Windlas Biotech appointed two new independent directors on October 12, 2026, while its board chairman stepped down citing personal reasons.

The company’s Board approved the appointment of Aashish Mehra and Soni Saran Singh as Additional Directors and Independent Directors. Both appointments are effective immediately for a term of five consecutive years, subject to shareholder approval. The moves follow recommendations from the Nomination and Remuneration Committee.

New director profiles

Aashish Mehra brings over two decades of experience in strategy, consulting, and business leadership, with significant exposure to the pharmaceutical and life sciences sectors. He holds a B.Tech in Manufacturing Science and Engineering from IIT Delhi and a P.G. Diploma in Computer-Aided Management from IIM Calcutta.

Soni Saran Singh is an entrepreneur with more than three decades of experience in electronics manufacturing and technology. He serves as Founder, Managing Director, and CEO of NMTronics India Pvt. Limited and its affiliated entities across India, Singapore, and the UAE. His academic background includes a B.Sc. in Mechanical Engineering from Aligarh Muslim University and a P.G. Diploma in Marketing Management.

Leadership transition

Concurrently, Vivek Dhariwal resigned as Independent Director with effect from the close of business hours on October 12, 2026. He cited personal reasons and prior commitments as the sole grounds for his departure. Dhariwal confirmed there were no other material reasons for his resignation.

As part of this transition, Dhariwal ceased to serve as Chairman of the Board. He also relinquished his membership on the Nomination and Remuneration Committee and the Corporate Social Responsibility Committee. The filing confirms that neither of the newly appointed directors is debarred from holding office by any SEBI order or other authority.

What the numbers show

The simultaneous appointment of two independent directors to replace one outgoing member results in a net increase of one seat on the Board. This expansion introduces specialized expertise in both life sciences strategy and electronics manufacturing technology to the governance structure, potentially broadening the Board’s technical oversight capabilities without altering the existing committee composition beyond the chairmanship vacancy.

Windlas Biotech Limited has uploaded the transcript of its investor and analyst conference call discussing the unaudited standalone financial results for the quarter ended June 30, 2026. The disclosure, filed on August 14, 2026, follows the initial intimation sent to stock exchanges on August 5, 2026, and provides detailed management commentary on Q1FY27 performance.

Financial Highlights

The company delivered its highest-ever quarterly revenue of ₹248 crore, representing an 18% year-on-year growth. This performance extends Windlas Biotech’s record revenue streak to 14 consecutive quarters. Excluding the impact of non-cash ESOP expenses of ₹7.2 crore, EBITDA grew 26% YoY to ₹34 crore. Profit before tax (PBT) and profit after tax (PAT) grew 27% and 37% YoY to ₹30 crore and ₹25 crore, respectively, on an ex-ESOP basis.

Including ESOP expenses, the company reported EBITDA of ₹27 crore, PBT of ₹23 crore, and PAT of ₹18 crore. Earnings per share improved to ₹8.46.

Key Financial Metrics (Q1FY27)

Shareholder Returns & Capital Allocation

In Q1FY27, Windlas Biotech completed a ₹47 crore share buyback in which promoters did not participate. The company also declared a FY26 final dividend of ₹13 crore, amounting to ₹6.30 per equity share. Management emphasized a focus on long-term shareholder value creation through disciplined execution and operational leverage.

Vertical-wise Performance

The Generic Formulations CDMO vertical drove significant growth, delivering 29% YoY revenue expansion to ₹207 crore. This was attributed to customer expansion, deeper engagement, and new product launches. Injectables have begun contributing to overall revenue, though specific figures were not separately disclosed.

The Trade Generics & Institutional vertical reported revenue of ₹30 crore, following the discontinuation of codeine-based products. Management noted that while this vertical faces a temporary momentum hit, long-term growth potential remains supported by geographic expansion and portfolio diversification. The Exports vertical recorded 79% YoY growth to ₹11 crore, benefiting from ongoing registration work and new geography additions.

Capacity Expansion & Outlook

Windlas Biotech is on track for the commercialization of Plant 6 in H1FY27, which will strengthen manufacturing capacity. Mechanical completion has been achieved, with validations and customer audits ongoing. Management expects the plant to support a revenue run rate of approximately ₹1,100 crore, with potential for further debottlenecking through efficiency initiatives. Quarterly depreciation from Plant 6 is estimated at around ₹30 million initially.

Industry volume growth stood at 3.4% in Q1FY27. While API prices have shown volatility due to geopolitical factors, management noted that working capital levels remained stable by quarter-end despite temporary increases in inventory and receivable days during the period.