Indowind Energy Limited (INDOWIND) AI Stock Analysis

• Market Cap: ₹1.92B
• Dividend Yield: N/A
• Average Volume (3M): 25.55K
• Price to Earnings (P/E): 56.2
• Beta (1Y): 1.68
• Revenue Growth: 26.90%
• EPS Growth: -67.65%
• Country: IN
• Employees: 69
• Sector: Energy
• Sector Strength: 52
• Industry: Renewable Utilities
• EPS (TTM): 0.03
• 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: 49 Neutral
• Price Target: ₹12.50 ▼(-21.48% Downside)

The score is held back primarily by weak technical momentum (downtrend across key moving averages and negative MACD) and challenging fundamentals (declining profitability and weak cash flow conversion). A comparatively stronger equity position and improving leverage provide some support, but valuation remains demanding with a high P/E and no dividend yield data.

Positive Factors

Strong equity position & improving leverage

A high equity ratio and materially improved debt-to-equity reduce refinancing and liquidity risk for a capital-intensive wind operator. This structural balance-sheet strength supports funding of maintenance and future project capex, improves credit access, and cushions revenue volatility over multiple years.

Top-line growth metric

A near-28% revenue growth metric indicates the company has recently expanded generation or improved offtake realization. Sustained top-line growth helps spread fixed costs across more MWh, improves operating leverage for turbines, and supports long-term project economics if wind availability and contracts persist.

Asset-backed renewable business model

Owning and operating wind farms creates predictable, asset-backed cash flows under power sale arrangements. This model benefits from long-duration contracts, limited commodity exposure per MWh sold, and structural demand for renewables, providing durable revenue visibility and financing advantages versus merchant generators.

Negative Factors

Weak cash flow conversion

Negative FCF growth and poor conversion of reported earnings into operating cash are structural concerns for a generator requiring steady O&M and capex. Persistent cash conversion weakness forces external financing, constrains reinvestment, and raises risk of missed maintenance or project delays over the medium term.

Declining profitability & margins

Falling EBIT and net margins reduce retained earnings and weaken return on invested capital for an asset-heavy energy firm. If margin pressure persists from higher costs, curtailment, or tariff compression, the company may face sustained profitability erosion that limits capacity to self-fund growth or service debt.

Inconsistent revenue trends; recent decline

Volatile revenue and a notable year-over-year decline signal exposure to variability in wind generation, curtailment, or contractual terms. This inconsistency undermines predictability of cash flows and complicates long-term planning for capex and debt servicing in a sector where steady output underpins valuation and financing.

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

Mixed fundamentals: a relatively stable balance sheet with strong equity and improving leverage, but weakening profitability and inconsistent revenue trends. Cash flow quality is a key concern, with negative free cash flow growth and weak conversion of earnings into operating cash.

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: Positive
• RSI: Positive
• 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 15.92 is above the 20-day moving average (MA) of 14.15, above the 50-day MA of 14.83, and below the 200-day MA of 17.21, indicating a bearish trend. The MACD of -0.84 indicates Positive momentum. The RSI at 29.73 is Positive, neither overbought nor oversold. The STOCH value of 17.21 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	69 Neutral	₹114.34B	52.06	―	0.23%	40.14%	53.51%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
WEBELSOLAR	61 Neutral	₹34.40B	13.96	―	―	152.12%	―
INOXGREEN	55 Neutral	₹63.68B	104.57	―	―	24.33%	66.14%
INDOWIND	49 Neutral	₹1.92B	56.23	―	―	26.90%	-67.65%
BORORENEW	46 Neutral	₹69.35B	-96.31	―	―	7.68%	-114.23%
SWSOLAR	43 Neutral	₹43.24B	-11.09	―	―	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.