Windsor Machines H1FY27 Results (NSE: WINDMACHIN)
Signal: Loss narrowed
The read
H1FY27 revenue rose 30.36% YoY to ₹32,585.20 lakh, but this recovery came with a 407bps gross-margin compression as raw materials reached 82.73% of revenue; EBITDA margin fell to 3.04% from 6.91%, extending the margin deterioration seen in Q1FY27 and leaving PAT at a ₹572.72 lakh loss.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹325.85 Cr | +30.36% | N/A |
| EBIT | ₹-0.48 Cr | -106.10% | |
| Net profit | ₹-5.73 Cr | +8.34% | |
| EPS | ₹-0.58 | +21.62% | |
| EBIT margin | 3.04% |
P&L walk
Standalone revenue increased to ₹32,585.20 lakh, +30.36% YoY, but gross margin compressed to 26.41% from 30.48% as raw materials rose to 82.73% of revenue from 62.37%; EBITDA margin consequently fell to 3.04% from 6.91%, and PAT remained negative at ₹572.72 lakh.
Segments
Injection Moulding Machinery was the principal driver at ₹17,591.88 lakh of H1 revenue and ₹1,793.76 lakh of segment result, while Extrusion Machinery remained small at ₹4,678.62 lakh revenue and ₹113.56 lakh result; corporate costs of ₹2,528.34 lakh reduced the operating result to a ₹47.89 lakh loss before exceptional items, interest and tax.
Key positives
- H1 revenue increased 30.36% YoY to ₹32,585.20 lakh, with Injection Moulding Machinery contributing ₹17,591.88 lakh of segment revenue and ₹1,793.76 lakh of segment result.
- CNC & VMC Machinery generated ₹9,698.04 lakh of H1 revenue and ₹573.13 lakh of segment result, while Extrusion Machinery returned to a ₹113.56 lakh segment profit from a ₹434.51 lakh restated year-ago loss.
- Depreciation increased 9.31% to ₹1,038.35 lakh while PPE rose to ₹32,910.47 lakh, indicating that the higher asset base is beginning to flow through depreciation rather than showing a flat-depreciation anomaly.
Key concerns
- Gross margin compressed 407bps to 26.41% as raw-material cost rose to 82.73% of revenue from 62.37% in the restated year-ago half; the filing does not disclose a mitigation driver.
- EBITDA margin fell 387bps to 3.04% and derived EBITDA declined 42.89% to ₹990.46 lakh despite 30.36% revenue growth.
- Operating cash flow was negative at ₹14,099.32 lakh in H1FY27, while inventory increased to ₹33,091.93 lakh from ₹21,219.66 lakh at March 31, 2026.
- Finance cost increased 168.39% YoY to ₹571.43 lakh, further widening the gap between operating performance and net profit.
Research and educational content only. Not investment advice.