Indowind Energy accepted the resignation of Mr. Bathey Ramamurthy Baskaran as Independent Director effective September 9, 2026.

The departure follows a letter dated September 9, 2026, in which Mr. Baskaran cited personal commitments and other professional pre-occupations as reasons for stepping down. The resignation takes effect from the close of business hours on that date.

Regulatory Disclosure

The company filed the disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Pursuant to Para A of Part A of Schedule III, the firm informed both the Bombay Stock Exchange and the National Stock Exchange of India Limited.

Mr. Baskaran confirmed that there are no material reasons for his resignation other than those stated in his letter. This confirmation was provided in terms of Para A(7B) of Part A of Schedule III of the Listing Regulations.

Board Action

The Board of Directors has taken the resignation on record. Indowind Energy will file the requisite forms with the Registrar of Companies and complete connected formalities within timelines prescribed under the Companies Act, 2013.

Mr. Baskaran does not hold directorships in any other listed entities. Consequently, there are no board committee memberships or relationships with other directors to disclose for this change.

Indowind Energy reported a 15.2% year-on-year increase in consolidated revenue for FY26, driven by improved power generation across its operating locations. Despite the topline growth, the company’s profitability contracted sharply as higher operating and finance costs outpaced revenue gains.

The renewable energy developer posted a consolidated net profit of ₹0.58 lakh for the financial year ended March 31, 2026, a significant decline from ₹170.54 lakh in FY25. On a standalone basis, the company reported a net profit of ₹26.62 lakh, down from ₹233.06 lakh in the previous year.

Financial Performance

Consolidated revenue from operations rose to ₹4,033.13 lakh in FY26 from ₹3,501.25 lakh in FY25. Standalone revenue grew 19.1% to ₹3,110.34 lakh from ₹2,611.96 lakh. The growth was supported by increased power sales in both Tamil Nadu and Karnataka.

However, total expenses expanded at a faster rate than revenue. Consolidated total expenses jumped 22.0% to ₹3,940.57 lakh from ₹3,230.35 lakh. Standalone expenses rose 28.9% to ₹3,019.26 lakh. The margin compression was primarily due to an increase in finance costs and other operational expenses.

Finance costs on a standalone basis increased by 50.7% to ₹293.23 lakh from ₹194.52 lakh, reflecting higher interest outlays during the period. Other expenses also saw a sharp rise, growing 65.5% to ₹935.50 lakh from ₹565.15 lakh.

Capital Raise and Expansion

During FY26, Indowind successfully completed a rights issue of 3,22,00,434 equity shares at ₹15.35 per share, raising aggregate proceeds of ₹4,942.77 lakh. The funds were primarily utilized to repay borrowings and fund new projects, including a 4 MW solar power plant in Karnataka.

The company sought shareholder approval to extend the timeline for utilizing the rights issue proceeds earmarked for the Karnataka solar project from September 2026 to December 2026. This extension was necessitated by regulatory delays related to sourcing solar PV modules from approved domestic vendors.

Auditor Qualifications

The statutory auditors issued a qualified opinion on the financial statements, citing three key areas of concern:

• Non-recognition of an arbitration claim against Suzlon Group amounting to ₹9,083.39 lakh.
• Recognition of ₹102 lakh as recoverable from Bank of Baroda without sufficient audit evidence.
• Lack of impairment testing for goodwill amounting to ₹7,454.69 lakh inherited from the merger with Ind Eco Ventures Limited.

What the Numbers Show

While revenue growth indicates improved operational availability, the drastic fall in net profit highlights the impact of high fixed costs and interest burdens. With finance costs rising significantly faster than revenue, the company’s ability to convert top-line growth into bottom-line earnings remains constrained until debt levels are further reduced or generation efficiency improves substantially.