About Windlas
Windlas is a publicly listed company based in Gurugram (India) founded in 2001 by Ashok Kumar Windlas and Manoj Kumar Windlass, and was acquired by Zydus Life in August 2018. Biopharma regulatory affairs, quality control, and strategy services are provided. Windlas has raised $12.96 million across 3 funding rounds from investors including HDFC Bank, HSBC and Kotak Mahindra Bank. The company has 895 employees. Windlas was last valued at $81.22 million in August 2015. Its chief executive, as recorded, is Komal Gupta. Its Indian entity Windlas Biotech Limited reported revenue of βΉ922 Cr. Windlas offers products and services including Contract Manufacturing Services, Therapeutic Products, and Customized Formulations. Its focus areas include Biopharma Outsourcing, CDMO, Small Molecules & Peptides and Formulation. Its competitors include Akums, Jubilant Life Sciences and Nectar Lifesciences; 2 of its 3 listed competitors have raised funding.
Company details
Windlas was founded in 2001 and is headquartered in Gurugram, India. Regulatory affairs, quality control, and market strategy services are delivered to the biopharma sector by the company. Operations focus on supporting biopharma firms with compliance, testing, and strategic planning needs. Leadership includes co-founders Ashok Kumar Windlas and Manoj Kumar Windlass, alongside CEO Komal Gupta, whose details encompass DIN and PAN identifiers for corporate records.
- Headquarters Gurugram, India
- Employees 895
- Founders Ashok Kumar Windlas, Manoj Kumar Windlass
- Stage Public
- SectorsHealthcare
- Emailβ’β’β’β’β’β’β’β’
- Phoneβ’β’β’β’ β’β’β’β’
- Website windlas.com
- Social LinkedIn X Facebook Instagram
- Acquired by Zydus Life (Aug 2018)
- Legal Name Windlas Biotech Ltd.
- Market Cap₹2,010 Cr
WINDLAS · NSE
- Share Price₹974.25
-4.34% today
- Revenue₹904 Cr
FY 2025-26 · +19.0% YoY
- EBITDA₹105 Cr
Margin 11.6%
- Net Profit₹66.46 Cr
FY 2025-26 · +9.0% YoY
- P/E (TTM)31.6x
P/B 3.6x
- ROE12.2%
ROCE 15.8%
- Debt / Equity0.06
Interest cover 6.5x
- Total Equity Funding$12.96M (USD)
in 3 rounds
- Latest Funding Round$2.45M (USD), Debt – Conventional
Jun 2021
- InvestorsHDFC Bank
& 5 more
- Employee Count895
- Acquired byZydus Life
(Aug 2018)
Associated legal entities of Windlas
Windlas is associated with 2 registered companies on The Company Check; the primary company is Windlas Biotech Limited, a listed company. Each company page carries the filings, financials, charges and directors of that entity.
| Legal entity | Status | Incorporated | Registered in | Revenue (FY 2026) | Employees | Directors | Company page |
|---|---|---|---|---|---|---|---|
| Windlas Biotech Limited Listed CIN L74899UR2001PLC033407 | Active | 19 Feb 2001 | Dehradun, Uttarakhand | ₹922 Cr | 1,153 | 10 | View details |
| Windlas Healthcare Private Limited CIN U85100UR2010PTC033065 | Amalgamated | 12 Feb 2010 | Dehradun, Uttarakhand | ₹24.2 Cr | 197 | 4 | View details |
Products & Services of Windlas
Windlas offers a comprehensive portfolio of products and services, including Contract Manufacturing Services, Therapeutic Products, and Customized Formulations.
Provides contract development and production for pharmaceuticals
Offers formulations for health conditions like anti-diabetic and cardiovascular
Delivers tailored pharmaceutical solutions for clients
Funding Insights of Windlas
Windlas has successfully raised a total of $12.96M across 3 strategic funding rounds. The most recent funding activity was a Debt β Conventional round of $2.45 million completed in June 2021. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
- Total Funding $12.96M
- Total Rounds 3
- Last Round Debt – Conventional β $2.45M
- First Round $12.96M
(Aug 2015)
- Investors Count 5
All 3 funding rounds of Windlas with amounts and investors; the two latest post-money valuations are shown, the rest are part of the premium plan.
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jun 2021 | $2.45M | Debt – Conventional | β | β | |
| Apr 2021 | $6.13M | Debt – Conventional | β | β | |
| Aug 2015 | $12.96M | Private Equity Round | $81.22M | Tano Capital | β |
| Date | Valuation | Stage |
|---|---|---|
| Aug 2015 | $81.22M | β’β’β’β’β’β’β’β’ |
Last known valuation $81.22M (Aug 2015). 6 investors in total: 6 institutional.
