Windsor Machines financials: balance sheet, profit and loss, cash flow

NSE: WINDMACHINBSE: 522029Industrial ManufacturingSmall Cap

Windsor Machines Limited · Face value ₹2 · Listed Dec 1986 on BSE, Aug 2011 on NSE

₹279.90₹1.85 (0.66%)BSE ₹281.65

Share price at the NSE close on 28 Oct 2026. Previous close ₹281.75.

28 Oct: open ₹283.40, high ₹286.80, low ₹276.05

52-week range of traded prices to 28 Oct 2026

₹200.65Low, 30 Mar 2026₹343.90High, 10 Jun 2026

Next results date: the board meets on 3 Nov 2026 to consider: financial results. The notice · Results calendar

Market cap: ₹2,896 Cr1,097th largest listed
P/E: Earlier quarters restated in the year
P/B: Shares changed
Dividend yield: Nonein the last 12 months
ROE: Assets held for saleon the latest balance sheet
ROCE: Assets held for saleon the latest balance sheet
Debt to equity: Assets held for saleon the latest balance sheet
Volume, NSE: 35,75449.5% delivered

Windsor Machines' financial statements for the 10 years to Mar 2026, consolidated: the company and its subsidiaries together.

10 years at a glance

₹ crore, years to March.Windsor Machines annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Peak revenue ₹570 Cr, year to Mar 2026; lowest ₹283 Cr, year to Mar 2020Back to profit in the year to Mar 2026, ₹0.64 Cr

Operating and net margin, per cent

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue570
Materials and goods−403
Employee costs−74
Other expenses−63
Operating profit31
Depreciation−21
Other income+3.8
One-off items−4.3
Finance costs−5.1
Profit before tax4.8
Tax−4.2
Net profit0.6

What the company owns

Plant, investments and other assets₹596 Cr
Inventory₹215 Cr
Receivables₹38 Cr
Cash and bank₹34 Cr

What pays for it: net worth and liabilities

Net worth₹493 Cr
Other liabilities₹171 Cr
Owed to suppliers₹139 Cr
Borrowings₹80 Cr

Windsor Machines business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.Windsor Machines segment results by quarter

Revenue by segment

₹575 CrTotal

Injection Moulding Machinery₹253 Cr44.0% of total
CNC & VMC Machinery##₹190 Cr33.1% of total
Extrusion Machinery Division₹132 Cr22.9% of total

Profit by segment

Injection Moulding Machinery₹14.9 Cr37.8% of total
CNC & VMC Machinery##₹21.2 Cr53.7% of total
Extrusion Machinery Division₹3.3 Cr8.5% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Injection Moulding Machinery
Revenue, ₹ crore
218
157
168
211
228
203
191
253
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
14
0
8
6
9
6
23
15
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
CNC & VMC Machinery##
Revenue, ₹ crore
38
190
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
6
21
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Extrusion Machinery Division
Revenue, ₹ crore
181
126
147
160
155
153
141
132
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
14
−2
12
16
16
7
1
3
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Energy Storage Systems **
Revenue, ₹ crore
0
0
0
0
0
0
0
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
0
0
0
0
0
−19
0
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	400	283	315	372	384	357	370	575
Company revenue, as in its results	398	283	314	369	377	354	369	570
Revenue	218	157	168	211	228	203	191	253
Revenue growth	–	−28.3%	7.1%	26.1%	8.1%	−11.0%	−6.1%	32.4%
Profit	14	0	8	6	9	6	23	15
Profit growth	–	−96.8%	1,659.0%	−22.6%	48.5%	−29.9%	252.4%	−33.9%
Margin	6.4%	0.3%	4.7%	2.9%	4.0%	3.2%	11.8%	5.9%
Return on capital	17.7%	0.8%	15.4%	12.7%	16.9%	24.2%	29.8%	15.9%
Assets	173	146	162	166	160	157	127	229
Liabilities	94	91	110	118	106	130	51	135
Capital employed	79	55	52	48	54	26	76	94
Revenue	–	–	–	–	–	–	38	190
Revenue growth	–	–	–	–	–	–	–	400.2%
Profit	–	–	–	–	–	–	6	21
Profit growth	–	–	–	–	–	–	–	269.6%
Margin	–	–	–	–	–	–	15.1%	11.1%
Return on capital	–	–	–	–	–	–	12.9%	21.9%
Assets	–	–	–	–	–	–	72	97
Liabilities	–	–	–	–	–	–	28	0
Capital employed	–	–	–	–	–	–	45	97
Revenue	181	126	147	160	155	153	141	132
Revenue growth	–	−30.4%	16.9%	8.6%	−2.9%	−1.4%	−8.1%	−6.5%
Profit	14	−2	12	16	16	7	1	3
Profit growth	–	–	–	25.4%	2.7%	−58.7%	−79.0%	139.7%
Margin	7.7%	−1.5%	8.4%	9.7%	10.3%	4.3%	1.0%	2.5%
Return on capital	11.1%	−1.7%	11.0%	14.7%	13.9%	5.5%	1.0%	1.3%
Assets	191	172	173	161	176	196	222	367
Liabilities	66	60	59	55	61	76	86	104
Capital employed	125	111	114	106	115	120	135	263
	–	0	0	0	0	0	0	0
Profit	–	0	0	0	0	0	−19	0
Return on capital	–	−1.9%	−0.3%	−0.3%	−0.2%	−0.2%	–	–
Assets	–	20	20	20	20	20	0	0
Liabilities	–	0	0	0	0	0	0	0
Capital employed	–	20	20	20	20	20	0	0

