Market Cap : ~500cr
Promoter Holdings: 58.5%
Debt to Equity Ratio : <0.2
ROE = 1.65%
ROCE = 6.77%
Windsor Machines Limited was incorporated in 1963 as a private limited company under the name Windsor Engineering Pvt. Ltd. It became a public limited company in 1964
The company manufactures plastics processing machinery, including injection moulding machines, extrusion lines, and blow moulding lines. The company’s factory at Thane commenced production in 1964, and its factory at Vatva (Gujarat) started production of extrusion lines in 1985.
Windsor Machines Limited is a leading manufacturer of plastics processing machinery in India. The company exports its products to several countries. In 2023 the company tunred announced it’s 60th Annual Report.
Glimpse of About Windsor machine from the Annual Report 2023
We have always been a solution-based company for the last 60 years. From creating our first machine that redefined the plastics industry, we have grown into a Company that is touching everyday lives in more ways than one. At the onset of our journey towards the next half century, we are perfectly poised to create greater value for each interacting partner.
We are reckoned as one of the select few companies in the world, serving and supporting the varied needs of plastics processing industry across 65 countries with an installation base of over 30,000 cutting edge machines with latest technologies.
Our key business verticals include
- Injection Moulding
- Pipe Extrusion
- Blown Films Lines (All under one roof.)
Injection Moulding
Injection moulding finds extensive application in the manufacturing of automotive, white goods, construction, furniture, houseware, smartphones, tablets, laptops, connections, sensors, and various other electronic components. These components require a high level of precision and quality, attributes efficiently provided by injection moulding machines. As a result, injection moulding has become the fastest growing end user category during the projection period, with a commendable Compound Annual Growth Rate (CAGR) in excess of 10%.
Additionally, the increasing awareness regarding personal hygiene and the popularity of organic personal care products are anticipated to boost the consumer goods industry. Consequently, this positive trend is expected to drive the demand for Injection Melding Machines (IMM) in the production of various consumer goods.
Pipe Extrusion
The PVC pipes industry has been categorized into agriculture, building & construction, telecommunication, and other segments based on its end users. As of 2021, the agriculture segment held the largest market share, primarily driven by the rapid adoption of PVC pipes in agriculture irrigation systems. Additionally, the increasing focus on improving the agriculture sector through government initiatives and the growing preference for organic products are expected to further fuel the demand for PVC pipes in this segment.
Looking ahead, the building and construction sector is projected to witness the highest growth rate. This growth is attributed to the numerous advantages of PVC pipes in construction and building applications. The use of PVC pipes in roofing and flooring offers a safe and cost-effective solution, making them a popular choice in this industry. These factors collectively contribute to the continuous expansion of the building and construction segment within the PVC pipes market. The Jal Jivan Mission (JJM) to get potable drinking water to each home has exponentially increased the demand for the HDPE pipes.
Blown Film Extrusion Industry
The global blown film extrusion machine market is experiencing significant growth, driven by the increasing demand for packaging films in the food and beverages sector. Blown film extrusion machines are versatile and cater to both barrier and non-barrier packaging applications, making them highly sought-after in the industry. Additionally, these machines enable the processing of a wide range of polymers, further fuelling the expansion of the global blown film extrusion machine market.
The market segmentation of blown film extrusion machines is based on machine type, material type, application, and geography.
In terms of material type, the market is divided into LDPE (low-density polyethylene), HDPE (high-density polyethylene), LLDPE (linear low-density polyethylene), polyamides, and EVOH.
On the other hand, the application segment includes food and beverages, consumer goods, and pharmaceuticals. Within the food and beverage category, there are further subdivisions like bakery products, dairy products, and frozen food and beverages. Moreover, the global blown film extrusion machine market is classified into semi-automatic and automatic blown film extrusion machines based on machine type.
Company’s association with few of the market leaders in the world like Kuhne GmbH (Germany), and the acquisition of Italtech (Italy) has enabled us to build technological excellence and rise rapidly in the competitive world. As a leading machinery supplier with lowest running cost (per kilo of polymer processed).
Indian plastic machinery is growing at a pace which is double than the average growth at which the economy is growing and is the fastest growing capital goods sector. Strong growth projections in automotive, construction, infrastructure, white goods, rigid and flexible packaging and Government schemes requiring more plastic products like Swachh Bharat, Jal Jivan Mission etc. will push continue to generate strong domestic demand for the Plastic Machinery
Interview at one of the biggest exhibition
Red flags:
- The Company encounters typical strategic risks associated with emerging businesses and capital expenditure for capacity expansion.
- Entire plastic sector is in pressure since last coupl of years which is the main sector that will drive the growth for the comapny’s performance
- Operating Profit margin is not stable which might be sign of cyclicality in nature.
- Any negative announcement for Plastic Sector might be highly bad for the company.
Client List
- Sunshine Plastic Industries
- Worth Plastics
- Suraj-logistix Pvt.Ltd
- Creative Polypack Pvt.Ltd
- Vaibhav Plasto Printing & Packaging Pvt. Ltd
- Prince Pipes
- Maxpro Plast India
- Kalpaka plastics Pvt. Ltd.
- Apollo Pipes Limited
- Gupta Polytubes Pvt. Ltd.
- Hari Udyog Pvt. Ltd.
- Ohm Pipe Pvt. Ltd.
- Shiva Polytubes Pvt.Ltd
- Rihno Plast
- Shree Mother Plast (India) Pvt Ltd.
- Shree Plastics
- AKG Industries
- Associted Pipes Industries
Financials:
Balance Sheet
Share Holding Pattern:- Not seeing any movements here
Technicals:
Stock is about to give a breakout on a monthly Time Frame (approx after 6 years the stock is crossing current levels)
Please feel to contribute more by identifying red flags or more supportive data pointers
Disclaimer: Invested very small… definitely on radar to add more.