BSE: 543329 | NSE: WINDLAS | Pharmaceuticals & Drugs | Small Cap
Past 10 year's financial track record analysis by Moneyworks4me indicates that Windlas Biotech Ltd is a average quality company.
The key valuation ratios of Windlas Biotech Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Windlas Biotech Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 13.8% | 7.7% | 9.6% | 14.4% | 17.9% | 14.7% | 5.2% | 15% | 14.4% | 18.3% | - |
| Value Creation Index ⓘ | 0.0 | -0.5 | -0.3 | 0.0 | 0.3 | 0.1 | -0.6 | 0.1 | 0.0 | 0.3 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 259 | 274 | 315 | 320 | 288 | 329 | 428 | 466 | 513 | 631 | 696 |
| Sales YoY Gr. | - | 5.7% | 15.2% | 1.6% | -10% | 14.1% | 30% | 9% | 10.1% | 23% | - |
| Adj EPS ⓘ | 3.9 | 2.9 | 5.8 | 10.6 | 12.3 | 13 | 15.2 | 17.5 | 20 | 27.9 | 29.3 |
| YoY Gr. | - | -27% | 101.4% | 83% | 16.5% | 5.6% | 16.4% | 15.8% | 13.8% | 39.5% | - |
| BVPS (₹) ⓘ | 45.1 | 86.8 | 92.6 | 103.2 | 106.6 | 121 | 109.3 | 180.5 | 191.1 | 214.2 | 225.6 |
| Adj Net Profit ⓘ | 5.6 | 4.6 | 9.2 | 16.8 | 22.5 | 23.7 | 27.6 | 38.2 | 41.8 | 57.9 | 61 |
| Cash Flow from Ops. ⓘ | -2.5 | 47.3 | 6.9 | 39.1 | 22.1 | 24.9 | 11.5 | 9 | 61 | 109 | - |
| Debt/CF from Ops. ⓘ | -30.6 | 1.1 | 8.6 | 1 | 1.4 | 1.1 | 2.7 | 0.7 | 0 | 0 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 10.4% | 17% | 13.9% | 23% | ||||
| Adj EPS ⓘ | 24.3% | 17.7% | 22.5% | 39.5% | ||||
| BVPSⓘ | 18.9% | 15% | 25.1% | 12.1% | ||||
| Share Price | - | - | 54.5% | 140.9% | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 9.1 | 4.4 | 6.3 | 10.6 | 12.4 | 11.4 | 13.2 | 12.9 | 10.5 | 13.6 | 13.3 |
| Op. Profit Mgn % ⓘ | 9.1 | 7.5 | 7.9 | 12 | 15.4 | 12.6 | 12.8 | 11.4 | 11.7 | 12.4 | 12.4 |
| Net Profit Mgn % ⓘ | 2.2 | 1.7 | 2.9 | 5.2 | 7.8 | 7.2 | 6.5 | 8.2 | 8.1 | 9.2 | 8.8 |
| Debt to Equity ⓘ | 1.2 | 0.4 | 0.4 | 0.2 | 0.2 | 0.1 | 0.2 | 0 | 0 | 0 | 0 |
| Working Cap Days ⓘ | 156 | 145 | 115 | 118 | 123 | 126 | 119 | 140 | 171 | 147 | 119 |
| Cash Conv. Cycle ⓘ | 41 | 27 | 9 | 10 | 3 | 22 | 39 | 69 | 68 | 41 | 64 |
Return on Equity has increased versus last 3 years average to 13.30%
Sales growth is growing at healthy rate in last 3 years 13.85%
Net Profit is growing at healthy rate in last 3 years 22.50%
Sales growth is good in last 4 quarters at 25.18%
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| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 29.3 | 29.3 |
| TTM Sales (₹ Cr.) | 696 | 696 |
| BVPS (₹.) ⓘ | 225.6 | 225.5 |
| Reserves (₹ Cr.) ⓘ | 461 | 461 |
| P/BV ⓘ | 4.63 | 4.64 |
| PE ⓘ | 35.72 | 35.69 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 423.40 / 1197.00 |
| All Time Low / High (₹) | 203.15 / 1197.00 |
| Market Cap (₹ Cr.) | 2,185 |
| Equity (₹ Cr.) | 10.5 |
| Face Value (₹) | 5 |
| Industry PE ⓘ | 45.1 |
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 259 | 274 | 315 | 320 | 288 | 329 | 428 | 466 | 513 | 631 |
| Operating Expenses ⓘ | 235 | 253 | 290 | 282 | 244 | 287 | 373 | 413 | 453 | 553 |
| Manufacturing Costs | 7 | 9 | 10 | 11 | 12 | 15 | 34 | 36 | 54 | 53 |
| Material Costs | 195 | 203 | 234 | 224 | 181 | 212 | 261 | 291 | 299 | 374 |
| Employee Cost | 21 | 25 | 29 | 33 | 33 | 44 | 58 | 63 | 70 | 87 |
| Other Costs ⓘ | 12 | 16 | 17 | 14 | 17 | 17 | 19 | 23 | 29 | 38 |
| Operating Profit ⓘ | 23 | 20 | 25 | 38 | 44 | 41 | 55 | 53 | 60 | 78 |
