Integrated Filing — IndAS



General information about company

Scrip Code 532894
NSE Symbol INDOWIND
MSEI Symbol NOTLISTED
ISIN INE227G01018
Name of company INDOWIND ENERGY LIMITED
Type of company Main Board
Class of security Equity
Date of start of financial year 01-04-2025
Date of end of financial year 31-03-2026
Date of board meeting when results were approved 26-05-2026
Date on which prior intimation of the meeting for considering financial results was informed to the exchange 26-05-2026
Description of presentation currency INR
Level of rounding used in financial results Lakhs
Reporting Type Quarterly
Reporting Quarter Fourth quarter
Nature of report standalone or consolidated Consolidated
Whether results are audited or unaudited for the quarter ended Audited
Whether results are audited or unaudited for the Year to date for current period ended/year ended Audited
Segment Reporting Single segment
Description of single segment POWER GENERATION
Start date and time of board meeting 26-05-2026   13:30:00
End date and time of board meeting 26-05-2026   17:30:00
Whether cash flow statement is applicable on company Yes
Type of cash flow statement Cash Flow Indirect
Declaration of unmodified opinion or statement on impact of audit qualification Statement on impact of audit qualification



Financial Results Ind-AS

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-01-2026 01-04-2025
B Date of end of reporting period 31-03-2026 31-03-2026
C Whether results are audited or unaudited Audited Audited
D Nature of report standalone or consolidated Consolidated Consolidated
1 Income
Revenue from operations 522.79 4,033.13
Other income 3.99 42.30
Total income 526.78 4,075.43
2 Expenses
(a) Cost of materials consumed 0.00 0.00
(b) Purchases of stock-in-trade 0.00 0.00
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade (20.11) (20.11)
(d) Employee benefit expense 124.08 359.82
(e) Finance costs 10.22 293.25
(f) Depreciation, depletion and amortisation expense 133.38 820.72
(f) Other Expenses
1 OPERATING EXPENSES 63.41 459.55
2 SELLING AND DISTRIBUTION EXPENSES 309.82 1,070.29
3 OTHER EXPENSES 254.61 712.60
Total other expenses 627.84 2,242.44
Total expenses 875.41 3,696.12
3 Total profit before exceptional items and tax (348.63) 379.31
4 Exceptional items (244.45) (244.45)
5 Total profit before tax (593.08) 134.86
6 Tax expense
7 Current tax 46.96 77.76
8 Deferred tax 109.86 56.62
9 Total tax expenses 156.82 134.38
10 Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement (0.70) 0.09
11 Net Profit Loss for the period from continuing operations (750.60) 0.57
12 Profit (loss) from discontinued operations before tax 0.00 0.00
13 Tax expense of discontinued operations 0.00 0.00
14 Net profit (loss) from discontinued operation after tax 0.00 0.00
15 Share of profit (loss) of associates and joint ventures accounted for using equity method 4.70 (0.53)
16 Total profit (loss) for period (745.90) 0.04
17 Other comprehensive income net of taxes (4.00) (4.00)
18 Total Comprehensive Income for the period (749.90) (3.96)
19 Total profit or loss, attributable to
Profit or loss, attributable to owners of parent
Total profit or loss, attributable to non-controlling interests
20 Total Comprehensive income for the period attributable to
Comprehensive income for the period attributable to owners of parent
Total comprehensive income for the period attributable to owners of parent non-controlling interests
21 Details of equity share capital
Paid-up equity share capital 16,100.22 16,100.22
Face value of equity share capital 10 10
27 Details of debt securities
22 Reserves excluding revaluation reserve 161.31
23 Earnings per share
i Earnings per equity share for continuing operations
Basic earnings (loss) per share from continuing operations -0.46 0
Diluted earnings (loss) per share from continuing operations -0.46 0
ii Earnings per equity share for discontinued operations
Basic earnings (loss) per share from discontinued operations 0 0
Diluted earnings (loss) per share from discontinued operations 0 0
ii Earnings per equity share
Basic earnings (loss) per share from continuing and discontinued operations -0.46 0
Diluted earnings (loss) per share from continuing and discontinued operations -0.46 0
24 Debt equity ratio
25 Debt service coverage ratio
26 Interest service coverage ratio
27 Disclosure of notes on financial results



