INDOWINDUtilities

Indowind Energy Limited

Power Generation · ISIN INE227G01018 · BSE 532894 · NSE EQ · FV ₹10
Last price
₹9
-0.22%today
What this company does

Indowind Energy Limited operates in Power Generation, part of the Utilities sector. It booked ₹8 cr of revenue in its latest quarter (Q1 FY27) and kept 25.4% of sales as profit.

The Company is engaged in the business of generation and distribution of power through windmills.
In the report:
62out of 100
Equitytale Health Score
Mixed

Healthier than 62% of companies in Utilities, on all six measures of filed financials. Each measure is ranked against the 6–25 companies that reported it.

Measures financial condition, not whether to buy. Learn what this score means · How this is calculated

Price momentum
neutral
RSI (14)
46

At close. Not part of the score.

Profitability & returns36

How much profit it earns on the money it employs

Balance sheet87

How much it owes, and whether earnings cover the interest

Cash quality73

Whether reported profit actually arrives as cash

Growth & consistency49

Whether sales and profit have grown, and how steadily

Valuation71

What today's price implies, against our models or its peers

Governance & risk63

How much of the promoters' stake is pledged, and how much they hold

Is this company doing well?
not investment advice
Strengths
Makes a profit
Strong 25% net margin
Promoters hold 48%
Virtually debt-free
Watch-outs
! Sales down 28% vs last year
! Profit down 8% vs last year
! 25.3% of promoter stake pledged
! Low 2.7% return on equity
! Operating cash flow is negative

What if I invest in INDOWIND?

Set a growth rate and see what a monthly SIP would add up to. Your assumption, our arithmetic.

You would put in
₹12.00 lakh
120 instalments
At 10% a year, it would become
₹20.15 lakh

The starting rate is a round number, not a view on this company — this is your assumption, and the figure above is arithmetic on it. Returns are not steady year to year, and a real holding would not grow in a straight line. We do not publish price targets or predict returns.

Key ratios · latest quarter + price
₹9 -0.22%
latest close · 2026-09-17
1-year return
+32.3%
52-wk low ₹652-wk high ₹44
Is it cheap or expensive?
What you pay for the profits, book value and cash flow. Higher isn't automatically worse — it can signal faster growth.
P/E ratio17.2Average
LowAverageHigh
P/B ratio0.47Below book
Below bookModerateHigh
EV / EBITDA8.1Average
LowAverageHigh
How good is the business?
How much profit it earns from its money and its sales.
Return on equity2.7%Weak
WeakFairStrong ▸15%
Return on capital2.4%Weak
WeakFairStrong
Net margin25.4%Strong
ThinDecentStrong
EBITDA margin53.9%Healthy
ThinDecentHealthy
Is it financially safe?
How much it owes, and whether it can comfortably cover it.
Debt to equity0.03Comfortable
LowModerateHigh ▸1
Interest cover7.3×Strong
RiskyOkayStrong ▸5×
Current ratio25.61Ample
Tight ◂1HealthyAmple
More figures
Market cap
₹144 cr
Book value
₹19
EPS
₹0.13
latest quarter
Net debt
₹77.8 L
owes more than its cash
Enterprise value
₹145 cr
EBITDA
₹18 cr
annualised
EBIT
₹8 cr
annualised
Operating margin
25.1%
Return on assets
2.4%
Earnings yield
5.82%
P/S
4.33
Sales / share
₹2.1
Tax rate
-17.3%
Face value
₹10
Shares
16.1 cr
Working capital
₹41 cr
Current assets
₹42 cr
Current liabilities
₹2 cr
Delivery %
76.3%
Strong / safeFairWeak / riskyValuation — a level, not good/badBands are general rules of thumb, not advice.

P/E, ROE, ROCE and margins are annualised from the latest quarter; per-share and balance-sheet ratios use the most recent balance sheet on file · prices as of 2026-09-17.

