Windlas Biotech Ltd

Resignation of Independent Director

• Resignation of independent director Vivek Dhariwal, effective close of business Oct 12, 2026.
• Also ceases to be Chairman of the Board and member of Nomination and Remuneration and CSR Committees.
• Reason: personal reasons and prior commitments.
• Directorships in listed entities: NIL; committee memberships: NIL.
• Resignation letter attached as Annexure II; no other material reasons stated.

Windlas Biotech Limited — Trading Window closed from October 1, 2026, until the expiry of 48 hours after the unaudited financial results for the quarter and half year ended September 30, 2026 become generally available

Meeting Details

• Sep 7, 2026: ICICI Direct, Virtual (1x1), 2:00 PM.
• Sep 7, 2026: Bajaj Broking, Virtual (1x1), 3:00 PM.
• Sep 7, 2026: Group of Investors, Virtual (Group), 4:00 PM.
• Sep 7, 2026: Haitong Securities, Virtual (1x1), 5:00 PM.

Participants

• Company officials (governance/compliance) to participate.
• Representative roles: Company Secretary and Compliance Officer.

Purpose

• Purpose: Investor meetings to discuss publicly available documents; no UPSI will be shared.

Financial Performance

• Revenue: INR 248 crores, up 18% YoY.
• EBITDA (excl. ESOP): INR 34 crores, up 26% YoY.
• EBITDA (incl. ESOP): INR 27 crores; ESOP non-cash expense INR 7.2 crores.
• PBT: INR 30 crores; PAT: INR 25 crores; YoY +27% / +37%.
• EPS: INR 8.46 for Q1 FY27.
• Buyback completed: INR 47 crores; promoters did not participate.
• Record revenue streak: 14 consecutive quarters, 18% YoY growth.
• Plant 6: mechanical completion done; validations ongoing; commercialisation planned in H1 FY27.
• Plant 6 revenue potential: about INR 1,100 crores; efficiency could add 10–15%.
• IPM volume growth: 3.4% in Q1 FY27; industry growth historically 10–14%.
• Current utilization around 65%; Plant 6 coming online to lift capacity.
• Depreciation impact: ~INR 30 million per quarter initially due to Plant 6; ramp in Q2/Q3.

Operations Update

• CDMO/CMO growth approximately 29% in the quarter.
• Trade Generics (TGx) momentum affected by codeine changes; portfolio expansion pursued.
• Exports growth continuing; geography expansion and BD team efforts ongoing.
• Injectables ramp: Plant 6 expansion to extend existing portfolio; no new product development assumed.
• Geography opening and SKU expansion highlighted as key levers for growth.
• No new dosage form update communicated; no final decision yet.

Capex & Plant 6

• Plant 6 commissioning targeted in end of Q2 / H1 FY27; 6–8 months to add machinery and qualify.
• Current capacity plan: INR 1,100 crores potential from Plant 6; 100–150 crore incremental uplift possible with efficiency.
• No immediate larger greenfield capex; focus on debottlenecking and efficiency in existing plants.
• Depreciation outlook: around INR 30 million per quarter initially; rises from Q2/Q3.

Guidance and Outlook

• Management stated they do not provide forward-looking guidance.
• No formal numeric guidance issued for the remainder of FY27.

Q&A Highlights

• IPM data discussed: Q1 FY27 volume growth 3.4%; longer-term trend debated.
• Codeine impact: TGx momentum affected; management focusing on portfolio and geography expansion.
• Export strategy: ongoing geography expansion, portfolio expansion, and plant-approval activity.
• Utilisation & capacity: current ~65%; Plant 6 aims to lift capacity to about INR 1,100 crores.
• API price volatility: discussed; management emphasized supply focus and customer-sharing of risks.
• New dosage form: no concrete update; no final decision announced.

Conference call recording update

• Intimation under Regulation 30 for recording of investor/analyst conference call.
• Audio recording of the June 30, 2026 unaudited standalone results call uploaded on Windlas website.
• Transcript will be shared with stock exchanges and uploaded on website in due course.

Financial highlights

• Revenue from operations ₹248 crore; up 18% YoY.
• Adjusted EBITDA ₹34 crore; margin 13.6%; up 26% YoY.
• Adjusted PAT ₹25 crore; margin 10%; up 37% YoY.
• ESOP impact excluded from adjusted metrics: ₹7.16 crore non-cash expense.
• EPS ₹8.46 per share.
• Rs 47 crore share buyback completed; promoters did not participate.
• FY26 dividend ₹13 crore declared (₹6.30 per share).
• Reported EBITDA ₹27 crore; reported PAT ₹18 crore.

