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Indowind Energy Ltd (INDOWIND)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532894 NSE: INDOWIND Power Generation/Distribution | Small Cap | Indowind Energy Share Price
₹8.42 -0.33 (-3.77%)
As on 01-Oct'26 16:59
Indowind Energy Ltd (INDOWIND)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532894 NSE: INDOWIND Power Generation/Distribution | Small Cap | Indowind Energy Share Price
₹8.42 -0.33 (-3.77%)
As on 01-Oct'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹136 Cr.
Current Price
₹8.4
52-Week Low / High
₹7 / 19
TTM EPS
₹-0
TTM Sales
₹37.1 Cr.
Book Value per Share
₹19.1
P/E Ratio
0.00
Lower than its 5-year historical median
Industry PE
25.1
Price to Book (P/B)
0.44
Lower than its 5-year historical median
Price to Sales (P/S)
3.65
Lower than its 5-year historical median
EV/EBITDA
9.86
Lower than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
0.00%
Underperforms industry median
Return on Capital Employed (ROCE)
1.45%
Underperforms industry median
Return on Assets (ROA)
0.00%
Operating Profit Margin
29.9%
Net Profit Margin
0.01%
Gross Profit Margin
23.7%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
19.07%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
0.25%
Net Profit Growth (1 Year)
-
-99.42%
Asset Quality
Promoter Holding
48.20%
Pledged shares (%) of Promoter's holding (%)
25.26%
Reserves
₹147 Cr.
Equity
₹161 Cr.
Face Value
₹10
All Time Low / High
₹1.44 / 189.97
Check Before You Invest
Quality
Not GoodValuation
Somewhat UndervaluedCheck Valuation charts
Price Trend
Weak
Is Indowind Energy Ltd a good quality company?
Indowind Energy Ltd is a weak quality company, based on a inconsistent multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Indowind Energy Ltd performance compare with that of its Peers?
Revenue growth of Indowind Energy Ltd vs industry peers?
Indowind Energy Ltd revenue CAGR is 16.73%, compared to the industry median CAGR of 4.71%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Indowind Energy Ltd?
Promoters hold 48.20% of the Indowind Energy Ltd, with 25.26% of their stake pledged, indicating high pledge risk.
Stock return of Indowind Energy Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 8.8% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Indowind Energy Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 1.1% | -4.9% | -0.9% | 1.8% | 0.8% | 0.7% | 0.4% | 2.8% | 2.2% | 1.6% | - |
| Value Creation Index ⓘ | -0.9 | -1.4 | -1.1 | -0.9 | -0.9 | -1.0 | -1.0 | -0.8 | -0.9 | -0.9 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 23.9 | 24.2 | 20.6 | 18.9 | 16.4 | 17.7 | 28.2 | 27.3 | 26.1 | 31.1 | 29 |
| Sales YoY Gr. | - | 1.3% | -15.2% | -8% | -13.5% | 8% | 59.4% | -2.9% | -4.4% | 19.1% | - |
| Adj EPS ⓘ | -0.2 | -0.4 | -1 | -0.4 | 0 | -0 | -1.3 | 0.5 | 0.2 | 0 | 0 |
| YoY Gr. | - | NA | NA | NA | NA | -150% | NA | NA | -66.7% | -88.9% | - |
| BVPS (₹) ⓘ | 22.7 | 14.6 | 13.4 | 13.4 | 22.3 | 22.3 | 19.8 | 20.3 | 20.1 | 19.1 | 19.1 |
| Adj Net Profit ⓘ | -2.3 | -4.1 | -9.9 | -3.9 | 0.2 | -0.1 | -14.8 | 6.1 | 2.3 | 0.3 | 0 |
| Cash Flow from Ops. ⓘ | 8.1 | 7.5 | 5.3 | 14.4 | 14.5 | 1.2 | -1.2 | -6.3 | 0.4 | 2.9 | - |
| Debt/CF from Ops. ⓘ | 12.9 | 21.6 | 30.7 | 10.6 | 4.2 | 46 | -51.7 | -3.9 | 34.8 | 3.4 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 3% | 13.7% | 3.4% | 19.1% | ||||
| Adj EPS ⓘ | NA | 0% | NA | -88.9% | ||||
| BVPSⓘ | -1.9% | -3.1% | -1.3% | -5.2% | ||||
| Share Price | 8.8% | 8.3% | -12.9% | -47.7% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | -1.1 | -2.2 | -6.9 | -2.8 | 0.1 | -0 | -6.4 | 2.7 | 0.9 | 0.1 | 0.1 |
| Op. Profit Mgn % ⓘ | 60.7 | 44.9 | 46.3 | 44 | 58.5 | 37.1 | 49.7 | 52.9 | 46.1 | 38.7 | 44.1 |
| Net Profit Mgn % ⓘ | -9.6 | -17.1 | -48.2 | -20.6 | 1.3 | -0.4 | -52.4 | 22.4 | 8.9 | 0.9 | 1.1 |
