Indowind Energy Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2017 • Power: 91.5% • Others: 8.5%
AI Sector View
AI GENERATEDPower
Operationally, power remains one of the strongest sectors in the dataset. Power generation rose 8.0% YoY (2026-07), IIP-electricity was 10.0% YoY (2026-06), electricity core output was 9.0% YoY (2026-07), and coal offtake increased 10.0% YoY (2026-07). FPI outflows are a headwind at INR -10736 crore over 3 months to 2026-08-31, but the fundamental demand signal is strong enough to retain a positive stance.
PROS
- Company is almost debt free
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.40x)
CONS
- Operating cash flow has been negative in recent years
- A large part of profit comes from other income (64.5% of PBT)
- Company has a low return on equity of -2.0% over last 3 years
- Company has a low return on capital employed of 1.6%
- Promoter holding has decreased over last 2 years: -2.6pp
- Interest coverage is weak at 1.8x - earnings barely cover interest
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ADANIPOWER | 204.10 | 27.61 | 393600.62 | 0.00 | 4866.60 | 47.24 | 18901.89 | 33.97 | 17.79 | 42.67 |
| NTPC | 327.00 | 11.42 | 317080.98 | 2.75 | 6896.44 | -88.71 | 50740.96 | 7.81 | 8.52 | 33.23 |
| POWERGRID | 264.85 | 15.50 | 246326.49 | 3.40 | 3598.42 | -0.89 | 11496.72 | 2.68 | 9.74 | 82.97 |
| ADANIGREEN | 1260.00 | 116.34 | 207544.20 | 0.00 | 9830.00 | 1092.96 | 44310.00 | 1066.05 | 9.90 | 91.24 |
| ADANIENSOL | 1381.20 | 57.86 | 168914.47 | 0.00 | 1236.56 | 129.44 | 9711.08 | 42.41 | 9.71 | 31.27 |
| TATAPOWER | 350.10 | 28.96 | 111868.84 | 0.71 | 1400.86 | 10.98 | 19051.26 | 5.63 | 11.63 | 21.53 |
| JSWENERGY | 518.00 | 48.28 | 94974.41 | 0.39 | 532.70 | -36.27 | 5207.13 | 1.24 | 8.50 | 55.22 |
| NHPC | 75.91 | 20.08 | 76251.86 | 2.12 | 1178.09 | 4.15 | 3808.31 | 18.50 | 6.16 | 61.80 |
| NTPCGREEN | 89.16 | 123.78 | 75129.16 | 0.00 | 3048.40 | 1282.62 | 11068.60 | 1527.23 | 3.73 | 91.95 |
| TORNTPOWER | 1219.50 | 26.44 | 61451.04 | 1.64 | 661.85 | -10.75 | 8124.15 | 2.75 | 14.37 | 18.93 |
| NLCINDIA | 274.20 | 11.85 | 38021.58 | 1.40 | 436.33 | -48.01 | 4716.75 | 23.29 | 11.57 | 32.83 |
| INDOWIND | 9.06 | 546.32 | 145.87 | 0.00 | 2.11 | -18.28 | 8.30 | -28.06 | 2.00 | 52.32 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 5 | 14 | 7 | 2 | 5 | 12 | 3 | 6 | 9 | 13 | 4 | 5 | 7 | |
| 0 | 4 | 7 | 3 | 2 | 4 | 2 | 6 | 5 | 4 | 3 | 6 | 5 | |
| Operating Profit | 3 | 10 | -0 | -0 | 3 | 8 | 1 | 0 | 4 | 9 | 4 | -6 | 4 |
| OPM % | 57.08% | 72.73% | -2.24% | -18.18% | 52.06% | 70.02% | 28.97% | 0.35% | 47.15% | 66.23% | 96.98% | -111.49% | 61.21% |
| Other Income | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 |
| Interest | 1 | 2 | 1 | 0 | 0 | 1 | 0 | 1 | 0 | 2 | 0 | 0 | 0 |
| Depreciation | 2 | 4 | 0 | 0 | 1 | 4 | 1 | 1 | 2 | 4 | 1 | 1 | 2 |
| 1 | 4 | -1 | 0 | 1 | 4 | 0 | -1 | 2 | 3 | 2 | -4 | 2 | |
| Tax % | -47.06% | -23.13% | -13.46% | -3000.00% | -20.49% | -10.86% | 0.00% | -207.84% | -4.00% | -12.37% | -7.65% | -45.16% | 5.72% |
| Net Profit | 1 | 5 | -1 | 1 | 1 | 4 | 0 | -3 | 2 | 3 | 2 | -6 | 2 |
| 0 | 0 | -0 | 0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 | -0 | 0 | |
| Equity Capital | 107 | 107 | 107 | 107 | 107 | 129 | 129 | 129 | 129 | 129 | 161 | 161 | 161 |
| Reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Promoter Pledge % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 16 | 24 | 24 | 21 | 19 | 16 | 18 | 28 | 27 | 22 | 29 | |
