Windlas Biotech Reports 13.7% Rise in Q2 Net Profit, Declares Rs 5.80 Dividend

Windlas Biotech Limited , a leading player in the domestic pharmaceutical formulations contract development and manufacturing organization (CDMO) industry, has reported a robust financial performance for the second quarter of fiscal year 2026.

Financial Highlights

The company's unaudited consolidated financial results for Q2 FY26 show significant growth across key metrics:

Metric	Q2 FY26	Q2 FY25	YoY Change
Revenue from Operations	Rs 2,223.98 crore	Rs 1,870.01 crore	+18.9%
EBITDA	Rs 286.00 crore	Rs 230.00 crore	+23.9%
Net Profit	Rs 178.00 crore	Rs 156.58 crore	+13.7%
EPS (Basic)	Rs 8.48	Rs 7.49	+13.2%

Half-Yearly Performance

For the first half of FY26, Windlas Biotech achieved its highest-ever revenue:

Metric	H1 FY26	H1 FY25	YoY Change
Revenue from Operations	Rs 4,324.88 crore	Rs 3,621.54 crore	+19.4%
EBITDA	Rs 551.00 crore	Rs 439.00 crore	+25.4%
Net Profit	Rs 354.64 crore	Rs 291.37 crore	+21.7%
EPS (Basic)	Rs 16.91	Rs 13.97	+21.0%

Dividend Declaration

The Board of Directors has approved a final dividend of Rs 5.80 per share for FY 2024-25, resulting in a total dividend payout of Rs 121.56 crore.

Operational Highlights

Generic Formulations CDMO vertical, the company's largest business segment, grew by 17.7% YoY in Q2 FY26.
Trade Generics & Institutional vertical showed strong growth of 24.2% YoY in Q2 FY26.
Exports vertical expanded by 13.0% YoY in Q2 FY26.

Management Commentary

Mr. Hitesh Windlass, Managing Director of Windlas Biotech, stated, "Despite subdued industry volume growth, we are pleased to report another strong quarter, delivering a revenue increase of 19% in both Q2 FY26 and H1 FY26. The growth was driven by steady and balanced contributions across all three business verticals."

Ms. Komal Gupta, CEO & CFO, added, "Windlas Biotech continued its growth trajectory, delivering the 11th consecutive quarter of record revenue performance. In Q2 FY26, EBITDA stood at Rs 286 crore and PAT at Rs 178 crore, while gross margin improved by 68 basis points YoY."

Future Outlook

The company continues to strengthen its manufacturing infrastructure through sustained investments in capacity enhancement. The Plant-2 extension is now contributing meaningfully to the business, and the Injectables facility has gained further customer approvals. Plant 6 expansion is advancing well and is on track to be commissioned within FY26.

Windlas Biotech remains focused on enhancing operational efficiency, talent empowerment, sustained investment in quality and compliance, and capability expansion across dosage forms to drive long-term shareholder value.

The company's strong performance, coupled with its strategic initiatives and focus on sustainable growth, positions it well to capture future opportunities in the pharmaceutical CDMO space.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-1.59%	-2.55%	+0.18%	-2.98%	-18.23%	+126.65%

Windlas Biotech Limited has announced key amendments to its employee stock option plan, known as the Windlas Plan 2025, in a move to enhance clarity and align with regulatory requirements.

Amendments to Windlas Plan 2025

The Nomination and Remuneration Committee of Windlas Biotech has approved amendments to Sub-clause 3.2 of the Windlas Plan 2025. These changes are designed to provide additional clarity regarding the quantum of stock units that may be granted to eligible employees, while maintaining the overall limits previously approved by shareholders.

Key Changes in Grant Limits

Overall Limit: The plan retains the maximum limit of 3,15,000 units per eligible employee, as originally approved by shareholders.
New Annual Grant Limit: The committee has introduced a new cap of 2,09,590 units that can be granted to any eligible employee per grant per year.
Large Grants: For grants equal to or exceeding 1% of the company's issued capital, additional compliance measures will be implemented.

Regulatory Alignment

The amendments are primarily aimed at aligning the plan with the disclosure requirements of the Securities and Exchange Board of India (SEBI). Specifically, the changes address the need to provide details on the "Maximum number of options to be granted per employee per grant and in aggregate" when applying for in-principle approval from stock exchanges.

Impact on Employees

Windlas Biotech has emphasized that these amendments are clarificatory in nature and do not alter the maximum limits approved by shareholders. The company stated that the changes do not prejudice the interests of employees in any manner.

Current Status of the Plan

It's noteworthy that Windlas Biotech has not issued any units under the Windlas Plan 2025 to date, pending regulatory approval. The company is in the process of seeking in-principle approval from stock exchanges in accordance with SEBI regulations.

Transparency Measures

In line with its commitment to transparency, Windlas Biotech has uploaded the updated version of the Windlas Plan 2025 on its official website for stakeholder reference.

The refinement of the Windlas Plan 2025 demonstrates Windlas Biotech's efforts to maintain a balance between regulatory compliance and employee benefits in its stock option program. As the company awaits regulatory approval, these clarifications are expected to streamline the implementation process once the plan becomes operational.