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INDOWIND - Indowind Energy

📊 NSE: INDOWIND 🏢 Power Generation And Supply 📅 Last Updated: 12/14/2025 8:03

📢 Recent Corporate Announcements

NCLT Approves Merger of Ind Eco Ventures with Indowind Energy Limited

🟢 POSITIVE ⭐ 8/10

M&A 📅 13 Mar 2026, 01:35 PM

The NCLT Chennai Bench has sanctioned the merger of Ind Eco Ventures Limited into its parent company, Indowind Energy Limited. The amalgamation, effective from the appointed date of April 1, 2023, is designed to simplify the corporate structure and achieve operational cost savings. As the transferor is a wholly-owned subsidiary, no new shares will be issued, ensuring no equity dilution for current shareholders. The company has also proactively addressed regulatory concerns by filing five compounding applications for past non-compliances identified during the process.

NCLT Chennai Bench approved the merger on March 10, 2026, with an appointed date of April 1, 2023.
Ind Eco Ventures, a 100% subsidiary, will be dissolved, leading to zero equity dilution for Indowind shareholders.
The company filed 5 compounding applications to resolve historical regulatory violations flagged by the ROC.
The merger aims to eliminate inter-company transactions and optimize the allocation of capital for future growth.

💡 The merger is a positive move for structural efficiency and cost reduction without diluting equity. Investors should maintain their positions while monitoring the successful resolution of the pending compounding applications.

Indowind Energy Increases Authorized Share Capital to Rs 275 Crore

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 06 Mar 2026, 05:50 PM

Indowind Energy Limited has received shareholder approval to increase its authorized share capital from Rs 175 crore to Rs 275 crore. This expansion involves increasing the total number of equity shares from 17.5 crore to 27.5 crore, each with a face value of Rs 10. The amendment to the Memorandum of Association was finalized following a postal ballot on March 5, 2026. Such a move is typically a precursor to future equity-based fundraising activities or stock-based acquisitions.

Authorized Share Capital increased by Rs 100 crore, reaching a new limit of Rs 275 crore.
Total equity shares expanded from 17.5 crore to 27.5 crore shares at Rs 10 face value.
Shareholders approved the resolution via postal ballot on March 5, 2026.
Amendment to Clause V of the Memorandum of Association (MOA) has been officially recorded.

💡 Investors should monitor the company for upcoming announcements regarding rights issues or private placements, as this move creates the necessary headroom for fresh capital infusion.

Indowind Energy Shareholders Approve Capital Increase and New Borrowing Limits

🟢 POSITIVE ⭐ 7/10

REGULATORY 📅 06 Mar 2026, 05:47 PM

Indowind Energy Limited has successfully passed six key resolutions via postal ballot with a significant majority. Shareholders approved an increase in the company's authorized share capital and expanded borrowing powers under Section 180(1)(c). Crucially, the company received the green light to alter the spending objects of its Rights Issue and enter into material related party transactions with promoters and a proposed subsidiary, Nova Power Private Limited. These approvals provide the management with greater financial flexibility for future operations and expansion.

Resolution to increase Authorized Share Capital passed with 99.83% of total votes in favor.
Shareholders approved the alteration in the mode of spending objects for the Rights Issue with 99.81% majority.
Increase in borrowing powers under Section 180(1)(c) received 99.84% approval from voting shareholders.
Material Related Party Transactions with promoters and Nova Power Private Limited were cleared by non-interested shareholders.
A total of 110,345 shareholders were on record for the voting process ending March 5, 2026.

💡 Investors should track the deployment of Rights Issue funds and the impact of increased borrowing on the company's debt-to-equity ratio. The approval of transactions with Nova Power indicates a strategic focus on subsidiary growth which warrants close monitoring.

