Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Mkt Cap
Market Capitalization
₹2,536Cr
Capital Goods - Engineering Heavy
Rev Gr TTM
Revenue Growth TTM
41.81%
Peer Comparison
Compare up to 10 companies side by side across valuation, profitability, and growth.

WINDMACHIN
VS
| Quarter | Mar 2023 | Jun 2023 | Sep 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | -6.3 | 26.7 | -8.8 | -11.9 | -13.5 | 17.3 | -33.5 | 23.7 | 10.5 | 40.2 | 130.0 | 26.2 |
| 111 | 67 | 81 | 78 | 106 | 80 | 56 | 99 | 110 | 105 | 128 | 132 |
Operating Profit Operating ProfitCr |
| 11.9 | 2.7 | 9.5 | 10.0 | 3.5 | 1.4 | 5.1 | 8.2 | 9.1 | 7.0 | 6.2 | 2.9 |
Other Income Other IncomeCr | 5 | 1 | 0 | 1 | 0 | 1 | -18 | 39 | 0 | -12 | 3 | 0 |
Interest Expense Interest ExpenseCr | 5 | 3 | 3 | 3 | 7 | 2 | 3 | 1 | 2 | 1 | 1 | 1 |
Depreciation DepreciationCr | 3 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 5 | 5 | 5 | 6 |
| 12 | -4 | 2 | 3 | -7 | -4 | -22 | 42 | 4 | -9 | 6 | -3 |
| 3 | -1 | 1 | 1 | 1 | 0 | 15 | 0 | 9 | 1 | 2 | 1 |
|
Growth YoY PAT Growth YoY% | -7.2 | 68.0 | -76.9 | 517.5 | -180.6 | -21.4 | -2,629.7 | 2,395.8 | 44.6 | -158.3 | 111.7 | -109.3 |
| 7.3 | -4.9 | 1.6 | 1.9 | -6.8 | -5.0 | -61.7 | 38.7 | -3.4 | -9.3 | 3.1 | -2.9 |
| 1.4 | -0.5 | 0.2 | 0.3 | -1.1 | -0.6 | -5.7 | 6.4 | -0.5 | -1.3 | 0.5 | -0.5 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|
|
| 2.7 | 19.2 | 14.7 | 11.0 | -11.1 | -19.0 | 11.1 | 17.4 | 1.9 | -5.9 | 4.2 | 37.4 |
| 254 | 292 | 323 | 357 | 337 | 278 | 285 | 340 | 348 | 332 | 345 | 475 |
Operating Profit Operating ProfitCr |
| 1.9 | 5.5 | 8.7 | 9.1 | 3.5 | 1.7 | 9.3 | 8.0 | 7.4 | 6.3 | 6.5 | 6.2 |
Other Income Other IncomeCr | 5 | 6 | 11 | 15 | 20 | -12 | 1 | 3 | 8 | 3 | 22 | -8 |
Interest Expense Interest ExpenseCr | 3 | 3 | 9 | 13 | 13 | 11 | 10 | 11 | 11 | 15 | 8 | 5 |
Depreciation DepreciationCr | 6 | 5 | 14 | 16 | 14 | 14 | 14 | 14 | 14 | 16 | 18 | 21 |
| 1 | 15 | 19 | 22 | 5 | -32 | 6 | 7 | 11 | -6 | 20 | -2 |
| 3 | 11 | 9 | 10 | 8 | -25 | -5 | 5 | 6 | 2 | 23 | 13 |
|
| -112.5 | 253.9 | 202.8 | 21.7 | -125.1 | -148.3 | 243.6 | -79.4 | 108.7 | -266.2 | 58.2 | -342.7 |
| -0.8 | 1.1 | 2.8 | 3.1 | -0.9 | -2.7 | 3.4 | 0.6 | 1.2 | -2.2 | -0.9 | -2.8 |
| -0.3 | 0.5 | 1.5 | 1.9 | -0.5 | -1.2 | 1.7 | 0.3 | 0.7 | -1.2 | -0.5 | -1.7 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 |
|---|
Equity Capital Equity CapitalCr | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 17 | 17 |
| 37 | 39 | 274 | 275 | 265 | 262 | 273 | 271 | 267 | 254 | 630 | 711 |
Current Liabilities Current LiabilitiesCr | 95 | 127 | 135 | 167 | 185 | 176 | 200 | 186 | 181 | 192 | 183 | 200 |