Remarks

Debt equity ratio
Debt service coverage ratio
Interest service coverage ratio


Statement of Asset and Liabilities

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
Date of start of reporting period 01-04-2025
Date of end of reporting period 31-03-2026
Whether results are audited or unaudited Audited
Nature of report standalone or consolidated Consolidated
Assets
1 Non-current assets
Property, plant and equipment 16,387.19
Capital work-in-progress 1,230.51
Investment property 0.00
Goodwill 7,454.69
Other intangible assets 575.39
Intangible assets under development 0.00
Biological assets other than bearer plants 0.00
Investments accounted for using equity method 0.00
Non-current financial assets
Non-current investments 4.14
Trade receivables, non-current 0.00
Loans, non-current 926.91
Other non-current financial assets
1 RIGHTS OF USE ASSETS 90.25
2 OTHER FINANCIAL ASSETS 3,571.90
3 INCOME TAX ASSETS 111.08
4 OTHER NON CURRENT ASSETS 172.07
Total of other non-current financial assets 3,945.30
Total non-current financial assets 4,876.35
Deferred tax assets (net)
Other non-current assets
Total of other non-current assets
Total non-current assets 30,524.13
2 Current assets
Inventories 177.95
Current financial asset
Current investments 0.00
Trade receivables, current 381.87
Cash and cash equivalents 873.45
Bank balance other than cash and cash equivalents 1,283.69
Loans, current 0.00
Other current financial assets
Total of other current financial assets 1,472.29
Total current financial assets 4,011.30
Current tax assets (net) 58.35
Other current assets
Total of other current assets
Total current assets 4,247.60
3 Non-current assets classified as held for sale
4 Regulatory deferral account debit balances and related deferred tax Assets
Total assets 34,771.73
Equity and liabilities
1 Equity
Equity attributable to owners of parent
Equity share capital 16,100.22
Other equity 14,640.66
Total equity attributable to owners of parent 30,740.88
Non controlling interest 71.16
Total equity 30,812.04
2 Liabilities
Non-current liabilities
Non-current financial liabilities
Borrowings, non-current 950.86
Trade payables, non-current
(A) Total outstanding dues of micro enterprises and small enterprises
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises
Total Trade payable
Other non-current financial liabilities
1 LEASE LIABILITIES 2.17
Total of other non-current financial liabilities 2.17
Total non-current financial liabilities 953.03
Provisions, non-current 9.47
Deferred tax liabilities (net) 2,791.94
Deferred government grants, Non-current
Other non-current liabilities
1 OTHER FINANCIAL LIABILITIES 39.41
Total of other non-current liabilities 39.41
Total non-current liabilities 3,793.85
Current liabilities
Current financial liabilities
Borrowings, current 0.35
Trade payables, current
(A) Total outstanding dues of micro enterprises and small enterprises 0.00
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 144.86
Total Trade payable 144.86
Other current financial liabilities
1 OTHER CURRENT LIABILITIES 11.61
Total of other current financial liabilities 11.61
Total current financial liabilities 156.82
Other current liabilities
Total of other current liabilities
Provisions, current 9.02
Current tax liabilities (Net) 0.00
Deferred government grants, Current
Total current liabilities 165.84
3 Liabilities directly associated with assets in disposal group classified as held for sale
4 Regulatory deferral account credit balances and related deferred tax liability
Total liabilities 3,959.69
Total equity and liabilites 34,771.73
Disclosure of notes on assets and liabilities



Format for Reporting Segment wise Revenue, Results and Capital Employed along with the company results

Amount in (Lakhs)

Particulars 3 months/ 6 month ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
Date of start of reporting period 01-01-2026 01-04-2025
Date of end of reporting period 31-03-2026 31-03-2026
Whether results are audited or unaudited Audited Audited
Nature of report standalone or consolidated Consolidated Consolidated
1 Segment Revenue (Income)
(net sale/income from each segment should be disclosed)
Total Segment Revenue
Less: Inter segment revenue
Revenue from operations
2 Segment Result
Profit (+) / Loss (-) before tax and interest from each segment
Total Profit before tax
i. Finance cost
ii. Other Unallocable Expenditure net off Unallocable income
Profit before tax
3 (Segment Asset - Segment Liabilities)
Segment Asset
Total Segment Asset
Un-allocable Assets null null
Net Segment Asset null null
4 Segment Liabilities
Segment Liabilities
Total Segment Liabilities
Un-allocable Liabilities null null
Net Segment Liabilities null null
Disclosure of notes on segments



