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Indowind Energy Q2 FY27 results: net profit down 33.0% to ₹3.07 crore, revenue down 12.4%
Indowind Energy Limited reported consolidated Q2 FY27 revenue of ₹15.38 crore and net profit of ₹3.07 crore, compared with ₹17.55 crore and ₹4.58 crore in Q2 FY26. Revenue and profit were higher than Q1 FY27, while the EBITDA margin was 53.0% against 58.9% a year earlier.
Key points
- Consolidated revenue was ₹15.38 crore, down ₹2.17 crore or 12.4% from ₹17.55 crore in Q2 FY26.
- EBITDA was ₹8.15 crore, down ₹2.19 crore or 21.2%, with margin lower by 5.9 percentage points at 53.0%.
- Net profit was ₹3.07 crore, down ₹1.51 crore or 33.0% from ₹4.58 crore; basic EPS was ₹0.19 against ₹0.37.
- Against Q1 FY27, revenue rose ₹7.08 crore or 85.3% and net profit rose ₹0.96 crore or 45.5%.
- H1 FY27 revenue was ₹23.68 crore and net profit was ₹5.07 crore, down ₹5.41 crore and ₹2.08 crore from H1 FY26.
How did Indowind Energy perform in Q2 FY27?
Indowind Energy reported consolidated revenue of ₹15.38 crore in Q2 FY27, down ₹2.17 crore or 12.4% from ₹17.55 crore in Q2 FY26. EBITDA fell ₹2.19 crore or 21.2% to ₹8.15 crore, while margin declined 5.9 percentage points from 58.9% to 53.0%. Profit before tax was ₹3.98 crore and net profit was ₹3.07 crore.
Against Q1 FY27, revenue rose ₹7.08 crore or 85.3% from ₹8.30 crore, EBITDA increased ₹3.81 crore or 87.8% from ₹4.34 crore and net profit rose ₹0.96 crore or 45.5% from ₹2.11 crore. Basic EPS was ₹0.19, up ₹0.06 from ₹0.13. On the standalone basis, revenue was ₹12.74 crore and profit after tax was ₹3.03 crore.
The board approved the unaudited standalone and consolidated results for the quarter ended 30 September 2026 on 5 November 2026. The filing reported basic EPS of ₹0.19 for Q2 FY27 and diluted EPS of ₹0.19.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 15.38 | 8.30 | 17.55 | −12.4% | +85.3% |
| Other income | 0.16 | 0.13 | 0.19 | −15.8% | +23.1% |
| Total expenses | 11.56 | 6.64 | 13.21 | −12.5% | +74.1% |
| EBITDA | 8.15 | 4.34 | 10.34 | −21.2% | +87.8% |
| EBITDA margin | 53.0% | 52.3% | 58.9% | −5.9 pp | +0.7 pp |
| Profit before tax | 3.98 | 1.79 | 4.53 | −12.1% | +122.3% |
| Tax | 0.96 | −0.31 | −0.05 | ||
| Net profit | 3.07 | 2.11 | 4.58 | −33.0% | +45.5% |
| EPS (₹) | 0.19 | 0.13 | 0.37 | −48.6% | +46.2% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Indowind Energy's costs and profit?
Total expenses fell ₹1.65 crore or 12.5% to ₹11.56 crore from ₹13.21 crore in Q2 FY26. Other expenses declined ₹4.68 crore or 73.2% to ₹1.71 crore, while finance costs fell ₹1.82 crore or 76.5% to ₹0.56 crore, partly offset by cost of materials of ₹4.49 crore, which was not reported in the year-ago quarter.
Employee cost rose ₹0.19 crore or 22.9% to ₹1.02 crore from ₹0.83 crore, and depreciation increased ₹0.16 crore or 4.4% to ₹3.77 crore from ₹3.61 crore. Other income fell ₹0.03 crore or 15.8% to ₹0.16 crore from ₹0.19 crore. The filing stated that there was no exceptional item in either quarter.
