1. Opening Hook
After decades in wind energy, Indowind finally discovered a radical growth hack: no debt and a bit of sunlight.
Yes, FY26 H1 was “encouraging,” which in renewable-speak means turbines spun, wind gods cooperated, and bankers stayed away. Management sounded calm, confident, and slightly offended that the market still doesn’t believe them.
EBITDA margins crossed 59%, profits inched up, and suddenly solar became the new best friend—apparently wind can be moody. Add a rights issue, hybrid dreams, and repeated reminders of “huge land banks,” and you’ve got a promoter determined to prove patience is a virtue.
But is this a genuine inflection point or just another windy year?
Stick around—the optimism peaks later, with bankers “chasing” them and 150 MW dreams floating freely.
2. At a Glance
- Revenue up 11.5% (Q2): Wind blew harder, spreadsheets finally smiled.
- EBITDA up 15.6%: Margins flexed like a debt-free balance sheet.
- EBITDA margin at 59.3%: O&M discipline doing what subsidies no longer do.
- Net profit up 3.6%: Profits grew, but clearly skipped leg day.
- H1 EBITDA up 30.9%: When wind behaves, numbers suddenly behave too.
3. Management’s Key Commentary
“The first half of FY26 has been encouraging.”
(Translation: Nothing broke, wind cooperated, and lenders stayed quiet 😏)
“We are a debt-free company as on date.”
(Translation: Please notice this. We will repeat it often.)
“We have around 54 MW of operating wind capacity.”
(Translation: Not massive, but fully paid for.)
“We are moving ahead to complete a 4 MW solar project through a rights issue.”
(Translation: Growth, but please fund it yourself.)
“Solar complements wind and balances generation.”
(Translation: Wind is unpredictable; the sun is more reliable ☀️)
“We are evaluating organic, inorganic, and hybrid opportunities.”
(Translation: Everything is on the table, PowerPoint included.)
“Bankers are chasing us now.”
(Translation: After years of ignoring them, irony has arrived.)
4. Numbers Decoded
Metric Q2 FY26 YoY
