Indowind Energy Ltd.

•

indowind.comBSE: 532894NSE: INDOWIND

Market Cap₹ 146 Cr.

Current Price

High / Low₹ 19 / 7

Stock P/E546.3

Book Value₹ 19

Price to Book0.77

Dividend Yield0.00 %

ROCE1.5 %

ROE0.1 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2017 • Power: 91.5% • Others: 8.5%

AI Sector View

AI GENERATED

Power

Buy

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.

Confidence

71%

View full sector analysis →

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

PowerPowerPower Generation/Distribution

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	ADANIPOWER	204.10	27.61	393600.62	0.00	4866.60	47.24	18901.89	33.97	17.79	42.67
2.	NTPC	327.00	11.42	317080.98	2.75	6896.44	-88.71	50740.96	7.81	8.52	33.23
3.	POWERGRID	264.85	15.50	246326.49	3.40	3598.42	-0.89	11496.72	2.68	9.74	82.97
4.	ADANIGREEN	1260.00	116.34	207544.20	0.00	9830.00	1092.96	44310.00	1066.05	9.90	91.24
5.	ADANIENSOL	1381.20	57.86	168914.47	0.00	1236.56	129.44	9711.08	42.41	9.71	31.27
6.	TATAPOWER	350.10	28.96	111868.84	0.71	1400.86	10.98	19051.26	5.63	11.63	21.53
7.	JSWENERGY	518.00	48.28	94974.41	0.39	532.70	-36.27	5207.13	1.24	8.50	55.22
8.	NHPC	75.91	20.08	76251.86	2.12	1178.09	4.15	3808.31	18.50	6.16	61.80
9.	NTPCGREEN	89.16	123.78	75129.16	0.00	3048.40	1282.62	11068.60	1527.23	3.73	91.95
10.	TORNTPOWER	1219.50	26.44	61451.04	1.64	661.85	-10.75	8124.15	2.75	14.37	18.93
11.	NLCINDIA	274.20	11.85	38021.58	1.40	436.33	-48.01	4716.75	23.29	11.57	32.83
12.	INDOWIND	9.06	546.32	145.87	0.00	2.11	-18.28	8.30	-28.06	2.00	52.32

Detailed Comparison with:

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

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	50.76	47.16	47.16	47.16	47.16	47.16	47.82	48.20	48.20
	0.24	0.01	0.03	0.02	0.01	0.05	0.00	0.00	0.02
DIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	49.00	52.83	52.81	52.82	52.83	52.79	52.18	51.80	51.78

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-08-13

Outcome of Board Meeting

2026-08-13 - Indowind Energy Limited has submitted to the Exchange, Outcome of Board Meeting held on 13th August 2026.

2026-07-10

Certificate under SEBI (Depositories and Participants) Regulations, 2018

2026-07-10 - Indowind Energy Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018

2026-07-01

Reply to Clarification- Financial results

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

Trading Window

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

Clarification - Financial Results

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

Outcome of Board Meeting

2026-05-26 - Indowind Energy Limited has submitted to the Exchange, the financial results for the period ended March 31, 2026.

2026-05-26

Outcome of Board Meeting

2026-05-26 - Indowind Energy Limited has submitted to the Exchange, the financial results for the period ended March 31, 2026.

2026-05-18

Disclosure under SEBI Takeover Regulations

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

General Updates

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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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

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

Operating Profit

-0

-6

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

Interest

Depreciation

-1

-4

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

-3

-6

-0

Equity Capital

107

129

161

Reserves

Promoter Pledge %

0.00%

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

TTM

Operating Profit

—

OPM %

—

Other Income

Interest

Depreciation

-3

-24

-10

-1

Tax %

-304

-28

-1,544

-47

Net Profit

-2

-21

-12

-19

EPS

-2

—

Dividend Payout %

—

Minority Interest

Share of Associates

Adjusted EPS

-0

-2

-1

-2

—

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

LIABILITIES

Equity Capital

107

129

143

139

141

121

126

147

Trade Payables

143

101

150

155

150

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

Cash & Bank

119

130

109

122

Total Assets

317

338

310

302

293

291

287

310

277

302

Total Debt

104

162

163

153

Net Working Capital

-29

-5

Contingent Liabilities

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

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

-1

-6

-12

Cash from Investing

-21

-7

-4

-8

-10

-20

Cash from Financing

-7

-1

-18

-7

-9

-5

-6

-5

-0

-1

-0

-3

-21

Free Cash Flow

-40

-6

-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

-21

-25

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

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

108

125

103

120

165

113

112

125

Inventory Days

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%

127.94%

-97.49%

VALUATION

P/E (x)

0.00x

37.28x

1296.83x

P/B (x)

0.00x

0.91x

0.77x

Dividend Yield %

0.00%

0.00x

15.04x

19.25x

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

50.76

47.16

47.82

48.20

0.24

0.01

0.03

0.02

0.01

0.05

0.00

0.02

DIIs

0.00

Government

0.00

49.00

52.83

52.81

52.82

52.83

52.79

52.18

51.80

51.78

Indowind Energy Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

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Shareholding Pattern

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Indowind Energy Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI