IPO update: Windlas Biotech

Windlas Biotech came out with its IPO about eight weeks ago. You can find Value Research's analysis of the IPO here. In this follow-up article, we focus on the share price and financial performance of the company post-IPO. Our analysis of the IPO Windlas Biotech is a contract development and manufacturing organisation (CDMO) that provides various services like product development, manufacturing of licensed drugs, including complex generics. Complex generics refer to generic medicines that require a high level of manufacturing expertise. The company's CDMO business contributes to 85 per cent of revenue, and the remaining is derived from the sale of generics. Keeping in the growth prospects of the CDMO industry and the company's expertise in manufacturing, we gave it a score of 14 out of 27. Our main concerns were competitiveness, revenue concentration in customers, and lack of pricing power as it c