Windlas: Sixteen Months Later, Our ₹900 Crore Forecast Has Become ₹904 Crore

A follow-up to 15 June 2025, updated to 15 October 2026: sales delivered; shareholder earnings need closer attention.

When we last studied Windlas on 15 June 2025, the question was whether its expanded factories could produce enough additional business to justify the investment. I expected about ₹900 crore of FY26 sales, with better utilization bringing operating leverage.