Key Financial Figures - Consolidated

Quarterly Performance (Q2 FY27 vs Q2 FY26 vs Q1 FY27)

  • Total Revenue: Rs 1,554.27 lakhs (Q2 FY27) vs Rs 1,774.33 lakhs (Q2 FY26) vs Rs 843.58 lakhs (Q1 FY27)
  • Profit Before Tax: Rs 398.10 lakhs (Q2 FY27) vs Rs 453.16 lakhs (Q2 FY26) vs Rs 179.49 lakhs (Q1 FY27)
  • Profit After Tax: Rs 307.35 lakhs (Q2 FY27) vs Rs 474.36 lakhs (Q2 FY26) vs Rs 199.38 lakhs (Q1 FY27)
  • Basic EPS: Rs 0.19 (Q2 FY27) vs Rs 0.37 (Q2 FY26) vs Rs 0.12 (Q1 FY27)

Half-Yearly Performance (H1 FY27 vs H1 FY26)

  • Total Revenue: Rs 2,397.85 lakhs (H1 FY27) vs Rs 2,929.48 lakhs (H1 FY26)
  • Profit Before Tax: Rs 577.59 lakhs (H1 FY27) vs Rs 705.04 lakhs (H1 FY26)
  • Profit After Tax: Rs 506.73 lakhs (H1 FY27) vs Rs 703.81 lakhs (H1 FY26)
  • Basic EPS: Rs 0.32 (H1 FY27) vs Rs 0.55 (H1 FY26)

Annual Comparison (FY26 Audited)

  • Total Revenue: Rs 4,075.43 lakhs (FY26)
  • Profit After Tax: Rs 0.05 lakhs (FY26)

Key Financial Figures - Standalone

Quarterly Performance (Q2 FY27)

  • Total Revenue: Rs 1,299.79 lakhs
  • Profit After Tax: Rs 302.76 lakhs
  • Basic EPS: Rs 0.19

Half-Yearly Performance (H1 FY27)

  • Total Revenue: Rs 1,994.84 lakhs
  • Profit After Tax: Rs 459.32 lakhs
  • Basic EPS: Rs 0.29

Balance Sheet Position (Consolidated as at 30.09.2026)

  • Total Assets: Rs 35,890.33 lakhs (vs Rs 34,771.73 lakhs as at 31.03.2026)
  • Property, Plant and Equipment: Rs 15,792.31 lakhs
  • Capital Work in Progress: Rs 2,073.05 lakhs (increased from Rs 1,230.51 lakhs)
  • Goodwill: Rs 7,454.69 lakhs
  • Cash and Cash Equivalents: Rs 161.64 lakhs (decreased from Rs 873.45 lakhs)
  • Total Equity: Rs 31,247.61 lakhs
  • Paid-up Equity Share Capital: Rs 16,100.22 lakhs (Face Value Rs 10 each)

Cash Flow Statement (Consolidated H1 FY27)

  • Net Cash from Operating Activities: Negative Rs 1,475.07 lakhs
  • Net Cash from Investing Activities: Positive Rs 273.33 lakhs
  • Net Cash from Financing Activities: Positive Rs 412.01 lakhs
  • Net Decrease in Cash: Rs 789.73 lakhs

Operational Highlights and Disclosures

Suzlon Energy Operational Issues

The company disclosed that Suzlon Energy Limited, the O&M operator for its 18MW project, did not ensure machine availability during the period. The company is pursuing compensation through discussion and legal recourse. Had the machines operated normally, revenue and profits would have been higher by approximately Rs 5 crores. Suzlon has promised normalization soon.

Future Projects

The expected income from the 4MW solar project under completion is likely to enhance the company's profits in future.

Non-Recurring Expense

Other expenses include Rs 80 lakhs fee paid for increase in authorized capital, which is non-recurring in nature.

Auditor's Qualified Opinion

Venkatesh & Co, Chartered Accountants, issued a qualified opinion on both consolidated and standalone results citing:

Arbitration Claim Against Suzlon

  • The company has filed an arbitration claim amounting to Rs 9,083.39 lakhs against Suzlon Group in earlier years
  • Rs 1,494.36 lakhs paid to Suzlon Energy Ltd. is accounted as advance without adequate audit evidence and not expensed in earlier years
  • Rs 845.59 lakhs recognized as compensation receivable from Suzlon Energy Ltd. without counterparty confirmation or measured under Ind AS 109
  • For standalone results, operation and maintenance charges of Rs 173.93 lakhs (Rs 86.96 lakhs for Q2 FY27) invoiced by Suzlon were transferred to advance account instead of being charged to P&L
  • Had these amounts been properly accounted, profit and loss account under reserves and surplus would have been lower by Rs 1,668.29 lakhs and Rs 845.59 lakhs

Goodwill Impairment Testing

  • Pursuant to the merger of Ind Eco Ventures Limited with Indowind Energy Limited, goodwill amounting to Rs 7,454.69 lakhs was transferred
  • The company has not carried out impairment assessment/test of this goodwill as required under Ind AS
  • Auditors unable to determine whether any impairment loss is required to be recognized

Subsidiary Information

  • The consolidated results include Indowind Power Private Limited (Subsidiary)
  • The subsidiary's interim financial information reflects total revenue of Rs 422.32 lakhs and net profit of Rs 13.23 lakhs for Q2 FY27
  • The subsidiary's results were not reviewed/audited

Meeting Details

Board meeting commenced at 4:00 PM and ended at 5:15 PM on 05th November 2026.