Other Comprehensive Income

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-01-2026 01-04-2025
B Date of end of reporting period 31-03-2026 31-03-2026
C Whether results are audited or unaudited Audited Audited
D Nature of report standalone or consolidated Consolidated Consolidated
Other comprehensive income [Abstract]
1 Amount of items that will not be reclassified to profit and loss
Total Amount of items that will not be reclassified to profit and loss
2 Income tax relating to items that will not be reclassified to profit or loss 4.00 4.00
3 Amount of items that will be reclassified to profit and loss
Total Amount of items that will be reclassified to profit and loss
4 Income tax relating to items that will be reclassified to profit or loss 0.00 0.00
5 Total Other comprehensive income (4.00) (4.00)



Cash flow statement, indirect

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
A Date of start of reporting period 01-04-2025
B Date of end of reporting period 31-03-2026
C Whether results are audited or unaudited Audited
D Nature of report standalone or consolidated Consolidated
Statement of cash flows
Cash flows from used in operating activities
Profit before tax 134.86
Adjustments for reconcile profit (loss)
Adjustments for finance costs 0.00
Adjustments for decrease (increase) in inventories 0.00
Adjustments for decrease (increase) in trade receivables, current 0.00
Adjustments for decrease (increase) in trade receivables, non-current 160.08
Adjustments for decrease (increase) in other current assets (274.67)
Adjustments for decrease (increase) in other non-current assets (1,410.88)
Adjustments for other financial assets, non-current 705.77
Adjustments for other financial assets, current 0.00
Adjustments for other bank balances 0.00
Adjustments for increase (decrease) in trade payables, current 55.71
Adjustments for increase (decrease) in trade payables, non-current 0.00
Adjustments for increase (decrease) in other current liabilities 31.08
Adjustments for increase (decrease) in other non-current liabilities 0.00
Adjustments for depreciation and amortisation expense 0.00
Adjustments for impairment loss reversal of impairment loss recognised in profit or loss 0.00
Adjustments for provisions, current (2.37)
Adjustments for provisions, non-current 820.72
Adjustments for other financial liabilities, current 0.00
Adjustments for other financial liabilities, non-current 0.00
Adjustments for unrealised foreign exchange losses gains 0.00
Adjustments for dividend income 0.00
Adjustments for interest income (293.25)
Adjustments for share-based payments 0.00
Adjustments for fair value losses (gains) (42.20)
Adjustments for undistributed profits of associates 0.00
Other adjustments for which cash effects are investing or financing cash flow 0.00
Other adjustments to reconcile profit (loss) 0.00
Other adjustments for non-cash items 0.00
Share of profit and loss from partnership firm or association of persons or limited liability partnerships 0.00
Total adjustments for reconcile profit (loss) 336.49
Net cash flows from (used in) operations 471.35
Dividends received 0.00
Interest paid 0.00
Interest received 0.00
Income taxes paid (refund) 167.69
Other inflows (outflows) of cash (26.47)
Net cash flows from (used in) operating activities 277.19
Cash flows from used in investing activities
Cash flows from losing control of subsidiaries or other businesses 0.00
Cash flows used in obtaining control of subsidiaries or other businesses 0.00
Other cash receipts from sales of equity or debt instruments of other entities 0.00
Other cash payments to acquire equity or debt instruments of other entities 0.00
Other cash receipts from sales of interests in joint ventures 0.00
Other cash payments to acquire interests in joint ventures 0.00
Cash receipts from share of profits of partnership firm or association of persons or limited liability partnerships 0.00
Cash payment for investment in partnership firm or association of persons or limited liability partnerships 0.00
Proceeds from sales of property, plant and equipment 0.00
Purchase of property, plant and equipment 2,188.66
Proceeds from sales of investment property 0.00
Purchase of investment property 0.00
Proceeds from sales of intangible assets 0.00
Purchase of intangible assets 0.00
Proceeds from sales of intangible assets under development 0.00
Purchase of intangible assets under development 0.00
Proceeds from sales of goodwill 0.00
Purchase of goodwill 0.00
Proceeds from biological assets other than bearer plants 0.00
Purchase of biological assets other than bearer plants 0.00
Proceeds from government grants 0.00
Proceeds from sales of other long-term assets 0.00
Purchase of other long-term assets 0.00
Cash advances and loans made to other parties 0.00
Cash receipts from repayment of advances and loans made to other parties 0.00
Cash payments for future contracts, forward contracts, option contracts and swap contracts 0.00
Cash receipts from future contracts, forward contracts, option contracts and swap contracts 0.00
Dividends received 0.00
Interest received 42.20
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash (1,233.47)
Net cash flows from (used in) investing activities (3,379.93)
Cash flows from used in financing activities
Proceeds from changes in ownership interests in subsidiaries 0.00
Payments from changes in ownership interests in subsidiaries 0.00
Proceeds from issuing shares 0.00
Proceeds from issuing other equity instruments 0.00
Payments to acquire or redeem entity's shares 0.00
Payments of other equity instruments 0.00
Proceeds from exercise of stock options 0.00
Proceeds from issuing debentures notes bonds etc 0.00
Proceeds from borrowings 849.34
Repayments of borrowings 0.00
Payments of lease liabilities 0.00
Dividends paid 0.00
Interest paid 0.00
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash 3,005.50
Net cash flows from (used in) financing activities 3,854.84
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes 752.10
Effect of exchange rate changes on cash and cash equivalents
Effect of exchange rate changes on cash and cash equivalents 0.00
Net increase (decrease) in cash and cash equivalents 752.10
Cash and cash equivalents cash flow statement at beginning of period 121.35
Cash and cash equivalents cash flow statement at end of period 873.45