| 8 | 9 | 14 | 14 | 11 | 7 | 11 | 14 | 13 | 12 | 19 | |
| Operating Profit | 15 | 17 | 17 | 7 | 9 | 12 | 9 | 15 | 16 | 11 | — |
| OPM % | 94 | 71 | 72 | 33 | 48 | 71 | 51 | 53 | 57 | 50 | — |
| Other Income | 7 | 2 | 7 | 1 | 1 | 2 | 2 | 1 | 1 | 1 | 1 |
| Interest | 7 | 7 | 8 | 7 | 5 | 2 | 2 | 2 | 4 | 2 | 3 |
| Depreciation | 8 | 14 | 9 | 9 | 9 | 9 | 7 | 7 | 7 | 7 | 8 |
| 0 | -3 | -24 | -10 | 0 | 0 | 0 | -1 | 4 | 2 | 2 | |
| Tax % | -304 | 43 | 11 | -28 | 16 | 16 | 16 | -1,544 | -47 | 91 | 85 |
| Net Profit | 1 | -2 | -21 | -12 | 0 | 0 | 0 | -19 | 5 | 0 | 0 |
| EPS | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2 | 1 | 0 | — |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | — |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | 0 | -0 | -2 | -1 | 0 | 0 | 0 | -2 | 0 | 0 | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 2%
- 5 Years:
- 3%
- 3 Years:
- 8%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 23%
- 5 Years:
- 102%
- 3 Years:
- 139%
STOCK PRICE CAGR
- 10 Years:
- 10%
- 5 Years:
- 10%
- 3 Years:
- -10%
- 1 Year:
- -47%
RETURN ON EQUITY
- 10 Years:
- -3%
- 5 Years:
- -1%
- 3 Years:
- -2%
- Last Year:
- 0%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| LIABILITIES | - | - | - | - | - | - | - | - | - | - |
| Equity Capital | 90 | 90 | 90 | 90 | 90 | 90 | 90 | 107 | 107 | 129 |
| 83 | 143 | 60 | 48 | 48 | 139 | 141 | 121 | 126 | 147 | |
| 0 | 4 | 9 | 9 | 3 | 3 | 44 | 52 | 16 | 5 | |
| Trade Payables | 1 | 1 | 1 | 1 | 2 | 1 | 1 | 2 | 1 | 1 |
| 143 | 101 | 150 | 155 | 150 | 58 | 12 | 28 | 25 | 19 | |
| Total Liabilities | 317 | 338 | 310 | 302 | 293 | 291 | 287 | 310 | 277 | 302 |
| ASSETS | - | - | - | - | - | - | - | - | - | - |
| 235 | 262 | 247 | 252 | 249 | 240 | 161 | 154 | 147 | 159 | |
| Capital Work in Progress | 24 | 9 | 7 | 5 | 0 | 1 | 1 | 1 | 1 | 1 |
| 9 | 11 | 11 | 11 | 11 | 11 | 2 | 1 | 10 | 10 | |
| 3 | 1 | 0 | 0 | 0 | 3 | 4 | 3 | 1 | 2 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8 | 7 | |
| Cash & Bank | 5 | 9 | 7 | 7 | 4 | 5 | 1 | 22 | 0 | 1 |
| 41 | 46 | 38 | 27 | 28 | 30 | 119 | 130 | 109 | 122 | |
| Total Assets | 317 | 338 | 310 | 302 | 293 | 291 | 287 | 310 | 277 | 302 |
| Total Debt | 74 | 104 | 162 | 163 | 153 | 61 | 56 | 60 | 25 | 7 |
| Net Working Capital | 3 | 16 | 4 | 3 | 4 | 11 | -29 | -5 | 10 | 32 |
| Contingent Liabilities | 37 | 11 | 13 | 3 | 0 | 8 | 22 | 49 | 52 | 56 |
| Book Value per Share | 19.27 | 25.95 | 16.68 | 15.31 | 15.32 | 25.46 | 25.48 | 21.11 | 21.63 | 21.22 |
| Face Value | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 28 | 8 | 8 | 5 | 14 | 15 | 1 | -1 | -6 | -12 | |
| Cash from Investing | -21 | -7 | 10 | 2 | -4 | -8 | 3 | 7 | -10 | -20 |
| Cash from Financing | -7 | -1 | -18 | -7 | -9 | -5 | -6 | 15 | -5 | 33 |
| -0 | 1 | -1 | -0 | 2 | 2 | -3 | 20 | -21 | 1 | |
| Free Cash Flow | -40 | 8 | 4 | -6 | 13 | 13 | 1 | -1 | -7 | -31 |
| OCF / Net Profit | 38.78 | -4.04 | -0.36 | -0.43 | 285.26 | 67.16 | 9.77 | 0.06 | -1.17 | -72.35 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | -21 | 32 | 25 | 20 | 19 | -25 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | 0.08 | -0.22 | -2.34 | -1.37 | 0.01 | 0.02 | 0.01 | -1.79 | 0.50 | 0.01 |
| Book Value (₹) | 19.27 | 25.95 | 16.68 | 15.31 | 15.32 | 25.46 | 25.48 | 21.11 | 21.63 | 21.22 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash EPS (₹) | 0.82 | 1.14 | -1.12 | -0.29 | 0.91 | 0.93 | 0.69 | -1.07 | 1.08 | 0.57 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 94.23% | 70.53% | 71.80% | 32.67% | 47.63% | 71.11% | 50.73% | 52.85% | 52.93% | 45.17% |