Worth vs price · from the FY 2025 report & filings
not investment advice
Hard to value confidentlyLow confidence
One year's profit is a one-off (far above the multi-year norm), so its recurring earnings power is unclear.
Models span ₹0₹0, midpoint ₹0

An educational model from the company's own filings, every assumption shown — not investment advice or a price target. Prices can stay above or below any model for years.

P&L · Q1 FY27 (consolidated)
Revenue from Operations₹8 cr
Other Income₹13.4 L
Total Income₹8 cr
Cost of Materials₹0 cr
Purchases of Stock-in-Trade₹0 cr
Employee Benefit Expense₹79.6 L
Finance Costs₹28.7 L
Depreciation & Amortisation₹2 cr
Other Expenses₹3 cr
Total Expenses₹7 cr
Profit before Tax₹2 cr
Tax Expense₹-31.1 L
Net Profit₹2 cr
Net margin on total income25.0%
Where the money goes · Q1 FY27
% of total income
Employee benefit expense₹79.6 L9.1%
Finance costs₹28.7 L3.3%
Depreciation & amortisation₹2 cr27.4%
Other expenses₹3 cr36.1%
Profit for the period₹2 cr24.1%
Total income ₹8 cradds up to ₹100 ✓
Quarterly results · consolidated (₹ cr)
MetricQ3 FY26Q4 FY26Q1 FY27
Revenue6 cr5 cr8 cr
Total income6 cr5 cr8 cr
Expenses8 cr9 cr7 cr
Profit before tax22.9 L-6 cr2 cr
Tax-12.9 L2 cr-31.1 L
Net profit (owners' share)35.8 L-7 cr2 cr
Net margin (owners' share, on revenue)6.0%-142.7%25.4%
EPS (₹)0.03-0.460.13
YoY (latest quarter): total income -27.0% · net profit -8.2%
Balance sheet & cash flow · as of Mar 2026
Debt-free
Total assets
₹348 cr
Shareholder equity
₹307 cr
parent shareholders
Total debt
₹10 cr
Cash
₹9 cr
Cash flow · H1 FY26
Operating
₹-3 cr
Investing
₹-2 cr
Financing
₹5 cr
Peer comparison
Power Generation · by market value
CompanyPriceMarket capP/E
NTPC Limited₹330₹3.20 L cr11.9
Adani Green Energy Limited₹1,274₹2.10 L cr63.1
JSW Energy Limited₹512₹93,821 cr48.5
NHPC Limited₹75₹75,539 cr17.2
NTPC Green Energy Limited₹88₹73,798 cr60.8
NLC India Limited₹262₹36,372 cr18.8
Acme Solar Holdings Limited₹411₹29,022 cr27.7
SJVN Limited₹65₹25,445 cr28.4
NAVA LIMITED₹547₹15,490 cr13.9
Same industry · latest reported numbers · not a recommendation.
Corporate actions
ActionDetailEx-date
Rights issue4:119 Nov 2025
Rights issue5:116 Jul 2024
Rights issue5:213 Jan 2023
Who owns it · 2026-06-30
25.3% pledged
Promoter
48.2%
FII / Foreign
0.0%
DII / Domestic
Retail / others
51.8%
Promoter stake down 2.6% over the last 12 quarters.
Smart-money activity
Insider trades
BoughtINDUS CAPITAL PRIVATE LIMITED · Promoter Group1.47 L · ₹13.7 L24 Aug 26
BoughtINDUS CAPITAL PRIVATE LIMITED · Promoter Group4.05 L · ₹34.9 L19 Aug 26
BoughtINDUS CAPITAL PRIVATE LIMITED · Promoter Group10.00 L · ₹1.7 cr26 Mar 25
Bulk / block deals
SoldINDUS FINANCE CORPORATION LTD · NSE20.00 L @ ₹9.230 Jun 26
BoughtINDUS CAPITAL PRIVATE LIMITED · NSE22.79 L @ ₹9.2230 Jun 26
SoldMANOJ H MEHTA (HUF) · NSE8.14 L @ ₹8.413 Mar 26
Stake changes
BoughtLoyal Credit & Investments Limited · promoter→ 10.34% · 44.44 L19 Aug 24
BoughtLoyal Credit and Investments Limited · promoter→ 8.27% · 40.00 L28 Sep 23
BoughtLoyal Credit & Investments Limited · promoter→ 8.27% · 40.00 L28 Sep 23
What shareholders were asked to approve

