Indowind Energy (INDOWIND)

Score breakdown: P/E: 0/3 · ROCE: 0/2 · Growth: 0/2 · Dividend: 0/1

Key Financials

Strengths

• Stock trades at a meaningful discount to book value: ₹10.89 price vs ₹18.02 book value, P/B of 0.60
• Very low leverage with debt-to-equity of just 0.06, reducing financial distress risk
• Sales growth of 8.09% shows some revenue momentum
• Promoter holding of 47.82% suggests moderate alignment with minority shareholders

Concerns

• Extremely poor profitability: ROE of 0.44% and ROCE of 1.99% indicate weak earnings power
• Profit growth of -6,350% and latest quarter net profit of ₹0 Cr show severe earnings deterioration
• P/E of 147.14 and PEG of 18.19 make the valuation meaningless on an earnings basis
• Piotroski F-Score of 4/9 points to weak underlying financial health; no dividend provides no income support

AI Analysis

Looking at Indowind Energy, the first thing I ask is: what does this business earn for owners? Very little. Return on equity is 0.44% and return on capital employed is just 1.99%. In Graham's language, an asset that earns less than a fixed deposit is not a wonderful business, however impressive the industry label. The P/E of 147.14 confirms earnings are negligible; the profit growth of -6,350% shows deterioration, and the latest quarter's net profit is zero. Sales grew 8.09%, but that is not enough to create value when returns remain this poor. The only reason I am still sitting at the table is the balance sheet. Debt-to-equity is 0.06, book value is ₹18.02, and the stock trades at ₹10.89, or 0.60 times book. So the market is giving me a rupee of assets for sixty paise. But asset plays only work if the assets can earn a return or if management unlocks value. With 47.82% promoter holding, accountability is there, but the Piotroski score of just 4/9 reminds me that this is financially weak. There is no dividend yield, so minority shareholders are not being paid to wait. I would call this a possible asset play, not a growth story. I need proof of operational improvement, higher plant utilisation, and better capital allocation before committing capital. A cheap stock can always become cheaper.

Data from BSE/NSE filings. AI analysis is for educational purposes only — not investment advice. Scoring methodology · Disclaimer