Indowind Energy Ltd has resubmitted its financial results for the fourth quarter of the fiscal year 2026 to correct discrepancies identified between the XBRL and PDF formats. The mismatch specifically affected the figures reported in the standalone Profit and Loss statement and the Balance Sheet. The company confirmed that the necessary corrections have been made and the Integrated Financial results are being resubmitted to the National Stock Exchange of India Limited.

In a clarification addressed to the exchange, the company responded to a query regarding the format of the Statement of Impact of Audit Qualifications. The exchange had noted that the document was not in the format prescribed by the Securities and Exchange Board of India (SEBI) and was not signed by the Managing Director or CEO. indowind energy stated that the statement was signed by Whole-time Director Mr. NK Haribabu.

The company explained that it does not have a Managing Director or CEO. Consequently, the signature of the Whole-time Director complies with Regulation 33(2)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2025. This regulation permits financial results to be signed by the chairperson, managing director, a whole-time director, or any other director duly authorized by the board in the absence of the aforementioned officers.

The submission, dated June 30, 2026, was made by B Sharath, the Company Secretary and Compliance Officer. The company requested the exchange to take the compliance on record following the rectification of the data and the clarification regarding the signatory.

Key Clarifications Provided

Indowind Energy Limited reported a consolidated net profit of ₹0.04 crore for the financial year ended March 31, 2026, a significant decrease from ₹170.21 crore in the previous year. Revenue from operations for the year rose to ₹4,033.13 crore from ₹3,501.25 crore in FY25. The company’s statutory auditors, Venkatesh & Co, issued a qualified opinion on the financial results, citing material departures from accounting standards regarding arbitration claims, a receivable from Bank of Baroda, and the absence of goodwill impairment testing.

Audited Financial Performance

For the quarter ended March 31, 2026, the company reported a consolidated net loss of ₹745.90 crore, compared to a profit of ₹42.14 crore in the same period last year. Total revenue for the quarter stood at ₹526.78 crore. On a standalone basis, the company reported a net loss of ₹630.49 crore for the quarter, while the annual standalone net profit was ₹26.62 crore, down from ₹233.06 crore in the previous year.

The Board of Directors, in its meeting held on May 26, 2026, approved the audited financial results for the quarter and year ended March 31, 2026. The results were reviewed by the Audit Committee prior to approval.

Consolidated Financial Highlights (FY26)

Audit Qualifications and Material Disclosures

The statutory auditors issued a qualified opinion due to three primary factors. First, the company has an arbitration claim of ₹9,083.39 lakhs against the Suzlon Group. The auditors noted that ₹1,407.40 lakhs paid to Suzlon Global Services Ltd. was accounted for as an advance without adequate audit evidence, and ₹845.59 lakhs was recognized as compensation receivable without counterparty confirmation. The auditors stated that had these amounts been expensed and amortized correctly, the profit would have been lower.

Second, the company recognized ₹102 lakhs as recoverable from Bank of Baroda based on a legal claim pending since 2007 without sufficient audit evidence, which is not in compliance with Ind AS 37 and Ind AS 109. Third, the company has not carried out an impairment assessment for goodwill amounting to ₹7,454.69 lakhs, which was transferred following the merger of Ind Eco Ventures Limited with Indowind Energy Limited.

The company stated that the advance payment to Suzlon was made through banking channels and that the compensation claim is based on a Memorandum of Understanding. Regarding the Bank of Baroda claim, management cited ongoing litigation. For goodwill, management stated that no impairment indicators were identified as the underlying assets remain operational.

Strategic Decisions and Fund Raising

To facilitate a fund-raising plan through the issue of overseas securities, the Board resolved to establish a wholly owned subsidiary in the United Kingdom. This entity will serve as the designated vehicle for the securities issuance, aiming to ensure effective ring-fencing of liabilities and seamless fund repatriation. The disclosure regarding this acquisition was submitted under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The company also confirmed that it does not fall under the "Large Corporate" category as per the applicability criteria specified in SEBI circulars dated August 10, 2021, and October 19, 2023. Outstanding qualified borrowings at the end of the financial year stood at ₹9.51 crore, compared to ₹1.01 crore at the start of the year.