Bambalam PHP EXE Compiler/Embedder:

a free command line tool to convert PHP applications to standalone Windows .exe applications. The exe files produced are totally standalone, no need for php dlls etc. The php code is encoded using the Turck MMCache Encode library so it’s a perfect solution if you want to distribute your application while protecting your source code. The converter is also suitable for producing .exe files for windowed PHP applications (created using for example the WinBinder library, or with PHP-GTK

bamcompile [-options] infile.php [outfile.exe]
bamcompile [-options] project_directory mainfile.php [outfile.exe]

-w Hide console window for windowed applications
-c Compress output exe (using UPX - must be available)
-d Do not encode PHP files