Windlas Biotech IPO – Competitive Strengths, Key Risks, Concerns: ICICI Direct

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Incorporated in 2001, Windlas Biotech Ltd. is among the top five players in the domestic pharma formulations contract development and manufacturing organisation industry in India in terms of revenue with 1.5% market share.

Apart from CDMO business (~85% of revenues), it also sells own branded products in the trade generics and over-the-counter markets (10.2% of revenues) as well as exports (~4.3% of revenues) generic products to several countries.

Windlas Biotech has four manufacturing facilities in Dehradun, Uttarakhand.

Its manufacturing facilities had an aggregate installed operating capacity of 706.4 crore tablets/ capsules, 5.4 crore pouch/ sachet and 6.1 crore liquid bottles.

Click on the attachment to read the full IPO report:

ICICI Direct Windlas IPO Review.pdf


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