Indowind Energy Q3 FY26 PAT Turns Positive; 9M Revenue Up 21.6% to ₹35.49 Cr

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 05 Feb 2026, 04:51 PM

Indowind Energy reported a return to profitability in Q3 FY26 with a PAT of ₹0.35 crores, reversing a loss from the previous year. For the nine-month period ending December 2025, revenue grew 21.61% YoY to ₹35.49 crores, while EBITDA margins improved to 47.86%. The company has strengthened its balance sheet by raising ₹49.42 crores through a rights issue and has approved a future overseas bond issue of up to $70 million. Management is diversifying into solar and O&M services to mitigate the seasonality of wind power and stabilize quarterly earnings.

9M FY26 consolidated revenue increased 21.61% YoY to ₹35.49 crores with a PAT of ₹7.5 crores.
EBITDA for the nine-month period grew by 29.39% to ₹16.98 crores, reflecting improved cost management.
Successfully raised ₹49.42 crores via rights issue and approved increasing borrowing limits to ₹1,500 crores.
Planned investment of ₹57 crores for a 20% equity stake in EverOn Power (19MW assets) to boost consolidated growth.
Board approved an overseas fundraiser of up to $70 million through bond issues to restructure debt and fund expansion.

💡 Investors should watch for the successful execution of the $70 million bond issue and the integration of the EverOn Power associate stake. The company's move into solar and battery storage is a critical step toward reducing seasonal volatility in cash flows.

Indowind Energy Releases Audio Recording of Q3 FY26 Earnings Conference Call

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 03 Feb 2026, 06:14 PM

Indowind Energy Limited has made the audio recording of its Analyst/Investors meeting available to the public, following the session held on February 3, 2026. The call addressed the company's financial performance for the third quarter and the nine-month period ending December 31, 2025. This disclosure is a standard regulatory requirement under SEBI (LODR) Regulations to ensure transparency for all shareholders. Investors can access the full discussion via the company's official website link provided in the filing.

Audio recording of the Q3 FY26 earnings call was released on February 3, 2026.
The call covers financial results for the quarter and nine months ended December 31, 2025.
Filing is in compliance with Regulation 30 and 46 of SEBI (LODR) Regulations, 2015.
The recording link is hosted on the Indowind Energy official website under the Investor section.

💡 Investors should listen to the recording to gain insights into management's perspective on the renewable energy sector and specific operational updates. This is a routine procedural update and does not require immediate portfolio changes.

Indowind Energy Seeks to Increase Borrowing Limit to ₹1,500 Cr and Capital to ₹275 Cr

🔵 WATCH ⭐ 8/10

FUNDRAISE 📅 03 Feb 2026, 04:40 PM

Indowind Energy is seeking shareholder approval to increase its authorized share capital from ₹175 crore to ₹275 crore and significantly raise its borrowing limit to ₹1,500 crore. The company also plans to modify the use of ₹21.50 crore in Rights Issue proceeds to develop a 4 MW solar plant through a new subsidiary, Nova Power Private Limited, to meet group captive norms. Furthermore, the notice includes approvals for material related party transactions with promoters and group entities. These moves indicate a major push for expansion and capital restructuring.

Authorized Share Capital to be increased from ₹175 crore to ₹275 crore
Borrowing powers proposed to be capped at a new limit of ₹1,500 crore
₹21.50 crore from Rights Issue to be utilized for a 4 MW solar plant via a subsidiary
Material Related Party Transactions proposed with Dr. Bala Kutti and Indus Capital Private Limited
Remote e-voting for these resolutions ends on March 5, 2026

💡 Investors should evaluate the necessity of the ₹1,500 crore borrowing limit relative to the company's current scale and monitor the transparency of the proposed related party transactions.

Indowind Energy Reschedules Q3 & 9M FY26 Earnings Call to 3:00 PM on Feb 3, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 30 Jan 2026, 11:23 AM

Indowind Energy Limited has announced a rescheduling of its earnings conference call for the third quarter and nine months ended FY26. The call, originally slated for 12:00 PM on February 3, 2026, will now commence at 3:00 PM on the same day. The session will feature management commentary from Promoter Mr. Bala Venckat Kutti regarding the company's recent financial performance. Investors can access the call through universal dial-in numbers or via a pre-registration Diamond Pass.

