Windsor reset combines ₹725 crore raise, CNC deal and consolidation

After its September 2024 change of control, Windsor Machines Limited combined a ₹725 crore preferential-equity raise, a ₹343 crore computer numerical control (CNC) acquisition and consolidation at a Rajkot plant with annual capacity of 3,600 machines, compared with 1,500 machines across legacy facilities.

What changed in Windsor’s control and corporate structure?

Plutus Investments and Holding Pvt. Ltd. acquired a controlling 53.9% stake in Windsor in September 2024, which the presentation identifies as a significant change of control and strategic direction. The transaction involved a company established in 1963, with operations across CNC, injection moulding and extrusion machinery and an installed base of more than 35,000 machines in more than 65 countries.

Windsor also changed its corporate structure through two subsidiary actions between December 2024 and February 2025. Wintal Machines SRL filed for judicial liquidation in December 2024, while Windsor sold Rcube Energy Storage Systems in February 2025. From April 2025 onward, manufacturing shifted to Rajkot and the corporate office moved to Ahmedabad, alongside the ownership and portfolio changes.

How did Windsor fund the reset and add CNC operations?

Windsor raised ₹725 crore through a preferential issue of equity in January 2025, including ₹200 crore contributed by the new promoters. The fundraise came four months after Plutus acquired control and one month before Windsor acquired Global CNC Pvt. Ltd. The presentation also says Windsor is monetising legacy assets for more than ₹300 crore, without identifying those assets or providing a completion date.

Windsor entered CNC manufacturing by acquiring a 100% stake in Global CNC Pvt. Ltd. for ₹343 crore in February 2025. The board approved an amalgamation effective April 1, 2025, and the CNC division moved to the integrated Rajkot facility in the second quarter of financial year 2026 (Q2FY26). Windsor subsequently completed the ₹42 crore acquisition of Unitech Workholding in February 2026, which management said would strengthen tooling capabilities and market presence.

How has the Rajkot plant changed Windsor’s production capacity?

Windsor consolidated four legacy plants in different locations into one integrated facility at Chibhada, Rajkot, increasing annual capacity to 3,600 machines from 1,500 machines. That is an increase of 2,100 machines, or 140%, following the consolidation. The plant is fully operational and has expandable capacity of 8,400 machines annually, although the presentation gives no timetable or capital requirement for reaching that level.

The current 3,600-machine annual capacity includes 1,800 CNC machines and 1,500 injection moulding machines, leaving 300 machines of capacity in the remaining operating category. The Rajkot site has more than 36 acres of land, more than 11 lakh square feet of constructed area and more than 800 skilled professionals. Windsor describes the facility as a single-location plant for CNC machine manufacturing, plastic injection moulding, and pipe and film extrusion.

What do revenue mix and orders show after Windsor’s reset?

Injection moulding increased its share of Windsor revenue to 53.0% in the first half of financial year 2027 (H1FY27), from 44.0% in FY26, while CNC represented 31.0% in H1FY27 versus 33.1% in FY26. The periods are not like-for-like because H1FY27 covers six months and FY26 covers a full year, but the reported revenue mix shows injection moulding became the largest disclosed divisional contributor in H1FY27.

Windsor reported consolidated revenue of ₹183 crore in Q2FY27, up 33.8% year on year, with management attributing the growth to injection moulding. Management also said a global shortage of controlling units created challenges for the CNC division. Elevated raw-material costs and higher employee expenses reduced earnings before interest, tax, depreciation and amortisation margins during the quarter; management attributed the wage increase to annual increments and senior-level hiring.

As of September 30, 2026, Windsor’s consolidated order book was ₹273 crore, comprising ₹100 crore in injection moulding, ₹97 crore in CNC and ₹76 crore in extrusion. Injection moulding therefore accounted for the largest disclosed order-book segment, ₹3 crore ahead of CNC. The order book provides the basis for management’s statement that underlying product demand remained strong.

After Q2FY27, the CNC division secured government tender orders worth ₹59 crore for 38 machines in October 2026, and management said these orders were in addition to the September 30 order book. The additional orders equal about 22% of the reported ₹273 crore order book, although the presentation does not state delivery schedules, revenue-recognition timing or the status of the controller-unit supply constraint.

Conclusion

Windsor’s reset combined an ownership change, a ₹725 crore equity issue, ₹385 crore of disclosed acquisitions, portfolio exits and a manufacturing consolidation. The move from four legacy sites with capacity of 1,500 machines annually to the Rajkot facility with capacity of 3,600 machines was accompanied by entry into CNC manufacturing, while injection moulding increased its revenue share from 44.0% in FY26 to 53.0% in H1FY27.

The next disclosures to watch are execution against the ₹273 crore order book and the separate ₹59 crore CNC government tender orders received in October 2026, particularly given management’s comments on controlling-unit shortages and cost pressures. Windsor also has two stated but unresolved actions: monetisation of legacy assets for more than ₹300 crore and any expansion of Rajkot capacity from 3,600 machines toward 8,400 machines annually.