🔍

Indowind Energy Limited (INDOWIND)

₹8.45 +0.00% last close, 16 Oct

📊 NSE: INDOWIND 🏢 Power Generation And Supply 📢 Latest filing: 09 Oct 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Indowind Energy's revenue was ₹8.3 Cr (-28.1% year on year, +57.5% on the previous quarter), and net profit ₹2.1 Cr (-18.3% year on year); the operating margin was 52.3%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹8.3	-28.1%	+57.5%
Operating profit	₹4.3	-16.4%	from loss
Net profit	₹2.1	-18.3%	from loss
EPS (₹)	0.13	-35.0%	from loss
Operating margin	52.3%	—	—

Full quarterly financials → Results calendar →

INDOWIND delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 84.43% of the INDOWIND shares traded on NSE were taken to delivery, against the stock's own 20-session average of 67.45%. That is higher than usual for this stock. Turnover was only ₹4 lakh, so a handful of trades can move this figure.

84.43%Delivery, 16 Oct

67.45%Own 20-session average

0.6×Volume vs its average

₹8.45NSE close · +0.00%

Delivery in the last 5 sessions: 75.2% · 49.8% · 79.7% · 47.1% · 84.4%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Indowind Energy Submits Reg 74(5) Demat Certificate for Quarter Ended Sep 30, 2026

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 09 Oct 2026, 10:57 AM

Indowind Energy Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The confirmation from Registrar and Transfer Agent Bigshare Services Pvt. Ltd. certifies that requests for dematerialization were duly processed. The security certificates received were verified, mutilated, and cancelled, with the depository substituted as registered owner within 15 days of receipt. This is an administrative compliance requirement with no impact on corporate fundamentals.

Compliance certificate submitted under Regulation 74(5) for the quarter ended 30th September 2026
Issued based on confirmation by Registrar and Transfer Agent Bigshare Services Pvt. Ltd. dated 08/10/2026
Securities processed and depositories substituted in the register of members within 15 days of receipt

💡 No action is required; this is a standard quarterly administrative filing. Investors should track upcoming Q2 FY27 financial results for operational updates.

Wins Bank of Baroda suit; awarded Rs 1 Cr bank guarantee plus 12% p.a. interest since 2004

🟢 POSITIVE ⭐ 6/10

LEGAL 📅 06 Oct 2026, 04:46 PM

Indowind Energy has received a favourable final decree from the Bombay City Civil Court in its suit against Bank of Baroda. The court ordered the bank to pay the principal Bank Guarantee amount of Rs 1.00 Cr along with 12% simple interest per annum from June 17, 2004, until realization. With interest running for over 22 years, the total payout is expected to exceed Rs 3.6 Cr, which represents roughly 10% of Indowind's TTM revenue of Rs 37 Cr. Management plans to deploy the proceeds into ongoing expansion and repowering projects.

Final judgment and decree passed in favour of Indowind against Bank of Baroda on October 6, 2026
Directed payment of Bank Guarantee principal of Rs 1,00,00,000/- (Rs 1.00 Cr)
Simple interest awarded at 12% p.a. from June 17, 2004 until full realization
Accrued simple interest alone exceeds ~Rs 2.67 Cr over the 22+ year period
Estimated total cash inflow of >Rs 3.67 Cr compares to TTM revenue of Rs 37 Cr

💡 Track whether Bank of Baroda appeals the decree to a higher court or proceeds with settlement, and watch for actual cash realization in subsequent quarterly balance sheets.

Indowind Appoints Dr. S.R. Shriraam Shekher as Independent Director for 5 Years

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 30 Sep 2026, 05:29 PM

Indowind Energy Limited has approved the appointment of Dr. S.R. Shriraam Shekher as an Additional Non-Executive Independent Director, effective September 30, 2026. The appointment is for a tenure of five consecutive years ending on September 29, 2031, subject to shareholder approval. Dr. Shekher brings 15 years of corporate experience, 14 years of legal practice, and is an empanelled Insolvency Professional with major public sector banks including SBI and PNB.

Appointed as Non-Executive Independent Director for a 5-year term from September 30, 2026 to September 29, 2031
Appointee is 65 years old with 16 years of Indian Air Force service, 15 years corporate experience, and 14 years legal practice
Empanelled Insolvency Professional across 5 major public sector banks (SBI, IOB, IDBI Bank, Indian Bank, and PNB)
Appointment made by circular resolution and remains subject to shareholder approval

💡 Track voting outcomes at the upcoming shareholder meeting for confirmation of the appointment, alongside ongoing operational capacity targets (planned 25 MW wind and 25 MW solar additions).

