Indowind Energy Limited (INDOWIND) AI Stock Analysis

• Market Cap: ₹1.42B
• Dividend Yield: N/A
• Average Volume (3M): 25.55K
• Price to Earnings (P/E): 121.4
• 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): 0.03
• 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: 50 Neutral
• Price Target: ₹9.00 ▼(-43.47% Downside)
• Action: Reiterated Date: 03/19/26
• Date: Action: Reiterated 03/19/26

The score is held back primarily by weakening profitability and poor cash flow quality, reinforced by a clearly bearish technical setup (price below key moving averages and negative MACD). A high P/E with no dividend data further pressures the overall rating, despite some balance-sheet stability from higher equity and reduced leverage.

Positive Factors

Strong equity position and reduced leverage

A high equity ratio and materially improved debt-to-equity provide durable financial flexibility. Lower leverage reduces refinancing and solvency risk, enabling the company to fund maintenance, limited project capex or weather generation volatility without immediate external funding pressure.

Asset-backed renewable generation business

Owning operating wind assets yields tangible, long-life cash-generating infrastructure. The core model ties revenues to physical generation volumes, creating structural exposure to growing electricity demand and decarbonization trends and supporting predictable long-run asset value.

Healthy gross profit margin

A healthy gross margin indicates the core generation business can cover direct costs efficiently. This provides a baseline to restore operating profitability if overheads and administrative costs are controlled, supporting sustainable margins over the medium term.

Negative Factors

Declining revenue and weakening profitability

Sharp top-line decline and falling EBIT/net margins signal structural demand, tariff, or operational challenges. Persistent revenue and margin erosion reduces retained earnings, limits reinvestment capacity, and pressures long-term financial viability absent clear recovery actions.

Weak cash generation and negative free cash flow

Negative and deteriorating free cash flow undermines the company’s ability to self-fund maintenance and expansion. Continued weak cash conversion increases reliance on external financing, raising refinancing risk and potentially forcing deferment of critical upkeep for generation assets.

Volatile returns and inconsistent net income

Volatile ROE driven by inconsistent net income reflects unstable earnings quality and operational unpredictability. That instability complicates long-term planning, makes capital allocation less efficient, and can impair access to favorable financing on consistent terms.

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 strong equity position and improved leverage are positives, but revenue declined sharply from 2024 to 2025, profitability has weakened (declining EBIT and net margins), and cash generation is a key concern with negative free cash flow and weak operating cash flow quality.

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: 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 9.00, above the 50-day MA of 11.35, and above the 200-day MA of 15.65, indicating a bearish trend. The MACD of -0.74 indicates Negative momentum. The RSI at 36.53 is Neutral, neither overbought nor oversold. The STOCH value of 56.90 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	70 Outperform	₹134.83B	48.62	―	0.23%	40.14%	53.51%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
WEBELSOLAR	65 Neutral	₹31.49B	14.56	―	―	152.12%	―
INOXGREEN	54 Neutral	₹60.48B	79.81	―	―	24.33%	66.14%
INDOWIND	50 Neutral	₹1.42B	121.42	―	―	26.90%	-67.65%
BORORENEW	49 Neutral	₹59.04B	18.86	―	―	7.68%	-114.23%
SWSOLAR	43 Neutral	₹40.10B	-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.