5328942026-01-012026-03-315328942026-03-315328942025-03-315328942025-04-012026-03-315328942026-01-012026-03-31in-capmkt:OtherExpenses1Member5328942026-01-012026-03-31in-capmkt:OtherExpenses2Member5328942026-01-012026-03-31in-capmkt:OtherExpenses3Member5328942025-04-012026-03-31in-capmkt:OtherExpenses1Member5328942025-04-012026-03-31in-capmkt:OtherExpenses2Member5328942025-04-012026-03-31in-capmkt:OtherExpenses3Member5328942026-03-31OtherNoncurrentFinancialAssetsDomain15328942026-03-31OtherNoncurrentFinancialAssetsDomain25328942026-03-31OtherNoncurrentFinancialAssetsDomain35328942026-03-31OtherNoncurrentFinancialAssetsDomain45328942026-03-31OtherCurrentFinancialAssetsDomain15328942026-03-31OtherCurrentFinancialAssetsDomain25328942026-03-31OtherNoncurrentFinancialLiabilitiesDomain15328942026-03-31OtherNoncurrentLiabilitiesDomain15328942026-03-31OtherCurrentFinancialLiabilitiesDomain15328942026-01-012026-03-31AuditorDomain15328942026-01-012026-03-31in-capmkt:AuditedMember5328942026-03-31in-capmkt:AuditedMember5328942026-01-012026-03-31in-capmkt:AdjustedMember5328942026-03-31in-capmkt:AdjustedMember5328942026-01-012026-03-31AuditQualification15328942026-01-012026-03-31AuditQualification25328942026-01-012026-03-31AuditQualification3iso4217:INRiso4217:INRxbrli:shares532894INDOWINDNOTLISTEDINE227G01018INDOWIND ENERGY LIMITEDMain BoardEquity2025-04-012026-03-312026-05-262026-05-26INRLakhsQuarterlyFourth quarterSingle segmentPOWER GENERATION2026-05-2613:30:002026-05-2617:30:00trueCash Flow IndirectStatement on impact of audit qualification2026-01-012026-03-31AuditedConsolidated522790003990005267800000-2011000124080001022000133380006278400087541000-34863000-24445000-5930800046960001098600015682000-70000-75060000000470000-74590000-400000-74990000161002200010-0.46-0.4600-0.46-0.462025-04-012026-03-31AuditedConsolidated403313000423000040754300000-201100035982000293250008207200022424400036961200037931000-24445000134860007776000566200013438000900057000000-530004000-400000-39600016100220001016131000000000OPERATING EXPENSES6341000SELLING AND DISTRIBUTION EXPENSES30982000OTHER EXPENSES25461000OPERATING EXPENSES45955000SELLING AND DISTRIBUTION EXPENSES107029000OTHER EXPENSES71260000163871900012305100007454690005753900000041400009269100039453000048763500030524130001779500003818700087345000128369000014722900040113000058350004247600003477173000161002200014640660003074088000711600030812040009508600021700095303000947000279194000394100037938500035000014486000144860001161000156820009020000165840003959690003477173000RIGHTS OF USE ASSETS9025000OTHER FINANCIAL ASSETS357190000INCOME TAX ASSETS11108000OTHER NON CURRENT ASSETS17207000OTHER FINANCIAL ASSETS114033000OTHER CURRENT ASSETS33196000LEASE LIABILITIES217000OTHER FINANCIAL LIABILITIES3941000OTHER CURRENT LIABILITIES116100000016008000-27467000-1410880007057700000557100003108000000-237000820720000000-293250000-422000000000336490004713500000016769000-26470002771900000000000021886600000000000000000000042200000-123347000-33799300000000000849340000000030055000038548400075210000075210000121350008734500040000040000000-400000-400000AuditedQualified opinionVENKATESH AND COtrue2026-11-3040754300040754300039405800062955700013485000-2220140000.02-1.63477173000324167400039596900039596900030740880002838589000We refer Note No 10 to the fact that the Company has filed an arbitration claim amounting to 9,083.39 <br></br> lakhs against Suzlon Group in the earlier years. Further, 1,407.40 lakhs paid to Suzlon Global Services Ltd. <br></br> is accounted as advance without adequate audit evidence and not expensed in the earlier years. Further, <br></br> 845.59 lakhs has been recognised as compensation receivable from Suzlon Energy Ltd. without counterparty <br></br> confirmation or measured under Ind AS 109. The remaining balance of the claim has not been recognised. <br></br> Had the advance been expensed and the receivable appropriately amortized, profit and Loss account under <br></br> reserves and surplus would have been lower by 1,407.40 lakhs and 845.59 lakhs. The accounting <br></br> treatment thus departs from the relevant Ind AS requirements