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Windsor Machines Limited
NSE: WINDMACHIN BSE: 522029 INE052A01021 Industrials Industrial Manufacturing 🔎 Screen
₹2,362 Cr
Market Cap
2,208.0
P/E
PEG
2.1%
ROCE
0.2%
ROE
0.17
D/E
5.5%
OPM
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📈 Price History
Ratio Health
Excellent
Good
Average
Poor
By Category
Shareholding
About

Incorporated in 1963, Windsor Machines Ltd is in the business of manufacturing plastic processing machinery

✓ Strengths 2
  • Company is expected to give good quarter
  • Promoter holding has increased by 1.67% over last quarter.
! Concerns 5
  • Stock is trading at 5.13 times its book value
  • Company has a low return on equity of -1.35% over last 3 years.
  • Promoters have pledged 36.8% of their holding.
  • Promoter holding has decreased over last 3 years: -10.7%
  • Working capital days have increased from 63.6 days to 189 days
Key Ratios Snapshot
📊 Sector Averages
📈 Growth Pattern
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Mixed quarter: revenue surged 52.8% YoY to ₹184.6 Cr, beating expectations, but EBITDA margin fell from 9.1% to 5.9% due to one-time plant relocation costs and gross margin compression. quarter Investor Presentation One-Pager? Mar 2026
Revenue
₹184.6 Cr
+52.8% YoY
EBITDA Margin
5.9%
-317bps YoY; adjusted for ₹2.7 Cr relocation cost
PAT
₹2.6 Cr
vs ₹-4.3 Cr loss in Q4FY25
Key Metric
Order Book ₹231 Cr
CNC ₹90 Cr, IMM ₹70 Cr, EMD ₹70 Cr
What Went Right
  • Overall revenue grew 52.8% YoY to ₹184.6 Cr, driven by CNC and IMM segments.
  • CNC division posted Q4 revenue of ₹52.6 Cr; annual FY26 CNC revenue reached ₹190.4 Cr (up from ₹97.4 Cr in FY25).
  • IMM division rebounded: Q4 EBIT of ₹14.4 Cr (12.5% margin) vs negative EBIT in Q2 and Q3; full-year IMM revenue ₹252.8 Cr (+32% YoY).
  • Capacity expanded to 3,600 machines p.a. at new Rajkot facility, with expandability to 8,400 p.a.
  • Fund raise of ₹725 Cr completed; acquisitions of Global CNC (₹343 Cr) and Unitech Workholding (₹42 Cr) strengthen technological capabilities.
What to Watch
  • EBITDA margin fell from 9.1% to 5.9% YoY; gross margin declined from 32.8% to 29.0% (-381bps) due to product mix shift and temporary inefficiencies from plant relocation.
  • Extrusion division continued to weaken: Q4 revenue only ₹21.0 Cr (down 43% YoY from ₹37.1 Cr); annual revenue ₹131.8 Cr (-6.5% YoY).
  • Total debt jumped to ₹79.8 Cr (FY25: ₹10.0 Cr) while cash dropped from ₹93.8 Cr to ₹33.9 Cr, partly from capex and working capital build-up.
  • SG&A expenses rose 48.7% YoY to ₹42.7 Cr, including ₹2.7 Cr one-time relocation cost; annual SG&A was ₹136.1 Cr (+28% YoY).
  • CNC's Q4 EBIT margin collapsed to 1.8% from 15.1% in Q4FY25 (though Q4FY25 only included 6 weeks of operations); FY26 CNC EBIT margin was 11.1%.
Investor Lens
The long-term thesis of Windsor Machines as a multi-product machine tool platform remains intact, supported by capacity expansion (3,600 machines p.a., expandable to 8,400), anti-dumping duty on IMM imports from China/Taiwan, and strategic acquisitions in CNC and workholding. However, the near-term pain from plant consolidation is evident in margin compression, and the Extrusion division's continued decline is a concern. Key metrics to watch next quarter are EBITDA margin progression (must recover above 7-8%), working capital intensity (inventories + trade receivables rose to ₹253 Cr), and debt repayment trajectory. The 15-30 day 'make-to-stock' delivery model has not yet shown its effect in financials; evidence of market share gains from faster turnaround will be critical to support the valuation premium.
From investor presentation · AI-generated analysis · Not investment advice
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📊 MIXED Revenue surges 52.8% YoY but OPM halves; PAT rebounds from low base
Revenue
Revenue jumped 52.8% YoY to ₹184.6 Cr and rose 35.9% sequentially, driven by strong demand in the industrials segment.
Profitability
Net profit surged 274.9% YoY to ₹7.2 Cr (EPS ₹0.82 vs -₹0.49 a year ago), though from a low base. PBT at ₹11.0 Cr with tax rate 33.94%.
Margins
Operating profit margin fell sharply to 5.94% from 9.10% YoY, indicating higher input costs or expenses outpacing revenue growth.
Cash Flow
Cash flow data not provided; unable to assess quality of earnings relative to PAT.
Balance Sheet
Borrowings at ₹86 Cr with reserves of ₹476 Cr, giving a low D/E of 0.17. Total assets ₹883 Cr, balance sheet appears comfortable.
Key Risks
Sharp OPM compression signals margin vulnerability. Extremely high PE of 2323 and low ROCE (2.11%) and ROE (0.2%) reflect low profitability relative to market cap. Base effect makes earnings growth less sustainable.
Outlook
Sustaining revenue momentum while improving margins is critical. Management’s commentary on cost control and demand pipeline will be key to watch in the coming quarters.
Generated by AI · Mar 2026 results · Not investment advice
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Revenue by Segment

Segment Q3FY26 Q4FY26 Trend
CNC & VMC Machinery##
44
EBIT 4
53
EBIT 1
Energy Storage Systems **
0
EBIT 0
0
EBIT 0
Extrusion Machinery Division
35
EBIT -4
21
EBIT 6
Injection Moulding Machinery
56
EBIT -1
116
EBIT 14
Total 136 189

Source: NSE Integrated Filing XBRL (Reg. 33 Ind AS). Values in ₹ Crore.

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