Synopsis: A machinery manufacturer’s strong revenue growth, capacity expansion, and acquisitions dominate the story this quarter, even as a couple of institutional holders trimmed their positions and margins came under temporary pressure.
A company undergoing a major manufacturing overhaul has posted sharp revenue growth for the year, backed by capacity expansion, two strategic acquisitions, and a large capital infusion. While near-term margins softened due to relocation costs, the bigger picture points to a business scaling up meaningfully for the years ahead.
Shares of Windsor Machines Limited., with a market capitalization of Rs.2,722 Crore, closed at Rs.299.5 i.e. around 2.33% below its previous closing price of Rs.306.65.
Revenue Growth Powers Through Transition
Windsor Machines Limited, established in 1963 and headquartered in Ahmedabad, manufactures CNC machines, injection moulding machinery, and extrusion equipment for pipes and films. Following a change in promoter control in September 2024, the company has undertaken a major expansion, consolidating operations into a new integrated facility in Rajkot and acquiring Global CNC and Unitech Workholding Systems.
Windsor Machines Limited closed FY26 with consolidated revenue of ₹570.5 crore, up 54.7% year-on-year from ₹368.7 crore in FY25. The growth was broad-based, led by the CNC and injection moulding segments, even as the extrusion division saw softer demand. Q4FY26 alone saw revenue jump 52.8% year-on-year to ₹184.6 crore.
Profitability, however, told a more nuanced story. Adjusted EBITDA for FY26 came in at ₹32.4 crore, translating to a margin of 5.7%, down from 6.5% in FY25. The dip was largely due to one-time costs linked to the company’s plant relocation, which totalled ₹4.8 crore for the year, along with a pricing strategy shift. Consolidated PAT turned positive at ₹5.9 crore for FY26, a sharp improvement from a loss of ₹23.6 crore in FY25, though PAT margin remains thin at 1.0%.
Capacity Expansion and New Rajkot Facility
The company has consolidated operations from four legacy plants into a single integrated facility at Chibhada, Rajkot, spread across 36+ acres with over 11 lakh square feet of built-up area. This has taken manufacturing capacity from 1,500 machines annually to 3,600 machines, with room to expand further to 8,400 machines. The new facility houses capabilities across sheet metal forming, fabrication, an in-house paint shop, and final assembly, and employs over 800 skilled professionals.
An incremental capex of ₹310 crore from the recent fund raise is being deployed toward this expansion. The company has also shifted toward a “make-to-stock” model for standard units, which has cut customer delivery timelines from 2-3 months down to 15-30 days.
Acquisitions Strengthen Portfolio
Windsor completed two acquisitions during the year. It acquired 100% of Global CNC Pvt. Ltd. for ₹343 crore in February 2025, marking its entry into CNC manufacturing, followed by the amalgamation of Global CNC into the company effective April 2025.
In February 2026, it completed the acquisition of Unitech Workholding Systems for ₹42 crore, adding precision tooling and workholding capabilities that management expects to create synergies with the CNC division. These moves were backed by a ₹725 crore preferential equity fund raise in January 2025, of which the new promoter group infused ₹200 crore.
Shareholding Snapshot
Shareholding data for the June 2026 quarter shows some institutional churn. DII holding fell sharply from 2.57% to 0.73%, and ace investor Madhusudan Kela trimmed his stake from 7.36% to 6.40%. Promoter holding also declined from 46.22% to 42.95%, partly reflecting dilution from recent corporate actions, while FII holding rose from 1.62% to 2.31%.
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