Windsor’s India revenue share reached 90% in H1FY27, versus 71% FY22

Windsor Machines Ltd. generated 90% of its Rs 331.6 crore revenue in India in H1FY27, versus 71% in FY22, as India sales rose 37.0% year on year to Rs 298.8 crore. Outside-India revenue was Rs 32.8 crore, or 10% of H1FY27 total, compared with a 29% share in FY22.

How has Windsor’s geographic revenue mix changed?

Windsor’s revenue base has become more domestic, with India’s share increasing by 19 percentage points from 71% in FY22 to 90% in H1FY27. The outside-India share declined over the same period, moving from 29% in FY22 to 26% in FY23, 18% in FY24, 17% in FY25, 12% in FY26 and 10% in H1FY27.

In value terms, India revenue rose from Rs 262.9 crore in FY22 to Rs 501.2 crore in FY26, while total revenue increased from Rs 369.2 crore to Rs 570.5 crore. Outside-India revenue declined from Rs 106.3 crore in FY22 to Rs 69.3 crore in FY26, meaning its contribution fell both as a share of revenue and in absolute full-year value.

The rise in total revenue was uneven across the intervening years. Total revenue increased to Rs 377.4 crore in FY23, declined to Rs 354 crore in FY24, recovered to Rs 368.7 crore in FY25 and then grew 54.7% year on year to Rs 570.5 crore in FY26. India revenue increased in each reported full year, from Rs 278.1 crore in FY23 to Rs 306.5 crore in FY25 before the larger FY26 increase.

How did India and outside-India sales perform in H1FY27?

India revenue increased 37.0% year on year to Rs 298.8 crore in H1FY27 from Rs 218.2 crore in H1FY26, while outside-India revenue increased 3.1% to Rs 32.8 crore from Rs 31.8 crore. Total revenue rose 32.7% to Rs 331.6 crore, with India contributing Rs 80.6 crore of the Rs 81.6 crore year-on-year increase.

The domestic weighting was high in both reported quarters of FY27. India contributed Rs 138 crore in Q1FY27 and Rs 160.8 crore in Q2FY27, while outside-India revenue was Rs 10.9 crore and Rs 21.9 crore, respectively. Total revenue increased from Rs 148.9 crore in Q1FY27 to Rs 182.8 crore in Q2FY27.

Compared with Q2FY26, India revenue increased from Rs 120 crore to Rs 160.8 crore in Q2FY27, while outside-India revenue increased from Rs 17.2 crore to Rs 21.9 crore. The presentation does not identify the countries, customers or product lines responsible for this Rs 46.2 crore quarterly increase in total revenue.

Which divisions made up Windsor’s H1FY27 revenue?

Injection moulding was Windsor’s largest division in H1FY27 at 53% of revenue, followed by the division labelled CNC at 31% and extrusion at 16%. This divisional split is separate from the regional analysis, so the presentation does not identify a division as the cause of India’s rising share.

The divisional mix changed from H1FY26, when the CNC division represented 37%, injection moulding 33% and extrusion 30%. Injection moulding gained 20 percentage points of revenue mix over the half-year comparison, while CNC declined by 6 percentage points and extrusion by 14 percentage points.

The latest quarterly data show a similar shift. Injection moulding represented 55% of Q2FY27 revenue, up from 29% in Q2FY26, while CNC moved from 36% to 31% and extrusion from 35% to 14%. In Q1FY27, injection moulding had already become the largest division at 51%, compared with 31% for CNC and 18% for extrusion.

What do machine sales and realization show?

Windsor sold 764 machines in H1FY27 and reported Rs 307.9 crore of revenue from machinery sales, following 1,190 machines and Rs 525.1 crore in FY26. Sale of machines and spares totalled Rs 327.7 crore in H1FY27, accounting for most of the Rs 331.6 crore revenue reported for the half year.

The reported average selling price, or ASP, was Rs 40 lakh per machine in H1FY27, compared with Rs 44 lakh in FY26 and Rs 1.01 crore in FY25. Machine volumes rose from 323 in FY25 to 1,190 in FY26, while machinery revenue increased from Rs 324.8 crore to Rs 525.1 crore over the same period.

The presentation states that Global CNC was consolidated from February 14, 2025, and Unitech Workholding Systems from February 10, 2026. These changes in the consolidated business perimeter are relevant to comparisons of FY26 and H1FY27 machine volumes and ASP with earlier periods.

What does Windsor say about exports and future capacity?

Windsor identifies Africa, Nepal, Sri Lanka, Bangladesh and the Middle East and Africa, or MEA, region as key export markets, and management says export demand remains structurally intact. This statement accompanies outside-India revenue of Rs 69.3 crore in FY26 and Rs 32.8 crore in H1FY27, although the half-year result is not a full-year outcome.

Windsor’s stated strategy is to expand capacity for existing products and diversify its portfolio through strategic acquisitions. The company discloses incremental capital expenditure of Rs 310 crore at its Rajkot facility, funded from its completed fund raise, to increase annual capacity from 1,500 machines to 3,600 machines.

Management also describes a shift to a make-to-stock model for standard units, with ready stock intended to reduce delivery times to 15 to 30 days from two to three months. The presentation says higher capacity and shorter delivery timelines are expected to support penetration in core markets, but it provides no revenue target for India or outside India.

Conclusion

Windsor’s reported geographic data show that revenue growth has become concentrated in India, where sales increased from Rs 262.9 crore in FY22 to Rs 501.2 crore in FY26. Over the same full-year comparison, outside-India revenue declined from Rs 106.3 crore to Rs 69.3 crore, while injection moulding rose to 53% of H1FY27 divisional revenue from 33% a year earlier.

The next reported results will indicate whether outside-India revenue grows beyond the Rs 32.8 crore reported in H1FY27 and changes the 90% domestic mix. Management’s disclosed execution points are the Rs 310 crore Rajkot expansion, the planned increase to 3,600 machines of annual capacity, and the target delivery timeline of 15 to 30 days for standard units.