Tax expense was ₹0.96 crore in Q2 FY27, compared with a credit of ₹0.05 crore in Q2 FY26, a difference of ₹1.01 crore. Net profit consequently fell ₹1.51 crore or 33.0% to ₹3.07 crore from ₹4.58 crore, while the net profit margin was 20.0%, down 6.1 percentage points from 26.1%.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 4.49 | 0 | +4.49 | |
| Employee cost | 1.02 | 0.83 | +0.19 | +22.9% |
| Finance costs | 0.56 | 2.38 | −1.82 | −76.5% |
| Depreciation | 3.77 | 3.61 | +0.16 | +4.4% |
| Other expenses | 1.71 | 6.39 | −4.68 | −73.2% |
| Total expenses | 11.56 | 13.21 | −1.65 | −12.5% |
| Other income | 0.16 | 0.19 | −0.03 | −15.8% |
| Tax | 0.96 | −0.05 | +1.01 |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 23.68 | 29.09 | −18.6% |
| Profit before tax | 5.78 | 7.05 | −18.0% |
| Net profit | 5.07 | 7.15 | −29.1% |
| EPS (₹) | 0.32 | 0.55 | −41.8% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹358.9 crore against ₹347.72 crore at 31 March 2026. Total equity was ₹313.26 crore against ₹308.12 crore, while borrowings rose to ₹14.62 crore from ₹9.51 crore. Cash declined to ₹1.62 crore from ₹8.73 crore; inventories were ₹1.65 crore against ₹1.78 crore.
H1 FY27 operating cash flow was an outflow of ₹14.75 crore, compared with an outflow of ₹3.23 crore in H1 FY26. Investing cash flow was an inflow of ₹2.73 crore against an outflow of ₹1.93 crore, and financing cash flow was an inflow of ₹4.12 crore against ₹5.25 crore. Capital expenditure was ₹8.6 crore, against an outflow of ₹0.24 crore in the year-ago period.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 358.90 | 347.72 |
| Total equity | 313.26 | 308.12 |
| Borrowings | 14.62 | 9.51 |
| Cash and equivalents | 1.62 | 8.73 |
| Inventories | 1.65 | 1.78 |
| Trade receivables | 3.40 | 3.82 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −14.75 | −3.23 |
| Cash from investing | 2.73 | −1.93 |
| Cash from financing | 4.12 | 5.25 |
| Capital expenditure | 8.60 | −0.24 |
Source: Company's results filing (XBRL).
How has Indowind Energy done over the last 8 quarters?
Revenue reached its highest level in Q2 FY26 at ₹17.55 crore and its lowest in Q4 FY25 at ₹4.8 crore. It fell to ₹5.23 crore in Q4 FY26 before recovering to ₹8.3 crore in Q1 FY27 and ₹15.38 crore in Q2 FY27. Q2 FY27 was the second-highest quarterly revenue in the reported series.
Net profit peaked at ₹4.58 crore in Q2 FY26 and bottomed at a loss of ₹7.46 crore in Q4 FY26. It returned to ₹2.11 crore in Q1 FY27 and rose to ₹3.07 crore in Q2 FY27. EBITDA margin peaked at 58.9% in Q2 FY26, fell to -40.0% in Q4 FY26 and recovered to 53.0% in Q2 FY27.
What did the auditors point out?
The limited review was conducted under the applicable auditing standard and provides moderate assurance that the statement is free of material misstatement. The reviewers stated that a review is limited primarily to inquiries of company personnel and analytical procedures and provides less assurance than an audit; they did not perform an audit and did not express an audit opinion.
The reviewers issued a qualified opinion concerning the company’s Suzlon-related balances. The filing said ₹1,494.36 lakhs paid to Suzlon Energy Ltd. was accounted as an advance without adequate audit evidence and was not expensed in earlier years; it also said ₹845.59 lakhs of compensation receivable was recognised without counterparty confirmation or measurement under Ind AS 109. Had the advance been expensed and the receivable appropriately amortised, profit and loss account under reserves and surplus would have been lower by ₹1,668.29 lakhs and ₹845.59 lakhs.
Quick answers
What was Indowind Energy's revenue in Q2 FY27?
Revenue from operations was ₹15.38 crore, down 12.4% from ₹17.55 crore in Q2 FY26 (consolidated).
Did Indowind Energy make a profit in Q2 FY27?
Yes. Net profit was ₹3.07 crore, against a net profit of ₹4.58 crore in Q2 FY26.
What was Indowind Energy's EPS in Q2 FY27?
Basic earnings per share were ₹0.19, against ₹0.37 in Q2 FY26.
When did Indowind Energy announce its Q2 FY27 results?
On 5 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30.09.2026 (BSE, 29 October 2026) · PDF
- Unaudited Results For The Quarter And Half Year Ended 30Th September 2026 (BSE, 5 November 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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