Windsor Machines Limited (WINDMACHIN) AI Stock Analysis

• Market Cap: ₹19.25B
• Dividend Yield: 0.19%
• Average Volume (3M): 2.92K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.85
• Revenue Growth: 42.12%
• EPS Growth: N/A
• Country: IN
• Employees: 612
• Sector: Industrials
• Sector Strength: 72
• Industry: Industrial - Machinery
• EPS (TTM): -0.45
• Shares Outstanding: 87,084,520
• 10 Day Avg. Volume: 2,765
• 30 Day Avg. Volume: 2,916
• PEG Ratio: -1.49
• Price to Book (P/B): 2.87
• Price to Sales (P/S): 5.71
• P/FCF Ratio: -5.30
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 52 Neutral
• Price Target: ₹223.00 ▼(-16.67% Downside)
• Action: Reiterated Date: 10/23/25
• Date: Action: Reiterated 10/23/25

Windsor Machines Limited's stock score is primarily impacted by its inconsistent financial performance and overvaluation. The technical analysis suggests a bearish trend, and the lack of earnings call data or corporate events leaves these areas unaddressed.

Positive Factors

Revenue Growth

A reported ~41.8% revenue growth and repeated mention of steady top-line expansion indicate durable demand for Windsor's plastics processing equipment. Persistent revenue growth supports capacity scaling, long-cycle aftermarket opportunities and longer-term cash flow generation tied to industrial customers.

Healthy Gross Margins

Sustained healthy gross margins point to manufacturing efficiency or pricing power in the niche of plastic processing machinery. Strong gross margins create a buffer for SG&A volatility, enable reinvestment in R&D or service capabilities, and support margin resilience through industry cycles.

Low Leverage / Strong Equity Ratio

A relatively low debt-to-equity ratio and strong equity ratio provide lasting financial flexibility. Lower leverage reduces bankruptcy risk, preserves capacity to fund capex or working capital, and positions the company to invest in product development or take advantage of market consolidation opportunities.

Negative Factors

Negative Free Cash Flow

Negative free cash flow driven by elevated capex is a structural concern: it limits the company’s ability to self-fund growth, return capital to shareholders, or build reserves. Persistently negative FCF forces reliance on external funding and can compress long-term returns if capex fails to generate adequate incremental cash.

Inconsistent Profitability

Fluctuating net income, declining net margins and inconsistent ROE undermine earnings durability and planning. For a capital-intensive machinery firm, inconsistent profitability complicates reinvestment timing, weakens internal capital formation, and raises execution risk for multi-period product or service strategies.

Dependence on Financing

Elevated reliance on financing to bolster cash reserves is a structural vulnerability. Dependence on external capital exposes the company to interest rate, refinancing and covenant risks, and can limit strategic optionality if credit conditions tighten or financing becomes more expensive over the medium term.

Windsor Machines Limited Business Overview & Revenue Model

Company Description

Windsor Machines Limited engages in the manufacture, marketing, and sale of plastic processing machinery in India and internationally. The company operates through Extrusion Machinery and Injection Moulding Machinery segments. It offers injection molding machines, pipe extrusion lines, and blown film lines. Windsor Machines Limited was incorporated in 1963 and is based in Ahmedabad, India. Windsor Machines Limited is a subsidiary of Castle Equipments Private Limited.

How the Company Makes Money

Windsor Machines Limited primarily makes money by selling plastic processing machinery and related equipment to industrial customers (B2B). Revenue is typically generated through (i) sale of machines/equipment (the main source), and may also include (ii) income from spare parts, (iii) after-sales service, maintenance, installation/commissioning, and (iv) other allied/engineering services connected to its installed base; however, a breakdown of these streams and any material partnerships cannot be confirmed from the provided information and is therefore null.

Windsor Machines Limited Financial Statement Overview

Summary

Windsor Machines Limited shows steady revenue growth and strong gross margins, but inconsistent profitability and negative free cash flow are concerns. The company has a solid capital structure but needs to improve cash management and operational efficiency.