Investors in Windlas
Windlas has secured backing from 6 investors, including institutional investors. Prominent investors backing the company include HDFC Bank, HSBC and Kotak Mahindra Bank.
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
Commercial and personal banking services are offered by HDFC Bank. | 1994 | hdfcbank.com | Mumbai, India | |
Universal banking and financial advisory services are provided globally. | 1865 | hsbc.com | London, United Kingdom | |
Personal and business banking products and services are provided. | 1994 | indusind.com | Pune, India | |
Commercial banking services are offered to corporate and retail customers. | 1985 | kotak.com | Mumbai, India | |
Provider of asset management services | tanocapital.com | San Francisco, United States | ||
Manufacturer of pharmaceutical products, including formulations, APIs, vaccines, and biosimilars | 1952 | zyduslife.com | Ahmedabad, India |
Investor details for Windlas
The complete investor list, round-by-round participation and investor portfolios require an active premium plan.
- Complete investor list
- Round participation
- Investor portfolios
- Co-investor network
Verified entity values are shown only after access is granted.
Board of directors of Windlas Biotech Limited (Windlas)
Windlas Biotech Limited is the primary company behind Windlas. The boards of the 2 registered companies of Windlas currently have 11 directors; the longest-serving is Ashok Kumar Windlass, appointed in 2001. 30 earlier directors have ceased.
| Director | Designation | Appointed | Tenure | Entity |
|---|---|---|---|---|
| Ashok Kumar Windlass DIN 00011451 | Whole-time director | 19 Feb 2001 | 25 yrs 8 mo | Windlas Biotech Limited |
| Manoj Kumar Windlass DIN 00221671 | Managing Director | 01 Apr 2006 | 20 yrs 7 mo | Windlas Biotech Limited |
| Hitesh Windlass DIN 02030941 | Person Incharge | 17 Jul 2015 | 11 yrs 3 mo | Windlas Healthcare Private Limited, Windlas Biotech Limited |
| Pawan Kumar Sharma DIN 08478261 | Whole-time director | 11 Jun 2019 | 7 yrs 5 mo | Windlas Biotech Limited |
| Ashok Sharma DIN 08734674 | Director | 17 Apr 2020 | 6 yrs 6 mo | Windlas Healthcare Private Limited |
| Chander Prakash DIN 08347603 | Director | 17 Apr 2020 | 6 yrs 6 mo | Windlas Healthcare Private Limited |
| Ashish Jain DIN 03495680 | Director | 17 Apr 2020 | 6 yrs 6 mo | Windlas Healthcare Private Limited |
| Prachi Jain Windlass DIN 06661073 | Director | 03 May 2021 | 5 yrs 6 mo | Windlas Biotech Limited |
| Vivek Dhariwal DIN 02826679 | Director | 06 May 2021 | 5 yrs 6 mo | Windlas Biotech Limited |
| Gaurav Gulati DIN 02308392 | Director | 06 May 2021 | 5 yrs 6 mo | Windlas Biotech Limited |
| Tarashree Singhal DIN 11697518 | Additional Director | 05 May 2026 | 6 mo | Windlas Biotech Limited |
People of Windlas
3 people are tracked at Windlas (3 in leadership); the tracked headcount is 895.
| Name | Role | Group |
|---|---|---|
Ashok Kumar Windlas | Co-Founder | Leadership |
| Co-Founder | Leadership | |
Komal Gupta | CEO | Leadership |
Complete people profiles for Windlas
Full employee and board profiles, team structure, tenure and professional contact details require an active premium plan.
- Full employee list
- Team structure
- Board tenure
- Professional contacts
Verified entity values are shown only after access is granted.
IPO & Listings of Windlas
Windlas is a publicly listed company on the NSE with ticker symbol WINDLAS in India, operating in the Health technology sector. As a publicly traded entity, the company provides investors with opportunities to participate in its growth story through equity ownership. The listing enables access to capital markets, enhances corporate visibility, and provides liquidity for shareholders while maintaining transparency through regulatory compliance and regular financial disclosures.
- IPO date16 Aug 2021
- Listed onBSE: 543329 · NSE: WINDLAS
- Listed entityWindlas Biotech Ltd.
- Exchange sectorHealth technology
- ISININE0H5O01029
- Share price₹923.50 (-1.25% on the day) · 2026-10-14
- Market capitalisation₹1,929 Cr
- Price to earnings29.5
- EPS (diluted, trailing year)₹31.26
- Dividend yield0.66%
- Volume (last session)38,445
Financials of Windlas
Exchange-reported figures of Windlas Biotech Limited, the listed company behind Windlas (NSE: WINDLAS).