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Windsor Machines quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue from operations	354	398	398	283	314	369	377	354	369	570
	324	363	363	278	285	340	348	332	345	539
Materials and goods bought	218	243	243	175	198	241	246	232	239	403
Employee costs	52	–	55	53	53	56	57	54	55	74
Other expenses	54	–	64	51	34	42	45	46	51	63
Operating profit before depreciation	30	36	36	5	29	29	29	22	24	31
Operating margin	8.6%	9.0%	9.0%	1.7%	9.3%	8.0%	7.7%	6.3%	6.5%	5.5%
Materials, % of revenue	61.5%	–	61.0%	61.7%	63.1%	65.4%	65.3%	65.7%	64.7%	70.6%
Employee costs, % of revenue	14.6%	–	13.8%	18.7%	16.9%	15.2%	15.1%	15.2%	14.9%	12.9%
Other expenses, % of revenue	15.3%	–	16.2%	17.9%	10.8%	11.4%	12.0%	12.9%	13.9%	11.0%
Depreciation and amortisation	7	16	16	14	14	14	14	16	18	21
Operating profit after depreciation	23	20	20	−9	15	15	15	7	6	10
Other income	9	15	15	12	1	3	7	3	2	4
Finance costs	11	13	13	11	10	11	11	15	8	5
Profit before one-off items and tax	20	22	22	−9	6	7	11	−6	0	9
One-off items	0	0	0	−23	0	0	0	0	20	−4
Profit before tax	20	22	22	−32	6	7	11	−6	20	5
	9	10	10	−25	−5	5	6	2	23	4
Current tax	8	12	12	1	0	1	9	4	1	1
Deferred tax	1	−2	−2	−26	−5	4	−2	−2	22	3
Share of profit of joint ventures and associates	–	0	–	–	–	–	–	–	–	–
	12	12	12	−8	11	2	5	−8	−3	1
Belonging to the company's shareholders	12	12	12	−7	11	2	5	−8	7	1
Belonging to outside owners of subsidiaries	–	–	–	0	0	0	0	0	−11	0
Other comprehensive income	–	–	−1	−1	0	2	−2	1	3	−1
Total comprehensive income	–	–	11	−9	11	4	3	−7	0	0
Net margin	3.3%	3.0%	3.0%	−2.7%	3.4%	0.6%	1.2%	−2.2%	−0.9%	0.1%
Net margin without joint ventures and associates	–	3.0%	–	–	–	–	–	–	–	–

