Indowind Energy Limited (INDOWIND) AI Stock Analysis

• Market Cap: ₹2.36B
• Dividend Yield: N/A
• Average Volume (3M): 25.55K
• Price to Earnings (P/E): 85.2
• Beta (1Y): 1.58
• Revenue Growth: 26.90%
• EPS Growth: -67.65%
• Country: IN
• Employees: 69
• Sector: Energy
• Sector Strength: 52
• Industry: Renewable Utilities
• EPS (TTM): 0.36
• Shares Outstanding: 161,002,170
• 10 Day Avg. Volume: 27,871
• 30 Day Avg. Volume: 25,550
• 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: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 56 Neutral
• Price Target: ₹18.50 ▲(16.21% Upside)

Indowind Energy's overall stock score is primarily influenced by its financial performance challenges, including profitability and cash flow management issues. While technical indicators show bullish momentum, the high P/E ratio suggests the stock is overvalued, limiting its attractiveness. The absence of earnings call insights and corporate events further emphasizes the need for operational improvements to support future growth.

Positive Factors

Strong Equity Position

A strong equity position provides financial stability and resilience, allowing the company to withstand market fluctuations and invest in growth opportunities.

Government Incentives

Government incentives enhance financial performance and competitiveness, supporting long-term growth in the renewable energy sector.

Revenue Growth

Strong revenue growth indicates increasing demand for renewable energy solutions, positioning the company well for future expansion.

Negative Factors

Profitability Challenges

Declining profitability can hinder reinvestment in the business and affect long-term competitiveness, requiring operational improvements.

Cash Flow Management Issues

Cash flow management issues can limit financial flexibility and investment capacity, impacting the company's ability to sustain operations and growth.

Inconsistent Revenue Trajectory

Inconsistent revenue growth can create uncertainty and hinder strategic planning, affecting long-term business stability and investor confidence.

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 generates revenue primarily through the sale of electricity produced by its wind power projects. The company operates wind farms and sells the generated power to various state electricity boards and private sector companies under long-term power purchase agreements (PPAs). This predictable revenue stream is complemented by government incentives and subsidies for renewable energy producers, which further support its financial performance. Additionally, INDOWIND may engage in the sale of carbon credits, thereby diversifying its income sources. Strategic partnerships with other energy firms and participation in renewable energy auctions can also enhance its competitive edge and profitability.

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: 15.92
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

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 15.92 is above the 20-day moving average (MA) of 14.70, above the 50-day MA of 15.39, and below the 200-day MA of 17.43, indicating a bearish trend. The MACD of -0.05 indicates Negative momentum. The RSI at 45.03 is Neutral, neither overbought nor oversold. The STOCH value of 36.36 is Neutral, 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	68 Neutral	₹102.40B	51.61	―	0.23%	40.14%	53.51%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
WEBELSOLAR	61 Neutral	₹35.46B	17.73	―	―	152.12%	―
INDOWIND	56 Neutral	₹2.36B	85.24	―	―	26.90%	-67.65%
INOXGREEN	55 Neutral	₹69.45B	114.98	―	―	24.33%	66.14%
BORORENEW	46 Neutral	₹69.85B	-34.83	―	―	7.68%	-114.23%
SWSOLAR	43 Neutral	₹45.85B	-12.75	―	―	112.24%	-474.43%

Indowind Energy Limited Corporate Events

Indowind Energy Wins NSE, BSE Nod to List 3.22 Crore Rights Shares

Indowind Energy Limited has secured approval from both the National Stock Exchange of India and BSE to list 32,200,434 new equity shares of Rs 10 each, issued on a rights basis, with trading to commence from December 22, 2025. The successful listing of this further issue strengthens the company’s equity base and provides additional capital-raising flexibility, potentially supporting its expansion plans in the wind energy space and impacting existing shareholders through the enlarged share capital.

Indowind Energy’s Rights Issue Oversubscribed, Raising Rs. 49.43 Crores

Indowind Energy Limited successfully closed its rights issue of 3,22,00,434 equity shares, which was oversubscribed by 1.04 times. The funds raised, amounting to Rs. 49.43 Crores, will be used for developing a 4 MW solar power project in Karnataka, repaying loans from corporate promoters, and for general corporate purposes.

Indowind Energy Releases Earnings Call Transcript

Indowind Energy Limited announced the release of the transcript for its earnings conference call held on November 24, 2025. This disclosure is part of their regulatory obligations and is available on the company’s website. The announcement reflects the company’s commitment to transparency and communication with its stakeholders, potentially impacting investor confidence and market perception.

Indowind Energy Releases H1 FY2026 Earnings Call Recording

Indowind Energy Limited announced the availability of an audio recording of its earnings conference call discussing the financial results for the first half of FY2026. This announcement is part of the company’s compliance with SEBI regulations and provides stakeholders with insights into the company’s financial performance and strategic direction.