and impacts the financial statementsQualified opinionRepetitiveIn continuation to the MOU dated 21st January 2022, the company envisaged that the 12.6 MW expansion <br></br> project as agreed by Suzlon would commence immediately. Since there is a delay in the same, the Company <br></br> has initiated arbitration proceedings to arrive at a comprehensive situation for the observations made. The <br></br> advance payment of Rs.1,407.40 lakhs has been paid through banking channels and the related evidences <br></br> are available. Further, the compensation amount of Rs.845.59 lakhs has been claimed by us from Suzlon <br></br> and the company was hopeful of getting the same. Hence it was recognised in the earlier years. However, in <br></br> view of the dispute that arose between the company and Suzlon, the issue was referred to arbitration <br></br> proceedings. Suitable accounting entry shall be passed based upon the outcome of arbitration proceedingsNANAWe are not offering any further commentsWe refer to Note 12 of the financial statements. The Holding Company has recognized 102 lakhs as <br></br> recoverable from Bank of Baroda based on a legal claim pending since 2007 without confirmation or <br></br> sufficient audit evidence, which is not in compliance with Ind AS 37 and Ind AS 109. Had appropriate <br></br> provision been made, the profit before tax would have been lower to that extent. <br></br> Qualified opinionRepetitiveConsequent to the failure of Dena Bank (merged with Bank of Baroda), Bhopal to honour the Bank Guarantee <br></br> (BG) for Rs. 100 Lakhs due on 20th June 2004, the company had filed a petition against the bank before the <br></br> Honble High Court of Bombay for enforcing the BG with interest till the date of payment. Since the <br></br> recoverable amount is much higher than the BG amount and since the case is under progress the company <br></br> has preferred to retain the BG amount in the non-current asset as it is and consider the interest amount <br></br> accrued until 31st March 2026 under the Contingent Asset. The appropriate accounting adjustments will be <br></br> carried out based on the outcome of the case. All documents relating to invocation of bank guarantee and <br></br> related legal claim over Dena Bank (now merged with Bank of Baroda) are available with the companyNANAWe are not offering any further commentsWe refer to Note No: 6 to the financial statements, pursuant to the merger of Ind Eco Ventures Limited <br></br> (IVL) with Indowind Energy Limited (IEL), being a business combination under common control, <br></br> goodwill amounting to Rs. 7,454.69 lakhs has been transferred from IVL to IEL. However, the Company has <br></br> not carried out an impairment assessment/test of the aforesaid goodwill as required under applicable IND <br></br> AS as at the end of the financial year. In the absence of such impairment testing, we are unable to <br></br> determine whether any impairment loss is required to be recognized in respect of the said goodwill and the <br></br> consequential impact, if any, on the accompanying financial statements. <br></br> Qualified opinionRepetitiveGoodwill of 7,454.69 lakhs, inherited through amalgamation of Ind Eco Ventures Limited, has been <br></br> reviewed by management as at March 31, 2026. <br></br> The operations of the underlying Cash Generating Unit remain stable, with the windmill assets continuing to <br></br> remain operational, revenue realisations remaining uninterrupted, and policy support from the Government <br></br> of India towards renewable energy generation. As no impairment indicators were identified, no impairment <br></br> has been recognised. <br></br> The Company shall continue to evaluate impairment indicators during FY 202627 and undertake <br></br> impairment assessment in accordance with IND AS 36, wherever considered necessary. The outcome <br></br> thereof, if any, shall be considered in the financial statements for the year ending March 31, 2027. NANAWe are not offering any further commentsN.K HARIBABUN.K HARIBABUBR BASKARANVENAKTESH AND COCHENNAI2026-05-26