Windlas Biotech Limited (WINDLAS) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of Windlas Biotech Limited ₹559, price ₹1,082, upside -48.4%, quality 52 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 1, 2026.
How to read this chart
60‑month range ₹197.48 – ₹1,155 · fair‑value band ₹273.51 – ₹745.80 · the ₹1,082 price screens above the ₹558.96 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 1, 2026.
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Windlas Biotech Limited, a contract development and manufacturing organization, manufactures and trades in pharmaceutical products in India. The company offers contract manufacturing; customized formulations; contract research and manufacturing services; customized formulation; and regulatory services.
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Windlas Biotech Limited, a contract development and manufacturing organization, manufactures and trades in pharmaceutical products in India. The company offers contract manufacturing; customized formulations; contract research and manufacturing services; customized formulation; and regulatory services. It also manufactures tablets, capsules, oral solids, modified-release formulations, chewable and dispersible tablets, customized generics, and complex generics and multi-drug combinations, as well as injectables, including liquid vials, lyophilized vials, and ampoules. In addition, the company offers generic drugs for respiratory, anti-diabetic, gastroenterology, cardiovascular and multivitamin, neuro anti-psychotic, diabetic care, nutraceuticals, nutritional supplement, urology, pain management, and injectable therapies. It also exports generic medicines, health supplements, and custom-branded formulations. Windlas Biotech Limited was incorporated in 2001 and is headquartered in Dehradun, India.
Stock analysis
Windlas Biotech Limited (WINDLAS) currently trades at ₹1,082, while our model-based Fair Value estimate is ₹558.96, 48.4% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of ₹824.62 per share, and 1 of the 26 models we run sit above the ₹1,082 price.
Bear case: the Dividend Discount group reads lowest at ₹65.18, and 25 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: ₹273.51 (bear) to ₹745.80 (bull), the price of ₹1,082 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 52/100 (solid quality), in the Healthcare sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Windlas Biotech Limited reported revenue of ₹9.0B in FY2026 versus ₹4.6B in FY2022, a compound +18.2%/yr. Reported net income was ₹665M in FY2026, compounding +14.9%/yr from FY2022.
Key figures
Market cap ₹23.1B (≈ $240M) · P/E ratio 34.6 · P/S ratio 2.55 · EPS (TTM) ₹31.24 · Dividend yield 0.6% · Net margin 7.4% · Return on equity 12.2% · Return on assets (EBIT) 8.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 6% below its 52-week high and 53% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −19% fair-value upside, at −48%, WINDLAS screens richer than that median.
Fair Value models
Bear ₹273.51Fair Value ₹558.96Bull ₹745.80
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (₹12.64 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.81/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+19.0%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+21.0%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+16.2%
Start year 2021 (pandemic)
Revenue growth 8 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+12.5%
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What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+29.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+28.5%
Dividend (yield on the price)0.6%
Profit margin 2020 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.10% → 8%
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+42.6%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (India: IMF forecast 4.1% a year to 2030, 4.7% from 2016 to 2025) that is about +37.0% a year for the price.
Compare Windlas Biotech Limited with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Drug Manufacturers - Specialty & Generic · 585 stocks
Beats the industry median on 3/13 measures
Overall it trails its industry peers.
Valuation
Quality Score52 · Below median
Fair Value upside−48.4% · Below median
Profitability
Return on equity (TTM)12.2% · Above median
Return on assets5.6% · Above median
Net margin (TTM)7.1% · Below median
Operating margin (TTM)7.9% · Below median
Growth and dividend
Revenue growth18.1% · Top 25%
Dividend yield (TTM)0.6% · Bottom 25%
Valuation Multiplesvs Drug Manufacturers - Specialty & Generic median · lower = cheaper
P/E (TTM)34.6× · Pricier than median
P/B3.98× · Priciest 25%
P/S (TTM)2.45× · Pricier than median
P/FCF68.4× · Priciest 25%
EV/EBITDA22.7× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 14
FUTURE (revenue growth)91· sector 24
PAST (return on equity)49· sector 28
HEALTH (low debt)100· sector 96
DIVIDEND (yield)12· sector 31
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is Windlas Biotech Limited (WINDLAS) overvalued or undervalued?
As of Oct 1, 2026, our model estimates a fair value of ₹558.96 versus a price of ₹1,082, about −48% upside (overvalued).
What is the fair value of WINDLAS?
Our model-based fair value for Windlas Biotech Limited is ₹558.96 (as of Oct 1, 2026), built from audited fundamentals. The current price: ₹1,082.
What is the quality score of WINDLAS?
Windlas Biotech Limited has a Quality Score of 52/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Windlas Biotech Limited (WINDLAS)?
Our model-based price target is the fair value of ₹558.96 (as of Oct 1, 2026) from 26 valuation models. Cautious scenario ₹273.51, optimistic scenario ₹745.80. It is a calculation from audited fundamentals, not an analyst target.
What is the Windlas Biotech Limited stock forecast for 2026?
Our models put fair value at ₹558.96, about −48% upside versus a price of ₹1,082 (overvalued). Cautious scenario ₹273.51, optimistic scenario ₹745.80. The calculation is refreshed regularly with new filings.
What is the revenue of Windlas Biotech Limited (WINDLAS)?
Windlas Biotech Limited reported trailing-twelve-month revenue of about ₹9.4B (latest available figure, as of Oct 1, 2026).
Does Windlas Biotech Limited pay a dividend?
Windlas Biotech Limited currently shows a dividend yield of about 0.58% relative to its recent price (as of Oct 1, 2026).
