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Indowind Energy

Listed Wind — per-stock model.

As of 21 Aug 2026
Wind—
CMP ₹9NSE: INDOWIND

Latest concall

Q4/FY26
  • FY26 net sales ~₹40 cr with near-breakeven PAT (~₹0 cr); interest costs erode profit
  • Q4 FY26 weak/loss-making; small wind IPP (Tamil Nadu, Karnataka, Maharashtra)
  • Signed in-principle agreement to acquire a ~5.1 MW operational wind project
  • 9M FY26 EBITDA +29.4% YoY; announced ~₹9.8 cr fund-raising and investment plan
Order-book execution

~5.1 MW operational wind acquisition to close post fund-raising; no EPC order book (pure IPP).

Management guidance
  • Add ~5.1 MW via acquisition and deploy fresh capital into wind capacity

FY26 results (~May 2026); Q3 FY26 concall (Feb 2026); company press releases

Revenue FY26E

41₹ cr

EBITDA margin

36.64%

Financials

Annual · ₹ crore · E = estimate.

Annual financials

₹ crore · FY25 → FY28E

PeriodRevenueEBITDAEBITDA %PATGross %ROE %ROCE %CapexNet debtEPS ₹WC days
FY1520945.3%0—————0.0—
FY1617743.8%1—————0.0—
FY17261555.8%-2—————-0.1—
FY18261140.9%-21—————-1.1—
FY1922628.0%-12—————-0.7—
FY2021840.4%0—————0.0—
FY21181053.3%0—————0.0—
FY2225726.6%0—————0.0—
FY23341441.2%-19—————-1.2—
FY24391640.8%7—————0.5—
FY25341131.5%1—————0.1—
FY26411536.6%0—————0.0—
Source Market data (mid-2026) + company filings· As of 21 Aug 2026

Revenue, EBITDA & margin

Bars ₹cr (left) · margin % (right)

Source Market data (mid-2026) + company filings· As of 21 Aug 2026

Quarterly

₹ crore · recent quarters.

Quarterly financials

₹ crore

QuarterRevenueEBITDAEBITDA %PATPAT %
Q4FY23505.3%-25-552.8%
Q1FY248676.2%222.9%
Q2FY24181057.3%527.7%
Q3FY241017.5%-0-0.7%
Q4FY244-1-21.4%114.2%
Q1FY257339.5%223.0%
Q2FY2516956.9%428.0%
Q3FY256113.7%-0-1.3%
Q4FY257-0-4.4%-4-65.5%
Q1FY2612545.1%322.3%
Q2FY26181058.9%526.0%
Q3FY266-0-6.8%05.8%
Q4FY265-2-39.1%-8-142.5%
Source Market data (mid-2026) + company filings· As of 21 Aug 2026

Revenue & margin trend

Bars ₹cr (left) · margin % (right)

Source Market data (mid-2026) + company filings· As of 21 Aug 2026

Valuation

As of 21 Aug 2026

EV / EBITDA

12.8×

P/B

0.5×

Operating & order mix

Unit economics and the order book.

Shareholding

% · as of 31 Mar 2026

Shareholding pattern

%

Source Market data (mid-2026) + company filings· As of 21 Aug 2026