FY19FY22FY26
Q4 FY26: ROCE 12.6% (TTM) vs WACC 12.0% Trailing-twelve-month ROCE and ROIC, per quarter, %; dashed line = the cost of capital. Last 12 quarters, put on a trailing-twelve-month basis and anchored to the annual figure.
ROCE (TTM)ROIC (TTM)WACC
20%18%16%14%11%%12.6%18.9%Q1 FY24Q2 FY25Q4 FY26
20%18%16%14%11%%12.6%18.9%Q1 FY24Q2 FY25Q4 FY26

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.06.

11 · Debt

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.⚠ unverified

Windlas Biotech Ltd carries total debt of ₹35.0 Cr against shareholder equity of ₹581 Cr as of Mar 26, a debt-to-equity of 0.06 — effectively unlevered. On the annual view that ratio went from 0.02 in FY22 to 0.06 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Mar 26: total debt of ₹35.0 Cr against shareholder equity of ₹581 Cr — a debt-to-equity of 0.06. On the annual view, debt-to-equity went from 0.02 (FY22) to 0.06 (FY26). The returns on this page are earned, not borrowed.

FY26: debt ₹35.0 Cr at 0.06× equity Total debt by fiscal year, ₹ Cr (bars); debt-to-equity, × (line). 5-year window.
Total debtDebt-to-equity
380.07×280.06×190.04×90.02×00.01×₹ Cr×₹350.06×FY22FY24FY26
380.07×280.06×190.04×90.02×00.01×₹ Cr×₹350.06×FY22FY24FY26
Mar 26: debt ₹35.0 Cr, debt-to-equity 0.06 Total debt per quarter, ₹ Cr (bars); debt-to-equity, × (line). Last 12 quarters. India reports the full balance sheet half-yearly, so the intervening quarter carries the prior reading forward.
Total debt (quarterly)Debt-to-equity
380.07×280.06×190.04×90.02×00.01×₹ Cr×₹350.06×Jun 23Sep 24Mar 26
380.07×280.06×190.04×90.02×00.01×₹ Cr×₹350.06×Jun 23Sep 24Mar 26

→ Who owns this, and are they adding or leaving? Next: the register is quiet.

12 · Ownership

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

No holder of Windlas Biotech Ltd moved a full percentage point over the last two years — the register is quiet. Domestic institutions moved +0.3 points over the same window, to 9.8%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: +0.8 points over 8 quarters to 63.3%; Domestic institutions: +0.3 points over 8 quarters to 9.8%; Foreign institutions: +0.0 points over 8 quarters to 2.0%.

Fiscal-year ends: promoters −0.9 pts from Mar 24 to Mar 26 Shareholding at each fiscal-year end (March quarter), % of the company. 3 year-ends held.
PromotersForeign inst.Domestic inst.Public
68%50%32%14%−4.4%%61.9%0.6%11.8%25.7%Mar 24Mar 25Mar 26
68%50%32%14%−4.4%%61.9%0.6%11.8%25.7%Mar 24Mar 25Mar 26
A quiet register: no holder moved a full point in two years Shareholding by holder class, % of the company, quarterly, last 13 quarters.
PromotersForeign inst.Domestic inst.Public
68%50%32%14%−4.4%%63.3%2.0%9.8%24.8%Sep 23Mar 25Jun 26
68%50%32%14%−4.4%%63.3%2.0%9.8%24.8%Sep 23Mar 25Jun 26

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

13 · Safety line

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Windlas Biotech Ltd: the Z-score reads 5.62. A Z-score above roughly 3 reads as safe and below roughly 1.8 as the distress zone, so this sits well clear of distress. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure.

Why it matters: a Z-score of 5.62 sits well clear of the distress zone — the balance sheet is not the risk here.

The safety line in one sentence: the Z-score reads 5.62.