| Operating Profit Margin (%) | 9.1% | 7.5% | 7.9% | 12.0% | 15.4% | 12.6% | 12.8% | 11.4% | 11.7% | 12.4% |
| Other Income ⓘ | 0 | 1 | 4 | 3 | 2 | 2 | 3 | 7 | 10 | 13 |
| Interest ⓘ | 6 | 7 | 5 | 5 | 4 | 3 | 1 | 1 | 1 | 1 |
| Depreciation ⓘ | 7 | 9 | 9 | 11 | 8 | 9 | 13 | 12 | 12 | 13 |
| Exceptional Items ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | -32 | 0 | 0 | 0 |
| Profit Before Tax ⓘ | 11 | 6 | 14 | 25 | 35 | 32 | 11 | 46 | 57 | 77 |
| Tax ⓘ | 5 | 1 | 5 | 8 | 12 | 8 | 6 | 7 | 14 | 19 |
| Profit After Tax | 6 | 5 | 9 | 17 | 22 | 24 | 5 | 39 | 43 | 58 |
| PAT Margin (%) | 2.2% | 1.7% | 2.9% | 5.3% | 7.8% | 7.2% | 1.2% | 8.3% | 8.3% | 9.2% |
| Adjusted EPS (₹) | 3.9 | 2.9 | 5.8 | 10.7 | 12.3 | 13.0 | 2.8 | 17.7 | 20.4 | 28.0 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 20% | 20% | 20% |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | 64 | 141 | 150 | 167 | 194 | 220 | 199 | 393 | 400 | 445 |
| Share Capital ⓘ | 5 | 9 | 9 | 9 | 6 | 6 | 6 | 11 | 10 | 10 |
| Reserves ⓘ | 59 | 132 | 141 | 158 | 188 | 214 | 193 | 382 | 389 | 435 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt | 71 | 44 | 51 | 30 | 23 | 22 | 30 | 6 | 0 | 0 |
| Long Term Debt | 17 | 20 | 18 | 12 | 6 | 1 | 1 | 0 | 0 | 0 |
| Short Term Debt | 54 | 24 | 33 | 18 | 17 | 21 | 29 | 5 | 0 | 0 |
| Trade Payables | 54 | 76 | 77 | 75 | 58 | 83 | 40 | 63 | 87 | 131 |
| Others Liabilities ⓘ | 11 | 20 | 25 | 25 | 20 | 23 | 27 | 27 | 40 | 49 |
| Total Liabilities ⓘ | 200 | 280 | 303 | 297 | 295 | 349 | 296 | 489 | 527 | 626 |
Fixed Assets | ||||||||||
| Gross Block | 82 | 91 | 101 | 114 | 126 | 79 | 184 | 164 | 194 | 275 |
| Accumulated Depreciation | 27 | 35 | 45 | 56 | 64 | 9 | 88 | 73 | 85 | 96 |
| Net Fixed Assetsⓘ | 55 | 56 | 56 | 58 | 62 | 70 | 96 | 91 | 109 | 179 |
| CWIP ⓘ | 0 | 9 | 15 | 11 | 5 | 0 | 0 | 8 | 15 | 6 |
| Investmentsⓘ | 10 | 95 | 121 | 123 | 121 | 127 | 23 | 65 | 107 | 173 |
| Inventories | 32 | 27 | 40 | 27 | 19 | 49 | 41 | 59 | 75 | 62 |
| Trade Receivables | 68 | 55 | 61 | 59 | 62 | 64 | 79 | 111 | 117 | 136 |
| Cash Equivalents | 8 | 29 | 2 | 6 | 13 | 18 | 31 | 114 | 25 | 31 |
| Others Assetsⓘ | 27 | 9 | 8 | 13 | 13 | 20 | 25 | 42 | 79 | 38 |
| Total Assets ⓘ | 200 | 280 | 303 | 297 | 295 | 349 | 296 | 489 | 527 | 626 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | -3 | 47 | 7 | 39 | 22 | 25 | 11 | 9 | 61 | 109 |
| PBT ⓘ | 11 | 6 | 14 | 25 | 35 | 32 | 11 | 46 | 57 | 77 |
| Adjustment ⓘ | 13 | 16 | 12 | 15 | 10 | 10 | 47 | 10 | 7 | 7 |
| Changes in Working Capital ⓘ | -19 | 29 | -18 | 4 | -9 | -4 | -40 | -38 | 6 | 44 |
| Tax Paid ⓘ | -7 | -3 | -2 | -5 | -13 | -13 | -7 | -9 | -10 | -19 |
| Cash Flow From Investing Activity ⓘ | -20 | -62 | -39 | -11 | -7 | -14 | -20 | -154 | -14 | -92 |
| Capex | 0 | -13 | -15 | -11 | -10 | -15 | -6 | -15 | -70 | -38 |
| Net Investments | 0 | 0 | 0 | 0 | 3 | 0 | 87 | -142 | 51 | -56 |
| Others ⓘ | -20 | -49 | -23 | 1 | 1 | 1 | -102 | 3 | 5 | 2 |
| Cash Flow From Financing Activityⓘ | 26 | 39 | 5 | -25 | -8 | -5 | 1 | 130 | -44 | -15 |
| Net Proceeds from Shares ⓘ | 0 | 1 | 0 | 0 | 5 | 0 | 0 | 165 | 0 | 0 |
| Net Proceeds from Borrowing ⓘ | 0 | 0 | 0 | -5 | -8 | -6 | -5 | 0 | 0 | 0 |
| Interest Paid ⓘ | 0 | -7 | -5 | -5 | -3 | -3 | -1 | -1 | -1 | -1 |
| Dividend Paid ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -8 | -8 |
| Others ⓘ | 26 | 45 | 10 | -15 | -1 | 3 | 7 | -33 | -35 | -6 |