Financial Highlights
FY 2025-26 Β· ConsolidatedRevenue vs Net Profit ₹ Cr
Margin trends
Financial summary ₹ Cr
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 904 | 760 | 631 | 513 | 466 | 428 | 329 |
| Revenue growth | +19.0% | +20.4% | +23.0% | +10.1% | +9.0% | +30.0% | - |
| EBITDA | 105 | 94.10 | 78.17 | 60.23 | 52.41 | 27.26 | 34.00 |
| EBITDA margin | +11.6% | +12.4% | +12.4% | +11.7% | +11.3% | +6.4% | +10.3% |
| Profit before tax | 86.98 | 79.75 | 77.09 | 57.05 | 45.55 | 21.74 | 24.67 |
| Net profit | 66.46 | 60.98 | 58.18 | 41.99 | 38.07 | 31.31 | 16.23 |
| Net profit margin | +7.4% | +8.0% | +9.2% | +8.2% | +8.2% | +7.3% | +4.9% |
| EPS (βΉ) | 31.49 | 29.10 | 27.98 | 20.37 | 17.48 | 24.70 | 25.29 |
| Balance sheet | |||||||
| Total assets | 620 | 541 | 456 | 410 | 403 | 233 | 240 |
| Net worth | 581 | 506 | 450 | 402 | 395 | 199 | 210 |
| Total debt | 35.25 | 32.60 | 3.64 | 4.99 | 6.64 | 32.35 | 28.93 |
| Cash & bank | 1.81 | 15.93 | 30.95 | 25.45 | 114 | 31.11 | 18.38 |
| Net working capital | 70.64 | 82.66 | 87.73 | 128 | 229 | 109 | 47.15 |
| Cash flow | |||||||
| Cash from operations | 105 | 68.19 | 109 | 60.97 | 9.13 | 11.46 | 25.01 |
| Cash from investing | (91.79) | (74.06) | (92.07) | (14.11) | (155) | (20.20) | (14.34) |
| Cash from financing | (13.03) | 1.01 | (15.29) | (43.74) | 130 | 0.78 | (5.44) |
| Particulars | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | Jun 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 238 | 233 | 222 | 210 | 203 | 195 | 187 | 175 |
| Revenue growth (YoY) | +17.7% | +19.5% | +18.9% | +20.0% | +18.3% | - | - | - |
| Other income | 4.35 | 4.57 | 3.65 | 5.24 | 4.94 | 4.11 | 4.84 | 4.13 |
| EBITDA | 25.29 | 24.37 | 28.56 | 26.52 | 25.55 | 24.63 | 23.05 | 20.88 |
| EBITDA margin | +10.6% | +10.5% | +12.8% | +12.6% | +12.6% | +12.6% | +12.3% | +11.9% |
| Depreciation | 8.00 | 7.70 | 7.60 | 7.45 | 8.34 | 6.94 | 6.50 | 6.21 |
| Interest | 1.48 | 1.28 | 1.02 | 1.06 | 1.33 | 1.46 | 1.10 | 0.49 |
| Profit before tax | 20.16 | 19.96 | 23.59 | 23.25 | 20.82 | 20.34 | 20.29 | 18.31 |
| Tax | 4.18 | 4.97 | 5.79 | 5.59 | 4.55 | 4.76 | 4.63 | 4.83 |
| Net profit | 15.98 | 14.99 | 17.80 | 17.66 | 16.27 | 15.58 | 15.66 | 13.48 |
| EPS (βΉ) | 7.49 | 7.05 | 8.40 | 8.34 | 7.69 | 7.38 | 7.43 | 6.47 |
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 904 | 760 | 631 | 513 | 466 | 428 | 329 |
| Revenue growth | +19.0% | +20.4% | +23.0% | +10.1% | +9.0% | +30.0% | - |
| EBITDA | 105 | 94.11 | 78.10 | 60.25 | 52.88 | 22.34 | 40.67 |
| EBITDA margin | +11.6% | +12.4% | +12.4% | +11.7% | +11.4% | +5.2% | +12.4% |
| Profit before tax | 86.94 | 79.39 | 77.03 | 57.07 | 46.02 | 11.17 | 30.57 |
| Net profit | 66.44 | 60.64 | 58.15 | 42.01 | 38.54 | 19.49 | 22.46 |
| Net profit margin | +7.4% | +8.0% | +9.2% | +8.2% | +8.3% | +4.6% | +6.8% |
| EPS (βΉ) | 31.48 | 28.94 | 27.96 | 20.38 | 17.69 | 7.81 | 35.03 |
| Balance sheet | |||||||
| Total assets | 620 | 541 | 456 | 410 | 404 | 233 | 245 |
| Net worth | 581 | 506 | 450 | 403 | 395 | 199 | 216 |