Indowind Energy Shareholders Approve All 8 AGM Resolutions Including Rights Issue Timeline Extension

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 29 Sep 2026, 04:59 PM

Indowind Energy Limited declared the voting results of its 31st Annual General Meeting held on September 25, 2026, with all 8 resolutions passed by requisite majorities. Key approvals include the extension of the timeline for utilizing rights issue proceeds (99.86% in favor) and material related-party transactions for both the company and its subsidiary. Overall shareholder turnout was 42.56% of total voting rights, dominated by promoter e-voting (64.24 million votes).

All 8 resolutions passed with over 97% favorable votes cast across categories
Resolution 6 approving timeline extension for rights issue proceeds passed with 99.86% votes in favor
Material related-party transactions (Resolutions 7 and 8) approved by non-promoter public shareholders with ~97.7% approval
Total votes polled stood at 68,526,618 shares, representing 42.5625% of total outstanding shares

💡 Track subsequent quarterly filings for updates on the actual deployment of rights issue proceeds and progress on planned 25 MW wind and 25 MW solar capacity expansions.

Indowind Energy Concludes 31st AGM; Votes on Rights Issue Timeline Extension

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 25 Sep 2026, 05:29 PM

Indowind Energy conducted its 31st Annual General Meeting on September 25, 2026. Key agenda items transacted included the adoption of FY26 financial statements, reappointment of WTD & CFO Mr. N.K. Haribabu, and approval for extending the timeline to utilize Rights Issue proceeds. Additionally, resolutions for material related-party transactions for both the company and its subsidiary were placed before shareholders for voting. Detailed voting results are expected within two working days.

31st AGM held on September 25, 2026, commencing at 4:00 P.M. and concluding at 4:15 P.M. IST
Special Resolution proposed for extending the timeline to utilize Rights Issue proceeds
Shareholders voted on Material Related Party Transactions for both Indowind Energy and its subsidiary
Re-appointment of Mr. N.K. Haribabu as Whole Time Director transacted via Special Resolution
Scrutinizer voting results to be announced to exchanges within 2 working days

💡 Track the upcoming voting results disclosure on stock exchanges within two working days to confirm shareholder approval of the Rights Issue timeline extension and related-party transactions.

Indowind Energy: Independent Director Dr. K.R. Shyamsundar Retires on Tenure Completion

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 15 Sep 2026, 03:09 PM

Indowind Energy Limited has informed the exchanges that Dr. K.R. Shyamsundar (DIN: 03560150), Independent Director, ceased to hold office upon the completion of his second term on September 15, 2026. The departure is purely due to the conclusion of his statutory tenure, with no other material reasons reported. This routine governance transition does not impact daily operations, for a company reporting TTM revenue of Rs 37 Cr and an operating profit margin of 32.4%.

Independent Director Dr. K.R. Shyamsundar ceased office effective closing hours of September 15, 2026
Departure is due to the normal completion of his second term as an Independent Director
No other material reasons were cited for the cessation under Regulation 30 disclosures

💡 Track the upcoming board appointments to ensure timely compliance with statutory board composition requirements under SEBI LODR.

Indowind Energy: Independent Director B. R. Baskaran Resigns Effective Sept 9, 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 09 Sep 2026, 05:54 PM

Indowind Energy Limited announced that Mr. Bathey Ramamurthy Baskaran has resigned from his position as Non-Executive Independent Director, effective close of business hours on September 09, 2026. The director cited personal commitments and other professional pre-occupations, confirming there are no other material reasons for his departure. The outgoing director held no other directorships or committee memberships in listed entities. The company's financial operations (TTM revenue of Rs 37 Cr) remain unaffected by this board-level departure.

Independent Director Bathey Ramamurthy Baskaran resigned effective September 09, 2026
Reason cited was personal commitments and professional pre-occupations
Director confirmed nil directorships or committee memberships in other listed entities
Confirmation provided that no other material reasons exist for the resignation

💡 Track subsequent exchange filings for the appointment of a new Independent Director to assess board composition compliance under SEBI LODR norms.

Indowind Energy: Resignation of Independent Director B R Baskaran Effective 9 Sep 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 09 Sep 2026, 05:50 PM

Indowind Energy Limited announced the resignation of Mr. Bathey Ramamurthy Baskaran (DIN: 11240447) as an Independent Director, effective close of business hours on September 9, 2026. The director cited personal commitments and professional pre-occupations as the reasons for departure. The filing confirms there are no other material reasons for the resignation, and Mr. Baskaran held directorships in nil other listed entities. The board has taken the resignation on record and will file standard statutory forms.

