Indowind Energy Limited has successfully completed its postal ballot process with all six proposed resolutions receiving requisite shareholder approval. The company announced the results on March 06, 2026, following the conclusion of the e-voting period and has formally notified stock exchanges regarding amendments to its Memorandum of Association under Regulation 30 of SEBI LODR Regulations.

Voting Process and Participation

The remote e-voting commenced at 9:00 A.M. (IST) on Wednesday, February 04, 2026 and concluded at 5:00 P.M. (IST) on Thursday, March 05, 2026. KRA & Associates, Practicing Company Secretaries from Chennai, served as the scrutinizer for the postal ballot process.

Key Resolutions Approved

All six resolutions presented to shareholders achieved the required majority approval:

Resolution 1: Authorized Capital Increase

Shareholders approved the increase in authorized share capital from ₹175,00,00,000 to ₹275,00,00,000 with consequential amendment to the Memorandum of Association.

Resolution 2: Rights Issue Object Alteration

The special resolution for approval of alteration in mode of spending object of Rights Issue received strong support with 99.81% approval.

Resolution 3: Enhanced Borrowing Powers

Shareholders approved increasing the company's borrowing powers to ₹1500 crores under Section 180(1)(c) of the Companies Act, 2013, receiving 99.84% approval.

Related Party Transaction Approvals

Three ordinary resolutions related to material related party transactions were approved:

Notably, for resolutions involving promoter interest (Resolutions 4, 5, and 6), the promoter and promoter group abstained from voting, with only public shareholders participating in the voting process.

Regulatory Compliance and Amendment Details

Following the postal ballot approval, the company has formally notified BSE Limited and National Stock Exchange of India Limited about the amendments to its Memorandum of Association pursuant to Regulation 30 of SEBI LODR Regulations. The authorized share capital structure has been officially amended:

Voting Pattern Analysis

The postal ballot demonstrated strong shareholder confidence across all categories. The promoter and promoter group, holding 76,987,489 shares, showed unanimous support for resolutions where they were eligible to vote. Public non-institutional shareholders, representing 84,014,676 shares, maintained consistent participation rates between 4.12% to 4.14% across different resolutions.

The company's total shareholding stands at 161,002,170 shares as of the record date, with the postal ballot results reflecting broad-based approval for the proposed corporate actions and strategic initiatives. The formal compliance with stock exchange notification requirements demonstrates the company's commitment to regulatory transparency and governance standards.

Indowind Energy Limited showcased a notable recovery in its Q3 FY26 financial performance, marking a significant turnaround from previous year losses while strengthening its position for future growth through strategic initiatives and successful fundraising.

Financial Performance Highlights

The company's quarterly performance demonstrated steady improvement with consolidated revenue reaching ₹6.19 crores in Q3 FY26 compared to ₹5.89 crores in Q3 FY25, reflecting a 5% year-on-year growth. Most significantly, the company returned to profitability by reporting a PAT of ₹0.35 crores during the quarter, compared to losses in Q3 FY25.

Nine-Month Performance Shows Strong Momentum

The nine-month performance painted an even more encouraging picture, with consolidated revenue increasing to ₹35.49 crores, registering substantial 21.61% year-on-year growth. EBITDA performance was particularly impressive, growing by 29.39% to ₹16.98 crores compared to ₹13.13 crores in nine months FY25.

Strategic Initiatives and Capital Strengthening

During the period, Indowind Energy successfully completed a rights issue, raising ₹49.42 crores, which significantly strengthened the balance sheet and enhanced financial flexibility. The company also secured Karnataka government approval for setting up a 4-megawatt solar project, marking its expansion into solar energy.

The board approved several strategic measures to support long-term growth:

• Increase in authorized share capital from ₹175 crores to ₹275 crores
• Approval for overseas fundraising of up to $70 million for bond issue
• Increase in borrowing limit to ₹1,500 crores
• Change in pattern of utilizing rights issue proceeds through subsidiaries

Expansion and Investment Plans

Management outlined comprehensive expansion strategies including the formation of new subsidiaries and strategic investments. The company proposed investing up to ₹10 lakhs in Nova Power Private Limited to make it a subsidiary for implementing the 4-megawatt solar project. Additionally, plans include investing ₹10 lakhs to incorporate a new subsidiary for O&M services.

A significant strategic move involves investing up to 20% equity in EverOn Power, which operates 19 megawatt renewable energy assets and has project EPC capabilities worth ₹57 crores. This investment aims to capture turnover and profits in consolidated results for future growth.

Operational Insights and Future Outlook

Promoter Bala Venkat Kutti attributed the improved performance to better wind conditions and successful asset acquisitions completed in the previous year. The company's in-house O&M capabilities provide approximately 15% cost savings compared to outsourcing, while maintaining operational control across all wind assets.

Looking ahead, management identified three key priorities: maintaining existing assets at optimal efficiency, completing the 4-megawatt solar expansion project, and exploring inorganic growth through strategic acquisitions. The company is also evaluating opportunities in data center power supply and battery storage solutions to enhance revenue stability across quarters.