Non Current Liabilities Non Current LiabilitiesCr | 29 | 25 | 180 | 167 | 146 | 107 | 93 | 95 | 109 | 124 | 85 | 84 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 126 | 150 | 202 | 233 | 222 | 113 | 140 | 139 | 151 | 150 | 325 | 236 |
Non Current Assets Non Current AssetsCr | 48 | 55 | 401 | 401 | 399 | 455 | 450 | 437 | 431 | 443 | 677 | 776 |
Total Assets Total AssetsCr |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Operating Cash Flow Operating Cash FlowCr | -16 | 14 | 19 | 23 | 38 | 24 | 37 | 27 | 12 | 46 | -41 |
Investing Cash Flow Investing Cash FlowCr | -18 | -3 | -80 | -2 | 0 | 8 | -10 | 1 | -7 | -29 | -295 |
Financing Cash Flow Financing Cash FlowCr | 21 | -8 | 61 | -17 | -32 | -38 | -17 | -37 | -8 | -22 | 426 |
|
Free Cash Flow Free Cash FlowCr | -34 | 6 | -3 | 12 | 28 | 20 | 36 | 25 | 6 | 19 | -389 |
| 759.7 | 424.2 | 193.2 | 188.7 | -1,240.7 | -320.4 | 341.1 | 1,219.3 | 262.2 | -601.8 | 1,280.9 |
CFO To EBITDA CFO To EBITDA% | -331.1 | 81.3 | 61.9 | 63.5 | 304.6 | 499.8 | 126.5 | 92.3 | 43.8 | 208.2 | -172.4 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 131 | 227 | 418 | 620 | 456 | 56 | 198 | 256 | 246 | 429 | 2,713 |
Price To Earnings Price To Earnings | 0.0 | 70.0 | 42.1 | 51.3 | 0.0 | 0.0 | 18.3 | 112.9 | 52.7 | 0.0 | 365.0 |
Price To Sales Price To Sales | 0.5 | 0.7 | 1.2 | 1.6 | 1.3 | 0.2 | 0.6 | 0.7 | 0.7 | 1.2 | 7.4 |
Price To Book Price To Book | 2.6 | 4.3 | 1.5 | 2.1 | 1.6 | 0.2 | 0.7 | 0.9 | 0.9 | 1.6 | 4.2 |
| 31.8 | 14.3 | 16.1 | 19.0 | 40.2 | 17.4 | 7.2 | 9.3 | 9.8 | 20.7 | 110.8 |
Profitability Ratios Profitability Ratios |
| 36.3 | 36.8 | 38.5 | 38.2 | 35.8 | 38.3 | 36.9 | 34.6 | 34.5 | 34.3 | 35.3 |
| 1.9 | 5.5 | 8.7 | 9.1 | 3.5 | 1.7 | 9.3 | 8.0 | 7.4 | 6.3 | 6.5 |
| -0.8 | 1.1 | 2.8 | 3.1 | -0.9 | -2.7 | 3.4 | 0.6 | 1.2 | -2.2 | -0.9 |
| 4.9 | 24.0 | 7.5 | 9.9 | 5.4 | -6.7 | 5.1 | 5.8 | 6.9 | 3.2 | 4.1 |
| -4.2 | 6.2 | 3.5 | 4.2 | -1.1 | -2.7 | 3.8 | 0.8 | 1.7 | -2.9 | -0.5 |
| -1.2 | 1.6 | 1.6 | 1.9 | -0.5 | -1.3 | 1.8 | 0.4 | 0.8 | -1.3 | -0.3 |
Operational Ratios Operational Ratios |
Solvency Ratios Solvency Ratios |
Liquidity Ratios Liquidity Ratios |
### **Overview**
Windsor Machines Limited (WML) is a leading Indian manufacturer of plastic processing and CNC machinery with over six decades of legacy in delivering engineered industrial solutions. Headquartered in Rajkot, Gujarat, the company operates globally with an installation base of over **30,000 machines across more than 65 countries**, serving diverse sectors including automotive, medical, packaging, construction, agriculture, and white goods.