| Net Cash Flow ⓘ | 3 | 24 | -27 | 4 | 7 | 5 | -8 | -15 | 3 | 2 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 9.11 | 4.51 | 6.44 | 10.88 | 12.56 | 11.43 | 2.39 | 13.02 | 10.75 | 13.76 |
| ROCE (%) | 13.81 | 7.68 | 9.55 | 14.37 | 17.9 | 14.7 | 5.22 | 15.03 | 14.38 | 18.31 |
| Asset Turnover Ratio | 1.47 | 1.14 | 1.08 | 1.07 | 0.97 | 1.02 | 1.33 | 1.19 | 1.01 | 1.09 |
| PAT to CFO Conversion(x) | -0.5 | 9.4 | 0.78 | 2.29 | 1 | 1.04 | 2.2 | 0.23 | 1.42 | 1.88 | Working Capital Days |
| Receivable Days | 77 | 82 | 67 | 68 | 77 | 70 | 61 | 74 | 81 | 73 |
| Inventory Days | 45 | 40 | 39 | 38 | 29 | 38 | 39 | 39 | 47 | 40 |
| Payable Days | 97 | 117 | 119 | 124 | 134 | 122 | 86 | 65 | 92 | 107 |
Windlas Biotech is amongst the top five players in the domestic pharmaceutical formulations contract development and manufacturing organization (CDMO) industry in India in terms of revenue. With over two decades of experience in manufacturing both solid and liquid pharmaceutical dosage forms and significant experience in providing specialized capabilities, including, high potency, controlled substances and low solubility, it provides a comprehensive range of CDMO services ranging from product discovery, product development, licensing and commercial manufacturing of generic products, including complex generics, in compliance with current Good Manufacturing Practices (GMP) with a focus on improved safety, efficacy and cost. In addition to providing services and products in the CDMO market, it also sell its own branded products in the trade generics and OTC markets as well as export generic products to several countries.
The company’s CDMO Services and Products SBV is focused on providing products and services across a diverse range of pharmaceutical and nutraceutical generic products for Indian and multinational pharmaceutical companies who market such products under their own brand names to the end users. The company’s Domestic Trade Generics and OTC Brands SBV consists of (i) trade generic products; and (ii) OTC brands, which include nutraceutical and health supplement products that do not require prescription and are marketed, distributed and promoted in India under its own brand names through online and offline channels and majorly manufactured by it. Trade generic products are generic medicines, i.e. drugs for which the patents have expired, which are sold directly to the distributor and not marketed through medical representatives, and are typically used as a substitute for more expensive branded generic medicines in order to offer affordable medicines to patients by the retailers and pharmacies. The company’s Exports SBV is engaged in identifying high growth markets and opportunities in semi-regulated international markets as well as selected regulated markets, for developing and registering product applications to obtain marketing authorizations for generic medicines and health supplements and subsequently, sell such products to pharmaceutical companies and pharmacies in the respective markets.
Business area of the company
The company provides pharmaceutical development services, large-scale manufacturing services and authentic yet affordable products to its customers and consumers around the world.
Awards, accreditations and recognitions
Major events and milestones
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