Indowind Energy Ltd

₹ 20.0 -0.30%

09 Jul 2:44 p.m.

About

Incorporated in 1995, Indowind Energy Ltd is in the business of generation and distribution of power through windmills^[1]

Key Points

Business Overview:^[1]
IWEL is an IPP in the renewable energy field. It develops wind farms, manages wind assets, and generates Green Power for sale to utilities and corporates. Company has expertise in building Wind Power Projects, Wind Asset Management Solution for installed assets, including operations, billing, collection of revenue to project customers, Supply of Green Power to customers, Carbon Credit Sales and Trading

Website BSE NSE

Market Cap ₹ 258 Cr.
Current Price ₹ 20.0
High / Low ₹ 32.6 / 14.2
Stock P/E 204
Book Value ₹ 21.6
Dividend Yield 0.00 %
ROCE 1.88 %
ROE 0.49 %
Face Value ₹ 10.0

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Pros

Company has reduced debt.
Company is almost debt free.
Stock is trading at 0.92 times its book value
Debtor days have improved from 74.8 to 59.0 days.

Cons

Though the company is reporting repeated profits, it is not paying out dividend
The company has delivered a poor sales growth of 10.2% over past five years.
Company has a low return on equity of 1.98% over last 3 years.
Company's cost of borrowing seems high

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
	5.24	7.74	14.60	7.10	4.51	7.63	17.91	9.73	4.44	5.46	13.34	7.94	4.80
	7.88	3.24	6.24	6.22	4.27	1.82	7.64	9.00	5.39	2.56	4.35	7.18	6.92
Operating Profit	-2.64	4.50	8.36	0.88	0.24	5.81	10.27	0.73	-0.95	2.90	8.99	0.76	-2.12
OPM %	-50.38%	58.14%	57.26%	12.39%	5.32%	76.15%	57.34%	7.50%	-21.40%	53.11%	67.39%	9.57%	-44.17%
	2.35	0.10	0.10	0.47	-6.62	-1.01	0.05	0.30	1.74	0.02	0.11	0.34	1.83
Interest	0.54	0.42	0.43	0.92	0.43	1.31	1.87	0.66	0.44	0.43	0.56	0.42	0.53
Depreciation	0.20	2.48	4.11	0.37	0.03	2.06	4.43	0.30	0.32	1.04	4.51	0.74	1.09
Profit before tax	-1.03	1.70	3.92	0.06	-6.84	1.43	4.02	0.07	0.03	1.45	4.03	-0.06	-1.91
Tax %	1.94%	0.00%	1.28%	0.00%	264.62%	-22.38%	-23.13%	200.00%	-2,000.00%	-16.55%	-9.43%	0.00%	149.74%
	-1.05	1.70	3.86	0.06	-24.93	1.75	4.96	-0.07	0.63	1.69	4.42	-0.07	-4.77
EPS in Rs	-0.07	0.11	0.26	0.01	-1.93	0.12	0.39	0.01	0.05	0.12	0.34	0.00	-0.37
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	23.40	20.05	16.88	26.02	26.16	21.97	20.66	17.96	24.56	33.96	39.71	33.51
	10.75	10.97	9.48	11.49	15.45	15.82	12.32	8.39	18.02	19.97	23.87	22.96
Operating Profit	12.65	9.08	7.40	14.53	10.71	6.15	8.34	9.57	6.54	13.99	15.84	10.55
OPM %	54.06%	45.29%	43.84%	55.84%	40.94%	27.99%	40.37%	53.29%	26.63%	41.20%	39.89%	31.48%
	1.96	5.14	7.13	2.37	-17.19	0.57	6.33	2.06	2.42	-5.96	1.09	2.30
Interest	4.72	6.17	6.79	6.71	7.67	7.00	5.29	2.05	1.89	2.20	4.27	1.95
Depreciation	9.57	7.54	7.55	13.67	9.50	9.32	9.31	9.32	6.92	6.99	7.10	7.39
Profit before tax	0.32	0.51	0.19	-3.48	-23.65	-9.60	0.07	0.26	0.15	-1.16	5.56	3.51
Tax %	62.50%	54.90%	-284.21%	-42.82%	-11.25%	27.71%	14.29%	15.38%	13.33%	1,560.34%	-30.76%	63.82%
	0.11	0.23	0.77	-1.99	-20.98	-12.26	0.06	0.22	0.13	-19.26	7.27	1.26
EPS in Rs	0.01	0.02	0.05	-0.13	-1.39	-0.81	0.00	0.01	0.01	-1.50	0.56	0.10
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Compounded Sales Growth
10 Years:	5%
5 Years:	10%
3 Years:	11%
TTM:	-16%

