Windsor CNC revenue rises but EBIT margin falls to 5% in Q2’27

Windsor Machines Ltd.’s CNC division recorded Rs 56.6 crore of revenue in Q2’27, up from Rs 49.5 crore in Q2’26, but its EBIT, or earnings before interest and tax, margin declined to 5.0% from 18.6%. The division’s EBIT fell to Rs 2.8 crore from Rs 9.2 crore despite higher quarterly sales.

How did Windsor CNC revenue and EBIT change?

Windsor CNC revenue rose Rs 7.1 crore year on year in Q2’27, while EBIT fell Rs 6.4 crore. Revenue increased to Rs 56.6 crore from Rs 49.5 crore in Q2’26, whereas EBIT declined to Rs 2.8 crore from Rs 9.2 crore. This reduced EBIT margin by 13.6 percentage points, from 18.6% to 5.0%, despite the higher sales level.

Q2’27 revenue was the highest of the five quarterly periods displayed, exceeding Q4’26 revenue of Rs 52.6 crore by Rs 4.0 crore. However, Q2’27 EBIT remained below Rs 9.2 crore in Q2’26 and Rs 4.3 crore in Q3’26, although it improved from Rs 2.3 crore in Q1’27. Windsor reported FY26 CNC EBIT of Rs 21.2 crore on revenue of Rs 190.4 crore.

Why did Windsor CNC EBIT margin fall to 5%?

Windsor does not state a specific reason for the CNC margin decline in its November 2026 presentation. It reports that EBIT margin moved from 18.6% in Q2’26 to 9.6% in Q3’26 and 1.8% in Q4’26, before reaching 5.0% in both Q1’27 and Q2’27. The presentation therefore records the timing and scale of the decline without attributing it to costs, pricing, utilisation or product mix.

The quarterly figures show that revenue and profitability did not move together in the latest two quarters. Revenue increased Rs 10.4 crore to Rs 56.6 crore in Q2’27 from Rs 46.2 crore in Q1’27, while EBIT increased only Rs 0.5 crore to Rs 2.8 crore from Rs 2.3 crore. Consequently, the EBIT margin remained at 5.0% in both quarters. The presentation marks Q4’26, Q2’27 and FY26 figures with a note that Unitech revenue was included from February 10, 2026.

How fast has Windsor CNC grown since FY23?

Windsor CNC revenue increased Rs 93.0 crore from Rs 97.4 crore in FY23 to Rs 190.4 crore in FY26, and the presentation states a compound annual growth rate of about 25%. Revenue rose to Rs 162.1 crore in FY24 and Rs 183.1 crore in FY25 before reaching Rs 190.4 crore in FY26. The FY26 increase was Rs 7.3 crore from FY25, compared with the Rs 64.7 crore increase recorded in FY24 from FY23.

CNC represented 33.1% of Windsor’s FY26 revenue and 31.0% of H1FY27 revenue. The 2.1-percentage-point change compares a full financial year with the first half of the next financial year, rather than like-for-like annual periods. Injection moulding machinery accounted for 53.0% of H1FY27 revenue, while extrusion machinery represented 16.0%, compared with CNC’s 31.0% share.

What machines and markets does Windsor CNC serve?

Windsor CNC manufactures high-precision computer numerical control machines for metal cutting and shaping, including turning machines with ranges up to 2 metres. Its products also include vertical machining centres, horizontal machining centres, drill tap centres for high-speed precision drilling, double-column machining centres and vertical turning lathes. The presentation describes a CNC machine with accuracy of 0.01 millimetres.

Windsor CNC lists aerospace, defence, pumps and valves, automotive, medical, oil and gas, railway, agriculture and general engineering among its served industries. Windsor acquired 100% of Global CNC Pvt. Ltd. for Rs 343 crore in February 2025, entering CNC manufacturing. Its board approved the amalgamation effective April 1, 2025, and the CNC division shifted to the integrated Rajkot facility in Q2FY26.

How is Windsor building its CNC platform?

Windsor has capacity for 1,800 CNC machines a year at its integrated Chibhada, Rajkot plant, within current group capacity of 3,600 machines a year. The group’s legacy capacity was 1,500 machines a year and the presentation identifies capacity expandable to 8,400 machines a year. The facility has more than 11 lakh square feet of constructed area, spans more than 36 acres and employs more than 800 skilled professionals.

Windsor completed its acquisition of Unitech Workholding Systems Pvt. Ltd. for Rs 42 crore in February 2026. Unitech manufactures modular clamping elements, hydraulic fixtures, dies and tools, and had developed more than 4,000 workholding fixtures. Its revenue increased to Rs 18.2 crore in FY26 from Rs 15.2 crore in FY25, while Q1’27 and Q2’27 revenue was Rs 4.2 crore and Rs 5.0 crore, respectively. Management says the acquisition enables bundled packages of machines, fixtures and tooling with the CNC division.

Conclusion

Windsor CNC has expanded revenue from Rs 97.4 crore in FY23 to Rs 190.4 crore in FY26, and its Q2’27 sales reached Rs 56.6 crore. Yet the division’s Q2’27 EBIT of Rs 2.8 crore was below Rs 9.2 crore a year earlier, leaving EBIT margin at 5.0% rather than 18.6%.

What to watch next is whether quarterly revenue converts into a change from the 5.0% EBIT margin reported in both Q1’27 and Q2’27. Windsor disclosed a CNC order book of Rs 97 crore as of September 30, 2026, while the group has stated a capacity expansion target of 8,400 machines a year from current capacity of 3,600. The presentation does not provide a CNC margin target or explain the decline.