Independent Director Bathey Ramamurthy Baskaran resigned effective September 9, 2026
Reason cited: Personal commitments and other professional pre-occupations
Confirmation provided that no other material reasons exist for the resignation
The resigning director holds directorships in 0 other listed entities

💡 Track subsequent board appointments to ensure the company maintains compliance with SEBI LODR independent director composition requirements.

₹2.00 Cr Q1 Profit for Indowind; Auditor Flags ₹74.55 Cr Untested Goodwill

🔵 WATCH ⭐ 7/10

EARNINGS 📅 13 Aug 2026, 05:49 PM

Indowind Energy reported a consolidated net profit of ₹2.00 cr for Q1 FY27, recovering from a ₹7.46 cr loss in the previous quarter, though down 13% from ₹2.29 cr YoY. Revenue from operations declined 28% YoY to ₹8.30 cr, which management attributed to a delayed wind season. A major concern remains the auditor's qualified opinion regarding ₹74.55 cr in untested goodwill and ₹14.94 cr in unexpensed advances related to Suzlon. The company has scheduled its 31st AGM for September 25, 2026.

Consolidated Net Profit stood at ₹2.00 cr, a recovery from the ₹7.46 cr loss reported in March 2026.
Revenue from operations fell to ₹8.30 cr from ₹11.54 cr in the same quarter last year.
Auditors flagged ₹74.55 cr of goodwill from a common control merger that has not been tested for impairment.
A ₹14.94 cr advance to Suzlon Energy remains on the books without adequate audit evidence or expense recognition.
The 31st Annual General Meeting is set for September 25, 2026, with a record date of September 18, 2026.

💡 Investors should scrutinize the upcoming AGM for management's plan to resolve the auditor's qualifications, particularly the potential for a significant write-down of the ₹74.55 cr goodwill.

Indowind Energy Submits Quarterly Share Dematerialization Certificate for June 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 10 Jul 2026, 01:05 PM

Indowind Energy Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The document confirms that the company's Registrar and Transfer Agent (RTA) processed shareholder requests for dematerializing physical shares during the quarter ended June 30, 2026. This is a standard administrative filing required by SEBI to ensure the reconciliation of electronic and physical share records. It does not reflect any change in the company's financial position or operational outlook.

Compliance certificate submitted for the quarter ended June 30, 2026
Confirmation of dematerialization requests received from shareholders during the period
Filing submitted to BSE and NSE on July 10, 2026
TTM revenue remains at approximately Rs 40 Cr based on recent financial context

💡 This is a routine regulatory filing. Investors should monitor the company's progress on its stated goal of adding 25 MW Wind and 25 MW Solar capacity, which is more material to the stock's valuation.

Indowind Energy Clarifies Filing Discrepancies and Lack of MD/CEO for Q4 FY26

🔵 WATCH ⭐ 3/10

REGULATORY 📅 01 Jul 2026, 12:47 PM

Indowind Energy has responded to NSE queries regarding its March 2026 quarter financial filings. The company admitted to discrepancies between its XBRL and PDF submissions for the Standalone P&L and Balance Sheet, stating that corrected integrated financials are being resubmitted. Furthermore, the company clarified that the 'Statement of Impact of Audit Qualifications' was signed by the Whole-time Director, Mr. N.K. Haribabu, because the company currently does not have a Managing Director or CEO. This administrative clarification follows a quarter where the company reported a significant net loss of ₹7.51 crore.

Clarification issued for the financial results of the quarter ended 31-Mar-2026.
Company acknowledged mismatches between XBRL and PDF filings for Standalone P&L and Balance Sheet.
Statement on Audit Qualifications signed by Whole-time Director as the company lacks an MD/CEO.
Mar 2026 quarter revenue stood at ₹5.27 crore with a net loss of ₹7.51 crore.
Company is resubmitting Integrated Financials to correct the reported discrepancies.

💡 Investors should verify the resubmitted financials to ensure no material changes to the reported loss of ₹7.51 crore and monitor for the appointment of a permanent CEO/MD to strengthen corporate governance.

Indowind Energy to Close Trading Window from July 1, 2026, for Q1 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 26 Jun 2026, 04:50 PM

Indowind Energy Limited has announced the closure of its trading window for all designated persons and their immediate relatives starting July 1, 2026. This is a standard regulatory requirement under SEBI (Prohibition of Insider Trading) Regulations, 2015, preceding the announcement of financial results. The window will remain closed until 48 hours after the declaration of the unaudited financial results for the quarter ending June 30, 2026. The specific date for the board meeting to approve these results will be communicated at a later time.