| Total debt | 35.25 | 32.60 | 3.64 | 4.99 | 6.64 | 32.35 | 27.43 |
| Cash & bank | 1.81 | 15.92 | 30.90 | 25.45 | 114 | 30.96 | 18.38 |
| Net working capital | 70.64 | 82.97 | 88.08 | 128 | 229 | 109 | 47.67 |
| Cash flow | |||||||
| Cash from operations | 105 | 68.23 | 109 | 60.98 | 9.00 | 11.45 | 20.87 |
| Cash from investing | (91.79) | (74.06) | (92.07) | (14.11) | (154) | (20.19) | (9.16) |
| Cash from financing | (13.03) | 1.01 | (15.29) | (43.74) | 130 | 0.78 | (6.48) |
| Particulars | Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 264 | 248 | 238 | 233 | 222 | 210 | 203 | 195 |
| Revenue growth (YoY) | +18.7% | +18.1% | +17.7% | +19.5% | +18.9% | +20.0% | - | - |
| Other income | 3.86 | 5.11 | 4.40 | 4.52 | 3.65 | 5.24 | 4.94 | 3.73 |
| Total expenses | 235 | 221 | 213 | 209 | 194 | 184 | 177 | 170 |
| EBITDA | 29.37 | 26.68 | 25.24 | 24.37 | 28.56 | 26.52 | 25.55 | 24.64 |
| EBITDA margin | +11.1% | +10.8% | +10.6% | +10.5% | +12.8% | +12.6% | +12.6% | +12.6% |
| Depreciation | 7.59 | 7.21 | 8.00 | 7.70 | 7.60 | 7.45 | 8.34 | 6.94 |
| Interest | 2.33 | 1.65 | 1.48 | 1.28 | 1.02 | 1.06 | 1.33 | 1.46 |
| Profit before tax | 23.31 | 22.93 | 20.16 | 19.91 | 23.59 | 23.25 | 20.82 | 19.97 |
| Tax | 5.25 | 5.28 | 4.15 | 4.97 | 5.79 | 5.59 | 4.55 | 4.74 |
Financial Statements
| Particulars | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | Jun 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 238 | 233 | 222 | 210 | 203 | 195 | 187 | 175 |
| Revenue growth (YoY) | +17.7% | +19.5% | +18.9% | +20.0% | +18.3% | - | - | - |
| Other income | 4.35 | 4.57 | 3.65 | 5.24 | 4.94 | 4.11 | 4.84 | 4.13 |
| EBITDA | 25.29 | 24.37 | 28.56 | 26.52 | 25.55 | 24.63 | 23.05 | 20.88 |
| EBITDA margin | +10.6% | +10.5% | +12.8% | +12.6% | +12.6% | +12.6% | +12.3% | +11.9% |
| Depreciation | 8.00 | 7.70 | 7.60 | 7.45 | 8.34 | 6.94 | 6.50 | 6.21 |
| Interest | 1.48 | 1.28 | 1.02 | 1.06 | 1.33 | 1.46 | 1.10 | 0.49 |
| Profit before tax | 20.16 | 19.96 | 23.59 | 23.25 | 20.82 | 20.34 | 20.29 | 18.31 |
| Tax | 4.18 | 4.97 | 5.79 | 5.59 | 4.55 | 4.76 | 4.63 | 4.83 |
| Net profit | 15.98 | 14.99 | 17.80 | 17.66 | 16.27 | 15.58 | 15.66 | 13.48 |
| EPS (βΉ) | 7.49 | 7.05 | 8.40 | 8.34 | 7.69 | 7.38 | 7.43 | 6.47 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 904 | 760 | 631 | 513 | 466 | 428 | 329 |
| Revenue growth | +19.0% | +20.4% | +23.0% | +10.1% | +9.0% | +30.0% | - |
| Other income | 17.80 | 18.02 | 13.47 | 9.97 | 6.71 | 8.74 | 2.49 |
| Total expenses | 799 | 666 | 553 | 453 | 414 | 400 | 295 |
| Employee cost | 152 | 123 | 87.46 | 70.32 | 63.41 | 58.32 | 43.57 |
| EBITDA | 105 | 94.10 | 78.17 | 60.23 | 52.41 | 27.26 | 34.00 |
| EBITDA margin | +11.6% | +12.4% | +12.4% | +11.7% | +11.3% | +6.4% | +10.3% |
| Depreciation | 30.74 | 27.99 | 13.44 | 12.36 | 12.15 | 12.97 | 9.29 |
| Interest | 4.83 | 4.38 | 1.11 | 0.79 | 1.42 | 1.29 | 2.53 |
| Profit before tax | 86.98 | 79.75 | 77.09 | 57.05 | 45.55 | 21.74 | 24.67 |
| Tax | 20.52 | 18.76 | 18.91 | 14.41 | 7.47 | 6.17 | 8.45 |
| Net profit | 66.46 | 60.98 | 58.18 | 41.99 | 38.07 | 31.31 | 16.23 |
