Windlas Biotech revenue rises 19% while September profit is flat

Windlas Biotech Limited reported revenue from operations of Rs 263.908 crore for the quarter ended September 30, 2026, up about 19% from Rs 222.398 crore a year earlier, while profit after tax rose marginally to Rs 18.052 crore from Rs 17.800 crore. The board approved the unaudited results on November 5, 2026.

How did Windlas Biotech's September-quarter revenue change?

Windlas Biotech's revenue from operations rose by Rs 41.510 crore year on year to Rs 263.908 crore in the quarter ended September 30, 2026. Revenue was also Rs 15.809 crore higher than Rs 248.099 crore in the quarter ended June 30, 2026, showing sequential growth as well as expansion from the September 2025 quarter.

The company reports pharmaceuticals as its one primarily reportable segment under Indian Accounting Standard 108, which covers operating segments. Including other income, total income reached Rs 267.769 crore in the September 2026 quarter, compared with Rs 226.043 crore a year earlier and Rs 253.212 crore in the June 2026 quarter. Other income was Rs 3.861 crore, up from Rs 3.645 crore year on year but below Rs 5.113 crore sequentially.

For the six months ended September 30, 2026, Windlas Biotech reported revenue from operations of Rs 512.007 crore, against Rs 432.488 crore in the corresponding prior-year period. Profit after tax for the half year was Rs 35.705 crore, compared with Rs 35.465 crore a year earlier. The Rs 79.519 crore increase in half-year revenue therefore translated into a Rs 0.240 crore increase in reported profit after tax.

Why did Windlas Biotech's profit rise only marginally?

Windlas Biotech's profit after tax increased by Rs 0.252 crore to Rs 18.052 crore because a lower tax charge offset a Rs 0.288 crore decline in profit before tax. Total expenses rose by Rs 42.014 crore to Rs 244.469 crore, slightly exceeding the Rs 41.726 crore year-on-year increase in total income. Total tax expense fell to Rs 5.248 crore from Rs 5.788 crore.

Cost of material consumed increased by Rs 39.884 crore year on year to Rs 184.171 crore in the September 2026 quarter. Employee benefit expense rose by Rs 11.369 crore to Rs 47.814 crore, finance cost increased by Rs 1.318 crore to Rs 2.334 crore, and other expenses rose by Rs 3.927 crore to Rs 24.372 crore. These movements were partly offset by a Rs 14.479 crore larger reduction in finished-goods and work-in-progress inventory, recorded as a negative expense of Rs 21.814 crore.

On a sequential basis, profit after tax rose from Rs 17.653 crore in the June 2026 quarter to Rs 18.052 crore in the September quarter, while profit before tax increased from Rs 22.936 crore to Rs 23.300 crore. Basic earnings per share were Rs 8.75, compared with Rs 8.48 in September 2025 and Rs 8.46 in June 2026. Diluted earnings per share were Rs 8.56, and the company said quarterly earnings per share were not annualised.

What changed in Windlas Biotech's assets and working capital?

Windlas Biotech's total assets increased to Rs 1,015.336 crore at September 30, 2026, from Rs 907.339 crore at March 31, 2026. Current assets rose to Rs 726.655 crore from Rs 626.842 crore, while non-current assets increased to Rs 288.681 crore from Rs 280.497 crore. Property, plant and equipment stood at Rs 216.166 crore, against Rs 187.184 crore at the previous financial year-end.

Inventory increased to Rs 113.322 crore from Rs 61.824 crore during the six months, while trade receivables rose to Rs 288.635 crore from Rs 227.401 crore. Investments declined to Rs 259.936 crore from Rs 268.371 crore. On the liabilities side, current borrowings increased to Rs 46.238 crore from Rs 29.875 crore and total current liabilities rose to Rs 438.421 crore from Rs 320.926 crore.

Net cash flow from operating activities was Rs 53.479 crore for the half year ended September 2026, compared with Rs 55.890 crore in the prior-year period. Operating profit before working-capital changes rose to Rs 70.222 crore from Rs 56.993 crore, but receivables used Rs 60.912 crore of cash and inventory used Rs 51.498 crore. Cash generated from operations was Rs 61.476 crore, against Rs 62.969 crore a year earlier.

How did buyback, dividend and employee plans affect cash and equity?

Windlas Biotech completed a tender-offer buyback of 470,000 fully paid-up equity shares at Rs 1,000 per share under a board resolution dated April 17, 2026. The announced buyback amount was Rs 47 crore, while the half-year cash-flow statement recorded Rs 47.997 crore of buyback outflow. After the transaction, issued, subscribed and paid-up capital stood at 20,636,229 equity shares with a face value of Rs 5 each.

The company paid a dividend of Rs 6.30 per share for the year ended March 31, 2026, amounting to Rs 13.001 crore on July 31, 2026. Shareholders approved the dividend at the annual general meeting on July 23, 2026. Net financing cash flow was an outflow of Rs 50.200 crore in the September 2026 half year, compared with an outflow of Rs 12.370 crore a year earlier, reflecting the buyback, dividend, lease repayments and interest payments.

On May 21, 2026, Windlas Biotech granted 21,250 units under the WBL Plan 2025 at an exercise price of Rs 5 per unit and 14,125 options under the ESOS Scheme 2023 at Rs 600 per option. Employee share-based payment expense was Rs 14.058 crore for the six months ended September 2026, compared with Rs 1.935 crore in the corresponding prior-year period. Paid-up equity share capital was Rs 10.318 crore at September 30, 2026, down from Rs 10.553 crore at March 31, 2026.

What corporate changes did Windlas Biotech disclose?

Windlas Biotech disclosed that Ashok Kumar Windlass resigned as Whole-time Director and director with effect from 10.00 a.m. on November 5, 2026, as part of the company’s long-term succession planning. The board appointed Hitesh Windlass as chairman in addition to his existing role as managing director, effective November 5, 2026.

The board also approved Ashok Kumar Windlass's appointment as Founder President, a senior management position, from November 6, 2026, subject to shareholder approval. The proposed fixed remuneration is Rs 1.56 crore annually, with no increase from his last remuneration as Whole-time Director. The filing said the appointment requires shareholder approval because it would constitute an office or place of profit under the Companies Act, 2013.

Windlas Biotech stopped preparing consolidated financial statements from April 1, 2026 after Windlas Inc., USA, its wholly owned non-operating subsidiary, was dissolved effective March 31, 2026. The statutory auditor's limited-review report dated November 5, 2026 stated that its conclusion was not modified in respect of this matter.

Conclusion

Windlas Biotech delivered a Rs 41.510 crore year-on-year increase in September-quarter operating revenue, but profit after tax increased by only Rs 0.252 crore as higher material, employee, finance and other costs absorbed most of the income growth. The half-year figures showed a similar pattern, with revenue rising Rs 79.519 crore while profit after tax increased Rs 0.240 crore.

The next disclosed matter to watch is the accounting effect of the four labour codes that became effective on November 21, 2025. Windlas Biotech said its assessment found no material financial-statement impact for the year ended March 31, 2026, but it will monitor implementation and the notification of central and state rules before recognising any impact that can be reasonably estimated.