Windsor Q2 revenue rose 33.8% as costs compressed margins

Windsor Machines Limited reported Q2FY27 revenue of Rs 183 crore, up 33.8% year on year, led by Injection Moulding, but management said elevated raw-material costs and employee expenses contracted earnings before interest, tax, depreciation and amortisation (EBITDA) margins. Its consolidated order book was Rs 273 crore at September 30, 2026.

What drove Windsor's Q2FY27 revenue growth?

Windsor's Q2FY27 revenue rose 33.8% year on year to Rs 183 crore because the Injection Moulding division delivered a robust performance, according to management. The company described the quarter as one of strong topline momentum and specifically identified Injection Moulding as the driver, rather than assigning the increase evenly across its CNC, Injection Moulding and Extrusion divisions.

The result relates to the quarter ended September 30, 2026, and the investor presentation was filed on November 3, 2026. Windsor operates across three machinery divisions and states that it has a presence in more than 65 countries, with an installed base of more than 35,000 machines globally. However, the presentation does not disclose divisional revenue for Q2FY27, so it does not quantify Injection Moulding's contribution to the Rs 183 crore revenue total.

Windsor's integrated facility at Rajkot has stated capacity for 3,600 machines a year, expandable to 8,400 machines. That manufacturing footprint provides context for the reported sales momentum, but the Q2FY27 presentation does not disclose capacity utilisation, machine volumes sold or the mix of domestic and international revenue. Revenue growth therefore cannot be separated between higher machine deliveries, price changes or product mix from the supplied disclosure.

Why did Windsor's margins contract despite revenue growth?

Windsor's EBITDA margins contracted in Q2FY27 because raw-material costs were elevated and employee expenses increased, management said. This means the 33.8% rise in revenue to Rs 183 crore did not prevent margin pressure during the September 2026 quarter. The presentation does not provide EBITDA in rupees, the EBITDA margin percentage, or comparable cost line items.

Management attributed the increase in the wage bill to annual increments and recent senior-level hiring. It said neither wage factor was structural, which is management's characterisation of the cost increase rather than a quantified forecast. The presentation does not state the value of employee expenses, the size of the senior hiring programme, or when the effect of those costs may change.

The limited financial disclosure sets a boundary on what can be concluded from the quarter. Windsor reports the revenue figure of Rs 183 crore and says margins contracted, but it does not disclose a profit or loss figure, depreciation, finance costs, tax, or operating cash flow on the supplied management-insights page. As a result, the reported cost explanation supports an assessment of margin pressure but not a calculation of quarterly profitability from this presentation.

What does Windsor's September order book show?

Windsor's consolidated order book stood at Rs 273 crore on September 30, 2026, indicating the value of orders reported across its three divisions at the end of Q2FY27. Management said the backlog reflected underlying demand and provided revenue visibility. It did not provide a delivery schedule, cancellation data, margin profile or revenue-recognition timetable for these orders.

Injection Moulding held the largest order book at Rs 100 crore, only Rs 3 crore above CNC at Rs 97 crore, while Extrusion accounted for Rs 76 crore. The close difference between the two largest divisions contrasts with the Q2FY27 revenue commentary, which singled out Injection Moulding as the sales-growth driver. Windsor does not disclose whether the Rs 273 crore order book has a similar revenue mix or timing profile to the quarter's Rs 183 crore revenue.

What is affecting Windsor's CNC division?

Windsor's CNC division encountered challenges in Q2FY27 because of an ongoing global shortage of controlling units, even as its order book grew significantly, management said. The presentation does not quantify the number of delayed machines, the revenue affected, or the likely duration of the component constraint. This leaves the scale of its effect on the September 2026 quarter undisclosed.

CNC represented Rs 97 crore of the Rs 273 crore consolidated order book at September 30, 2026. Subsequent to the quarter, Windsor's CNC division secured government tender orders worth Rs 59 crore for 38 machines in October 2026. Management said those orders were over and above the September 30 order book, rather than included in the reported Rs 97 crore CNC balance.

The October order win adds a disclosed source of future CNC work, but the presentation does not set out its delivery dates, payment milestones or revenue-recognition period. It also does not say whether controlling-unit availability has improved since Q2FY27. Consequently, the Rs 59 crore order value and 38-machine count establish the scale of the tender award, while execution remains an unresolved operational matter in the supplied material.

What has Windsor changed since September 2024?

Windsor has broadened its manufacturing scope since Plutus Investments and Holding Pvt. Ltd. acquired a 53.9% controlling stake in September 2024. In January 2025, Windsor raised Rs 725 crore through a preferential equity issue, including Rs 200 crore infused by the new promoters. The presentation describes this sequence as part of an operational and strategic transformation.

In February 2025, Windsor acquired 100% of Global CNC Pvt. Ltd. for Rs 343 crore, entering CNC manufacturing. It later completed the Unitech Workholding acquisition for Rs 42 crore in February 2026, which the company said strengthened tooling capabilities and market presence. These transactions added CNC manufacturing and workholding capabilities to the company that also reports Injection Moulding and Extrusion divisions.

Windsor says it has shifted manufacturing to its integrated Rajkot facility and moved its corporate office to Ahmedabad from April 2025 onward. The Rajkot site covers more than 36 acres and has more than 11 lakh square feet of built area, according to the presentation. Windsor also says legacy assets are being monetised for more than Rs 300 crore, but it does not disclose a completion date, buyer, realised proceeds or intended use of proceeds.

Conclusion

Windsor's Q2FY27 disclosure shows a clear split between sales and margins: revenue rose 33.8% to Rs 183 crore, with Injection Moulding leading the increase, while elevated raw-material and employee costs compressed EBITDA margins. The Rs 273 crore September 30 order book was spread across Injection Moulding at Rs 100 crore, CNC at Rs 97 crore and Extrusion at Rs 76 crore, giving divisional context to management's demand commentary.

The next disclosed items to watch are execution of the Rs 59 crore October 2026 CNC government tender for 38 machines, the continuing shortage of CNC controlling units, and progress on the plan to monetise more than Rs 300 crore of legacy assets. Windsor has stated capacity of 3,600 machines a year, expandable to 8,400, but the presentation provides no margin target, delivery timetable for the order book, or date for completion of the asset-monetisation plan.