| Net profit margin | +7.4% | +8.0% | +9.2% | +8.2% | +8.2% | +7.3% | +4.9% |
| EPS (βΉ) | 31.49 | 29.10 | 27.98 | 20.37 | 17.48 | 24.70 | 25.29 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Equity & liabilities | |||||||
| Share capital | 10.55 | 10.48 | 10.40 | 10.46 | 10.90 | 6.41 | 6.41 |
| Reserves & surplus | 570 | 495 | 440 | 392 | 384 | 193 | 203 |
| Shareholders' funds (net worth) | 581 | 506 | 450 | 402 | 395 | 199 | 210 |
| Minority interest | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Secured loans | 29.88 | 27.12 | 0.11 | 0.44 | 5.76 | 30.24 | 27.43 |
| Unsecured loans | 5.37 | 5.48 | 3.53 | 4.55 | 0.88 | 2.11 | 1.50 |
| Total debt | 35.25 | 32.60 | 3.64 | 4.99 | 6.64 | 32.35 | 28.93 |
| Total liabilities | 620 | 541 | 456 | 410 | 403 | 233 | 240 |
| Assets | |||||||
| Gross block | 367 | 347 | 275 | 194 | 164 | 157 | 79.35 |
| Net block | 213 | 223 | 179 | 109 | 91.18 | 95.94 | 70.26 |
| Capital work in progress | 59.59 | 5.32 | 5.71 | 14.78 | 8.01 | 0.04 | 0.00 |
| Investments | 268 | 223 | 173 | 107 | 64.82 | 23.14 | 116 |
| Inventories | 61.82 | 81.38 | 62.19 | 74.74 | 58.71 | 41.46 | 49.32 |
| Sundry debtors | 227 | 167 | 136 | 117 | 111 | 79.41 | 63.94 |
| Cash & bank balances | 1.81 | 15.93 | 30.95 | 25.45 | 114 | 31.11 | 18.38 |
| Loans & advances | 67.44 | 37.59 | 28.44 | 29.97 | 33.52 | 19.19 | 14.11 |
| Total current assets | 358 | 302 | 258 | 247 | 317 | 171 | 146 |
| Total current liabilities | 288 | 219 | 170 | 119 | 87.79 | 62.41 | 98.60 |
| Net working capital | 70.64 | 82.66 | 87.73 | 128 | 229 | 109 | 47.15 |
| Total assets | 620 | 541 | 456 | 410 | 403 | 233 | 240 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | 0.42 | 5.29 | 3.69 | 0.57 | 15.93 | 23.90 | 12.86 |
| Net cash from operating activities | 105 | 68.19 | 109 | 60.97 | 9.13 | 11.46 | 25.01 |
| Net cash from investing activities | (91.79) | (74.06) | (92.07) | (14.11) | (155) | (20.20) | (14.34) |
| Net cash from financing activities | (13.03) | 1.01 | (15.29) | (43.74) | 130 | 0.78 | (5.44) |
| Net change in cash | 0.11 | (4.86) | 1.60 | 3.12 | (15.36) | (7.97) | 5.22 |
| Closing cash | 1.81 | 15.93 | 30.95 | 25.45 | 114 | 31.11 | 18.38 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Sales growth | +19.0% | +20.4% | +23.0% | +10.1% | +9.0% | +30.0% | - |
| EBITDA growth | +11.3% | +20.4% | +29.8% | +14.9% | +92.3% | -19.8% | - |
| PBT growth | +9.1% | +3.5% | +35.1% | +25.3% | +109.5% | -11.9% | -67.6% |
| Net income growth | +9.0% | +4.8% | +38.6% | +10.3% | +21.6% | +92.9% | - |
| Revenue CAGR (3Y) | +20.8% | +17.7% | +13.9% | +16.0% | +14.9% | +6.7% | - |
| EBITDA CAGR (3Y) | +20.3% | +21.5% | +42.1% | +21.0% | +11.6% | -11.5% | - |
| Profitability & leverage | |||||||
| Net income margin | +7.4% | +8.0% | +9.2% | +8.3% | +8.2% | +3.6% | +4.9% |
| Return on capital employed | +15.8% | +16.9% | +18.1% | +14.2% | +14.8% | +18.9% | +11.7% |
| Return on net worth | +12.2% | +12.8% | +13.7% | +10.7% | +12.8% | +15.2% | +8.0% |