A company cannot decide everything on its own. Things like a top executive’s pay, issuing new shares, or re-appointing a director have to be put to the people who own the company, and they vote — one vote per share. So whoever owns the most shares has the most say.

Postal ballot · 5 Mar 2026
See the official result
1
Increase in Authorized Share Capital of the Company and consequential amendment in Memorandum of Association of the Company.
Backed by 97% of shareholders other than promotersneeded 50%
33.57 L votes for, 1.17 L against
2
Approval for alteration in mode of spending object of Rights Issue
Backed by 96% of shareholders other than promotersneeded 75%
33.39 L votes for, 1.36 L against
3
Increase in Borrowing Powers of the Company under Section 180(1)(c) of the Companies Act, 2013
Backed by 97% of shareholders other than promotersneeded 75%
33.60 L votes for, 1.14 L against
4
Entering into Material Related Party Transactions with Bala Kutti, Promoter.
Promoters had a personal stake in this
Backed by 96% of shareholders other than promotersneeded 50%
33.13 L votes for, 1.49 L against

Every vote count above is taken from the result the company filed with the stock exchange, certified by an independent counter. To work out what would have happened without the promoters, we simply remove their votes and re-apply the same legal bar the proposal had to clear. Nothing here is an estimate or an opinion.

Who controls this company, and what it pays them

Most Indian companies are controlled by a family or group — the promoters. The exchange requires them to be listed by name, including members who own no shares at all, and requires the company to disclose any business it does with them.

The promoter group — 19 named members
owning 48.2% between them · as of 2026-06-30
SOURA CAPITAL PRIVATE LIMITED12.20%
INDUS CAPITAL PRIVATE LIMITED9.00%
SOURA INVESTMENTS HOLDINGS PRIVATE LIMITED8.93%
LOYAL CREDIT AND INVESTMENTS LIMITED8.30%
BALA VENCKAT KUTTI6.17%
INDUS FINANCE LIMITED1.45%
K. S. RAVINDRANATH1.04%
K B PRATHADEVI0.60%
Business done with them
FY2025 · 5 of the group
The company paid ₹23 cr to companies in the promoter group last year — about 68.8% of its ₹34 cr revenue and received ₹5 cr back from them.
LOYAL CREDIT & INVESTMENTS LTD
Other payments to them · Power Share Revenue, Loan Taken , Loan Paid, Interest Paid
also owns 8.30% of the company
₹18 cr
company paid
LOYAL CREDIT & INVESTMENTS LTD
Other income from them · Power Share Revenue, Loan Taken , Loan Paid, Interest Paid
also owns 8.30% of the company
₹5 cr
company received
INDUS FINANCE LIMITED
Other payments to them · Loan Taken, Loan Paid, Interest Paid
also owns 1.45% of the company
₹4 cr
company paid
SOURA INVESTMENTS HOLDINGS PRIVATE LIMITED
Other payments to them · Loan taken,loan paid, interest paid.
also owns 8.93% of the company
₹52.2 L
company paid
Indus Capital Private Limited
Other payments to them · Loan taken, Loan Paid and Interest Paid
also owns 9.00% of the company
₹35.9 L
company paid
K S Ravindranath
Other payments to them · REMUNERATION
also owns 1.04% of the company
₹23.6 L
company paid
LOYAL CREDIT & INVESTMENTS LTD
Sold goods to them · Power Share Revenue, Loan Taken , Loan Paid, Interest Paid
also owns 8.30% of the company
₹11.5 L
company received

The company also transacted with 13 other related parties — subsidiaries, joint ventures, directors and others — that we could not match by name to the promoter list above. Some may still be connected to the family; we only count the ones the filings let us match with certainty.

