INDOWIND
Indowind Energy financials
- Market cap
- ₹147 Cr
- Sector
- Power
- Calls analysed
- 2
Indowind Energy Q3 FY26
What went well
- Consolidated revenue for Q3 FY26 increased 5.09% YoY to INR 6.19 crores.
- Company reported a PAT of INR 0.35 crores in Q3 FY26, returning to profit from a loss in Q3 FY25.
- For the nine months ended FY26, consolidated revenue grew 21.62% YoY to INR 35.49 crores.
What to watch
- Q3 FY26 performance was softer compared to the nine-month numbers due to seasonality (lean wind season), leading to some pressure on EBITDA margins.
What Indowind Energy Limited does
Indowind Energy generates and sells wind power from windmills it has installed and repowered across Tamil Nadu and Karnataka since 1995, marketed under its 'Green Power®' brand through group-captive and third-party power sales to industrial and commercial clients. It runs an in-house operations & maintenance team for its wind assets and periodically funds repowering capex to extend turbine life beyond 50 years. The company is now diversifying into solar power through new subsidiary Nova Power Private Limited, and has recently acquired additional operating wind-farm capacity in Karnataka and Tamil Nadu, alongside a minority equity stake in associate EverOn Power's renewable assets.
Segments
- Wind Power Generation
- Solar Power
- Permanent employees on rolls
- 67
- Windmills commissioned (cumulative milestone)
- 150th windmill commissioned (FY07)
- Recent wind-farm acquisitions
- 3 MW (Karnataka, ~65 lakh units/yr) + 1.3 MW (Tamil Nadu, ~12 lakh units/yr)
- Solar project approved
- 4 MW (Karnataka, via subsidiary Nova Power Pvt Ltd)
- Associate renewable capacity (EverOn Power)
- 19 MW operating assets; up to 20% equity stake being invested
- Subsidiaries / associate structure
- Indowind Power Pvt Ltd (subsidiary), Ind Eco Ventures Ltd (subsidiary, merger pending), Nova Power Pvt Ltd (solar subsidiary), EverOn Power (associate)
Guidance record · Q3 FY26
what the last two calls moved 8 tracked 0 delivered 1 missed 7 open- New Business Vertical went quiet said Q2 FY26 Promised: Start a separate vertical to take O&M for others going forward. Q3 FY26: No mention of third-party O&M; commentary focused solely on 15% cost savings from in-house O&M.
- Capacity Addition on track said Q2 FY26 Promised: Complete a 4 MW solar project within 3 to 4 months (by Q1 FY27). Q3 FY26: Formed Nova Power Pvt Ltd subsidiary to implement the project and secure higher commercial tariffs.
All 8 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue down 26.9%, net profit down 18.3% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 16 | 6 | 7 | 12 | 18 +11% | 6 +11% | 5 −21% | 8 −27% |
| EBITDA | 9 | 1 | -0 | 5 | 10 +15% | -0 −155% | -2 −610% | 4 −14% |
| Net profit | 4 | -0 | -4 | 3 | 5 +3% | 0 +614% | -8 −73% | 2 −18% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −46.7% 1Y
1Y: ₹17.05 on 10 Sept 2025 → ₹9.09. High ₹17.93 (28 Nov 2025), low ₹7.06 (30 Mar 2026).