| Debt / equity | 0.06 | 0.04 | 0.01 | 0.01 | 0.07 | 0.15 | 0.15 |
| Long-term debt / equity | 0.00 | 0.00 | 0.01 | 0.00 | 0.00 | 0.01 | 0.02 |
| Interest cover | 6.53 | 6.63 | 1.71 | 1.65 | 3.53 | 9.03 | 10.24 |
| Efficiency & per share | |||||||
| Fixed asset turnover | 2.54 | 2.45 | 2.69 | 2.87 | 2.90 | 3.62 | 4.01 |
| Inventory turnover | 12.63 | 10.59 | 9.22 | 7.69 | 9.30 | 9.42 | 9.62 |
| Debtors turnover | 4.59 | 5.01 | 4.99 | 4.51 | 4.90 | 5.97 | 5.23 |
| EPS (βΉ) | 31.49 | 29.10 | 27.98 | 20.37 | 17.48 | 24.70 | 25.29 |
| Dividend per share (βΉ) | 6.30 | 5.80 | 5.50 | 4.00 | 3.50 | 0.00 | 0.00 |
| Book value per share (βΉ) | 275.20 | 241.30 | 216.34 | 192.24 | 181.14 | 310.59 | 327.03 |
| Particulars | Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 264 | 248 | 238 | 233 | 222 | 210 | 203 | 195 |
| Revenue growth (YoY) | +18.7% | +18.1% | +17.7% | +19.5% | +18.9% | +20.0% | - | - |
| Other income | 3.86 | 5.11 | 4.40 | 4.52 | 3.65 | 5.24 | 4.94 | 3.73 |
| Total expenses | 235 | 221 | 213 | 209 | 194 | 184 | 177 | 170 |
| EBITDA | 29.37 | 26.68 | 25.24 | 24.37 | 28.56 | 26.52 | 25.55 | 24.64 |
| EBITDA margin | +11.1% | +10.8% | +10.6% | +10.5% | +12.8% | +12.6% | +12.6% | +12.6% |
| Depreciation | 7.59 | 7.21 | 8.00 | 7.70 | 7.60 | 7.45 | 8.34 | 6.94 |
| Interest | 2.33 | 1.65 | 1.48 | 1.28 | 1.02 | 1.06 | 1.33 | 1.46 |
| Profit before tax | 23.31 | 22.93 | 20.16 | 19.91 | 23.59 | 23.25 | 20.82 | 19.97 |
| Tax | 5.25 | 5.28 | 4.15 | 4.97 | 5.79 | 5.59 | 4.55 | 4.74 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 904 | 760 | 631 | 513 | 466 | 428 | 329 |
| Revenue growth | +19.0% | +20.4% | +23.0% | +10.1% | +9.0% | +30.0% | - |
| Other income | 17.80 | 17.65 | 13.47 | 9.97 | 6.71 | 3.09 | 0.96 |
| Total expenses | 799 | 666 | 553 | 453 | 413 | 405 | 288 |
| Employee cost | 152 | 123 | 87.46 | 70.32 | 63.41 | 58.32 | 43.88 |
| EBITDA | 105 | 94.11 | 78.10 | 60.25 | 52.88 | 22.34 | 40.67 |
| EBITDA margin | +11.6% | +12.4% | +12.4% | +11.7% | +11.4% | +5.2% | +12.4% |
| Depreciation | 30.74 | 27.99 | 13.44 | 12.36 | 12.15 | 12.97 | 8.69 |
| Interest | 4.83 | 4.38 | 1.10 | 0.79 | 1.42 | 1.29 | 2.37 |
| Profit before tax | 86.94 | 79.39 | 77.03 | 57.07 | 46.02 | 11.17 | 30.57 |
| Tax | 20.50 | 18.74 | 18.88 | 14.41 | 7.47 | 6.17 | 8.11 |
| Net profit | 66.44 | 60.64 | 58.15 | 42.01 | 38.54 | 19.49 | 22.46 |
| Net profit margin | +7.4% | +8.0% | +9.2% | +8.2% | +8.3% | +4.6% | +6.8% |
| EPS (βΉ) | 31.48 | 28.94 | 27.96 | 20.38 | 17.69 | 7.81 | 35.03 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Equity & liabilities | |||||||
| Share capital | 10.55 | 10.48 | 10.40 | 10.46 | 10.90 | 6.41 | 6.41 |
| Reserves & surplus | 570 | 495 | 440 | 392 | 384 | 193 | 210 |
| Shareholders' funds (net worth) | 581 | 506 | 450 | 403 | 395 | 199 | 216 |
| Secured loans | 29.88 | 27.12 | 0.11 | 0.44 | 6.12 | 30.24 | 22.16 |
| Unsecured loans | 5.37 | 5.48 | 3.53 | 4.55 | 0.52 | 2.11 | 5.27 |
| Total debt | 35.25 | 32.60 | 3.64 | 4.99 | 6.64 | 32.35 | 27.43 |
| Total liabilities | 620 | 541 | 456 | 410 | 404 | 233 | 245 |