| Net Margin % | 4.66% | -8.33% | -86.67% | -59.65% | 0.27% | 1.32% | 0.71% | -68.43% | 19.70% | 0.72% |
| ROE % | 0.42% | -0.98% | -10.98% | -8.54% | 0.04% | 0.12% | 0.05% | -8.46% | 2.35% | 0.06% |
| ROCE % | 2.82% | 1.10% | -4.94% | -0.85% | 1.81% | 0.80% | 0.71% | 0.36% | 2.81% | 1.50% |
| 0.23% | -0.61% | -6.48% | -4.01% | 0.02% | 0.07% | 0.04% | -6.45% | 1.84% | 0.06% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 98 | 108 | 125 | 103 | 87 | 120 | 165 | 113 | 112 | 125 |
| Inventory Days | 82 | 36 | 12 | 1 | 1 | 36 | 71 | 44 | 30 | 24 |
| Payable Days | 620 | -236 | 247 | 2272 | -7385 | -383 | -320 | 487 | -2581 | -2092 |
| -440 | 380 | -110 | -2167 | 7472 | 539 | 556 | -330 | 2723 | 2241 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 0.43x | 0.44x | 1.08x | 1.19x | 1.11x | 0.27x | 0.25x | 0.27x | 0.11x | 0.03x |
| Interest Coverage (x) | 1.03x | 0.48x | -2.09x | -0.37x | 1.01x | 1.12x | 1.08x | 0.47x | 1.93x | 1.77x |
| 1.29x | 3.86x | 1.37x | 1.32x | 1.82x | 3.47x | 0.35x | 0.92x | 1.52x | 5.33x | |
| GROWTH | ||||||||||
| Revenue Growth % | -17.88% | 53.52% | 1.22% | -15.18% | -7.94% | -13.57% | 7.97% | 59.42% | -2.92% | -18.18% |
| Operating Profit Growth % | 3.44% | 14.92% | 3.03% | -61.41% | 34.21% | 29.05% | -22.98% | 66.09% | 5.30% | -28.31% |
| Net Profit Growth % | 228.89% | -374.54% | -953.56% | 41.62% | 100.41% | 327.72% | -42.31% | 0.00% | 127.94% | -96.99% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 127.94% | -97.49% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 37.28x | 1296.83x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.91x | 0.77x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 15.04x | 19.25x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-13 - Indowind Energy Limited has submitted to the Exchange, Outcome of Board Meeting held on 13th August 2026.
2026-07-10 - Indowind Energy Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018
2026-07-01 - The Exchange had sought clarification from Indowind Energy Limited for the quarter ended 31-Mar-2026 with respect to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. On basis of above the Company was required to clarify the following: The response of the Company is enclosed.
2026-06-26 - Indowind Energy Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
2026-06-25 - The Exchange has sought clarification from Indowind Energy Limited for the quarter ended 31-Mar-2026 with respect to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. On basis of above the Company is required to clarify the following: The response of the Company is awaited.
2026-05-26 - Indowind Energy Limited has submitted to the Exchange, the financial results for the period ended March 31, 2026.
2026-05-26 - Indowind Energy Limited has submitted to the Exchange, the financial results for the period ended March 31, 2026.
2026-05-18 - Indowind Energy Limited has Submitted to the Exchange a copy of Disclosure under Regulation 31(4), (5) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
2026-05-07 - Indowind Energy Limited has informed the Exchange about Modification of NCLT Order dated 10th March, 2026 Scheme of Amalgamation C.P.(CAA)/65(CHE)2024
News
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