Related companies · same sector · Pharma - API & CRAMS Every company is compared on the shape of its own curves, not static ratios. The Revenue, EPS and ROCE columns each draw that company's last 12 quarters as a mini line of the ACTUAL level (trailing-twelve-month revenue and EPS, and the ROCE itself) — so a line that climbs is a business getting bigger, a line that sinks is one shrinking. The colour tracks the same line: green when it is rising or steadily healthy, amber when it is rolling over from a high (still elevated but turning down), red when it is falling, grey when flat or stuck. Colour and direction always agree — a green line never points down. The ROCE curve is the return on capital (annual readings for peers, so a slightly coarser line than the quarterly one at the top of this page). The Stage column then runs the same 12-quarter trajectory classifier used at the top of the page on each company and names where it sits. What lands a company in each bucket: CONSISTENT — growth stays positive across the window and returns are healthy (ROCE ≥ 15%, or ROE ≥ 12% for lenders); IMPROVING — profit or EPS fell into real decline, bottomed a few quarters back, and has climbed back to positive and held there; TURNING AROUND — the same kind of trough but more recent, with the latest quarters just lifting off it (an early, unconfirmed turn); TOPPING OUT — growth is still positive but decelerating hard from its own peak while returns have stopped rising; DETERIORATING — two or more growth curves are shrinking (latest below zero) and staying there, not one soft quarter; MIXED — the curves genuinely disagree, or no clean majority, so no single word fits; NO READ — fewer than eight usable quarters. It is a like-for-like read of every company against its own past, not a ranking against the group.
CompanyP/EMkt capRevenueEPSROCEStage
Windlas Biotech Ltd this page26.6×₹1,770 CrMixed
Divis Laboratories Ltd73.4×₹1.9L CrMixed
Laurus Labs Ltd79.1×₹86,505 CrMixed
Anthem Biosciences Ltd73.1×₹43,360 CrNo read
Gland Pharma Ltd37.6×₹39,257 CrImproving
Acutaas Chemicals Ltd75.2×₹26,785 CrImproving
Acutaas Chemicals Ltd69.1×₹26,686 CrMixed
Sai Life Sciences Ltd73.8×₹26,174 CrNo read
Piramal Pharma Ltd₹24,133 CrNo read
Neuland Laboratories Ltd65.9×₹23,794 CrTurning around
Granules India Ltd31.8×₹20,655 CrConsistent
OneSource Specialty Pharma Ltd₹18,961 CrNo read
Syngene International Ltd44.9×₹16,708 CrTurning around
Syngene International Ltd44.1×₹16,415 CrTurning around
Cohance Lifesciences Ltd80.9×₹15,957 CrDeteriorating
Jubilant Pharmova Ltd35.2×₹15,378 CrNo read
Concord Biotech Ltd54.8×₹13,061 CrDeteriorating
Shilpa Medicare Ltd50.8×₹11,856 CrNo read
Blue Jet Healthcare Ltd43.3×₹10,730 CrDeteriorating
Supriya Lifescience Ltd32.3×₹6,765 CrConsistent
IOL Chemicals & Pharmaceuticals Ltd30.0×₹4,380 CrImproving
SMS Pharmaceuticals Ltd35.0×₹3,569 CrMixed
Morepen Laboratories Ltd39.6×₹2,948 CrMixed
Dishman Carbogen Amcis Ltd29.0×₹2,878 CrNo read
Hikal Ltd73.8×₹2,681 CrDeteriorating
Solara Active Pharma Sciences Ltd551.0×₹2,351 CrNo read
12 · Frequently asked questions

Frequently asked questions

What is Windlas Biotech Ltd's share price today?

Windlas Biotech Ltd trades at ₹844, −8.6% over the past year. The company is valued at ₹1,770 Cr. The stock sits at 37% of its 52-week range of ₹723–₹1,048, +1.2% versus its 200-day average. On the tape, the price is building a base, 7 weeks in. — as of 24 July 2026.

What were Windlas Biotech Ltd's latest quarterly results?

Windlas Biotech Ltd reported revenue of ₹238 Cr and net profit of ₹16.0 Cr for the Mar 26 quarter. Revenue rose 17.2% and profit rose 0.0% year on year. Earnings per share were ₹7.58. The operating margin was 11.0%, 2.0 pp lower than a year earlier. — as of 24 July 2026.

What is Windlas Biotech Ltd's revenue?

Windlas Biotech Ltd reported revenue of ₹238 Cr in the Mar 26 quarter, +17.2% year on year. For the full FY26 fiscal year, revenue was ₹904 Cr (+18.9%). Over the last 8 years revenue compounded at 12.5% a year. — as of 24 July 2026.

What is Windlas Biotech Ltd's profit?

Windlas Biotech Ltd earned ₹16.0 Cr of net profit in the Mar 26 quarter, +0.0% year on year. Full-year FY26 profit was ₹66.0 Cr. The operating margin ran 11.0% in the latest quarter. — as of 24 July 2026.

What is Windlas Biotech Ltd's market cap?

Windlas Biotech Ltd's market capitalisation is ₹1,770 Cr at a share price of ₹844. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 24 July 2026.

