Stock Performance and Market Context
On 18 Feb 2026, Indowind Energy Ltd (Stock ID: 948844) recorded a day change of -2.43%, underperforming the power sector by 1.58%. This decline extended a three-day losing streak during which the stock has fallen by 13.37%. The current price of Rs.10.4 is substantially below its 52-week high of Rs.23.69, representing a drop of over 56% from that peak.
The stock is trading below all key moving averages, including the 5-day, 20-day, 50-day, 100-day, and 200-day averages, signalling persistent bearish momentum. This contrasts with the broader market, where the Sensex, despite a volatile session, remains only 3.53% below its own 52-week high of 86,159.02. The Sensex closed at 83,218.36, down 0.28% on the day, after opening higher.
Over the past year, Indowind Energy Ltd has delivered a total return of -38.10%, markedly underperforming the Sensex’s positive 9.58% return. This underperformance extends beyond the short term, with the stock lagging the BSE500 index over the last three years, one year, and three months.
Crushing the market! This Small Cap from Aerospace & Defense just earned its spot in our Top 1% with impressive gains. Don't let this opportunity slip through your hands.
- - Recent Top 1% qualifier
- - Impressive market performance
- - Sector leader
Financial Metrics and Fundamental Assessment
Indowind Energy Ltd’s financial profile continues to reflect challenges. The company reported flat results for the quarter ending December 2025, with Profit Before Tax (excluding other income) at a loss of Rs.1.62 crore, a decline of 305.00% compared to the previous period. Net Profit After Tax also fell sharply, registering a loss of Rs.1.25 crore, down by 6350.0%. Interest expenses for the nine months stood at Rs.2.83 crore, increasing by 87.42%, indicating rising financing costs.
The company’s Return on Equity (ROE) remains low at 0.8%, while the Price to Book Value ratio is 0.6, suggesting the stock is trading at a discount relative to its book value but with limited earnings support. Net sales have grown at a modest annual rate of 13.45% over the past five years, which is considered weak for long-term growth prospects in the power sector.
Debt servicing capacity is a concern, with an average EBIT to interest ratio of 1.98, indicating limited buffer to cover interest obligations. This financial strain is reflected in the company’s Mojo Score of 16.0 and a Mojo Grade of Strong Sell, an upgrade in severity from the previous Sell rating as of 30 Jan 2026.
Shareholding and Market Sentiment
Promoter shareholding dynamics add to the stock’s pressure. Currently, 28.58% of promoter shares are pledged, a significant increase over the last quarter. High levels of pledged shares often contribute to downward pressure on stock prices, especially in declining markets, as they may trigger forced selling or erode investor confidence.
Indowind Energy Ltd’s market capitalisation grade stands at 4, reflecting its micro-cap status and limited liquidity. The combination of weak financial performance, subdued growth, and elevated pledged shares has contributed to the stock’s sustained decline and its current position at a 52-week low.
Indowind Energy Ltd or something better? Our SwitchER feature analyzes this micro-cap Power stock and recommends superior alternatives based on fundamentals, momentum, and value!
- - SwitchER analysis complete
- - Superior alternatives found
- - Multi-parameter evaluation
Comparative Valuation and Sector Positioning
Despite its discounted valuation relative to peers, Indowind Energy Ltd’s stock has not attracted upward momentum. The power sector, while facing its own cyclical pressures, has seen other companies maintain or improve valuations on the back of stronger fundamentals and growth prospects. Indowind’s subdued sales growth and profitability metrics have limited its ability to capitalise on sector tailwinds.
The company’s deteriorating profitability is underscored by an 84.9% decline in profits over the past year, a stark contrast to the broader sector’s performance. This divergence highlights the challenges Indowind faces in regaining investor confidence and market share.
Summary of Key Concerns
In summary, Indowind Energy Ltd’s fall to Rs.10.4, its 52-week low, is the result of multiple factors including sustained losses, rising interest costs, weak growth, and increased promoter share pledging. The stock’s technical indicators confirm a bearish trend, with prices below all major moving averages. The company’s financial ratios and profitability metrics remain subdued, contributing to its Strong Sell rating and low Mojo Score.
While the broader market and power sector indices have shown resilience, Indowind Energy Ltd’s performance continues to lag, reflecting the specific challenges it faces within its operational and financial framework.
Only Rs. 9,999 - Get MojoOne for 1 Year + 3 Months FREE (60% Off) Start Today