WML specializes in three core product lines:
- **Injection Moulding Machines**
- **Pipe Extrusion Lines**
- **Blown Film Co-Extrusion Lines**
In recent years, the company has strategically expanded into the **CNC automation and special-purpose machine (SPM) space**, reinforcing its position as a comprehensive provider of integrated industrial solutions.
---
### **Strategic Acquisitions & Subsidiaries**
#### **Acquisition of Global CNC Private Limited (GCPL) – November 2024**
- Windsor Machines acquired 100% stake in **Global CNC Private Limited**, a Rajkot-based precision engineering firm, for **INR 343.11 crore**.
- GCPL manufactures:
- CNC Turning Centres
- Vertical Machining Centres (VMCs)
- Special Purpose Machines (SPMs)
- The acquisition added **320 skilled employees**, a strong client base, and R&D capabilities to WML.
- Founders **Mr. Hitendrabhai Patel and Mr. Dharmendra Varsada** continue to lead GCPL post-acquisition.
- This move strengthens Windsor’s presence in high-growth sectors such as automotive, medical, oil & gas, and railways.
#### **Promoter Change – September 2024**
- Promotership transferred from **Castle Equipments Private Limited** to **Plutus Investment and Holding Private Limited**, effective September 2024.
- Reflects a shift toward institutional ownership and long-term strategic growth.
#### **Subsidiaries**
- **Wintal Machines S.R.L.** – Wholly owned subsidiary
- **R Cube Energy Storage Systems Private Limited**
- Supports business segmentation and diversification in specialized domains.
---
### **Recent Expansion & Integration**
#### **Acquisition of Unitech Workholding Systems Pvt Ltd – November 2025**
- Acquired **Unitech Workholding Systems Pvt Ltd** (incorporated in 2020), a manufacturer of:
- Modular clamping elements
- Dies and tools
- Fixtures
- Hydraulic clamping systems
- Standard CNC-VMC machines
- Strengthens WML’s **tooling solutions portfolio** and enables delivery of fully integrated **"machine + tooling" packages**.
- As of March 31, 2025:
- **Net Worth**: ₹3.55 crore
- **Annual Turnover**: ₹15.20 crore
This acquisition aligns with the company’s vision to become a one-stop solution provider in engineered manufacturing systems.
---
### **Product Innovation & R&D**
#### **Flagship Launches: KL-Series Injection Moulding Machines**
Windsor has emerged as a pioneer in **indigenous high-tonnage machine manufacturing**, reducing reliance on imports and supporting the **"Atmanirbhar Bharat" mission**.
- **KL-1600 (Jan 2023)**:
- First Indian-made two-platen machine above 1600T.
- 15–20% space saving, compact footprint, wide tie-bar distance.
- **KL-2000 & KL-2300 (Jun 2023)**:
- Highest tonnage patented two-platen machines made in India.
- Target large components in automotive, construction, logistics.
- **KL-3200 (Launched Sep 2024)**:
- **India’s largest 3,200-ton two-platen machine**, entirely manufactured domestically.
- Advanced element analysis for structural optimization.
- Large tie-bar distance, high strength-to-weight ratio, reduced downtime.
- Built with local MSME-supplied components, boosting domestic ecosystem.
- **Future Roadmap**:
- **KL-2800 and KL-4000 models in development**.
- Expanding the tonnage range from **350T to 4,000T**.
- Focus on **improved price-to-performance ratio**, reliability, and efficiency.
#### **Other New Product Developments**
- **STAR-200 (Jun 2023)**:
- Affordable toggle machine (100–200T) for small components (toys, electrical, automotive).
- **SPRINT Series**:
- Hydro-mechanical machines focusing on energy efficiency.