Details of Impact of Audit Qualification

Amount in (Lakhs)

Whether results are audited or unaudited Audited
Declaration of unmodified opinion or statement on impact of audit qualification Statement on impact of audit qualification
Auditor's opinion Qualified opinion
Declaration pursuant to Regulation 33 (3) (d) of SEBI (LODR) Regulation, 2015: The company declares that its Statutory Auditor/s have issued an Audit Report with unmodified opinion for the period on Standalone results
Sr No. Audit firm's name Whether the firm holds a valid peer review certificate issued by Peer Review Board of ICAI Certificate valid upto
1 VENKATESH AND CO Yes 30-11-2026


Financial details

Amount in (Lakhs)

Sr. Particulars Audited Figures (as reported before adjusting for qualifications) Adjusted Figures (audited figures after adjusting for qualifications)
1 Turnover / Total income 4,075.43 4,075.43
2 Total Expenditure 3,940.58 6,295.57
3 Net Profit/(Loss) 134.85 (2,220.14)
4 Earnings Per Share 0.02 -1.6
5 Total Assets 34,771.73 32,416.74
6 Total Liabilities 3,959.69 3,959.69
7 Net Worth 30,740.88 28,385.89


Audit qualification

Amount in (Lakhs)

Sr. Details of Audit Qualification Type of Audit Qualification Frequency of qualification For Audit Qualification(s) where the impact is quantified by the auditor For Audit Qualification(s) where the impact is not quantified by the auditor
Management's Views (i) Management's estimation on the impact of audit qualification (ii) If management is unable to estimate the impact, reasons for the same Auditors' Comments on (i) or (ii) above
1 Textual Information(1) Qualified opinion Repetitive Textual Information(2) Textual Information(3) Textual Information(4) Textual Information(5)
2 Textual Information(6) Qualified opinion Repetitive Textual Information(7) Textual Information(8) Textual Information(9) Textual Information(10)
3 Textual Information(11) Qualified opinion Repetitive Textual Information(12) Textual Information(13) Textual Information(14) Textual Information(15)


Text Block

Textual Information(1) We refer Note No 10 to the fact that the Company has filed an arbitration claim amounting to 9,083.39

lakhs against Suzlon Group in the earlier years. Further, 1,407.40 lakhs paid to Suzlon Global Services Ltd.

is accounted as advance without adequate audit evidence and not expensed in the earlier years. Further,

845.59 lakhs has been recognised as compensation receivable from Suzlon Energy Ltd. without counterparty

confirmation or measured under Ind AS 109. The remaining balance of the claim has not been recognised.