| Debt to Equity ⓘ | 0.4 | 1.1 | 1.2 | 1.1 | 0.3 | 0.3 | 0.3 | 0.1 | 0.1 | 0 | - |
| Working Cap Days ⓘ | 705 | 644 | 576 | 537 | 692 | 1,616 | 1,659 | 1,679 | 1,277 | 807 | 274 |
| Cash Conv. Cycle ⓘ | 132 | 119 | 88 | 57 | 116 | 213 | 126 | 103 | 103 | 61 | 242 |
Valuation of Indowind Energy - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 28.58 | 25.26 | 25.26 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 26 | 26 | 22 | 21 | 19 | 25 | 34 | 39 | 35 | 40 |
| Operating Expenses ⓘ + | 11 | 15 | 16 | 12 | 9 | 18 | 20 | 23 | 23 | 28 |
| Operating Profit ⓘ | 15 | 11 | 6 | 8 | 10 | 7 | 14 | 16 | 12 | 12 |
| Operating Profit Margin (%) | 55.8% | 40.9% | 28.0% | 40.4% | 51.4% | 26.6% | 41.2% | 40.8% | 34.4% | 29.9% |
| Other Income ⓘ + | 2 | 7 | 1 | 1 | 2 | 2 | 1 | 2 | 1 | 0 |
| Interest ⓘ | 7 | 8 | 7 | 5 | 2 | 2 | 2 | 4 | 2 | 3 |
| Depreciation ⓘ | 14 | 9 | 9 | 9 | 9 | 7 | 7 | 7 | 7 | 8 |
| Profit Before Tax ⓘ | -3 | -24 | -10 | 0 | 0 | 0 | -1 | 6 | 4 | 1 |
| Tax ⓘ | -1 | -3 | 3 | 0 | 0 | 0 | 18 | -2 | 2 | 1 |
| Profit After Tax | -2 | -21 | -12 | 0 | 0 | 0 | -19 | 7 | 2 | 0 |
| PAT Margin (%) | -7.6% | -80.2% | -55.8% | 0.3% | 1.2% | 0.5% | -56.7% | 18.7% | 4.9% | 0.0% |
| Adjusted EPS (₹) | -0.2 | -2.1 | -1.2 | 0.0 | 0.0 | 0.2 | -1.9 | 0.6 | 0.1 | 0.0 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 234 | 150 | 138 | 138 | 229 | 230 | 230 | 237 | 263 | 307 | |
| Debt + | 100 | 153 | 154 | 150 | 58 | 12 | 24 | 24 | 13 | 10 | |
| Minority Interest | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | |
| Trade Payables | 1 | 1 | 1 | 2 | 1 | 1 | 3 | 2 | 1 | 1 | |
| Others Liabilities ⓘ | 5 | 7 | 9 | 3 | 3 | 45 | 55 | 18 | 29 | 29 | |
| Total Liabilities ⓘ | 339 | 311 | 302 | 294 | 292 | 288 | 313 | 282 | 306 | 348 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 268 | 253 | 257 | 255 | 246 | 166 | 159 | 236 | 243 | 245 | |
| CWIP ⓘ | 9 | 7 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 12 | |
| Investments ⓘ | 10 | 10 | 10 | 10 | 10 | 1 | 0 | 0 | 0 | 0 | |
| Inventories | 1 | 0 | 1 | 0 | 5 | 5 | 4 | 1 | 2 | 2 | |
| Trade Receivables | 6 | 6 | 6 | 5 | 5 | 8 | 8 | 8 | 5 | 4 | |
| Cash Equivalents | 9 | 7 | 7 | 4 | 6 | 2 | 22 | 0 | 2 | 22 | |
| Others Assets ⓘ | 36 | 28 | 21 | 19 | 18 | 106 | 118 | 35 | 53 | 64 | |
| Total Assets ⓘ | 339 | 311 | 302 | 294 | 292 | 288 | 313 | 282 | 306 | 348 | |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 8 | 7 | 5 | 10 | 6 | 1 | 0 | -8 | 2 | 3 |
| Cash Flow From Investing Activity ⓘ + | -7 | 10 | 2 | 1 | 1 | 3 | 5 | 44 | -22 | -34 |
| Cash Flow From Financing Activity ⓘ + | -1 | -18 | -7 | -9 | -5 | -6 | 15 | -57 | 20 | 39 |
| Net Cash Flow ⓘ | 1 | -1 | -0 | 1 | 2 | -2 | 20 | -21 | 1 | 8 |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | -0.98 | -10.95 | -8.53 | 0.04 | 0.12 | 0.06 | -8.42 | 3.13 | 0.69 | 0 |
| ROCE (%) | 1.11 | -4.93 | -0.85 | 1.81 | 0.8 | 0.71 | 0.36 | 3.58 | 2.04 | 1.45 |
| Asset Turnover Ratio | 0.08 | 0.08 | 0.07 | 0.07 | 0.06 | 0.08 | 0.11 | 0.13 | 0.12 | 0.12 |
| PAT to CFO Conversion(x) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -1.14 | 1 | N/A |
| Working Capital Days | ||||||||||
| Receivable Days | 77.40 | 86.40 | 98.10 | 92.60 | 96.20 | 97.90 | 87.40 | 78.10 | 72.10 | 41.80 |
| Inventory Days | 32.90 | 11 | 7.40 | 9.40 | 55.90 | 73.50 | 48.10 | 27.90 | 16 | 15.20 |
| Payable Days | -251.30 | 299.10 | -569.90 | 1,293.20 | -178 | 829.40 | 1,795.10 | -2,506.70 | -2,918.70 | -2,123.60 |
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Indowind Energy Ltd FAQs
The current trading price of Indowind Energy on 01-Oct-2026 16:59 is ₹8.42.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 30-Sep-2026 the market cap of Indowind Energy stood at ₹135.6 Cr
The latest P/E ratio of Indowind Energy as of 30-Sep-2026 is 507.7.