Earnings conference call for Q3 & 9M FY26 rescheduled from 12:00 PM to 3:00 PM IST.
The call is scheduled for Tuesday, February 3, 2026.
Management will be represented by Promoter Mr. Bala Venckat Kutti.
Universal dial-in numbers provided are +91 22 6280 1239 and +91 22 7115 8140.
The event is coordinated by Kirin Advisors to discuss financial results and business outlook.

💡 Investors planning to attend the call should note the updated 3:00 PM timing to ensure they receive management's updates on Q3 performance. No immediate portfolio action is required based on this administrative scheduling change.

Indowind Energy 9M FY26 EBITDA Up 29.4%; Approves $70M Fundraise and Major Expansion

🔵 WATCH ⭐ 8/10

EARNINGS 📅 30 Jan 2026, 10:53 AM

Indowind Energy reported a strong 9M FY26 performance with EBITDA growing 29.4% YoY to ₹16.98 crore and Net Profit rising 24.3% to ₹7.51 crore. Despite a weak Q3 which saw an EBITDA loss of ₹0.42 crore, the company is positioning for massive growth by approving an overseas fundraise of up to $70 million. The board has also cleared an increase in borrowing powers to ₹1,500 crore and a strategic ₹57.80 crore investment in Everon Power Limited. These moves signal a transition from a small-scale operator to a more aggressive renewable energy player.

9M FY26 Revenue increased 21.6% YoY to ₹35.49 crore with EBITDA margins expanding 288 bps to 47.86%.
Board approved overseas fundraise of up to USD 70 million for bond restructuring and business expansion.
Proposed increase in borrowing powers to ₹1,500 crore and authorized share capital to ₹275 crore.
Strategic investment of up to ₹57.80 crore for a 20% equity stake in Everon Power Limited.
In-principle agreement signed to acquire an operational 5.1 MW wind power project.

💡 Investors should closely monitor the terms and dilution impact of the proposed $70 million fundraise and the execution of the capacity expansion. While 9M growth is positive, the sudden Q3 EBITDA loss and massive increase in borrowing limits require a cautious assessment of financial leverage.

Indowind Energy Schedules Q3 & 9M FY26 Earnings Conference Call for February 3, 2026

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 29 Jan 2026, 06:57 PM

Indowind Energy Limited has announced its earnings conference call to discuss the financial performance for the third quarter and nine months ended FY26. The call is scheduled for Tuesday, February 3, 2026, at 12:00 PM IST and will be hosted by Kirin Advisors. Key management, including Promoter Mr. Bala Venckat Kutti, will be present to interact with investors. This session is crucial for understanding the company's operational efficiency and growth trajectory in the renewable energy sector.

Earnings conference call scheduled for February 3, 2026, at 12:00 PM IST.
Focus on financial results for Q3 FY26 and the 9-month period of FY26.
Management representation includes Promoter Mr. Bala Venckat Kutti.
Universal dial-in numbers for the call are +91 22 6280 1239 and +91 22 7115 8140.
Investor relations support provided by Kirin Advisors Private Limited.

💡 Investors should attend the call to seek clarity on the company's project pipeline and debt management strategies. Pay close attention to management's outlook on wind power generation trends and regulatory changes in the green energy space.

Indowind Energy Q3 Profit Jumps to ₹42 Lakhs; Plans $70M Fundraise and ₹57.8 Cr Investment

🟢 POSITIVE ⭐ 8/10

BOARD_MEETING 📅 29 Jan 2026, 06:34 PM

Indowind Energy reported a significant turnaround in consolidated net profit to ₹42.14 lakhs for Q3 FY26, up from just ₹2.24 lakhs in the same quarter last year. The board has approved a massive fundraising plan of up to $70 million through overseas securities to restructure debt and fund expansion. Additionally, the company is scaling its operations by increasing borrowing limits to ₹1500 crores and investing ₹57.80 crores for a 20% stake in Everon Power Limited. These strategic moves signal an aggressive growth phase supported by capital restructuring.

