Dear sir/Madam, PFA Audited financial Results as on 31.03.2026.
INDOWIND · price
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Indowind Energy reported FY26 consolidated revenue of ₹4,075.43 Lakhs, up 13.8% from ₹3,580.98 Lakhs in FY25. However, profit after tax collapsed to just ₹0.57 Lakhs (consolidated) and ₹26.62 Lakhs (standalone) from ₹170.54 Lakhs and ₹233.06 Lakhs respectively in the prior year—a decline of over 99% and 88% respectively. The statutory auditors issued a Qualified Opinion citing three main issues: (1) ₹1,407.40 Lakhs advance to Suzlon Global Services and ₹845.59 Lakhs receivable from Suzlon Energy without adequate audit evidence or compliance with Ind AS; (2) ₹102 Lakhs claimed from Bank of Baroda since 2007 without confirmation; and (3) ₹7,454.69 Lakhs goodwill from merger not tested for impairment. The company wrote off ₹244.45 Lakhs of interest claims on state electricity boards (TANGEDCO & BESCOM) as an exceptional item to avoid repeated audit qualifications. Borrowing increased sharply from ₹1.01 Crores to ₹9.51 Crores during the year. The company also announced plans to create a UK subsidiary for overseas securities issuance.
The stock faces significant pressure due to near-zero profitability despite revenue growth, multiple auditor qualifications questioning the authenticity of major receivables and advances, and sharp increase in debt. The Qualified Opinion raises red flags about financial integrity and may deter risk-averse investors.