Had the advance been expensed and the receivable appropriately amortized, profit and Loss account under

reserves and surplus would have been lower by 1,407.40 lakhs and 845.59 lakhs. The accounting

treatment thus departs from the relevant Ind AS requirements and impacts the financial statements
Textual Information(2) In continuation to the MOU dated 21st January 2022, the company envisaged that the 12.6 MW expansion

project as agreed by Suzlon would commence immediately. Since there is a delay in the same, the Company

has initiated arbitration proceedings to arrive at a comprehensive situation for the observations made. The

advance payment of Rs.1,407.40 lakhs has been paid through banking channels and the related evidences

are available. Further, the compensation amount of Rs.845.59 lakhs has been claimed by us from Suzlon

and the company was hopeful of getting the same. Hence it was recognised in the earlier years. However, in

view of the dispute that arose between the company and Suzlon, the issue was referred to arbitration

proceedings. Suitable accounting entry shall be passed based upon the outcome of arbitration proceedings
Textual Information(3) NA
Textual Information(4) NA
Textual Information(5) We are not offering any further comments
Textual Information(6) We refer to Note 12 of the financial statements. The Holding Company has recognized 102 lakhs as

recoverable from Bank of Baroda based on a legal claim pending since 2007 without confirmation or

sufficient audit evidence, which is not in compliance with Ind AS 37 and Ind AS 109. Had appropriate

provision been made, the profit before tax would have been lower to that extent.

Textual Information(7) Consequent to the failure of Dena Bank (merged with Bank of Baroda), Bhopal to honour the Bank Guarantee

(BG) for Rs. 100 Lakhs due on 20th June 2004, the company had filed a petition against the bank before the

Honble High Court of Bombay for enforcing the BG with interest till the date of payment. Since the

recoverable amount is much higher than the BG amount and since the case is under progress the company

has preferred to retain the BG amount in the non-current asset as it is and consider the interest amount

accrued until 31st March 2026 under the Contingent Asset. The appropriate accounting adjustments will be

carried out based on the outcome of the case. All documents relating to invocation of bank guarantee and

related legal claim over Dena Bank (now merged with Bank of Baroda) are available with the company
Textual Information(8) NA
Textual Information(9) NA
Textual Information(10) We are not offering any further comments
Textual Information(11) We refer to Note No: 6 to the financial statements, pursuant to the merger of Ind Eco Ventures Limited

(IVL) with Indowind Energy Limited (IEL), being a business combination under common control,

goodwill amounting to Rs. 7,454.69 lakhs has been transferred from IVL to IEL. However, the Company has

not carried out an impairment assessment/test of the aforesaid goodwill as required under applicable IND

AS as at the end of the financial year. In the absence of such impairment testing, we are unable to

determine whether any impairment loss is required to be recognized in respect of the said goodwill and the

consequential impact, if any, on the accompanying financial statements.

Textual Information(12) Goodwill of 7,454.69 lakhs, inherited through amalgamation of Ind Eco Ventures Limited, has been

reviewed by management as at March 31, 2026.

The operations of the underlying Cash Generating Unit remain stable, with the windmill assets continuing to

remain operational, revenue realisations remaining uninterrupted, and policy support from the Government

of India towards renewable energy generation. As no impairment indicators were identified, no impairment

has been recognised.

The Company shall continue to evaluate impairment indicators during FY 202627 and undertake

impairment assessment in accordance with IND AS 36, wherever considered necessary. The outcome

thereof, if any, shall be considered in the financial statements for the year ending March 31, 2027.
Textual Information(13) NA
Textual Information(14) NA
Textual Information(15) We are not offering any further comments


Signatories detail

Name of CEO / Managing director N.K HARIBABU
Name of CFO N.K HARIBABU
Name of audit committee chairman BR BASKARAN
Name of statutory auditor VENAKTESH AND CO
Name of other signatory, if any, with designation
Place CHENNAI
Date 26-05-2026