Verticals and business mix

• CDMO revenue ₹207 crore; up 29% YoY.
• CDMO contributed ~84% of Q1 revenue.
• Trade Generics & Institutional revenue ₹30 crore; down 32% YoY.
• Exports revenue ₹11 crore; up 79% YoY.
• Exports share ~4% of consolidated revenue.
• Injectables and Plant-2 Extension facilities driving growth.
• Plant-6 commercialization expected in H1 FY27.

Outlook and strategic actions

• On track to commercialize Plant-6 in H1 FY27.
• Focus on partnerships, portfolio expansion, and disciplined execution.
• Capex and capacity enhancements to support growth.

Business Overview

• Core business is generic formulations CDMO with domestic and export presence.
• Three verticals: Generic Formulations CDMO, Trade Generics & Institutional, Exports.
• IP rights on about 99% of products sold.
• Five WHO-GMP plants with capacity across tablets, capsules, pouches and liquids.
• DSIR-approved R&D lab enabling first-to-launch, complex generics.
• 926 customers and 5,644 brands; long-standing customer relationships.

Operational Highlights

• Q1 FY27 revenue ₹248 Cr; 18% YoY growth; highest quarterly.
• Plant-6 commissioning expected in H1 FY27.
• Injectables and Plant-2 extension facilities drive scalable growth.
• Buyback ₹47 Cr completed; promoters did not participate.
• Dividend for FY26 ₹13 Cr (₹6.3/sh).
• Exports revenue ₹11 Cr in Q1 FY27; 79% YoY growth.
• Trade Generics revenue ₹30 Cr after discontinuation of codeine products.
• CDMO revenue accounted for 84% of Q1 FY27.
• FY27 start: 14th consecutive quarter of revenue.

Financial Performance

• Net revenue ₹248 Cr; COGS ₹153 Cr; gross profit ₹95 Cr; gross margin 38.4%.
• EBITDA (excluding ESOP) ₹34 Cr; margin 13.6%.
• PAT (excluding ESOP) ₹25 Cr; margin 10.0%.
• EPS ₹8.46.
• Reported EBITDA ₹27 Cr; margin 10.8%.
• Reported PAT ₹18 Cr; margin 7.1%.
• CFO ₹104 Cr; net liquidity ₹251 Cr; net debt-free.
• ROCE 32%; ROE 29%; Asset turnover 4.7x.
• FY26 revenue ₹904 Cr; EBITDA ₹121 Cr; PAT ₹83 Cr.
• Capex FY26 ₹73 Cr; gross fixed assets ₹426 Cr.
• Total employees 1,382 as of FY26.

Capital Structure & Liquidity

• No borrowings; net debt-free; net liquidity ₹251 Cr as of Mar-26.
• Dividend payout policy near 20% of consolidated PAT.
• FY26 dividend ₹13 Cr (₹6.3/sh) declared.
• Buyback completed Apr 2026: ₹47 Cr at ₹1,000/sh.
• Promoters did not participate in buyback.

Strategic Priorities & Outlook

• Focus on partnerships, portfolio expansion, operational excellence, and disciplined execution.
• Commission Plant-6; retrofit with next-gen capabilities; digital QMS.
• Expand wallet share with marquee clients; mitigate concentration risk.
• Grow across three verticals; accelerate new launches.
• Export expansion into ROW markets; leverage DSIR capabilities.

Governance & Leadership

• MD and Board leadership: Hitesh Windlass (MD) and Vivek Dhariwal (Chairman).
• CEO & CFO: Komal Gupta; CS: Ananta Narayan Panda.
• Independent and experienced directors support governance framework.

Financials

• Revenue from operations: Rs 2,480.99 mn.
• Total income: Rs 2,532.12 mn.
• PBT: Rs 229.36 mn; QoQ +13.8%.
• PAT: Rs 176.53 mn; QoQ +10%.
• Basic EPS: Rs 8.46; Diluted EPS: Rs 8.32.
• Dividend proposed: Rs 6.30 per share; payout Rs 130.01 mn.
• Buyback: 470,000 shares at Rs 1,000.
• Paid-up equity capital reduced to 20,636,229 shares.
• Windlas Inc., USA dissolved; no consolidation from Apr 1, 2026.
• Single reportable segment: Pharmaceuticals.

Corporate actions & structure

• Employee share-based payment expense: Rs 71.62 mn.
• Codes on Wages/IR/Social Security/OSH; impact not material.
• Ind AS 108: Pharmaceuticals is the sole segment.

Meeting Details

• Date and time: August 11, 2026, 11:30 IST
• Type and mode: conference call (virtual dial-in)
• Organizer: Windlas Biotech Limited
• Purpose: discuss Q1 FY27 financial performance

Participants

• Managing Director: Hitesh Windlass
• CEO & CFO: Komal Gupta

Additional Notes

• Dial-in details with international numbers provided
• Conference Call invite uploaded on company website