Windsor Machines makes plastic processing machinery, but FY26 Q1 results were as messy as a melted polymer – a ₹16 Cr loss (with ₹11.6 Cr exceptional hit from plant shifts & liquidation). Stock trades at 3.8x book with ROE of 1.5% – so the market is clearly betting on a turnaround that hasn’t happened yet.
Introduction
Founded in 1963, Windsor once aimed to dominate the plastic machinery space. Instead, it’s now like an old injection moulding machine – still working, but creaky. Promoter stake slid from 58% to 44% in a year, a red flag investors can’t ignore. With Q1 losses and falling margins, is this a turnaround play or a liquidity trap in shiny packaging?
Business Model (WTF Do They Even Do?)
Injection Moulding Machines: Used for household goods, auto parts, electronics.
Pipe Extrusion Machines: Supplies for agriculture, water pipelines.
Blown Film Machines: For packaging films, shrink wraps, etc.
Summary: Windsor builds the machines that make plastic products – but high competition and capex-heavy operations keep profits under pressure.
Financials Overview
Source table
₹ Cr
FY23
FY24
FY25
TTM
Revenue
376
354
369
401
EBITDA
28
22
24
31
EBITDA %
7%
6%
6%
8%
Net Profit
5
-8
-3
-10
ROE %
0.7%
-1.2%
0.9%
1.5%
Comment: Revenue stagnant, profits yo-yo, and other income often saves the day.
Valuation
P/E: Currently not meaningful due to losses.
EV/EBITDA: High multiples vs peers given weak earnings.
