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.

Indowind Energy has received a formal declaration from its promoter, Bala Venckat Kutti, confirming that no encumbrance — direct or indirect — was created on the company's shares during the financial year 2025-26, beyond those already disclosed. The declaration was submitted on April 3, 2026, in compliance with the applicable SEBI regulations governing substantial acquisition of shares and takeovers.

Regulatory Disclosure Under SEBI Takeover Regulations

The disclosure was made pursuant to Regulation 31(4) and 31(5) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Bala Venckat Kutti filed the declaration on behalf of the promoters and members of the Promoter Group of Indowind Energy Limited. The filing was addressed to both BSE Limited and the National Stock Exchange of India Limited, and a copy was also submitted to the Audit Committee of Indowind Energy Limited.

Key Details of the Disclosure

The following table summarises the key parameters of the regulatory filing:

Compliance Context

Under SEBI's Substantial Acquisition of Shares and Takeovers Regulations, promoters of listed companies are required to disclose any encumbrance on shares held by them or their group. Regulation 31(4) mandates that promoters declare, at the end of each financial year, whether any encumbrance has been created during that period. Regulation 31(5) requires a specific declaration if no such encumbrance has been made. The filing by Bala Venckat Kutti satisfies the requirement under Regulation 31(5), confirming the absence of any new encumbrance during FY 2025-26, other than those previously disclosed. The disclosure was digitally signed on April 3, 2026, at 21:20:54 IST.