Income Statement

Windsor Machines Limited has shown steady revenue growth, with a notable increase from 2024 to 2025. The gross profit margin remains healthy, although there was a significant decline in the net profit margin due to fluctuating net income. The EBIT and EBITDA margins indicate an improvement in operational efficiency compared to previous years.

Balance Sheet

The company maintains a relatively low debt-to-equity ratio, suggesting moderate leverage. The equity ratio is strong, indicating a solid capital structure. However, the return on equity has been inconsistent, reflecting variable profitability.

Cash Flow

There is a concerning trend of negative free cash flow in 2025, driven by high capital expenditures. The operating cash flow to net income ratio is negative, indicating cash flow challenges. Despite this, the company has increased its cash reserves significantly through financing activities, which may provide short-term liquidity relief.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	4.78B	3.69B	3.54B	3.73B	3.65B	3.07B
Gross Profit	1.13B	571.68M	1.11B	1.21B	1.17B	1.04B
EBITDA	671.66M	459.01M	148.69M	290.76M	324.08M	262.58M
Net Income	312.92M	74.19M	-76.97M	46.59M	22.55M	108.34M
Balance Sheet
Total Assets	10.12B	10.02B	5.93B	5.82B	5.76B	5.90B
Cash, Cash Equivalents and Short-Term Investments	53.66M	937.91M	26.84M	73.88M	97.52M	207.52M
Total Debt	395.82M	348.52M	358.28M	358.74M	264.77M	463.79M
Total Liabilities	2.84B	2.68B	3.15B	2.91B	2.81B	2.93B
Stockholders Equity	7.28B	7.34B	2.67B	2.80B	2.84B	2.86B
Cash Flow
Free Cash Flow	-1.20B	-3.97B	193.53M	63.82M	248.56M	358.19M
Operating Cash Flow	-376.70M	-491.14M	464.20M	121.73M	271.27M	368.26M
Investing Cash Flow	-535.95M	-2.96B	-291.55M	-68.05M	10.07M	-99.23M
Financing Cash Flow	30.47M	4.34B	-219.69M	-77.31M	-371.34M	-173.03M

Windsor Machines Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 267.60
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:WINDMACHIN, the sentiment is Negative. The current price of 267.6 is above the 20-day moving average (MA) of 239.53, above the 50-day MA of 250.37, and below the 200-day MA of 299.38, indicating a bearish trend. The MACD of -7.36 indicates Positive momentum. The RSI at 34.76 is Neutral, neither overbought nor oversold. The STOCH value of 8.55 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:WINDMACHIN.

Windsor Machines Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
NRBBEARING	73 Outperform	₹24.88B	22.79	―	2.39%	9.63%	-64.21%
MMFL	72 Outperform	₹21.08B	24.91	―	1.07%	-4.47%	-17.62%
AUTOAXLES	68 Neutral	₹26.24B	18.33	―	1.63%	-2.78%	2.55%
PRECAM	66 Neutral	₹11.53B	42.91	―	0.61%	-21.74%	38.10%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
JTEKTINDIA	61 Neutral	₹36.19B	48.24	―	0.49%	4.44%	-25.67%
WINDMACHIN	52 Neutral	₹19.25B	-150.85	―	0.19%	42.12%	―

Windsor Machines Limited Corporate Events

Windsor Machines Completes ₹42-Crore Acquisition of Unitech Workholding Systems

Windsor Machines Limited has completed the acquisition of 100% of the issued and paid-up equity share capital of Unitech Workholding Systems Private Limited for a total consideration of INR 42 crore. With this transaction now closed, Unitech becomes a wholly owned subsidiary of Windsor Machines, signaling a strategic expansion of Windsor’s business footprint and potentially enhancing its operational capabilities and market reach in related engineering and industrial segments.

The acquisition follows a previously announced share purchase agreement approved in November 2025 under SEBI’s Listing Regulations disclosure framework. By bringing Unitech fully under its corporate umbrella, Windsor consolidates control over the target company’s assets and operations, which may support future growth initiatives and strengthen its positioning among stakeholders in the broader industrial machinery and workholding solutions space.