Windlas Biotech H1 revenue hits Rs 512 crore, rises 18%

For H1 FY27 ended September 30, 2026, Windlas Biotech Limited reported revenue of Rs 512 crore, up 18% year on year and above Rs 500 crore for the first time in a half year. Generic formulation contract development and manufacturing organisation revenue increased 32% to Rs 422 crore, while EBITDA excluding non-cash ESOP expense held a 13.7% margin.

How did Windlas Biotech perform in H1 FY27?

Windlas Biotech crossed the Rs 500 crore half-year revenue mark for the first time, reporting Rs 512 crore in H1 FY27 and Rs 264 crore in Q2 FY27. Q2 revenue grew 19% year on year, extending management’s stated sequence of record revenue to 15 consecutive quarters.

The Rs 264 crore recorded in Q2 represented more than half of H1 revenue of Rs 512 crore. Management compared the 19% Q2 revenue increase with Indian pharmaceutical market volume growth of 2.3% in the quarter, but did not provide a revenue outlook for the rest of FY27.

Which business drove Windlas Biotech’s sales growth?

Generic formulation contract development and manufacturing organisation, or CDMO, drove the increase, with H1 FY27 revenue up 32% to Rs 422 crore and Q2 revenue up 34% to Rs 215 crore. CDMO was Windlas Biotech’s largest disclosed business, contributing Rs 422 crore of the Rs 512 crore H1 total.

Management attributed CDMO growth to customers assigning Windlas Biotech a larger share of their portfolios and new products. When asked whether the first-half growth rate could continue into H2 FY27 or FY28, management said it does not give guidance and asked investors to assess performance across the 15-quarter record rather than one period.

Management said customer response had been positive and its business-development team had negotiated more business. It did not quantify the effect of customer share gains or active pharmaceutical ingredient, or API, prices, citing a portfolio of more than 700 to 800 APIs and seasonal shifts in medicine ordering.

What changed in trade generics and exports?

Trade generics and institutional revenue was Rs 66 crore in H1 FY27 and Rs 36 crore in Q2 FY27 as Windlas Biotech reshaped the portfolio after replacing codeine-based products with new launches. Management did not provide a target or timetable for recovering revenue previously linked to codeine products.

Windlas Biotech said its trade-generics response includes broadening product ranges, adding stock keeping units, or SKUs, and opening more states. Management also cited non-codeine cough syrups, other syrups and the use of liquid capacity for CDMO customers as measures intended to address the codeine-related gap.

Export revenue rose 46% to Rs 23 crore in H1 FY27, compared with 26% growth to Rs 12 crore in Q2 FY27. Management said export sales take longer to develop because dossiers, product registrations and site approvals must precede commercial supply, and only some approvals become sales in a given period.

Did Windlas Biotech preserve profitability during expansion?

Windlas Biotech reported EBITDA of Rs 70 crore, excluding non-cash employee stock option plan, or ESOP, expense, for H1 FY27, equal to a 13.7% margin. Q2 EBITDA on the same basis was Rs 36 crore, also equal to a 13.7% margin, while management said it continued to fund capacity and capability investment.

PAT was Rs 50 crore, or 9.7% of revenue, in H1 FY27 and Rs 25 crore, or 9.5%, in Q2 FY27. On a reported basis, H1 EBITDA was Rs 56 crore and PAT was Rs 36 crore, versus Q2 reported EBITDA of Rs 29 crore and PAT of Rs 18 crore.

Management reported H1 FY27 earnings per share of Rs 17.21, its highest half-year figure. Windlas Biotech paid an FY26 dividend of Rs 13 crore, or Rs 6.30 per share, completed a Rs 47 crore buyback without promoter participation, and ended the half year with net liquidity of Rs 223 crore after internally funded capital expenditure.

What capacity and export steps are underway?

Windlas Biotech commercialised Plant 6 in September 2026, while Plant 4 and the Plant 5 injectable facility received European Union Good Manufacturing Practice, or EU GMP, certification in Q2 FY27. Management described the certifications as part of a long-term export plan that also requires product registrations in individual markets.

Management said earlier investment in the Plant 2 extension and injectable facility was progressing, and reported return on capital employed, or ROCE, of 28% and return on equity, or ROE, of 24% despite Plant 6 capital expenditure. It did not disclose injectable utilisation or a revenue ramp-up schedule.

Plant 6 can support up to Rs 1,100 crore of company-level revenue, according to management, with scope for up to 10% capacity improvement through consistent efforts. Management said future additions would be phased as existing capacity approaches peak levels, while the immediate priority is to make Plant 6 regularly and fully utilised.

How could EU GMP approval support Windlas Biotech exports?

EU GMP certification gives Windlas Biotech a facility-level approval that management said supports its export strategy, but it does not itself create commercial sales. Management said the company also received Philippines approval in an earlier quarter and continues dossier filings, responses and country-specific product registrations.

The injectable facility has focused on the domestic market so far, while management said EU GMP approval can also demonstrate quality systems to domestic customers. It did not disclose a fresh injectable capital-expenditure plan, and said no new oral-solid dosage capacity project has started.

Conclusion

Windlas Biotech combined Rs 512 crore of H1 FY27 revenue, up 18%, with a 32% increase in CDMO revenue to Rs 422 crore and a 13.7% EBITDA margin excluding ESOP expense. CDMO accounted for most of the disclosed half-year revenue, while trade generics was being rebuilt following the codeine-product change and exports grew from a smaller Rs 23 crore base.

Next, investors can watch Plant 6 utilisation, the conversion of export dossiers and product registrations into commercial supply, and the impact of EU GMP certification at Plant 4 and Plant 5. Management has not provided segment guidance, an injectable ramp-up schedule or a timetable for trade-generics recovery, and has said additional capacity will be phased as existing facilities approach peak levels.