Indowind Energy Limited has submitted to the Exchange, the financial results for the period ended March 31, 2026.
INDOWIND · price
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Indowind Energy Limited reported consolidated revenue of Rs. 4,033.13 Lakhs (up 15% YoY from Rs. 3,501.25 Lakhs) and operating profit of Rs. 379.30 Lakhs (up 8% YoY). However, profit after tax collapsed to just Rs. 0.57 Lakhs (down from Rs. 170.54 Lakhs), with Q4 standalone showing a loss of Rs. 630.49 Lakhs. The statutory auditors issued a Qualified Opinion citing three material concerns: (1) Rs. 1,407.40 Lakhs advance to Suzlon Global Services and Rs. 845.59 Lakhs receivable from Suzlon Energy recognized without adequate audit evidence, (2) Rs. 102 Lakhs claim against Bank of Baroda pending since 2007 without confirmation, and (3) Rs. 7,454.69 Lakhs goodwill from merger not tested for impairment. The company wrote off Rs. 244.45 Lakhs as exceptional items (interest claims on TANGEDCO and BESCOM) to avoid repeated audit qualifications. Borrowings nearly doubled from Rs. 1.01 Crores to Rs. 9.51 Crores, while the company raised Rs. 4,470.84 Lakhs through equity issuance and is setting up a UK subsidiary for overseas securities issuance.
The Qualified Opinion and near-zero profitability despite revenue growth signal significant accounting and operational stress. The auditor's flag on goodwill impairment, Suzlon-related receivables, and the going concern assessment suggest elevated risk. Shareholders should monitor the company's recovery of Rs. 9,083.39 Lakhs arbitration claim against Suzlon and the UK subsidiary fund-raising plans.