Indowind Energy Limited (INDOWIND) AI Stock Analysis

• Market Cap: ₹1.33B
• Dividend Yield: N/A
• Average Volume (3M): 25.55K
• Price to Earnings (P/E): 121.4
• Beta (1Y): 1.53
• 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: ₹8.00 ▼(-49.75% Downside)
• Action: Reiterated Date: 03/18/26
• Date: Action: Reiterated 03/18/26

Overall score reflects pressured fundamentals and cash generation (profitability and free cash flow concerns), reinforced by bearish technicals with the stock trading below all key moving averages and negative MACD. Valuation adds risk due to the very high P/E and lack of dividend yield support.

Positive Factors

Structural industry tailwinds

Operating in the renewable utilities sector gives Indowind durable market relevance as economies shift to clean energy. As a wind generator, its core business benefits from long-term structural demand for renewable generation, supporting stable revenue potential over multi‑year horizons.

Strong balance sheet equity position

A high equity ratio and reduced leverage materially improve financial resilience. This structural strength enhances access to capital, lowers default risk, and gives flexibility to fund maintenance or selective growth without overreliance on costly debt, supporting 2–6 month plus stability.

Healthy gross profit margin

Sustained gross margin indicates the core generation business retains unit-level economics to cover variable costs. That buffer supports operational continuity and gives management runway to address overheads or efficiency opportunities, aiding medium-term margin recovery potential.

Negative Factors

Weak cash generation / negative FCF growth

Negative free cash flow growth and poor operating cash conversion signal persistent cash generation issues. Over months this can constrain maintenance, reinvestment and debt servicing, forcing external funding or asset sales and increasing execution risk on project sustenance or expansion.

Declining operating and net profitability

Eroding EBIT and net margins reduce internal funding capacity and return on capital. If margins remain pressured, the company’s ability to absorb adverse production or tariff variability weakens, constraining long‑term competitiveness and capital allocation priorities.

Revenue volatility and recent decline

Inconsistent revenue and a recent year‑over‑year decline highlight operational or market variability risks. For a generation-focused model, this signals exposure to wind availability, grid/curtailment and offtaker issues, making multi‑period forecasting and cash planning more fragile.

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 primarily makes money by selling electricity generated from its wind power projects. Revenue is earned based on the volume of power generated and delivered to the grid/off-takers and the applicable tariff or contracted rate under its power sale arrangements. As a generation business, its earnings are influenced by plant load factor (wind availability), operational uptime and maintenance performance, grid curtailment/availability, and the tariff terms and payment discipline of counterparties. Specific details on contract structures, key customers, tariffs, and material partnerships are null.

Indowind Energy Limited Financial Statement Overview

Summary

Mixed fundamentals: a relatively stable balance sheet with reduced leverage and a strong equity ratio, but profitability has weakened (declining EBIT and net margins) alongside inconsistent revenue. Cash flow quality is a key concern, with negative free cash flow growth and weak operating cash conversion.

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	421.88M	335.13M	397.06M	339.56M	245.56M	186.09M
Gross Profit	264.35M	170.74M	231.99M	203.90M	122.06M	139.50M
EBITDA	165.54M	128.42M	168.59M	80.25M	89.63M	116.36M
Net Income	22.86M	12.63M	72.64M	-192.59M	1.27M	2.19M
Balance Sheet
Total Assets	3.24B	3.05B	3.12B	3.13B	2.88B	2.92B
Cash, Cash Equivalents and Short-Term Investments	17.99M	46.63M	4.78M	217.62M	15.93M	40.10M
Total Debt	180.27M	69.66M	551.89M	600.52M	560.57M	607.15M
Total Liabilities	372.54M	257.86M	745.01M	824.77M	570.78M	622.62M
Stockholders Equity	2.86B	2.79B	2.37B	2.30B	2.30B	2.29B
Cash Flow
Free Cash Flow	-32.32M	-305.81M	-93.29M	1.29M	14.13M	57.28M
Operating Cash Flow	-32.32M	-105.04M	-80.53M	3.25M	14.13M	60.44M
Investing Cash Flow	-19.33M	-231.05M	439.63M	47.78M	26.27M	9.16M
Financing Cash Flow	52.48M	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: 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 9.42, above the 50-day MA of 11.91, and above the 200-day MA of 15.89, indicating a bearish trend. The MACD of -0.96 indicates Negative momentum. The RSI at 24.96 is Positive, neither overbought nor oversold. The STOCH value of 16.62 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	₹127.52B	48.62	―	0.23%	40.14%	53.51%
WEBELSOLAR	67 Neutral	₹26.29B	14.56	―	―	152.12%	―
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
INOXGREEN	55 Neutral	₹55.93B	79.81	―	―	24.33%	66.14%
INDOWIND	49 Neutral	₹1.33B	121.42	―	―	26.90%	-67.65%
BORORENEW	49 Neutral	₹57.68B	18.86	―	―	7.68%	-114.23%
SWSOLAR	43 Neutral	₹39.44B	-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.