Windsor Machines shifts production, receives Rs 166.40 crore advances

Windsor Machines Limited shifted operations from its Vatva and Chhatral plants to Chibhda, Rajkot, and reported Rs 166.40 crore in advances against three plants classified as held for sale as of September 30, 2026. Windsor Machines also disclosed an MOU to sell the Vatva, Chhatral and Thane plants.

What production has Windsor Machines moved to Rajkot?

Windsor Machines moved operations from its Vatva and Chhatral plants to Chibhda, Rajkot, according to the notes to its financial results for the period ended September 30, 2026. The filing does not identify the machinery lines, production volumes, employees or costs transferred, but it identifies Chibhda as the operating location replacing the two plants.

Windsor Machines separately disclosed an agreement to acquire about 49,214 square metres of non-agricultural land adjoining its existing manufacturing plant at Chibhada, Rajkot, for approximately Rs 35 crore. The land had been leased and covers five revenue survey numbers in Village Chibhada, Lodhika, Rajkot district. The company said the sellers were not related to its promoter or promoter group and that the transaction was not a related-party transaction.

The move follows a one-time payment to workers at the Vatva, Chhatral and Thane plants of Rs 11.6161 crore during the year ended March 31, 2026. That payment was included in exceptional items for the year, along with gains of Rs 2.6568 crore from Metoda land and building sales and Rs 4.6522 crore from Balsar land and building sales.

Which Windsor Machines plants are being sold?

Windsor Machines has entered an MOU for the sale of the Vatva, Chhatral and Thane plants, while the sale of its Jalgaon plant was completed in the quarter ended June 30, 2026. The company classified assets of the three proposed-sale plants as held for sale under Indian Accounting Standard 105, or Ind AS 105, which covers non-current assets held for sale and discontinued operations.

The filing does not say that sales of the Vatva, Chhatral or Thane sites were completed by September 30, 2026. It also does not name the buyer, specify sale consideration for the three sites, state closing dates, disclose conditions for completion, or quantify an expected gain or loss. The Jalgaon transaction is identified as completed, but its sale price is not provided in the filing.

The carrying amount of major property, plant and equipment held for sale declined by Rs 1.9859 crore between March 31 and September 30, 2026. At September 30, total assets held for sale were Rs 250.0818 crore, which was below the Rs 256.5477 crore disclosed for the major property, plant and equipment class. Windsor Machines does not explain that difference in the supplied filing.

How much has Windsor Machines received from plant-sale advances?

Windsor Machines reported Rs 166.40 crore in advances against assets held for sale as of September 30, 2026. The disclosure relates to the Vatva, Chhatral and Thane plants, which are the three sites covered by the MOU and classified as held for sale.

The consolidated cash-flow statement records Rs 147.5408 crore of advances received for sale of plants during the half year ended September 30, 2026. This compares with Rs 18.86 crore recorded during the year ended March 31, 2026. The half-year cash inflow and the closing advance amount are presented in different statements, and Windsor Machines does not provide a reconciliation between them.

Net cash used in investing activities was Rs 59.0447 crore in the half year ended September 30, 2026, despite the plant-sale advances. Windsor Machines spent Rs 133.4607 crore on property, plant and equipment, including capital work in progress, and made net current-investment purchases of Rs 87.5052 crore. Sale proceeds of property, plant and equipment were Rs 12.55 crore in the same period.

How has the move affected Windsor Machines' balance sheet?

Windsor Machines reported property, plant and equipment of Rs 340.2936 crore at September 30, 2026, compared with Rs 207.1540 crore at March 31, 2026. Capital work in progress fell to Rs 2.4781 crore from Rs 16.0506 crore over the same period. The filing does not attribute these balance-sheet movements specifically to the Chibhda consolidation, the planned disposals or the adjoining-land purchase.

Total consolidated assets rose to Rs 1,250.7613 crore at September 30 from Rs 883.4437 crore at March 31, 2026. Current assets increased to Rs 604.8656 crore from Rs 348.2617 crore, including inventories of Rs 334.9161 crore compared with Rs 215.1531 crore. Cash and cash equivalents increased to Rs 36.4790 crore from Rs 25.2444 crore.

Total liabilities increased to Rs 548.4455 crore at September 30, 2026 from Rs 390.1411 crore at March 31. Other financial liabilities were Rs 170.7073 crore, compared with Rs 26.0005 crore, while non-current borrowings rose to Rs 66.2756 crore from Rs 55.1299 crore. Current borrowings declined to Rs 18.4990 crore from Rs 24.6732 crore.

How did Windsor Machines' machinery segments perform during the transition?

Windsor Machines recorded total segment revenue of Rs 331.6458 crore for the half year ended September 30, 2026, up from Rs 249.9726 crore in the restated prior-year half. Injection moulding machinery revenue rose to Rs 175.9188 crore from Rs 81.1790 crore, while extrusion machinery revenue declined to Rs 52.9528 crore from Rs 75.5196 crore.

CNC and vertical machining centre, or VMC, machinery revenue increased to Rs 102.7742 crore in the half year from Rs 93.2741 crore a year earlier. Total segment results rose to Rs 24.2178 crore from Rs 13.4571 crore, while unallocated corporate income net of expenses moved to a loss of Rs 25.1924 crore from a loss of Rs 5.6144 crore.

Windsor Machines reported a net loss after tax of Rs 6.1765 crore for the half year ended September 30, 2026, compared with a restated loss of Rs 6.2485 crore in the prior-year half. The company said Unitech Workholding Systems Private Limited became its subsidiary on February 10, 2026 and was consolidated from that date, meaning the earlier period is not comparable with the current period.

Conclusion

Windsor Machines is consolidating Vatva and Chhatral operations at Chibhda, Rajkot, while pursuing sales of the former sites and the Thane plant. The Rs 166.40 crore advance balance and Rs 256.5477 crore carrying amount of major property, plant and equipment held for sale show the material financial scale of the proposed three-site disposal programme.

The next disclosed developments to watch are completion of the MOU for Vatva, Chhatral and Thane, as Windsor Machines has not provided closing dates or sale values. The approximately Rs 35 crore purchase of adjoining Chibhada land is also pending as disclosed, and future filings may show its effect on property, plant and equipment, cash flow and the operating consolidation.