Indowind Energy Limited (INDOWIND) AI Stock Analysis

• Market Cap: ₹2.10B
• Dividend Yield: N/A
• Average Volume (3M): 31.91K
• Price to Earnings (P/E): 107.5
• Beta (1Y): 1.68
• Revenue Growth: 0.25%
• EPS Growth: -76.76%
• Country: IN
• Employees: 69
• Sector: Energy
• Sector Strength: 52
• Industry: Renewable Utilities
• EPS (TTM): 0.18
• Shares Outstanding: 128,801,740
• 10 Day Avg. Volume: 20,429
• 30 Day Avg. Volume: 31,909
• PEG Ratio: -2.03
• Price to Book (P/B): 0.78
• Price to Sales (P/S): 6.49
• P/FCF Ratio: -7.11
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ₹17.50
• Price Target Upside: 7.56% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 1

• Rating: 47 Neutral
• Price Target: ₹17.50 ▲(7.56% Upside)

Indowind Energy's overall stock score is low, primarily due to weak financial performance and technical analysis indicators. The company is experiencing profitability and liquidity challenges, compounded by a bearish technical setup. Additionally, the high P/E ratio suggests overvaluation without the support of a dividend yield, adding to the risks.

Indowind Energy Limited Business Overview & Revenue Model

Company Description

Indowind Energy Limited operates as an IPP in the renewable energy sector in India. It engages in developing, setting up, operating, and maintaining wind farms. It also provides project management and asset management services, as well as trades in and sells carbon credits (CERs) in Indian and international CER markets. Indowind Energy Limited was incorporated in 1995 and is based in Chennai, India.

How the Company Makes Money

Indowind Energy Limited makes money primarily through the generation and sale of electricity produced by its wind power projects. The company's key revenue streams include selling generated power to state electricity boards and private entities under power purchase agreements (PPAs). These agreements are often long-term, providing consistent revenue. Additionally, Indowind may earn income by offering operations and maintenance services for wind energy projects, either owned by itself or by third parties. The company's earnings are influenced by factors such as wind availability, government policies supporting renewable energy, and technological advancements in wind energy generation. Partnerships with technology providers and government agencies can also play a significant role in enhancing their operational efficiency and expanding their market reach.

Indowind Energy Limited Financial Statement Overview

Summary

Indowind Energy faces challenges with profitability and cash flow management, despite a strong equity position. The revenue trajectory is inconsistent, and the company must address operational inefficiencies to stabilize earnings and improve liquidity. While the balance sheet shows reduced leverage, ensuring sustainable cash flow generation is crucial for future growth.

Income Statement

Indowind Energy's revenue has seen fluctuations over recent years, with a significant decline from 2024 to 2025. The gross profit margin is healthy, but profitability is challenged, evident from the declining EBIT and net profit margins. Net income has deteriorated, pointing to potential operational inefficiencies.

Balance Sheet

The balance sheet shows a strong equity position with a high equity ratio, indicating stability. However, the debt-to-equity ratio has improved significantly in 2025, suggesting a reduction in leverage. The return on equity has been volatile, affected by inconsistent net income.

Cash Flow

Cash flow analysis reveals negative free cash flow growth, posing liquidity challenges. The operating cash flow to net income ratio is negative in recent periods, signaling potential cash flow management issues. Free cash flow to net income ratio is also concerning, highlighting cash generation difficulties.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	380.89M	335.13M	397.06M	339.56M	245.56M	186.09M
Gross Profit	315.52M	170.74M	231.99M	203.90M	122.06M	139.50M
EBITDA	151.35M	128.42M	168.59M	80.25M	89.63M	116.36M
Net Income	19.49M	12.63M	72.64M	-192.59M	1.27M	2.19M
Balance Sheet
Total Assets	0.00	3.05B	3.12B	3.13B	2.88B	2.92B
Cash, Cash Equivalents and Short-Term Investments	12.13M	46.63M	4.78M	217.62M	15.93M	40.10M
Total Debt	0.00	69.66M	551.89M	600.52M	560.57M	607.15M
Total Liabilities	-2.79B	257.86M	745.01M	824.77M	570.78M	622.62M
Stockholders Equity	2.79B	2.79B	2.37B	2.30B	2.30B	2.29B
Cash Flow
Free Cash Flow	0.00	-305.81M	-93.29M	1.29M	14.13M	57.28M
Operating Cash Flow	0.00	-105.04M	-80.53M	3.25M	14.13M	60.44M
Investing Cash Flow	0.00	-231.05M	439.63M	47.78M	26.27M	9.16M
Financing Cash Flow	0.00	348.48M	-571.94M	150.66M	-64.57M	-48.48M

Indowind Energy Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 16.27
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:INDOWIND, the sentiment is Negative. The current price of 16.27 is below the 20-day moving average (MA) of 16.88, below the 50-day MA of 17.40, and below the 200-day MA of 19.59, indicating a bearish trend. The MACD of -0.33 indicates Positive momentum. The RSI at 33.57 is Neutral, neither overbought nor oversold. The STOCH value of 10.61 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:INDOWIND.

Indowind Energy Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TDPOWERSYS	73 Outperform	₹93.44B	48.72	20.29%	0.31%	30.63%	48.78%
WEBELSOLAR	62 Neutral	₹51.54B	25.90	55.65%	―	397.23%	―
INOXGREEN	59 Neutral	₹75.72B	198.58	1.01%	―	14.36%	3.96%
BORORENEW	54 Neutral	₹77.37B	-34.37	-6.97%	―	4.94%	-328.07%
INDOWIND	47 Neutral	₹2.10B	107.53	―	―	0.25%	-76.76%
SWSOLAR	45 Neutral	₹57.19B	52.36	8.09%	―	108.08%	―
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%