How the price took the results
close before → close after
- Q3 FY26
- −0.8%
- 3 Feb
- Q2 FY26
- −1.3%
- 24 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 6.1% a year over 3 years, FY23 to FY26. Operating margin narrowed to 32.2%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹34 Cr | ₹40 Cr | ₹35 Cr | ₹41 Cr |
| Operating profit | ₹14 Cr | ₹16 Cr | ₹12 Cr | ₹13 Cr |
| Operating margin | 41.2% | 39.9% | 35.0% | 32.2% |
| Interest | ₹2 Cr | ₹4 Cr | ₹2 Cr | ₹3 Cr |
| Depreciation | ₹7 Cr | ₹7 Cr | ₹7 Cr | ₹8 Cr |
| Net profit | ₹-19 Cr | ₹7 Cr | ₹2 Cr | ₹-0 Cr |
| Net margin | -56.9% | 18.3% | 4.8% | 0.0% |
| Cash from operations | ₹0 Cr | ₹-8 Cr | ₹-9 Cr | ₹3 Cr |
| Free cash flow | ₹0 Cr | ₹-9 Cr | ₹-29 Cr | ₹-19 Cr |
| ROCE | 2.7% | 3.9% | 2.0% | 2.2% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹90 Cr | ₹90 Cr | ₹107 Cr | ₹107 Cr | ₹129 Cr | ₹161 Cr |
| Reserves | ₹140 Cr | ₹141 Cr | ₹123 Cr | ₹130 Cr | ₹157 Cr | ₹146 Cr |
| Borrowings | ₹61 Cr | ₹56 Cr | ₹60 Cr | ₹25 Cr | ₹18 Cr | ₹10 Cr |
| Other liabilities | ₹2 Cr | ₹2 Cr | ₹23 Cr | ₹20 Cr | ₹20 Cr | ₹31 Cr |
| Total liabilities | ₹292 Cr | ₹288 Cr | ₹313 Cr | ₹282 Cr | ₹324 Cr | ₹348 Cr |
| Fixed assets | ₹246 Cr | ₹166 Cr | ₹159 Cr | ₹236 Cr | ₹248 Cr | ₹245 Cr |
| Capital work in progress | ₹1 Cr | ₹1 Cr | ₹1 Cr | ₹1 Cr | ₹1 Cr | ₹12 Cr |
| Investments | ₹10 Cr | ₹1 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹35 Cr | ₹120 Cr | ₹153 Cr | ₹46 Cr | ₹75 Cr | ₹90 Cr |
| Total assets | ₹292 Cr | ₹288 Cr | ₹313 Cr | ₹282 Cr | ₹324 Cr | ₹348 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public trimmed −1.06 pp while promoters added +1.04 pp. The shareholder count shrank 4% to 1,08,322.
- Promoters
- 48.2%
- FIIs
- 0.0%
- Public
- 51.8%
Since Jun 2025
- Public −1.06 pp
- Promoters +1.04 pp
- FIIs +0.01 pp
How it drifted, 12 quarters
Over this window the public went from 49.2% to 51.8% — +2.6 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 50.8%, FIIs 0.0%, Public 49.2%.Dec '23: Promoters 50.8%, Public 49.2%.Mar '24: Promoters 50.8%, Public 49.2%.Jun '24: Promoters 50.8%, FIIs 0.2%, Public 49.0%.Sep '24: Promoters 47.2%, FIIs 0.0%, Public 52.8%.Dec '24: Promoters 47.2%, FIIs 0.0%, Public 52.8%.Mar '25: Promoters 47.2%, FIIs 0.0%, Public 52.8%.Jun '25: Promoters 47.2%, FIIs 0.0%, Public 52.8%.Sep '25: Promoters 47.2%, FIIs 0.1%, Public 52.8%.Dec '25: Promoters 47.8%, Public 52.2%.Mar '26: Promoters 48.2%, Public 51.8%.Jun '26: Promoters 48.2%, FIIs 0.0%, Public 51.8%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Commendam Investments Private Limited +0.12 pp 1.85% held
The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Indowind Energy Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Soura Capital Private Limited | 12.20% | unchanged |
| Indus Capital Private Limited | 9.00% | unchanged |
| Soura Investments Holdings Private Limited | 8.93% | unchanged |
| Loyal Credit And Investments Limited | 8.30% | unchanged |
| Bala Venckat Kutti | 6.17% | unchanged |
| Commendam Investments Private Limited | 1.85% | +0.12 pp |
| Indus Finance Limited | 1.45% | unchanged |
| K. S. Ravindranath | 1.04% | unchanged |
| K B Prathadevi | 0.60% | unchanged |
| Manoharan V Kutti | 0.47% | unchanged |
| Shalini Kutti | 0.03% | unchanged |
| Bekae Properties Private Limited | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
All earnings calls (2)
Read the Q3 FY26 call →Learn to analyse Indowind Energy Limited
Guides on how to read this kind of business and the numbers that matter.