Windsor Machines posts Q2 loss as revenue rises 34% year on year

Windsor Machines Limited reported a consolidated loss of Rs 5.27 crore for the quarter ended September 30, 2026, despite revenue from operations increasing 34% year on year to Rs 182.78 crore. Total expenses rose to Rs 189.26 crore, while unallocated corporate income net of expenses turned negative by Rs 14.45 crore.

Why did Windsor Machines report a loss despite higher revenue?

Windsor Machines reported a quarterly loss because its expenses exceeded income and the prior-year quarter included an exceptional gain that did not recur. Revenue from operations rose from Rs 136.64 crore in the restated quarter ended September 30, 2025, to Rs 182.78 crore, while total income, including other income, increased from Rs 137.38 crore to Rs 184.35 crore.

Total expenses increased to Rs 189.26 crore from Rs 133.93 crore, resulting in a Rs 4.91 crore loss before tax and exceptional items, compared with a Rs 3.46 crore profit on that basis a year earlier. Raw-material consumption rose by Rs 54.42 crore to Rs 152.61 crore, employee-benefit expense increased by Rs 10.77 crore to Rs 28.17 crore, and other expenses rose by Rs 6.11 crore to Rs 20.53 crore.

Finance cost rose to Rs 2.23 crore from Rs 1.03 crore, while the September 2025 quarter had a Rs 2.66 crore exceptional gain on sale of Metoda land and building. After tax, Windsor Machines moved from a restated profit of Rs 4.29 crore to a loss of Rs 5.27 crore; basic earnings per share changed from Rs 0.51 to a loss per share of Rs 0.51.

Which Windsor Machines segments drove quarterly revenue growth?

Windsor Machines' Injection Moulding Machinery segment drove the reported revenue increase, with quarterly revenue rising to Rs 100.19 crore from Rs 40.32 crore a year earlier. Its segment result changed to a profit of Rs 8.81 crore from a loss of Rs 3.98 crore, contributing to total segment results of Rs 11.76 crore, compared with Rs 4.74 crore in the restated prior-year quarter.

Computer numerical control (CNC) and vertical machining centre (VMC) Machinery revenue increased to Rs 56.56 crore from Rs 49.53 crore, but its segment result declined to Rs 2.82 crore from Rs 9.22 crore. Extrusion Machinery revenue fell to Rs 26.03 crore from Rs 46.79 crore, although its segment result improved to a profit of Rs 0.13 crore from a loss of Rs 0.49 crore.

The combined operating-segment result did not translate into a consolidated profit because unallocated corporate income net of unallocated expenses was negative Rs 14.45 crore, against negative Rs 0.25 crore a year earlier. That item took profit before interest and tax to a Rs 2.69 crore loss from a Rs 4.49 crore profit, before finance cost led to the Rs 4.91 crore pre-tax loss.

How did Windsor Machines perform in the first half?

Windsor Machines recorded a consolidated loss of Rs 6.18 crore for the half year ended September 30, 2026, compared with a restated loss of Rs 6.25 crore in the corresponding period. Revenue from operations rose 33% to Rs 331.65 crore from Rs 249.97 crore, and total income increased to Rs 333.70 crore from Rs 250.84 crore.

First-half expenses grew to Rs 340.41 crore from Rs 245.13 crore, producing a Rs 6.70 crore loss before tax and exceptional items compared with a Rs 5.71 crore profit a year earlier. The corresponding 2025 half year also included a Rs 8.96 crore exceptional loss, whereas the 2026 half year had no exceptional item, narrowing the reported after-tax loss despite the weaker pre-exceptional result.

Injection Moulding Machinery generated first-half revenue of Rs 175.92 crore and a segment result of Rs 17.94 crore, compared with Rs 81.18 crore and Rs 1.83 crore respectively a year earlier. CNC and VMC Machinery revenue rose to Rs 102.77 crore from Rs 93.27 crore but its segment result declined to Rs 5.14 crore from Rs 15.97 crore, while Extrusion revenue fell to Rs 52.95 crore from Rs 75.52 crore.

What changed in Windsor Machines' balance sheet and cash flow?

Windsor Machines' total assets increased to Rs 1,250.76 crore at September 30, 2026, from Rs 883.44 crore at March 31, 2026, while total equity increased to Rs 702.32 crore from Rs 493.30 crore. Property, plant and equipment rose to Rs 340.29 crore from Rs 207.15 crore, inventories increased to Rs 334.92 crore from Rs 215.15 crore, and current investments stood at Rs 87.51 crore against nil at the March year-end.

Net cash used in operating activities was Rs 143.88 crore in the six months ended September 30, 2026, compared with Rs 71.18 crore used during the full year ended March 31, 2026. The half-year operating outflow included a Rs 119.76 crore inventory increase and a Rs 38.98 crore increase in other receivables, partly offset by a Rs 6.73 crore decrease in trade and other receivables.

Financing activities generated net cash inflow of Rs 214.16 crore during the half year, including Rs 214.93 crore of proceeds from preferential allotment. Windsor Machines converted 1,32,04,811 warrants into equity shares during the quarter ended June 30, 2026, and converted a further 17,32,405 warrants into shares for promoter-group holders during the September quarter; cash and cash equivalents consequently increased to Rs 36.48 crore from Rs 25.24 crore.

What affects comparison of Windsor Machines' results?

Windsor Machines' September 2025 comparative figures were restated after the amalgamation of wholly owned Global CNC Private Limited, effective from the appointed date of April 1, 2025. The National Company Law Tribunal, Ahmedabad Bench approved the scheme on March 19, 2026, and it became effective on March 31, 2026 after filing of the certified order with the Registrar of Companies, Ahmedabad.

The current consolidated results also include Unitech Workholding Systems Private Limited from February 10, 2026, the date Windsor Machines completed its acquisition. The company stated that prior-period figures are not comparable with the current period because Unitech was consolidated from that date, including within CNC and VMC Machinery segment data.

Windsor Machines shifted operations from Vatva and Chhatral to Chibhda, Rajkot, and entered memoranda of understanding to sell the Vatva, Chhatral and Thane plants. Assets held for sale were reported at Rs 250.08 crore at September 30, 2026, with advances of Rs 166.40 crore received against those assets; the filing separately listed Rs 256.55 crore of property, plant and equipment within the major classes of assets held for sale.

Conclusion

Windsor Machines increased September-quarter revenue by 34%, led by Injection Moulding Machinery, but cost growth and a substantially larger unallocated corporate expense burden resulted in a Rs 5.27 crore consolidated loss. The comparison also reflects the absence of the Rs 2.66 crore exceptional gain recorded in the restated September 2025 quarter and lower CNC and VMC segment profit despite higher revenue.

The disclosed matters to watch next are the proposed sales of the Vatva, Chhatral and Thane plants, against which Rs 166.40 crore of advances had been received at September 30, 2026. Windsor Machines' subsequent results will also show the effect of consolidating Unitech Workholding Systems Private Limited for a full comparable quarter.