Indowind Energy Limited (INDOWIND) AI Stock Analysis

• Market Cap: ₹1.41B
• Dividend Yield: N/A
• Average Volume (3M): 25.55K
• Price to Earnings (P/E): 121.4
• Beta (1Y): 1.60
• 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: ₹9.00 ▼(-43.47% Downside)
• Action: Reiterated Date: 01/30/26
• Date: Action: Reiterated 01/30/26

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

Business model durability

Indowind's asset‑ownership model produces predictable, generation‑linked revenues over multi‑year horizons. Owning and operating wind farms creates long-lived cash flow engines that benefit from contracted offtake arrangements and persistent demand for renewable power, supporting stable long-term revenue.

Recent revenue growth

Reported near‑term revenue growth indicates expanding generation or improved tariffs/dispatch. Sustained top‑line growth driven by higher output or new capacity supports economies of scale, helps absorb fixed costs, and can underpin margin recovery if operational performance and tariff realization remain stable.

Balance sheet strength

A high equity ratio and materially improved leverage enhance financial resilience for capital‑intensive renewables. Lower leverage reduces refinancing risk, supports access to project finance for additions or maintenance, and provides buffer against generation variability or payment delays from counterparties.

Negative Factors

Weak cash generation

Persistent negative free cash flow and poor conversion of reported earnings into operating cash undermine the company’s ability to self‑fund maintenance, repower assets, or pursue growth. Over time this forces reliance on external financing and raises sustainability concerns for capital expenditures.

Declining profitability

Deteriorating EBIT and net margins alongside uneven revenue suggest operational inefficiencies or adverse tariff/dispatch outcomes. If margins remain pressured, the company may struggle to cover fixed costs and investment needs, constraining long‑term returns and reinvestment capacity.

Operational resource & counterparty risk

Wind generation is inherently variable and exposed to grid curtailment and counterparty payment risk. These structural supply and collection risks produce volatile cash flows and can depress realized revenues over multi‑month to multi‑year periods, complicating forecasting and capital planning.

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	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Jun 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 10.63, above the 50-day MA of 12.93, and below the 200-day MA of 16.40, indicating a bearish trend. The MACD of -1.09 indicates Positive momentum. The RSI at 23.01 is Positive, neither overbought nor oversold. The STOCH value of 9.55 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	70 Outperform	₹139.37B	48.62	―	0.23%	40.14%	53.51%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
WEBELSOLAR	59 Neutral	₹23.04B	14.56	―	―	152.12%	―
INOXGREEN	55 Neutral	₹57.05B	79.81	―	―	24.33%	66.14%
INDOWIND	49 Neutral	₹1.41B	121.42	―	―	26.90%	-67.65%
BORORENEW	46 Neutral	₹61.76B	18.86	―	―	7.68%	-114.23%
SWSOLAR	43 Neutral	₹44.32B	-446.21	―	―	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.