Consolidated Net Profit increased to ₹42.14 lakhs in Q3 FY26 compared to ₹2.24 lakhs in Q3 FY25.
Approved issuance of overseas securities up to $70 million for debt restructuring and business expansion.
Proposed investment of ₹57.80 crores to acquire a 20% equity stake in Everon Power Limited.
Authorized share capital to be increased from ₹175 crores to ₹275 crores subject to shareholder approval.
Borrowing powers significantly enhanced to ₹1500 crores to support future capital requirements.

💡 Investors should monitor the terms of the $70 million fundraise as it may lead to equity dilution or increased interest costs. While the profit growth and expansion plans are positive, the sharp increase in borrowing limits to ₹1500 crores warrants a close watch on the company's future debt-to-equity ratio.

Indowind Energy Q3 PAT Surges; Board Approves $70M Fundraise and Strategic Acquisitions

🟢 POSITIVE ⭐ 8/10

BOARD_MEETING 📅 29 Jan 2026, 06:29 PM

Indowind Energy reported a strong Q3 FY26 performance with consolidated PAT rising to ₹42.14 lakhs from ₹2.24 lakhs YoY. The board has approved a significant fundraising plan of up to USD 70 million through overseas securities to restructure debt and fuel expansion. Additionally, the company is making strategic moves including a ₹57.80 crore investment for a 20% stake in Everon Power and acquiring Nova Power. To support these growth plans, the company is seeking to increase its borrowing limit to ₹1,500 crore and its authorized share capital to ₹275 crore.

Consolidated Q3 PAT jumped to ₹42.14 lakhs compared to ₹2.24 lakhs in the same quarter last year.
Approved fundraising of up to USD 70 million via overseas securities for debt restructuring and expansion.
Strategic investment of ₹57.80 crore approved for a 20% stake in Everon Power Limited.
Authorized share capital to be increased from ₹175 crore to ₹275 crore, subject to shareholder approval.
Borrowing powers proposed to be increased significantly to ₹1,500 crore.

💡 Investors should view the strong profit growth and ambitious $70M fundraise as positive indicators of expansion, though the high borrowing limit and related party transactions warrant close monitoring. Watch for the upcoming postal ballot results for final approval on these capital-intensive moves.

Indowind Energy Submits SEBI Compliance Certificate for Q3 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 09 Jan 2026, 12:22 PM

Indowind Energy Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The filing confirms that for the quarter ended December 31, 2025, the company's Registrar and Transfer Agent (RTA), Bigshare Services Private Ltd., processed all dematerialization requests. The RTA verified that security certificates were mutilated and cancelled, and the depository names were updated in the register of members within the mandated 15-day period. This is a standard procedural disclosure ensuring the integrity of the company's shareholding records.

Compliance certificate submitted for the quarter ended December 31, 2025.
Confirmation provided by Registrar and Transfer Agent (RTA) Bigshare Services Private Ltd.
Dematerialization requests were processed and records updated within the 15-day regulatory timeline.
Security certificates received were mutilated and cancelled after due verification by the depository participant.

💡 No action is required as this is a routine regulatory filing. Investors should monitor the company's upcoming quarterly financial results for operational performance updates.

Indowind Energy Repays ₹20.88 Cr Debt and Initiates 4 MW Solar Project Execution

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 02 Jan 2026, 10:54 AM

Indowind Energy has announced the strategic utilization of its ₹49.42 crore Rights Issue proceeds to repay legacy debts totaling approximately ₹20.88 crore. This includes ₹11.63 crore in promoter loans and ₹9.25 crore in LIC dues, which is expected to lower interest costs and improve profitability. Furthermore, the company has officially started the execution phase of its 4 MW solar power project. These moves aim to deleverage the balance sheet and create headroom for future growth in the renewable energy sector.

