While most of the market was distracted by largecap pharma names, a smaller CDMO player quietly delivered its 13th consecutive quarter of record revenue.
No new drug launch. No big acquisition. Just consistent execution, disciplined capital allocation, and margins that keep inching up.
Here’s what caught our eye, but before that:
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Windlas Biotech – 13 consecutive quarters of record revenue. Here’s the company nobody’s talking about
The numbers:
- Revenue crossed ₹900 Cr for the first time in FY26 — up 19% YoY to ₹904 Cr
- Q4 revenue grew 18% YoY to ₹238 Cr
- Highest-ever post-listing EPS at ₹31.60
- ROCE and ROE both sustained above 25% for the year
- Net operating cash flow of ₹105 Cr, closing the year with ₹251 Cr net liquidity — and net debt free
- Completed a ₹47 Cr buyback (promoters didn’t participate) plus a proposed dividend of ₹6.3/share
What’s driving it:
- The CDMO vertical (73% of revenue) grew 20% YoY to ₹664 Cr, with customer concentration low — top customer just 6.5% of revenue, top 10 only ~32%
- Trade Generics saw softness from a codeine-based product exiting the market, but management is backfilling with alternates
- Plant 6 (new capacity) has reached mechanical completion, on track for commercialization by H1 FY27 — management estimates ~₹1,000 Cr+ peak revenue potential once fully ramped
Exports — small base, but the setup looks interesting:
- Exports vertical grew 40% YoY to ₹46 Cr in FY26; Q4 alone grew 67% YoY to ₹17 Cr
- Still just 5% of total revenue, but management called this the payoff of years of regulatory approvals and product dossier registrations finally “falling into place”
- Margins here run higher than domestic business — management expects that to hold for injectables too, once exported
- The strategy targets ROW markets (Southeast Asia, CIS countries, Africa) with little local pharma manufacturing capacity of their own — company sees this as a long-term, structurally underserved opportunity
- Management’s own framing: this is a “binary” business where a lot of effort goes in before results show up — so don’t expect linear quarter-on-quarter growth, but the direction of travel is positive
- Their Philippines injectables approval is also being positioned as a stepping stone — same dossier can be reused for other country approvals
GLP-1 — early days, but they’re positioning for it:
- Management is watching the GLP-1 space “very keenly,” calling it a potential game-changer given India’s rising obesity burden
- Their injectable facility can already fill vials for GLP-1 formulations — a real, current capability, not a future promise
- Thesis: most GLP-1 launches so far have used in-house manufacturing by large players; as volumes scale, those players will need to outsource to CDMOs like Windlas
- They’re also watching the oral GLP-1 opportunity in parallel, which management thinks could be an even bigger unlock if it plays out
- Important caveat: management explicitly ruled out entering GLP-1 via the trade generics/retail route right now — the economics (via prescription substitution) don’t fit that channel, and adoption is currently a metro, not rural, phenomenon
- No large retail chains or trade generic players have approached them yet on this — so this remains a “watching and positioning” story, not a confirmed revenue line
Where it gets interesting:
Management was candid that FY27 won’t see major new capex beyond maintenance — they want to sweat existing capacity (currently at 66% utilization) before committing to the next expansion cycle. That’s a capital discipline signal worth noting.
We track companies like this — solid balance sheets, low-key execution, before they show up on everyone’s radar — and break down the numbers that actually matter in our research.
As always, this is not a stock recommendation — This note is for informational purposes only and not a buy/sell recommendation. Please do your own due diligence before investing.
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