The latest P/B ratio of Indowind Energy as of 30-Sep-2026 is 0.44.
The 52-week high of Indowind Energy is ₹18.91 and the 52-week low is ₹7.00.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Indowind Energy is ₹29.05 ( Cr.) .
Past 10 year’s financial track record analysis by Moneyworks4me indicates that Indowind Energy Ltd is a below average quality company.
The key valuation ratios of Indowind Energy Ltd's currently when compared to its past seem to suggest it is in the Somewhat Undervalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Indowind Energy Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
About Indowind Energy Ltd
Indowind, is an IPP in the renewable energy field generating “Green Power †through dedicated Wind farms & also offers allied services in the Wind Energy sector with a mission to be a global player in wind energy sector.
Indowind, with proven capabilities in setting up Wind farms, Operating & Maintaining them with optimum machine availability, Green Power sale to Corporates & EB, for which It has acquired through a decade on onsite experience possessing considerable domain and technology knowledge to provide end-to-end solutions & services.
Indowind has strong capabilities and expertise in areas like project management, robust managerial & financial resources and experience in the operations of wind farms. The Indowind O&M team consists of dedicated staff for 24x7 monitoring of the Wind mills with capabilities for attending to machinery breakdowns to keep them in shipshape.
Group Companies • Subuthi Finance• Loyal Credit and Investments
Services include:
• GPS - Green Power Sale
Indowind as an IPP generates Green Power (which is the company’s registered Trade Mark) to corporate clients as clean energy from the renewable source. The corporates benefit out of the discount in the power tariff & also enhance their Corporate Social responsibility image.
• PMS - Project Management Services
Site selection & Micro-siting Indowind undertakes the procurement of suitable sites with extensive wind study of the location for assessing the power generation potential through Micro-siting. This is a crucial and critical area of setting up Wind farms in highly potential windy belts across the country. Their experts base their site selection and micro-siting strategies using best industry practices and also help in the land purchase and registration process offering a turnkey solution. • AMS - Asset Management Services
Revenue sharing Indowind offers total Asset Management Services wherein Indowind will extend its expertise to operate & manage the wind farm with a share in the revenues generated from the windmills without additional burden on the other resources of the clients.
• RMS - Resource Management Services
Indowind also has expertise in developing financial packages for funding the projects and help complete the financial closure for the project through various financing options available in the Domestic & International markets (Banks, FIs, FIIs, NBFCs, Private Equity, QIP placements and Debt). The deals structured will be tailor made to suit the client’s requirement, & also take care of the Insurance & risk mitigation through escrow mechanism.
• VAS - Value Addition Services
Indowind has expertise in getting Projects registered under the CDM (Clean Development Mechanism) of the UNFCCC for issuance of CERs. Indowind also operates in the Domestic & International CER Market. Indowind plans to register with the Indian Energy Exchange (IEX) for trading of power to participate in the opportunities opening up in the Power sector.
Awards and achievements:
• India's first Wind Energy Company to get the carbon credits (Certified Emission Reductions) by UNFCCC under the clean development mechanism.
• Indowind raised Rs 73.34 crore through IPO during 2007 for setting up of 9 MW Wind Farm Project in Chitradurga , Karnataka.
• Indowind has issued $30 million (about Rs 118 crore) of foreign currency convertible bonds (FCCBs) with an option to raise an additional $5 million. The underlying equity shares on conversion will be listed on the BSE and the NSE. The FCCBs is listed at Singapore Stock Exchange.
• Indowind has successfully commissioned 9 MW Wind Farm Project in Chitradurga, Karnataka on March 2008.
• Branch Office opened at Dubai and London.
• Indowind has successfully commissioned 9 MW Wind Farm Project in Chitradurga, Karnataka on March 2009.
Future plans:
• Indowind is planning to install 100 MW wind Farm in next 24 Months at a cost of INR 6500 million.
• To develop and manufacture higher capacity turbines.
• Indowind is planning to expand is operations in Global Markets.
• Indowind is planning expand their business in other form of Renewable Sources.
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