Repaid ₹1,163 lakh (₹11.63 crore) in loans to Corporate Promoters using Rights Issue proceeds
Settled approximately ₹925 lakh (₹9.25 crore) in outstanding LIC dues to reduce liabilities
Commenced implementation of finalized contracts for a new 4 MW solar power project
Utilized proceeds from the recently completed ₹49.42 crore Rights Issue for deleveraging
Expected reduction in finance costs to support improved future profitability and earnings

💡 Investors should view the debt reduction as a positive step toward improving net margins and financial stability. Monitor the 4 MW solar project's progress as it will be a key driver for future revenue diversification.

Indowind Energy Announces Trading Window Closure Starting January 1, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 29 Dec 2025, 10:52 AM

Indowind Energy Limited has officially announced the closure of its trading window for all designated persons starting January 1, 2026. This move is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the upcoming quarterly financial results. The restriction applies to promoters, directors, key managerial personnel, and their immediate relatives. The window will remain closed until 48 hours after the declaration of the un-audited financial results for the quarter ending December 31, 2025.

Trading window closure commences on January 1, 2026, for all designated persons.
Closure is related to the review of un-audited financial results for the quarter ending December 31, 2025.
The restriction will be lifted 48 hours after the financial results are publicly disclosed.
Designated persons include promoters, directors, KMPs, and statutory auditors.
The specific date for the Board Meeting to approve results will be announced at a later date.

💡 This is a routine regulatory filing with no direct impact on stock fundamentals. Investors should wait for the upcoming quarterly results announcement to assess the company's financial performance.

Indowind Energy to Acquire 5.1 MW Wind Project for INR 20-25 Crore

🟢 POSITIVE ⭐ 8/10

M&A 📅 23 Dec 2025, 09:22 AM

Indowind Energy Limited has entered into an in-principle agreement to acquire a 5.1 MW operational wind power project for an estimated consideration of INR 200-250 million. The company plans to enhance the project's value through potential repowering or by implementing a hybrid solar project to improve generation efficiency and asset utilization. This acquisition is supported by the company's recently completed rights issue, which successfully raised INR 49.42 crore. The move is part of a long-term strategy to strengthen its renewable energy platform and boost profitability.

Proposed acquisition of a 5.1 MW operational wind power project.
Estimated transaction value in the range of INR 200 million to INR 250 million.
Plans to explore solar hybridization and repowering to increase revenue and efficiency.
Acquisition follows a successful rights issue that raised INR 49.42 crore.
Project is currently operational and expected to add stable generating capacity immediately upon completion.

💡 Investors should view this as a positive growth step that utilizes recently raised capital for asset expansion. Monitor the timeline for regulatory approvals and the potential efficiency gains from the proposed solar hybridization.

View All INDOWIND Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

For FY 2024-25, standalone revenue declined 18% to INR 22.36 Cr. The Tamil Nadu segment saw a significant drop to INR 11.69 Cr (down from INR 17.25 Cr), while the Karnataka segment grew 5.8% to INR 10.66 Cr. In H1 FY26, consolidated revenue grew 25.81% YoY to INR 29.29 Cr.

Geographic Revenue Split

Based on FY 2024-25 consolidated revenue of INR 33.51 Cr, Tamil Nadu operations contributed INR 21.59 Cr (64.4%) and Karnataka operations contributed INR 11.91 Cr (35.6%).

Profitability Margins

Net profit for Q2 FY26 was INR 4.7 Cr, representing a 3.62% YoY increase. For H1 FY26, net profit reached INR 7.15 Cr, an improvement of 17.16% YoY. The net profit margin for H1 FY26 stands at approximately 24.41%.

EBITDA Margin

EBITDA margin for Q2 FY26 improved to 59.32% compared to 57.21% in the previous year. EBITDA for H1 FY26 increased 30.88% YoY to INR 15.73 Cr, driven by disciplined cost control and better machine availability.

Capital Expenditure

The company successfully raised INR 49.43 Cr through a rights issue of 3,22,00,434 equity shares at INR 15.35 per share to fund expansion. Planned CAPEX includes adding 25 MW of Wind and 25 MW of Solar projects.

