1. Opening Hook
If pharma had an attendance award, Windlas would win it — 11 straight quarters of record revenue and not a single “missed class.” While the broader Indian pharma market crawled at 7.7%, Windlas sprinted 19% ahead, fuelled by injectables, exports, and a rather generous ESOP buffet that made analysts raise an eyebrow and employees smile wide. Investors got a dividend; employees got stock; and the CFO got to explain why the word “non-cash” suddenly sounded like a charm spell.
Spoiler: it gets spicier when the ESOP math meets EBITDA margins later. Stay tuned. 😏
2. At a Glance
- Revenue up 19% YoY: Eleven quarters in a row — they’ve clearly forgotten what “flat” means.
- EBITDA ₹29 cr (Q2) / ₹55 cr (H1): Execution discipline or accounting fitness regime? You decide.
- PAT ₹18 cr (Q2) / ₹35 cr (H1): Margins flexed harder than expected.
- Gross Margin +70 bps: Scale magic beats raw material gremlins.
- EPS ₹16.91 (H1): Up 21% YoY — because growth compounds better than vitamin tablets.
- Liquidity ₹237 cr: Pharma’s version of a fully stocked medicine cabinet.
- Stock split? Nope. But ESOPs at ₹5? Cue jealous laughter from retail investors.
3. Management’s Key Commentary
“We delivered 19% growth despite industry volume decline.”
(Translation: When the market coughed, we sold the cough syrup.)
“ESOP expenditure is an investment in people, not a cost.”
(Said every CFO before analysts reached for their calculators.) 😅
“Almost 100 key employees covered under the ESOP plan.”
(Translation: Everyone who can leave has now been handcuffed with shares.)
“Injectables ramping up well; customer approvals coming
in.”
(Still waiting for the part where it becomes profitable though.)
“Plant-6 will be commissioned within FY26.”
(One more facility — because apparently five weren’t enough.)
“Exports grew 23% H1; moderation in Q2 is temporary.”
(Read: We’ll blame customs clearance delays if needed.)
“We are open to inorganic expansion — but not to buying trouble.”
(Sensible — nobody wants to inherit someone else’s FDA nightmares.) 😏
4. Numbers Decoded
| Metric | Q2FY26 | Q1FY26 | Q2FY25 | Comment |
|---|---|---|---|---|
| Revenue (₹ cr) | 222 | 210 | 187 | 19% YoY – Growth tonic still working. |
| EBITDA (₹ cr) | 29 | 26 | 23 | Even after ESOP hit. Respect. |
| PAT (₹ cr) | 18 | 17 | 14 | Steady climb; no sugar rush. |
| EBITDA Margin | 13% | 12.4% | 12.3% | Would be 13.5% without ESOP dose. |
| EPS (₹) | — | — | 16.91 (H1) | Investors feel better already. |
| Cash & Equivalents | ₹237 cr | ₹225 cr | ₹190 cr | Solid pharma piggy bank. |
| Inventory Days | 29 | 39 | 33 | GST tweak trimmed it — temporarily. |
In short: Double-digit growth, margin stability, and a CFO explaining why ₹50 cr of ESOPs won’t bite earnings “too much.”
5. Analyst Questions
Q: What’s the logic behind such a massive ESOP plan?
A: It’s non-cash, motivational, and retention-oriented. (Translation: “We don’t want our top people poached.”)
Q: Injectables timeline slipping?
