Indowind Energy Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2025.
INDOWIND · price
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Indowind Energy submitted its unaudited Q1 FY26 results alongside AGM and director appointment approvals. Consolidated revenue from operations rose to ₹1,153.98 lakhs from ₹734.78 lakhs YoY (~57% growth), and profit after minority interest grew to ₹229.45 lakhs from ₹160.80 lakhs (~43% growth), with EPS of ₹0.20. On a standalone basis, revenue jumped to ₹877.89 lakhs from ₹509.22 lakhs, but PAT rose only modestly to ₹156.28 lakhs (EPS ₹0.12). The 30th AGM is scheduled for September 26, 2025 (record date September 19, 2025), and two new Independent Directors – Mr. Baskaran B R (former ITAT judge) and Mr. Sridhar (media professional) – have been proposed for shareholder approval. Crucially, the auditor (Venkatesh & Co) issued a qualified opinion flagging four issues: non-recognition of ₹248.13 lakhs expected credit loss on TNEB/BESCOM receivables, irregular accounting of ₹1,066.24 lakhs advance and ₹845.59 lakhs receivable tied to a ₹9,083.39 lakhs Suzlon arbitration, a disputed ₹100 lakhs Bank of Baroda guarantee stuck since 2002, and un-assessed goodwill impairment at subsidiary Indeco Ventures.
Strong top-line growth on a low base and a swing back to profit are positives, but the auditor's qualified opinion is a serious red flag — it suggests trade receivables and reserves may be overstated and earnings quality is questionable, which could weigh on investor confidence and stock price despite the headline growth.