Credit Rating & Borrowing

The company is currently debt-free. Management indicates that while they are looking at borrowings for expansion, they expect interest rates from bankers to be in the 8%-9% range for projects yielding a 15% plus IRR.

⚙️ Operational Drivers

Raw Materials

The primary 'raw material' is wind velocity (natural resource), which is seasonal and unpredictable. Land is the secondary critical input, with the company maintaining a 'huge land bank' for asset placement.

Import Sources

Not applicable as the primary input is wind velocity harvested at site locations in Tamil Nadu (Nettur, Aralvoimozhi) and Karnataka (Gadag, Chitradurga).

Key Suppliers

Not disclosed in available documents; however, the company manages its own Operations & Maintenance (O&M) to improve machine availability.

Capacity Expansion

The company plans to add 25 MW of Wind and 25 MW of Solar capacity. The medium-term target is to double the current capacity within three years.

Raw Material Costs

Raw material costs are negligible as a percentage of revenue due to the nature of wind power; however, operational efficiency is impacted by wind availability, which caused an 18% revenue decline in FY25.

Manufacturing Efficiency

Efficiency is measured by machine availability and asset offtake. H1 FY26 performance was bolstered by 'better machine availability' and 'favorable wind conditions.'

Logistics & Distribution

Distribution is handled through state grids (TANGEDCO/BESCOM). The company faces competitive pressure and increased wheeling/banking charges from these entities.

📈 Strategic Growth

Expected Growth Rate

15%

Growth Strategy

Growth will be achieved by doubling capacity through the addition of 25 MW Wind and 25 MW Solar projects, pursuing inorganic growth opportunities, and transitioning to a hybrid model in Tamil Nadu. The company is utilizing INR 49.43 Cr from a rights issue to fund these initiatives.

Products & Services

Reliable green power (electricity) generated from wind energy generators and upcoming solar installations sold to corporates and state electricity boards.

Brand Portfolio

INDOWIND

New Products/Services

Expansion into Solar power and Hybrid (Wind-Solar) energy projects to complement existing wind assets, with a 4 MW solar project starting in Karnataka.

Market Expansion

Focusing on expanding the portfolio in Tamil Nadu and Karnataka, leveraging existing land banks for new 25 MW Wind and 25 MW Solar capacities.

🌍 External Factors

Industry Trends

The industry is seeing a shift toward hybrid wind-solar models and increased corporate demand for clean power. The sector is currently 'constructive and supportive' for renewable expansion.

Competitive Landscape

Faces competitive pressure on pricing from other Independent Power Producers (IPPs) and regulatory hurdles from state-owned distribution companies.

Competitive Moat

The company's moat consists of a 30-year operating history, a debt-free balance sheet, and a 'huge land bank' with hidden value that exceeds its current market capitalization. These are sustainable due to the high entry barriers of land acquisition in wind-rich areas.

Macro Economic Sensitivity

Highly sensitive to environmental factors (wind velocity) and government policies regarding renewable energy subsidies and wheeling charges.

Consumer Behavior

Increasing demand from corporate clients for stable, clean power to meet sustainability goals.

Geopolitical Risks

Minimal direct impact, though global shifts toward renewable energy support the company's long-term strategy.

⚖️ Regulatory & Governance

Industry Regulations

PPAs for wind energy generators (WEGs) older than 20-25 years are only being renewed for 5-year terms by TANGEDCO. There are also increasing charges imposed by state utilities like TANGEDCO.

Environmental Compliance

The company operates in the green energy sector; specific ESG compliance costs were not disclosed.

Legal Contingencies

The company reported no instances of fraud and no significant changes in internal controls or accounting policies for the year ended March 31, 2025.

⚠️ Risk Analysis

Key Uncertainties

Seasonal wind unpredictability is the primary risk, which can cause double-digit revenue fluctuations (e.g., 18% decline in FY25). PPA renewal terms for aging assets also present uncertainty.