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2018 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	290	286	297	295	291	278	734	493
	290	275	286	284	280	267	734	493
Share capital	13	13	13	13	13	13	17	18
Reserves	277	262	273	271	267	254	717	476
Belonging to outside owners of subsidiaries	–	11	11	11	11	11	0	–
	54	38	31	11	36	36	10	80
Repayable after a year	48	34	25	11	24	21	7	55
Repayable within a year	7	4	5	0	12	15	4	25
	185	176	200	186	181	192	183	255
Trade payables	80	80	85	89	89	119	83	139
Other financial liabilities	33	33	39	30	18	8	7	10
Other liabilities	52	45	57	50	39	34	44	49
Provisions	4	3	3	3	2	2	3	6
Tax owed	9	11	11	14	21	14	41	27
	146	107	93	95	109	124	85	135
Other financial liabilities	4	4	4	16	19	39	23	23
Deferred tax	94	69	64	68	66	64	56	57
	621	568	590	576	582	593	1,002	883
Held for sale or for a demerger	–	–	–	–	–	–	–	259
	399	455	450	437	431	443	677	299
Plant in use, after depreciation	345	342	330	318	310	317	307	207
Plant being built	7	0	0	0	0	0	21	16
Intangible assets	3	2	1	1	1	6	5	5
Goodwill	0	0	0	0	0	0	313	37
Intangible assets being developed	0	19	19	19	19	19	0	–
Investments	0	0	0	0	0	0	0	0
Loans given	0	59	59	59	59	59	0	0
Other financial assets	9	27	0	0	0	0	0	0
Deferred tax	4	5	6	6	7	5	5	5
Other assets	32	0	34	33	34	36	26	29
	222	113	140	139	151	150	325	326
Inventories	85	73	78	78	86	109	144	215
Trade receivables	29	19	30	40	48	28	25	38
Cash and cash equivalents	14	9	19	10	7	3	92	25
Other bank balances	0	0	0	0	4	0	2	9
Current investments	4	0	2	0	0	0	0	0
Loans given	75	0	0	0	0	0	43	0
Other financial assets	5	3	3	3	2	2	3	3
Other assets	9	8	8	8	3	7	16	36
Net debt	36	28	9	1	25	33	−84	46

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	37	27	12	46	−41	−51
	37	27	14	58	−34	−36
	7	−6	−17	33	−41	−64
Receivables	−12	−9	−6	21	4	−14
Inventories	−4	−1	−8	−23	−35	−71
Payables	18	16	4	50	30	−27
Other working capital	5	−12	−7	−14	−40	47
Tax paid	0	0	−2	−11	−7	−15
Capital spending	1	2	6	27	348	168
Free cash flow	36	25	6	19	−389	−219
	−10	1	7	−29	−295	−127
Plant and property sold	0	0	0	0	0	15
Interest received	0	0	0	0	0	1
	−17	−37	−8	−22	426	112
Borrowings raised	8	5	38	15	1	72
Borrowings repaid	−15	−25	−29	−15	−27	−2
Interest paid	−10	−11	−11	−15	−8	−5
Dividends paid	0	6	6	6	3	0
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	462	48
Net change in cash	10	−9	11	−5	89	−66

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Windsor Machines dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Earnings per share	₹1.78	₹1.84	₹1.86	−₹1.16	₹1.66	₹0.34	₹0.71	−₹1.19	–	₹0.08
Diluted earnings per share	₹1.78	₹1.84	₹1.85	−₹1.16	₹1.66	₹0.34	₹0.71	−₹1.19	–	₹0.06
Dividend per share	₹0.75	₹1.00	₹1.00	–	₹1.00	₹1.00	₹1.00	₹0.50	–	–
Book value per share	–	–	₹44.60	₹42.34	₹44.07	₹43.77	₹43.17	₹41.07	₹86.90	₹55.73
Dividend payout	42.2%	54.3%	53.9%	–	59.9%	288.0%	139.4%	–	–	–
Shareholder yield	–	–	–	–	0.0%	2.5%	2.6%	1.5%	−17.0%	−2.7%
Market cap at the year end (₹ crore)	419	620	439	61	198	256	245	434	2,707	1,790

Earnings per share is left blank for the year to Mar 2025: the earnings per share stated has the opposite sign to the profit stated beside it, so it is not shown.