What growth is priced into Windlas Biotech Limited (WINDLAS)?
For today's price to be fair in a discounted-cash-flow model, Windlas Biotech Limited would have to grow free cash flow by +42.6 % per year for five years (discount rate 13.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +16.2 % per year. As of Oct 1, 2026.
What discount rate (WACC) does the fair value of WINDLAS use?
Our models discount Windlas Biotech Limited at 13.9 %: a base by market capitalisation (micro), damped by beta 0.29, country premium for India. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Windlas Biotech Limited that is +42.6 % per year a year over ten years, using the same discount rate (13.9 %) and the same formula as our fair value.
How much growth has Windlas Biotech Limited (WINDLAS) delivered so far?
Over the past 5 years revenue at Windlas Biotech Limited grew +16.2 % a year. The price currently implies +42.6 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Windlas Biotech Limited (WINDLAS) growing?
The median revenue growth in the sector is +4.6 % a year. That is the yardstick for the growth priced into Windlas Biotech Limited (+42.6 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Windlas Biotech Limited (WINDLAS)?
The free-cash-flow yield on the price is 1.46 %: that much free cash flow Windlas Biotech Limited produces per unit of market value. When it exceeds the discount rate of our models (13.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Windlas Biotech Limited (WINDLAS)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Windlas Biotech Limited it is ₹558.96 per share (as of Oct 1, 2026), against a price of ₹1,082. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Windlas Biotech Limited stock overvalued or undervalued in 2026?
As of Oct 1, 2026, WINDLAS trades above its calculated fair value: price ₹1,082, fair value ₹558.96, a gap of about −48% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of WINDLAS?
No. The price is what the market pays today (₹1,082); the fair value is what the company's own numbers justify (₹558.96). For Windlas Biotech Limited the two are ₹523.44 per share apart. That gap is exactly why we show both numbers side by side.
How much is Windlas Biotech Limited worth?
The market values Windlas Biotech Limited at about ₹23.1B (market capitalisation, as of Oct 1, 2026). Per share that is ₹1,082; our models calculate a fair value of ₹558.96 per share.
What do the bullish and bearish scenarios say about WINDLAS?
Our models span a range for Windlas Biotech Limited: cautious scenario ₹273.51, base ₹558.96, optimistic ₹745.80 per share (as of Oct 1, 2026, price ₹1,082). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of WINDLAS?
Windlas Biotech Limited trades at a price-to-earnings ratio of 34.6 (as of Oct 1, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹558.96 is built from several models across several years. Other multiples: P/B 4.0, P/S 2.5, EV/EBITDA 22.7.
How solid is the balance sheet of Windlas Biotech Limited (WINDLAS)?
Balance-sheet figures for Windlas Biotech Limited (as of Oct 1, 2026): return on equity 12.2%. They feed the Quality Score of 52/100, which measures business quality independently of the share price.
How far is WINDLAS from its 52-week high?
Windlas Biotech Limited trades at ₹1,082, about 6% below its 52-week high of ₹1,155 and 53% above the low of ₹705.75 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of ₹558.96 is for.
Which stocks are comparable to Windlas Biotech Limited?
From the same area (Healthcare) we also value Merck KGaA, Takeda Pharmaceutical Company, Teva Pharmaceutical Industries Limited, Sun Pharmaceutical Industries Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Windlas Biotech Limited stock attractive at the current price?
The data as of Oct 1, 2026: price ₹1,082, calculated fair value ₹558.96 (−48%), Quality Score 52/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of WINDLAS calculated?
We run Windlas Biotech Limited through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹558.96, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Windlas Biotech Limited itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Windlas Biotech Limited (WINDLAS)?
The closing price on Oct 1, 2026 was ₹1,082. Our model-based fair value is ₹558.96, about −48% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Windlas Biotech Limited right now?
The price sits above even our optimistic bull case (₹745.80). The favourable scenario is already priced in. The model range is unusually wide (₹273.51 to ₹745.80). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (52/100) and above fair value, neither a clear bargain nor a standout compounder.
Key figures of Windlas Biotech Limited
How large is the market capitalisation of Windlas Biotech Limited (WINDLAS)?
The market capitalisation of Windlas Biotech Limited is ₹23.1B (≈ $240M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Windlas Biotech Limited (WINDLAS)?
The price-to-sales ratio of Windlas Biotech Limited is 2.55 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Windlas Biotech Limited (WINDLAS)?
Earnings per share at Windlas Biotech Limited are ₹31.24 (price ÷ EPS = P/E 34.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Windlas Biotech Limited (WINDLAS)?
The dividend yield of Windlas Biotech Limited is 0.6% (payout 20.2%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Windlas Biotech Limited (WINDLAS)?
The net margin of Windlas Biotech Limited is 7.4% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Windlas Biotech Limited (WINDLAS)?
The return on equity (ROE) of Windlas Biotech Limited is 12.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Windlas Biotech Limited (WINDLAS)?
On an EBIT basis the return on assets of Windlas Biotech Limited is 8.9% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Windlas Biotech Limited (WINDLAS)?
The operating margin of Windlas Biotech Limited is 7.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Windlas Biotech Limited (WINDLAS)?
Revenue at Windlas Biotech Limited is growing +18.1% versus a year earlier (3y avg +21.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Windlas Biotech Limited (WINDLAS)?
Earnings per share at Windlas Biotech Limited are growing −0.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Windlas Biotech Limited (WINDLAS) carry?
The net debt of Windlas Biotech Limited is ₹334M (fiscal year 2026, ≈ 1.0 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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