Windlas Biotech Limited, a small-cap pharmaceutical company, has announced a share buyback program worth ₹47 crore ($5.6 million USD), in which it will repurchase 4.7 lakh equity shares at ₹1,000 ($12 USD) each. This buyback accounts for 2.23% of the company's total equity and will be executed through the tender offer route as per Securities and Exchange Board of India (Sebi) regulations. The board meeting held on Friday confirmed the buyback, which is set to open with a record date of April 24, 2026, to determine eligible shareholders. Notably, 15% of the buyback size is reserved for small shareholders, promoting wider retail participation. Despite a 20% increase in stock price over the past year, Windlas Biotech shares have underperformed in the market, declining over 18% in the last 12 months compared to Nifty's 4% and BSE Sensex's 2% returns during the same period. Currently, the stock is trading above its 50-day and 200-day simple moving averages, indicating a potential positive trend.