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Indowind Energy

Q2 FY26

Indowind Energy Q2 FY26 earnings call: Revenue & Margins

Q2 FY26 earnings call: what management said on revenue, margins and capex.

Price₹8

Market cap₹136 Cr

Updated16 Oct 2026

Read4 min read

The short version

Revenue for Q2 FY'26 grew 11.46% year-on-year to INR 17.74 crore; H1 FY'26 revenue grew 25.81% year-on-year to INR 29.29 crore. Indowind expects sustainable growth in EBITDA and net profit, supported by improved machine availability, cost control, and favorable wind conditions.

From Indowind Energy's Q2 FY26 earnings-call transcript · updated 16 Oct 2026.

Revenue & Sales Performance

Revenue for Q2 FY'26 grew 11.46% year-on-year to INR 17.74 crore; H1 FY'26 revenue grew 25.81% year-on-year to INR 29.29 crore.
EBITDA for Q2 FY'26 increased 15.58% with margins improving to 59.32%.
Net profit rose 3.62% YoY in Q2 and 17.16% in H1 FY'26.
Capacity expansion plans include adding 4 MW solar project by end of fiscal year and pursuing 50 MW additions over next few years.
Targeting at least 15% annual capacity growth, with medium-term goal to double capacity within three years.
Focus on improving machine efficiency for 5%-10% output improvement on existing 54 MW wind capacity.
Hybrid projects with solar integration planned to stabilize year-round power generation.

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Profitability & Margins

Indowind expects sustainable growth in EBITDA and net profit, supported by improved machine availability, cost control, and favorable wind conditions.
Addition of a 4 MW solar project to stabilize and increase year-round revenue, with benefits anticipated starting Q1 FY27.
Targeting at least 15% capacity growth in solar in FY27, with medium-term goal to double capacity within three years.
Debt-free status with a strong balance sheet allows flexibility for organic and inorganic expansion, including acquisitions.
Focus on enhancing operational efficiency and adding hybrid wind-solar projects without significant new transmission costs.
Anticipated improved profitability and absolute profit growth, with internal accruals prioritized over borrowing for enhancements.

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Capital Expenditure Plans

Internal focus on improving machine availability and operational efficiency without new capital expenditure on assets.
Priority given to completing a 4 MW solar project, with government approval received; target completion expected within 3-4 months post rights issue allotment (around December 2025), benefiting from next financial year onwards.
Plans to add approximately 15% capacity growth in solar in the next financial year using internal funds; medium-term goal to double capacity within three years.
Exploring acquisitions of stressed assets under Insolvency and Bankruptcy Code (IBC) for inorganic growth near existing wind farms to leverage wind and cost advantages.
Open to strategic partnerships or joint ventures to utilize existing land banks and substations for hybrid projects and asset expansion.

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Fundraising & Capital Structure

Indowind Energy is currently raising INR 49.5 crore through a rights issue, expected to complete by December 2025.
Promoters are subscribing to almost their entire quota in the rights issue.
Post rights issue, the company plans to complete a 4 MW solar project funded by this capital.
Indowind is open to raising funds through bank borrowings and bond issuances in the near future.
The company has a net worth of around INR 300 crore and is currently debt-free, positioning it to borrow up to INR 800-900 crore as per RBI guidelines if needed.

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Order Book & Pipeline

Indowind Energy Limited currently has a 4 MW solar project underway, expected to be completed by the end of the fiscal year or early next financial year.
The company plans to add about 50 MW capacity over the next few years depending on funding and support.
Discussions and evaluations are ongoing for acquisitions and expansions, including inorganic growth opportunities through stressed asset acquisitions.
There is strong demand from existing corporate customers, particularly in Tamil Nadu, who are requesting about 50% more power than currently supplied (6 crore units).
The rights issue is expected to complete by December 2025, providing funds for ongoing projects.

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Indowind Energy — Quarterly revenue & net profit

Revenue Net profit Net loss

Dec 2024Q3 FY25

Mar 2025Q4 FY25

Jun 2025Q1 FY26

Sep 2025Q2 FY26

Dec 2025Q3 FY26

Mar 2026Q4 FY26

Reported quarterly figures (₹ Cr). Latest (Q4 FY26): revenue ₹5 Cr, net loss ₹8 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

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What Indowind Energy Ltd's management said in earlier quarters

Q3 FY26 earnings call analysis →

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Frequently Asked Questions

What were Indowind Energy Q2 FY26 results?

Revenue for Q2 FY'26 grew 11.46% year-on-year to INR 17.74 crore; H1 FY'26 revenue grew 25.81% year-on-year to INR 29.29 crore. Indowind expects sustainable growth in EBITDA and net profit, supported by improved machine availability, cost control, and favorable wind conditions.

What is Indowind Energy share price analysis?

Indowind Energy currently shows a neutral. The stock trades at a P/E of N/A with a market cap of ₹136 Cr. Investors should review the full earnings analysis for detailed insights.

Is Indowind Energy planning capital expenditure?

Internal focus on improving machine availability and operational efficiency without new capital expenditure on assets.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.