Ratios

Consolidated, years to March.Windsor Machines PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue growth	15.1%	12.5%	0.0%	−28.9%	11.1%	17.4%	2.2%	−6.2%	4.2%	54.7%
Operating profit growth	90.7%	17.6%	−0.1%	−86.5%	503.9%	0.9%	−1.3%	−23.1%	7.5%	31.2%
Net profit growth	252.4%	3.6%	0.7%	–	–	−79.4%	108.6%	–	–	–
Earnings per share growth	–	3.4%	1.1%	–	–	−79.5%	108.8%	–	–	–
	–	–	4.2%	−2.6%	3.9%	0.8%	1.7%	−2.8%	1.5%	–
	–	–	–	−6.8 pts	6.5 pts	−3.1 pts	0.9 pts	−4.5 pts	4.3 pts	–
From the net margin	–	–	–	−7.7 pts	6.1 pts	−3.2 pts	0.8 pts	−4.6 pts	5.4 pts	–
From asset turnover	–	–	–	0.9 pts	0.5 pts	0.1 pts	0.0 pts	0.2 pts	−0.6 pts	–
From borrowing	–	–	–	0.0 pts	−0.1 pts	0.0 pts	0.0 pts	−0.1 pts	−0.5 pts	–
Return on capital employed	–	–	5.8%	−2.9%	4.7%	5.0%	4.6%	2.1%	0.8%	–
Cash conversion	–	–	–	–	341.1%	1,219.3%	262.2%	–	–	−7,979.4%
Interest cover	2.0	1.5	1.5	–	1.5	1.4	1.4	0.4	0.7	2.0
Debt to equity	–	–	0.19	0.13	0.10	0.04	0.12	0.13	0.01	–
Receivable days	–	–	27	25	35	40	47	29	24	–
Inventory days	–	–	127	154	143	118	127	172	221	–
Payable days	–	–	121	168	157	134	132	187	127	–
Cash conversion cycle, days	–	–	33	11	21	24	42	14	118	–
Working capital days	–	–	23	−88	−88	−56	−29	−31	51	–
Asset turnover	–	–	0.64	0.48	0.54	0.63	0.65	0.60	0.46	–
Assets per rupee of net worth	–	–	2.14	2.11	2.06	2.04	2.05	2.15	1.59	–
Sales per rupee of plant	–	–	1.16	0.83	0.95	1.16	1.22	1.12	1.20	2.75
Capital spending to depreciation	–	–	–	–	0.07	0.16	0.42	1.73	19.38	8.00
Plant being built, % of plant in use	–	–	2.0%	0.0%	0.0%	0.0%	0.0%	0.0%	6.8%	7.7%

Interest cover is left blank for the year to Mar 2020: operating profit after depreciation is a loss, and a loss covers no interest bill. Return on equity, asset turnover and assets per rupee of net worth are left blank for the year to Mar 2026: a tenth or more of the assets on the balance sheet it is worked from are held for sale or for a demerger, so it would mix the business being kept with the part that is leaving. Change in return on equity, from the net margin, from asset turnover and from borrowing are left blank for the year to Mar 2026: a tenth or more of the assets on the balance sheet it is worked from are held for sale or for a demerger, so it would mix the business being kept with the part that is leaving. Debt to equity, receivable days, inventory days, payable days, cash conversion cycle, days, return on capital employed and working capital days are left blank for the year to Mar 2026: a tenth or more of the assets on the balance sheet it is worked from are held for sale or for a demerger, so it would mix the business being kept with the part that is leaving. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 0.1%
Cash from operations against operating profit: −163.0%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	6.4%	12.6%	14.8%
Profit growth, yearly rate	−15.0%	−43.2%	−48.3%
Return on equity, average	–	0.3%	−0.7%
Return on capital employed, average	–	3.1%	1.5%
Operating margin, average	7.1%	6.8%	6.1%
Net margin, average	0.9%	−0.2%	−1.0%
Asset turnover, average	–	0.59	0.53
Cash conversion cycle, days, average	–	49	66
Interest cover, average	1.4	1.2	1.1
Debt to equity, average	–	0.08	0.07

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	−7	−46	−51
Cash from investing	−444	−452	−127
Cash from financing	471	516	112
Capital spending	551	543	168
Dividends paid	23	10	0
Shares bought back	0	0	0
Shares issued for cash	510	510	48
Borrowings raised	131	88	72
Borrowings repaid	98	44	2

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	8	7	8	4	5	2
Altman Z-scorePublished threshold 1.81	–	–	2.32	1.02	1.56	1.85	1.86	1.99	7.69	4.33
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.13	−2.33	−2.39	−3.31	−2.00	−1.91
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−2.78	−4.44	−2.48	−4.25	41.81	19.00
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	4.31	–	–	–
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−5.83	47.94	14.79	17.90	−34.92	−17.64	0.51
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	14.90	−7.86	−20.87	7.51	32.95	29.34	−19.72
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−0.96	−0.11	0.01	−1.52	1.13	2.70	3.39
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.01	0.07	0.04	0.01	0.00	2.40	–
Effective tax ratePublished threshold 17.16 per cent	43.21	45.71	45.38	–	−85.73	68.81	57.84	–	116.20	86.67
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	68.81	38.55	–	81.19	−231.16

A threshold marked as ours has no published figure; it is the line we read the check against.