💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue from operations grew 4.17% YoY to INR 368.72 Cr in FY 2024-25 from INR 353.97 Cr. However, standalone revenue declined 3.63% to INR 327.60 Cr. The company sold 323 machines in FY 2024-25, a 15.45% decrease from 382 machines in the previous year, indicating a shift toward higher-value units despite lower volume.

Geographic Revenue Split

Not explicitly disclosed in percentages; however, the company operates primarily in India (Gujarat) and previously had operations in Italy through Wintal Machines SRL, which entered voluntary judicial liquidation on December 30, 2024.

Profitability Margins

Consolidated Net Profit Margin remained negative as the company reported a loss of INR 3.23 Cr, though this was an improvement from the INR 7.71 Cr loss in FY 2023-24. Standalone PAT turned into a loss of INR 25.27 Cr from a profit of INR 3.42 Cr, largely due to exceptional items and tax adjustments.

EBITDA Margin

Consolidated EBITDA margin stood at 6.92% (INR 25.53 Cr) in FY 2024-25, a slight contraction from 7.13% (INR 25.24 Cr) in FY 2023-24. Standalone EBITDA margin was higher at 8.24% (INR 27.00 Cr) compared to 8.16% in the previous year.

Capital Expenditure

The company raised approximately INR 462.50 Cr through a preferential issue of equity shares and warrants. As of March 31, 2025, INR 383.63 Cr has been utilized for stated objectives, including business expansion and operational requirements.

Credit Rating & Borrowing

Consolidated finance costs decreased significantly by 47.23% to INR 8.03 Cr from INR 15.22 Cr, suggesting a reduction in high-cost debt or improved borrowing terms following the change in promoter to Plutus Investments.

⚙️ Operational Drivers

Raw Materials

Steel, specialized engineering components, and electronic controllers for plastic processing machinery. Specific percentage of total cost for each is not disclosed.

Capacity Expansion

Current capacity is measured by machine output, with 323 machines sold in FY 2024-25. The company is focusing on new product launches and expanding geographical coverage to increase market share.

Raw Material Costs

Total standalone expenses were INR 301.96 Cr, representing 92.17% of standalone revenue. Procurement strategies involve leveraging the new promoter's (Plutus Investments) network for better cost management.

Manufacturing Efficiency

Machine sales volume efficiency declined by 15.45% YoY (from 382 to 323 units), though revenue per machine increased, suggesting a move toward more complex, higher-margin extruders.

📈 Strategic Growth

Expected Growth Rate

Not disclosed in available documents

Growth Strategy

Growth will be driven by the new promoter, Plutus Investments and Holding Private Limited, focusing on new product launches and expanding geographical reach. The company received a capital advance refund of INR 24.61 Cr and is streamlining its portfolio by exiting non-core or loss-making entities like Wintal Machines SRL (Italy) and RCube Energy Storage Systems (44.70% stake sold).

Products & Services

Plastic processing machineries, specifically extruders and injection molding machines used in the engineering and plastic sectors.

Brand Portfolio

Windsor Machines.

New Products/Services

New product launches are planned to increase market share, though specific revenue contribution percentages are not disclosed.

Market Expansion

Expansion into additional geographical regions is a core part of the management's strategy for FY 2025-26.

Strategic Alliances

Collaborations with academic universities for joint research projects to enhance product range and quality.

🌍 External Factors

Industry Trends

The industry is characterized by cyclicality. Future growth is expected to be driven by technological shifts in plastic processing and expansion into new regional markets.

Competitive Landscape

The company competes in the plastic processing machinery market, focusing on leadership through technology absorption and new product launches.

Competitive Moat

The company's moat is built on its long-standing brand (established 1963) and its technical expertise in extruders. Sustainability is supported by the recent INR 462.50 Cr capital infusion and a change in promoter to a more active investment group.

Macro Economic Sensitivity

High sensitivity to the overall economic environment and the cyclical nature of the plastic processing industry.

Consumer Behavior

Shift toward more efficient and high-performance plastic processing machines is driving the demand for the company's new product range.

Geopolitical Risks

The judicial liquidation of the Italian subsidiary Wintal Machines SRL highlights risks associated with international operations and regulatory environments in Europe.

⚖️ Regulatory & Governance

Industry Regulations

Subject to the Environment Protection Act, 1986, and various labor and pollution control laws specific to manufacturing engineering products.

Environmental Compliance

Compliant with Gujarat Pollution Control Regulations; operations are conducted in an environmentally responsible manner.

Taxation Policy Impact

The company applied for the Direct Tax Vivaad se Vishwas Scheme 2024 for AY 2020-21, booking an expense of INR 13.96 Cr to settle litigations. It also recorded a deferred tax liability reduction of INR 12.31 Cr.

Legal Contingencies

The company has filed an appeal in the Mumbai High Court against an ITAT order for AY 2015-16 involving a tax demand of INR 15.64 Cr. It also faces ongoing judicial liquidation proceedings for its Italian subsidiary, Wintal Machines SRL.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the recovery of the global and domestic economic environment, which directly impacts the demand for capital goods like plastic processing machinery.

Geographic Concentration Risk

Operations are heavily concentrated in Gujarat, India, following the exit from the Italian market.

Third Party Dependencies

Dependency on specialized service providers, evidenced by a settlement resulting in a INR 24.61 Cr capital advance refund from a service provider.

Technology Obsolescence Risk

Risk of falling behind in technology is mitigated by R&D collaborations with universities and the launch of the WML ESOP Policy 2022 to retain technical talent.

Credit & Counterparty Risk

The company provided for total investment and receivables from Wintal Machines SRL, expecting zero proceeds from its liquidation, indicating high historical credit risk with subsidiaries.