- **SPRINT-800 (Feb 2022)**: 7% smaller footprint, linear guides, optimized for furniture and white goods.
- Developing **Sprint650**, a new flagship hydro-mechanical model.
- **Two-component injection moulding machines** under design.
---
### **Extrusion Division Advancements**
- **PE Pipe Extruder**:
- Output: 1,200–1,500 kg/hr.
- Diameter support: up to **1,200 mm** with post-extrusion units.
- **5-Layer POD Blown Film Lines**:
- Output: 800–1,000 kg/hr.
- High efficiency with new die flow channel design reducing pressure drop.
- **FFS (Form, Fill & Seal) Line** under development.
- Upgraded **chip-less cutters (Sleec series)** and **mechanical pipe coilers** for improved efficiency.
---
### **Sustainability & Technology Trends**
Windsor is investing heavily in **energy-efficient**, **eco-friendly**, and **smart manufacturing technologies**.
#### **Energy Efficiency Initiatives**
- Standardized **IE3 motors** across extruder models.
- Linear guides in injection units to reduce friction and energy use.
- Variable frequency drives (VFDs), air chillers, and hydro-motor optimization.
- **25% increase in extrusion screw output**, 10% reduction in torque.
#### **Digital & Automation**
- Integrating **AI and robotics** for:
- Predictive maintenance
- Mould design optimization
- Automated production and quality control
- Digital transformation to enhance customer experience.
#### **Sustainable Materials**
- Exploring **composites and 3D printing applications**.
- Collaborating with global brands to develop recyclable and material-efficient packaging.
---
### **Infrastructure & Manufacturing Expansion**
#### **New Integrated Manufacturing Facility – Rajkot (Aug 2025)**
- **India’s largest fully integrated single-location facility** for plastic and CNC machines.
- **Total area**: 126,000 sqm (31 acres), with **65,000 sqm built-up area**.
- **Annual capacity**: 8,400 machines.
- Houses advanced:
- Manufacturing
- Assembly
- Painting
- In-house component production (via high-end CNC machines)
- **Relocation Timeline**:
- **Injection Moulding & Global CNC divisions**: Production started **September 1, 2025**
- **Extrusion division**: Production from **October 1, 2025**
This facility will improve **cost control, quality assurance, and delivery timelines**, and enables **end-to-end in-house manufacturing**.
---
### **R&D & Innovation Ecosystem**
Windsor sources technology through:
- Participation in **national and international exhibitions**
- Collaborations with **technology partners**
- **Joint R&D projects with academic institutions**
- Strategic alliances (e.g., **Kuhne GmbH, Germany** and **Italtech, Italy**)
Focus areas:
- Energy efficiency
- Environmental sustainability
- High-output, low-downtime machinery
- Customized SPMs for niche applications
---
### **Financial Highlights (FY2023–2025)**
- **Injection Moulding Division**:
- Recorded **record turnover in FY22–23**.
- FY21–22: ₹1,769.17 crore (₹17,691.65 lakh) gross sales.
- **Extrusion Machinery**:
- FY21–22: ₹1,575.31 crore (₹15,753.06 lakh) sales.
- **Unitech (as of Mar 2025)**:
- Net Worth: ₹3.55 crore
- Turnover: ₹15.20 crore
- **GCPL (FY2024 Revenue)**: ₹162 crore
Despite past challenges from **semiconductor shortages** and **global supply chain delays**, Windsor has improved operating margins through innovation and localization.
---
### **Strategic Positioning**
- **Global Footprint**: Over 30,000 machines installed; exports to Africa and beyond.
- **Domestic Leadership**: First Indian company to manufacture **indigenous high-tonnage two-platen machines (1600T–3200T)**.
- **Technology Leadership**: Focus on **AI, automation, energy efficiency**, and sustainable manufacturing.
- **Vertical Integration**: Combining plastic processing, CNC machines, and tooling under one roof.
- **Government Alignment**: Supports **"Make in India"** and **"Atmanirbhar Bharat"** through import substitution and MSME partnerships.