Trading window closure commences on July 1, 2026, for all designated persons.
The closure is in anticipation of the unaudited financial results for the quarter ending June 30, 2026.
Trading restrictions will be lifted 48 hours after the official results are declared to the exchanges.

💡 This is a routine regulatory filing with no impact on general shareholders; investors should focus on the upcoming earnings release for fundamental performance updates.

Indowind Energy FY26 Revenue Rises 15% to ₹40.3 Cr; Net Profit Slumps to Near Zero

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 26 May 2026, 07:15 PM

Indowind Energy reported a 15.2% year-on-year growth in annual revenue to ₹4,033.13 Lacs for FY26. However, the company's net profit plummeted from ₹170.54 Lacs in FY25 to just ₹0.57 Lacs in FY26, driven by higher operating expenses and a 50.7% surge in finance costs. The fourth quarter was particularly weak, posting a net loss of ₹750.60 Lacs. To address capital needs, the board approved the incorporation of a UK-based subsidiary, Nova Future Power Ltd, to facilitate overseas fund-raising.

Annual revenue from operations increased to ₹4,033.13 Lacs in FY26 from ₹3,501.25 Lacs in FY25.
Consolidated Net Profit for the full year crashed to ₹0.57 Lacs compared to ₹170.54 Lacs in the previous year.
Q4 FY26 net loss widened to ₹750.60 Lacs from a loss of ₹433.69 Lacs in Q4 FY25.
Finance costs rose significantly to ₹293.25 Lacs for FY26, up from ₹194.53 Lacs in FY25.
Board approved setting up a 100% subsidiary in the UK, Nova Future Power Ltd, for international fund-raising.

💡 Investors should exercise caution as the company's profitability has almost entirely eroded despite revenue growth, and quarterly losses are widening. The success of the proposed UK-based fund-raising will be critical for the company's liquidity and expansion plans.

Indowind Energy FY26 Revenue Grows 14% to ₹40.75 Cr; Q4 Net Loss Widens to ₹7.46 Cr

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 26 May 2026, 07:08 PM

Indowind Energy reported a consolidated revenue growth of 13.8% for FY26, reaching ₹4,075.43 Lacs compared to ₹3,580.98 Lacs in FY25. However, the company's profitability collapsed, with full-year net profit dropping to a mere ₹0.04 Lacs from ₹170.21 Lacs in the previous year. The fourth quarter was particularly challenging, with a net loss of ₹745.90 Lacs, significantly higher than the ₹433.51 Lacs loss in the same period last year. To address capital needs, the board has approved the formation of a UK-based subsidiary, Nova Future Power Ltd, to facilitate overseas fundraising.

Consolidated annual revenue increased 13.8% YoY to ₹4,075.43 Lacs in FY26.
Full-year net profit plummeted to ₹0.04 Lacs from ₹170.21 Lacs in FY25.
Q4 FY26 net loss widened to ₹745.90 Lacs vs a loss of ₹433.51 Lacs in Q4 FY25.
Board approved 100% acquisition/setup of Nova Future Power Ltd in the UK for international fundraising.
Outstanding qualified borrowings increased significantly from ₹1.01 Cr to ₹9.51 Cr during the fiscal year.

💡 Investors should exercise caution as the company is struggling with profitability and widening losses despite higher revenues. Monitor the impact of the new UK subsidiary and the terms of future overseas securities issuance on the company's debt-to-equity profile.

Indowind Energy Promoters Confirm No New Share Pledges for FY 2025-26

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 18 May 2026, 05:34 PM

Indowind Energy Limited has submitted its annual disclosure under Regulation 31(4) and 31(5) of the SEBI (SAST) Regulations for the financial year ended March 31, 2026. The promoter group, represented by Bala Venckat Kutti, declared that no new encumbrances or pledges were created on their shareholding during the year, other than those already disclosed. This is a routine annual compliance filing that ensures transparency regarding promoter shareholding and potential leverage. It confirms that the promoter's equity-linked debt obligations have not increased during the period.

Declaration submitted for the financial year ended March 31, 2026.
Promoter group confirms no new direct or indirect encumbrances were made during the FY.
Compliance with Regulation 31(4) and 31(5) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
Disclosure filed with both BSE and NSE on April 3, 2026.

💡 This is a routine regulatory filing confirming no additional pledging of promoter shares. Investors should continue to monitor the existing pledge levels in the quarterly shareholding pattern to assess promoter leverage.

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.