Indowind revenue jumps 85.30% qoq, margin edges up to 53.00%
Slower expense growth supported the margin, but a tax-rate swing from -17.34% to 23.71% limited net-profit growth to +45.50%.
Filed 05 Nov 2026, 19:23 IST · after market close · Indowind Energy Ltd (INDOWIND)
Key takeaways
- Consolidated revenue rose +85.30% qoq, with expenses growing +82.58% and lifting operating margin by 0.67 percentage points.
- Net profit increased only +45.50% qoq as the tax rate swung from -17.34% to 23.71%, despite PBT growth of +125.14%.
- Indowind's 53.00% operating margin was 24.10 percentage points above the 28.90% median for 25 Utilities peers.
Price around the results
Q2FY27 scale-up was broadly matched by operating profit
Consolidated revenue rose +85.30% qoq to Rs 15.38 cr, while operating profit grew +87.79% to Rs 8.15 cr. Expenses increased +82.58%, slightly slower than revenue, indicating that the higher scale translated into a modest operating-margin improvement.
Margin improved, but financing and depreciation costs rose faster
Operating margin expanded by 0.67 percentage points qoq as expense growth stayed below revenue growth. Interest increased +93.10% and depreciation rose +57.08%, adding pressure below operating profit. Other income contributed 5.21% of PBT, so profit before tax was not mainly supported by non-operating income.
Tax-rate reversal diluted the conversion from PBT to net profit
PBT rose +125.14% qoq, but net profit increased only +45.50% as the tax rate moved from -17.34% to 23.71%, a 41.05 percentage-point increase. The comparison is therefore distorted by the prior quarter's negative tax rate, which reflected a tax credit.
Operating margin was well above the Utilities peer median
Indowind's 53.00% operating margin was 24.10 percentage points above the 28.90% median among 25 Utilities peers that had reported the same quarter. The consolidated results were filed after market close on 05 Nov 2026, so no post-results stock reaction is covered here.
Q2FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| Revenue | ₹15 cr | ₹8 cr | +85.30% |
| Other income | ₹0 cr | ₹0 cr | +61.54% |
| Expenses | ₹7 cr | ₹4 cr | +82.58% |
| Operating profit | ₹8 cr | ₹4 cr | +87.79% |
| Operating margin (%) | 53.00% | 52.33% | — |
| Interest | ₹1 cr | ₹0 cr | +93.10% |
| Depreciation | ₹4 cr | ₹2 cr | +57.08% |
| Profit before tax | ₹4 cr | ₹2 cr | +125.14% |
| Tax | ₹1 cr | ₹-0 cr | — |
| Net profit | ₹3 cr | ₹2 cr | +45.50% |
| EPS (₹) | ₹0.19 | ₹0.13 | +46.15% |
Operating margin of 53.00% compares with a Utilities sector median of 28.90% across 25 peers that have reported Q2FY27.
What to watch
- Whether operating margin holds above 53.00% after expanding 0.67 percentage points qoq.
- Whether expense growth remains below revenue growth, after +82.58% versus +85.30% qoq.
- Whether the tax rate remains near 23.71% rather than the prior quarter's -17.34%.