| Assets | |||||||
| Gross block | 367 | 346 | 274 | 193 | 164 | 157 | 141 |
| Net block | 213 | 223 | 179 | 109 | 91.18 | 95.94 | 68.43 |
| Capital work in progress | 59.59 | 5.32 | 5.71 | 14.78 | 8.01 | 0.04 | 0.00 |
| Investments | 268 | 223 | 173 | 107 | 64.86 | 23.18 | 121 |
| Inventories | 61.82 | 81.38 | 62.19 | 74.74 | 58.71 | 41.46 | 49.32 |
| Sundry debtors | 227 | 167 | 136 | 117 | 111 | 79.41 | 64.56 |
| Cash & bank balances | 1.81 | 15.92 | 30.90 | 25.45 | 114 | 30.96 | 18.38 |
| Loans & advances | 67.44 | 37.89 | 28.44 | 29.97 | 33.52 | 19.18 | 14.11 |
| Total current assets | 358 | 302 | 258 | 247 | 317 | 171 | 146 |
| Total current liabilities | 288 | 219 | 170 | 119 | 87.46 | 62.42 | 98.70 |
| Net working capital | 70.64 | 82.97 | 88.08 | 128 | 229 | 109 | 47.67 |
| Total assets | 620 | 541 | 456 | 410 | 404 | 233 | 245 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | 0.42 | 5.24 | 3.69 | 0.55 | 15.78 | 23.74 | 12.86 |
| Net cash from operating activities | 105 | 68.23 | 109 | 60.98 | 9.00 | 11.45 | 20.87 |
| Net cash from investing activities | (91.79) | (74.06) | (92.07) | (14.11) | (154) | (20.19) | (9.16) |
| Net cash from financing activities | (13.03) | 1.01 | (15.29) | (43.74) | 130 | 0.78 | (6.48) |
| Net change in cash | 0.11 | (4.82) | 1.56 | 3.13 | (15.22) | (7.97) | 5.22 |
| Closing cash | 1.81 | 15.92 | 30.90 | 25.45 | 114 | 30.96 | 18.38 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Sales growth | +19.0% | +20.4% | +23.0% | +10.1% | +9.0% | +30.0% | - |
| EBITDA growth | +11.3% | +20.5% | +29.6% | +13.9% | +136.7% | -45.1% | - |
| PBT growth | +9.5% | +3.1% | +35.0% | +24.0% | +312.0% | -63.5% | -12.3% |
| Net income growth | +9.6% | +4.3% | +38.4% | +9.0% | +97.7% | -13.2% | - |
| Revenue CAGR (3Y) | +20.8% | +17.7% | +13.9% | +16.0% | +17.4% | +10.1% | +1.4% |
| EBITDA CAGR (3Y) | +20.2% | +21.2% | +51.8% | +14.0% | +6.0% | -16.5% | +17.9% |
| Profitability & leverage | |||||||
| Net income margin | +7.4% | +8.0% | +9.2% | +8.3% | +8.3% | +1.2% | +6.8% |
| Return on capital employed | +15.8% | +16.8% | +18.0% | +14.2% | +14.9% | +18.8% | +14.0% |
| Return on net worth | +12.2% | +12.7% | +13.6% | +10.7% | +13.0% | +9.4% | +10.9% |
| Debt / equity | 0.06 | 0.04 | 0.01 | 0.01 | 0.07 | 0.14 | 0.14 |
| Long-term debt / equity | 0.00 | 0.00 | 0.01 | 0.00 | 0.00 | 0.01 | 0.02 |
| Interest cover | 6.53 | 6.62 | 1.70 | 1.65 | 3.49 | 13.77 | 7.41 |
| Efficiency & per share | |||||||
| Fixed asset turnover | 2.54 | 2.45 | 2.70 | 2.87 | 2.90 | 2.87 | 2.47 |
| Inventory turnover | 12.63 | 10.59 | 9.22 | 7.69 | 9.30 | 9.42 | 9.62 |
| Debtors turnover | 4.59 | 5.01 | 4.99 | 4.51 | 4.90 | 5.94 | 5.19 |
| EPS (βΉ) | 31.48 | 28.94 | 27.96 | 20.38 | 17.69 | 7.81 | 35.03 |
| Dividend per share (βΉ) | 6.30 | 5.80 | 5.50 | 4.00 | 3.50 | 0.00 | 0.00 |
| Book value per share (βΉ) | 275.20 | 241.31 | 216.51 | 192.42 | 181.30 | 310.39 | 337.66 |
Timeline of Windlas
6 dated milestones of Windlas across 20 years, from founding to its latest funding, stage changes and deals.
