Windlas Biotech Limited (WINDLAS.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-72.4%

₹244.59

vs ₹886.00 price

Levered DCF

₹565.88

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

—

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	23.31×	34.83×	19.32×	11.44×	11.31×	46.8×	45.75×	13.91×
P/B	2.67×	4.2×	2.5×	1.21×	1.09×	3.72×	3.54×	4.58×
P/S	1.71×	2.8×	1.79×	0.95×	0.93×	1.74×	2.26×	2.91×
EV / EBITDA	15.11×	19.23×	12.25×	6.96×	7.38×	20.95×	20.61×	9.82×
Gross margin	18.1%	37.9%	36.3%	35.5%	34.6%	35.7%	16.6%	16.5%
Operating margin	8.2%	8.7%	10.4%	9.4%	8.7%	10.2%	9.9%	9.9%
Net margin	7.4%	8.0%	9.3%	8.3%	8.2%	3.7%	4.9%	20.9%
Current ratio	1.95×	2.11×	2.51×	2.92×	4.06×	2.08×	1.34×	1.25×
Debt / equity	0.06×	0.06×	0.01×	0.01×	0.02×	0.16×	0.14×	0.16×
Interest coverage	15.33×	15.09×	59.02×	60.82×	28.42×	33.65×	12.87×	6.26×
Dividend yield	0.8%	0.5%	0.7%	1.6%	0.0%	0.0%	0.0%	0.0%
Payout ratio	18.3%	18.8%	14.3%	17.9%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	11.4%	12.1%	12.9%	10.6%	9.6%	8.0%	7.7%	33.0%
Return on invested capital	9.1%	9.3%	10.8%	8.7%	8.3%	13.3%	8.9%	11.2%
Return on assets	7.3%	8.0%	9.3%	8.1%	7.8%	5.3%	4.8%	21.4%
Free cash flow yield	2.2%	0.8%	6.3%	-2.0%	-1.3%	0.8%	1.3%	1.1%
Earnings yield	4.3%	2.9%	5.2%	8.7%	8.8%	2.1%	2.2%	7.2%
Enterprise value	₹15.8B	₹21.6B	₹11.2B	₹4.9B	₹4.4B	₹7.6B	₹7.5B	₹9.1B
Net debt / EBITDA	0.32×	0.29×	-0.02×	0.02×	0.1×	0.45×	0.3×	0.21×
Cash conversion cycle (days)	5	14	16	69	82	70	26	18