What is Windlas Biotech Ltd's P/E ratio?

Windlas Biotech Ltd trades at a P/E of 26.6×, at the 71st percentile of its own 5-year range, against a long-run median of 21.2×. This is a comparison with the stock's own history, not a value call — as of 24 July 2026.

Does Windlas Biotech Ltd pay a dividend?

Yes — Windlas Biotech Ltd's dividend payout was 20% of profit in FY26, and it recorded a payout in 5 of its last 9 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 24 July 2026.

Is Windlas Biotech Ltd overvalued?

On its own history, Windlas Biotech Ltd looks expensive against its own history: its P/E of 26.6× sits at the 71st percentile of its 5-year range (long-run median 21.2×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 24 July 2026.

Is Windlas Biotech Ltd growing?

The picture is mixed for Windlas Biotech Ltd: latest-quarter revenue +17.2% year on year, profit +0.0%, and the margin −2.0 pp at 11.0%. The 8-year compound rates are 12.5% (revenue) and 25.1% (profit). The earnings engine currently reads: mixed — as of 24 July 2026.

How is Windlas Biotech Ltd performing?

Windlas Biotech Ltd is building a base, 7 weeks in. Its latest quarter's revenue rose 17.2% and profit rose 0.0% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 4 weeks. This describes what the data did, not a rating. — as of 24 July 2026.

What stage is Windlas Biotech Ltd in?

Mixed — no clean majority across the growth curves, ROCE holding at 16.0% — the per-curve reads carry the story. The read comes from the last 12 quarters of growth (revenue growth +17.2% latest, profit growth +0.0% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 24 July 2026.

Is Windlas Biotech Ltd in an uptrend?

No — the price is building a base (week 7 of stage 1), trading +1.2% versus its 200-day average and at 37% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 24 July 2026.

Is Windlas Biotech Ltd beating the market?

On recent form, yes — Windlas Biotech Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 4 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 4.9 years the stock moved +130% against the NIFTY 500's +66% — ahead of the index over the full window. — as of 24 July 2026.

Will Windlas Biotech Ltd's share price go up?

This page publishes no price forecast for Windlas Biotech Ltd. What it measures instead: the share price is ₹844, the price is building a base 7 weeks in. Its P/E of 26.6× sits at the 71st percentile of its own 5-year range. — as of 24 July 2026.

Who owns Windlas Biotech Ltd?

Promoters hold 63.3% of Windlas Biotech Ltd, foreign institutions 2.0%, domestic institutions 9.8% and the public 24.8% (latest quarter). No holder moved a full point over the last two years — the register is quiet. — as of 24 July 2026.

Does Windlas Biotech Ltd have too much debt?

No — Windlas Biotech Ltd's debt-to-equity is 0.06, and operating profit covers the interest bill 21×. FY26 borrowings were ₹35.0 Cr against equity of ₹581 Cr. The returns on this page are earned, not borrowed — as of 24 July 2026.

What is Windlas Biotech Ltd's capex?

Windlas Biotech Ltd spent ₹221 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹76.0 Cr, with ₹60.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 24 July 2026.

What is Windlas Biotech Ltd's cash flow?

Windlas Biotech Ltd generated ₹105 Cr of operating cash flow in FY26 and ₹29.0 Cr of free cash flow after ₹76.0 Cr of capital spending. Reported profit that year was ₹66.0 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 24 July 2026.

Is Windlas Biotech Ltd's profit real cash?

Yes — over the last 3 fiscal years, 152% of Windlas Biotech Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹105 Cr against reported profit of ₹66.0 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 24 July 2026.

How financially safe is Windlas Biotech Ltd?

On the balance sheet, the Z-score reads 5.62 — above roughly 3 is safe, below roughly 1.8 is the distress zone. That sits well clear of trouble. — as of 24 July 2026.

Where is Windlas Biotech Ltd in its business cycle?

Windlas Biotech Ltd's FY26 operating margin was 12.0%, against a 9-year band of 10.0%–13.0%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 11.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 24 July 2026.

What could break the Windlas Biotech Ltd story?

Biggest watch item: the P/E sits at the 71st percentile of its own range — the multiple has already done part of the work. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 24 July 2026.

Is Windlas Biotech Ltd a stock worth studying right now?

This is not investment advice. The machine read: Windlas Biotech Ltd's three tracks disagree. Price, valuation and the earnings engine each tell a different story — the next quarter or two settles it. The sharpest open question: the next one or two quarters of delivery. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 24 July 2026.

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