Compounded Profit Growth
10 Years:	19%
5 Years:	17%
3 Years:	103%
TTM:	-83%

Stock Price CAGR
10 Years:	19%
5 Years:	44%
3 Years:	20%
1 Year:	-30%

Return on Equity
10 Years:	0%
5 Years:	1%
3 Years:	2%
Last Year:	0%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	89.74	89.74	89.74	89.74	89.74	89.74	89.74	89.74	89.74	107.33	107.33	128.80
Reserves	80.80	80.92	83.22	143.90	122.87	110.62	110.68	139.51	140.59	122.77	129.83	150.10
	79.19	76.66	73.89	100.00	99.56	101.19	90.80	60.72	56.06	60.06	55.19	6.97
	72.27	70.41	70.45	5.53	1.56	0.78	2.54	1.54	1.68	23.12	20.02	19.53
Total Liabilities	322.00	317.73	317.30	339.17	313.73	302.33	293.76	291.51	288.07	313.28	312.37	305.40
	161.57	155.57	199.88	228.60	198.94	189.20	180.73	245.57	166.31	159.45	235.79	248.47
CWIP	47.18	46.35	64.03	47.78	60.96	68.57	73.88	0.96	0.96	0.96	0.96	0.96
Investments	3.72	6.12	8.41	10.15	10.46	10.46	10.41	10.46	1.04	0.04	0.04	0.04
	109.53	109.69	44.98	52.64	43.37	34.10	28.74	34.52	119.76	152.83	75.58	55.93
Total Assets	322.00	317.73	317.30	339.17	313.73	302.33	293.76	291.51	288.07	313.28	312.37	305.40

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	19.50	1.88	1.82	7.96	7.47	5.33	9.77	6.04	1.41	0.32	-8.05	-9.17
	-12.21	6.33	10.46	-6.68	9.80	1.81	0.97	0.92	2.63	4.78	43.96	-22.50
	-8.00	-8.58	-8.58	-0.63	-18.23	-7.35	-9.29	-4.85	-6.46	15.07	-56.49	32.90
Net Cash Flow	-0.71	-0.36	3.71	0.64	-0.96	-0.21	1.44	2.11	-2.42	20.17	-20.58	1.24

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	26.83	99.40	101.20	89.22	84.13	96.03	83.03	103.85	119.78	88.13	77.21	59.04
Inventory Days
Days Payable
Cash Conversion Cycle	26.83	99.40	101.20	89.22	84.13	96.03	83.03	103.85	119.78	88.13	77.21	59.04
Working Capital Days	-5.93	73.36	-19.24	40.40	-32.23	28.58	16.78	202.82	211.93	287.40	120.50	306.62
ROCE %	1.87%	2.68%	2.89%	0.96%	2.45%	-0.85%	-0.09%	0.79%	0.71%	2.73%	3.41%	1.88%

Shareholding Pattern

Numbers in percentages

	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
	45.87%	44.76%	44.76%	47.03%	47.03%	50.76%	50.76%	50.76%	50.76%	47.17%	47.16%	47.16%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.02%	0.00%	0.00%	0.24%	0.01%	0.03%	0.02%
	4.46%	4.46%	4.46%	3.73%	3.73%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	49.68%	50.78%	50.78%	49.24%	49.24%	49.21%	49.24%	49.24%	49.00%	52.84%	52.82%	52.82%
No. of Shareholders	68,738	70,036	65,396	65,983	65,983	68,059	71,635	79,558	86,417	1,02,185	1,09,078	1,14,672

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	46.11%	48.92%	50.05%	50.32%	47.93%	45.87%	47.03%	50.76%	47.16%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.02%
	0.25%	0.26%	0.25%	0.00%	0.00%	4.46%	3.73%	0.00%	0.00%
	53.64%	50.83%	49.70%	49.67%	52.07%	49.68%	49.24%	49.24%	52.82%
No. of Shareholders	34,715	32,949	31,313	30,347	30,753	65,311	65,983	79,558	1,14,672

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Indowind Energy Ltd

Indowind Energy Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

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