Names and holdings from the company’s shareholding pattern filed with the exchange; transactions from the related-party note in its annual report. Every figure is as filed — these are legal, disclosed dealings, and what to make of them is your call.

Money it raised, and what it did with it
2 fundraises spent differently than promised

When a company raises money from investors, it has to say up front what the money is for. The rules then make it report, every three months until the money is gone, how much of each of those things it has actually paid for — so a promise made while asking for the money can be checked afterwards.

₹49 cr raised in Dec 2024 by offering new shares to existing shareholders
⚑ company reported a change of plan

As of Jun 2026, the company says it has spent 87% of what it set aside, leaving ₹6 cr still to be spent.

To set up 4 MW solar power plant in Karnataka State
now filed as: To set up 4 MW solar power plant in Karnataka State through proposed Subsidiary "NOVA POWER PRIVATE LIMITED" & to enable consumers to hold min 26% stake in the SPV as per Group captive norms of Energy regulatory policies for selling power to consumers
70%
₹15 cr of ₹22 cr
Repayment of loan availed from Corporate Promoters: (i) Loyal Credit & Investments Limited (ii) Indus Finance Limited
100%
₹11 cr of ₹11 cr
General Corporate Purposes
100%
₹12 cr of ₹12 cr
Issue Expense
100%
₹5 cr of ₹5 cr
Spent by quarter: 51%73%87% (to Jun 2026)
₹48 cr raised in Aug 2024 by offering new shares to existing shareholders
⚑ company reported a change of plan

As of Mar 2025, the company says it has spent 59% of what it set aside, leaving ₹17 cr still to be spent.

1.The proposed project is experiencing delay in implementation on account of grid availability constrains. Consequently, the company proposes to acquire wind farms project which are already operational that would immediately augment the revenue of the company. This will help to improve turnover from current quarter itself. 2. The company continues to pursue to complete the solar projects by other means, as and when grid approvals come through in its existing wind locations as per new Hybrid policies. 3. Further closure of loans availed from LIC of India would improve the liquidity of the Company enabling the company to utilize the funds for expansion.the company’s own explanation, as filed · shareholders approved the change
6 MW(DC) Solar Power Project at Tamil Nadu
now filed as: Investment in acquiring 3 MW wind farm project in Karnataka, with generation of about 65 lakhs unit per year under normal conditions
originally ₹27 cr
budget changed
18%
₹2 cr of ₹14 cr
6 MW(DC) Solar Power Project at Tamil Nadu
now filed as: 1.3 MW Wind Power Projects in the state of Tamil Nadu with generation of about 12 lakhs units per year & potential to improve under normal conditions
originally ₹27 cr
budget changed
61%
₹2 cr of ₹4 cr
6 MW(DC) Solar Power Project at Tamil Nadu
now filed as: Settlement of LIC Loans to save interest cost.
originally ₹27 cr
budget changed
35%
₹2 cr of ₹7 cr
Appropriation of a part of the Net Proceeds to issue Rights Shares to Loyal Credit & Investments Limited, one of the Corporate Promoters of our Company as and by way of reimbursement of the amount paid by Loyal Credit & Investments Limited to EXIM on our behalf
100%
₹10 cr of ₹10 cr
GENERAL CORPORATE PURPOSE
100%
₹7 cr of ₹7 cr

Every figure above is taken from the statement the company files with the stock exchange each quarter, for as long as money it has raised remains unspent. The only thing we work out is how much of each stated purpose has been paid for — one number divided by another from the same filing. Whether a plan that changed was a good change is not something a filing can tell you. See the filing

How the stock has moved · adjusted for splits & bonuses
Data from primary exchange filings · analysis tool, not investment advice.