- Founded Windlas is founded.
- Funding First funding round of $13.0M.
- Milestone Reaches Minicorn status.
- Exit Acquired by Zydus Life.
- Funding Latest funding round, Debt β Conventional, of $2.5M.
- IPO Lists on the stock exchange (IPO).
Competitors of Windlas
Windlas has 3 listed competitors in our database, 2 of them funded. They include Akums, Jubilant Life Sciences and Nectar Lifesciences.
| Company Name | Domain | Founded | HQ Location | Total funding | Employees | Description |
|---|---|---|---|---|---|---|
| akums.in | 2004 | Delhi, India | $70M | 395 | CDMO focusing on spectrum of dosage forms and therapeutic segments | |
| jubl.com | 1978 | Noida, India | Company offering a suite of R&D and manufacturing services for small molecules and generics | |||
| neclife.com | 1995 | Chandigarh, India | $46.85M | 175 | Cephalosporin APIs and generic formulations are manufactured. |
Detailed competitors of Windlas
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Web traffic of Windlas
The website of Windlas (windlas.com) receives about 7.2K visits a month.
- Monthly visits7.2K
▲ 20.4% vs previous month
Websites whose visitors overlap most with Windlas. Affinity shows how closely the audiences match.
| Website | Domain | Audience affinity | Monthly visits | Global rank | Profile |
|---|---|---|---|---|---|
| valueresearchonline.com | 100% | 4.3M | #12,646 | View details |
Top companies in Biopharma Outsourcing & Drug Delivery
3 companies that operate in the same segment as Windlas (Biopharma Outsourcing & Drug Delivery) in India, ranked by their profile score on The Company Check.
| Company | Description | Founded | Location | Total funding | Revenue | Employees |
|---|---|---|---|---|---|---|
Developer of integrated contract research development and manufacturing services | 2007 | Bengaluru, Karnataka, India | USD 35.74 M | USD 226.38 M | 2,062 | |
Pharmaceutical and biotechnology company | 2005 | Hyderabad, Telangana, India | USD 229.73 M | USD 726.15 M | 548 | |
India's leading healthcare products distribution platform | 2018 | Mumbai, Maharashtra, India | USD 59.67 M | USD 702.49 M | 557 |
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Frequently Asked Questions about Windlas
Windlas was founded in 2001 and raised its 1st funding round 14 years after it was founded.
Windlas is headquartered in Gurugram, India. It is registered at Gurugram, Haryana, India.
Komal Gupta is the CEO of Windlas, as recorded in our data.
Windlas is a funded company, having raised a total of $12.96M across 3 funding rounds to date. The company's 1st funding round was a Private Equity Round of $12.96M, raised on Aug 2015.
Windlas has 895 employees.
The primary company behind Windlas, Windlas Biotech Limited, reported revenue of βΉ922 Cr for FY 2026, up 19% year on year.
Windlas was founded in 2001 and is headquartered in Gurugram, India. Regulatory affairs, quality control, and market strategy services are delivered to the biopharma sector by the company. Operations focus on supporting biopharma firms with compliance, testing, and strategic planning needs. Leadership includes co-founders Ashok Kumar Windlas and Manoj Kumar Windlass, alongside CEO Komal Gupta, whose details encompass DIN and PAN identifiers for corporate records.
Windlas's top competitors include Jubilant Life Sciences, Akums and Nectar Lifesciences.
Windlas offers Contract Manufacturing Services, Therapeutic Products, and Customized Formulations.
Yes, Windlas is publicly traded on NSE under the ticker symbol WINDLAS.
Windlas has 6 investors. Key investors include HDFC Bank, HSBC, Kotak Mahindra Bank, IndusInd Bank, and Zydus Life.
The valuation of Windlas is $81.22M as of Aug 2015.

