01 — At a Glance
When Your Cash Flow Is Positive But Your Soul Is Negative
- 52-Week High / Low₹410 / ₹213
- Q3 FY26 Revenue₹136 Cr
- Q3 FY26 PAT₹-3.89 Cr
- TTM EPS₹-1.68
- Annualised EPS (Q3 × 4)₹-1.80
- Book Value / Share₹83.6
- Price to Book2.72x
- Sales Growth YoY (TTM)+42%
- Debt / Equity0.02x
- Interest Coverage2.54x
Flash Summary: Windsor Machines just delivered Q3 FY26 PAT of ₹-3.89 crore — yes, that’s a loss, which is a 183% decline from Q3 FY25’s ₹6.42 crore loss. The company is making buckets of revenue (₹507 Cr TTM, up 42% YoY), yet somehow the bottom line looks like a Rajinikanth movie where the hero loses in the climax. The stock has returned -20% in 6 months, -30% in 1 year. And in February 2026, the board decided — “You know what this company needs? MORE ACQUISITIONS AND LAND SALES.” Nobody asked if they needed to make a profit first.
02 — Introduction
Meet the Machinery Maker That Makes Everything But Profits
Windsor Machines Ltd was incorporated in 1963 — the year Kennedy was shot and Nehru was still PM. For 62 years, this Ahmedabad-based company has been manufacturing plastic processing machinery. Think injection moulding machines, pipe extrusion equipment, blown film machines. If you’ve ever seen a plastic bag being manufactured, Windsor probably sold the equipment that made the equipment that made the bag. It’s three layers of abstraction away from being useful, but somehow it exists.
The company operates three broad segments: Injection Moulding (40% of revenue), Pipe Extrusion (60% of revenue), and Blown Film (you get it). Export revenue is 26% of total, which sounds impressive until you realize they’re still losing money domestically AND internationally — a truly global achievement.
But here’s the plot twist: Windsor is currently in what can only be described as an “aggressive expansion mode via leverage and land sales.” In November 2025, they announced they’d acquire 100% of Unitech for ₹42 crore (₹17 Cr cash + ₹25 Cr in shares at ₹338.90 each). They also bought 77,198 sqm of land in Rajkot for ₹55 crore. Then on Feb 10, 2026, they completed the Unitech acquisition. And on March 13, 2026, shareholders approved selling their original factory land at Vatva (36,775 sqm) to Lloyds Engineering for ₹147.50 crore. The company is essentially liquidating assets to fund growth. It’s like selling your house to buy a fancy restaurant, except you don’t know how to cook.
Promoter Watch: Promoter holding dropped from 58.52% (Mar 2023) to 46.18% (Dec 2025) — a 12.3% dilution in just 2.75 years. This is what happens when you issue shares at ₹338.90 to buy Unitech. Also, promoters have pledged 40% of their holdings. Translation: if the stock crashes 50% more, the pledged shares could be forcibly sold. Things are getting spicy.
03 — Business Model: Making Machines That Make Stuff
The Problem: Everyone Buys Once. Nobody Buys Twice.
Windsor’s business is simple in theory, brutal in practice. They design and manufacture plastic processing machinery. A customer buys a machine once, uses it for 5-10 years, and then either buys from someone else or repairs the old one. There’s no recurring revenue. No SaaS. No subscriptions. No “plastic processing machinery-as-a-service” (though give them ideas, they seem desperate).
Revenue comes from: (1) Machine sales (~95% of FY25 revenue), and (2) Spare parts and services (~5%). The only way to grow is to either increase unit sales, increase ASP (average selling price), or enter new geographies. Windsor has done all three, yet somehow the bottom line is sadder than an empty popcorn bucket at a cancelled movie show.
Q3 FY26 quarterly results show they sold 136 machines (down from 107 in Q3 FY25), so unit sales are actually improving. Revenue grew 26% QoQ to ₹136 Cr. But PAT swung from a ₹41.67 Cr profit in Mar 2024 to ₹-3.89 Cr loss in Dec 2025. That’s a ₹45 crore swing in under two years. The company’s margins have compressed to 2.92% OPM in Q3 from 9.10% in Q2 FY26. Something is very, very broken.
Extrusion Machinery~60%of revenue FY25
Injection Moulding~40%of revenue FY25
Export Revenue26%of total FY25
Domestic Revenue74%India market
The Good News That Isn’t: Windsor acquired Italtech from Italy to make “superior quality two-platen injection moulding machines.” They also got a patent from the Government of India on January 31, 2024. They’re collaborating with Kühne GmbH (Germany). They launched 9 new products in FY23-FY24. And yet… the company is losing money. It’s like buying a Ferrari engine but the car is still made of cardboard.
04 — Financials Overview
Q3 FY26: A Quarterly Report That Makes You Cry
