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Prabhudas Lilladher IPO report on Windlas Biotech

Windlas Biotech is amongst top five players in contract development and manufacturing organization (CDMO/CMO) segment with long list of large clientele from India formulations market. A two-decade old company with experience in manufacturing (solid/ liquid) multiple dosage offers a comprehensive range of CDMO services in India. Over time Windlas evolved as key CDMO players on the back of its 1) presence in Chronic products, 2) knowledge in R&D of process engineering, 3) wide customer base, 4) focus on Trade Generics & OTC Brands in India, 5) entry into injectable segment and 6) strong financial performance with experienced management. It owns four plants at Dehradun with an aggregate installed capacity of 7bn tabs/caps, 55m pouch/sachet and 61m liquid bottles as on Mar’21.

Valuation and Outlook

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