1. At a Glance – Blink and You’ll Miss the Drama
Windsor Machines Ltd, a 60-year-old veteran of India’s plastic processing machinery industry, is currently trading at ₹263 with a market cap of ₹2,313 crore—which is funny because the company just reported a Q3 FY26 PAT loss of ₹3.89 crore on ₹136 crore quarterly revenue. Yes, loss-making companies at EV/EBITDA of ~72x are back in fashion.
ROCE sits at a humble 1.46%, ROE at -2.38%, and yet promoter holding is 46.18%, with a 1.66% QoQ increase. Meanwhile, 40% of promoter shares are pledged, inventory days have ballooned to 221 days, and EPS for the quarter is -₹0.45.
And still—sales growth TTM is 42%, exports are alive, acquisitions are flying, land is being bought, plants are being shifted, and preferential allotments are raining.
So what is Windsor?
A turnaround loading… or a capital allocation circus? Let’s open the mould.
2. Introduction – A Company That Refuses to Die
Windsor Machines has been around since 1963. That alone means it has survived license raj, plastic bans, Chinese dumping, and at least three management strategy U-turns. Respect.
The company operates in plastic processing machinery—a deeply cyclical, capex-heavy, working-capital-hungry business where customers buy machines only when confidence is high and credit is cheap.
FY20–FY24 was ugly. Margins collapsed, profits vanished, ROCE evaporated. FY25 was supposed to be the reset year. Instead, Windsor chose chaos—with plant relocation to Gujarat, multiple acquisitions, preferential allotments, amalgamations, and now a Q3 FY26 loss.
But beneath the noise, revenue is climbing, debt is under control, and capacity is being rebuilt aggressively. This is not a sleepy PSU-style decline.
This is a company attempting a hard reboot while the engine is still running.
Question is: will it fly… or catch fire mid-air?
3. Business Model – WTF Do They Even Do?
Windsor sells machines that make plastic products. That’s it. No SaaS. No AI. Just big metal beasts that melt polymers and spit out consumer goods.
a) Injection Moulding Machines
Used for:
- Household goods
- Furniture
- Healthcare disposables
- White goods
- Auto components
Product lines include KL, Excel, Armour, Sprint, WINPACK, WINX—names that sound like gym supplements but cost crores.
b) Pipe Extrusion Machines
Used in:
- Agriculture
- Drip irrigation
- Drinking water pipelines
Key series: Speed, KTS, Agile, CTS
c) Blown Film Lines
Used for:
- Milk pouches
- Edible oil packaging
- Lamination & stretch films
- Agricultural & barrier films
Series include Magnate, Baron, Rex, Duke
Revenue Mix FY23
- Machine & spares: ~95%
- Other operating income: ~5%
This is a pure-play capital goods manufacturer. No annuity. No subscription. Miss a capex cycle and you’re dead.
4. Financials Overview – Quarterly Reality Check
Quarterly Comparison Table (₹ crore)
| Metric | Latest Q3 FY26 | Q3 FY25 | Q2 FY26 | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 135.84 | 107.65 | 136.64 | +26.2% | -0.6% |
| EBITDA | 3.97 | 8.77 | 8.50 | -54.7% | -53.3% |
| PAT | -3.89 | 41.67 | 4.29 | -183% | -190% |
| EPS (₹) | -0.45 | 6.42 | 0.51 | -107% | -188% |
