Dear sir/Madam, PFA Annual report for the financial year ended 31st March 2026.

02nd September 2026 BSE LIMITED NATIONAL STOCK EXCHANGE The General Manager, OF INDIA LIMITED The Corporate Relation Department, Listing Department Phiroze Jeejoybhoy Tower, Exchange Plaza, Bandra Kurla 44+ Floor, Dalal Street, Complex, -Bandra (E), Mumbai — 400 001 Mumbai — 400 051 Scrip Code: 532894 NSE Symbol: INDOWIND Dear Sir/Madam, Sub: ANNUAL REPORT - FINANCIAL YEAR 2025-26 This is to inform you that, pursuant to provisions of Regulation 34(1) of the SEBI (Listing Obligations & Disclosure Requirements) Regulations 2015, the Annual Report of the Company for the Financial Year 2025-26, is enclosed herewith. The 31st Annual General Meeting of the Company will be held on Friday, 25th September 2026 at 04:00 P.M through Video Conference (VC) / Other Audio-Visual Means (OAVM). The Company has entered into an arrangement with Central Depository Services (India) Limited (‘CDSL’) for facilitating e-voting through their e-voting platform i.e. www.evotingindia.com. The remote e-voting period begins on Tuesday, 22nd September 2026 at 9.00 A.M and ends on Thursday, 24th September 2026 at 5.00 P.M. The cut-off date for reckoning the eligibility of the members for evoting is Friday, 18th September 2026. In compliance with relevant MCA Circulars dated 19th September 2024, 25th September 2023, 28th December 2022, 05th May 2022, 05th May 2020, 08th April 2020, 13th April 2020, 13th January 2021 & 14th December 2021 and SEBI Circulars dated 03rd October 2024, 07th October 2023, 05th January 2023, 13th May 2022 & 12th May 2020, the Notice of the AGM along with the Annual Report 2025-2026 is being sent to the shareholders only through electronic mode to those members whose email addresses are registered with the Company / Depositories. The Annual Report is also made available on the website of the Company at https://indowind.com/wp- content/uploads/2026/09/IEL-AR-25-26.pdf. Additionally, for shareholders who have not registered their email addresses, letters are being sent containing the web link along with the exact path to access the complete Annual Report for the year 2025-26. This is for your information and records. Thanking you. For INDOWIND ENERGY LIMITED B SHARATH Company Secretary & Compliance Officer INDOWIND ENERGY LIMITED 31st Annual Report 2025-26 FOR THE FINANCIAL Y EAR EN DED 31 MARCH 2026 C O N T E N T S PART I — NOTICE OF THE ANNUAL GENERAL MEETING Notice to the Members 1 Notes forming part of the Notice 5 Annexure to Notice — Explanatory Statement under Section 102 10 PART II — STATUTORY REPORTS Board’s Report 40 Annexure I — Auditor’s Qualifications and Management Reply 50 Annexure II — Form AOC-2 51 Annexure III — Form AOC-1 52 Annexure IV — Secretarial Audit Report, Indowind Energy Limited 53 Secretarial Audit Report, Indowind Power Private Limited 56 Management Discussion and Analysis 59 Report on Corporate Governance 64 CEO and CFO Certification 79 Annexure V — Certificate of Non-Disqualification of Directors 80 Corporate Governance Certificate 82 Declaration by the Whole-time Director 83 PART III — FINANCIAL STATEMENTS STANDALONE FINANCIAL STATEMENTS 84 Independent Auditor’s Report 85 Annexure A to the Auditor’s Report — CARO 2020 92 Annexure B to the Auditor’s Report — Internal Financial Controls 98 Balance Sheet 100 Statement of Profit and Loss 101 Statement of Changes in Equity 102 Statement of Cash Flows 104 Notes to the Financial Statements 106 CONSOLIDATED FINANCIAL STATEMENTS 134 Independent Auditor’s Report 135 Annexure A to the Auditor’s Report — Internal Financial Controls 142 Balance Sheet 145 Statement of Profit and Loss 146 Statement of Changes in Equity 147 Statement of Cash Flows 149 Notes to the Financial Statements 151 The 31st Annual General Meeting will be held on Friday, 25 September 2026 at 4.00 p.m. through Video Conferencing / Other Audio-Visual Means. Page references are to the folio numbers printed at the foot of each page. INDOWIND ENERGY LIMITED 31st Annual Report 2025-26 NOTICE TO THE MEMBERS NOTICE IS HEREBY GIVEN THAT THE 31stANNUAL GENERAL MEETING OF INDOWIND ENERGY LIMITED WILL BE HELD THROUGH VIDEO CONFERENCING (“VC”) /OTHER AUDIO-VISUAL MEANS (OAVM) ON 25th SEPTEMBER 2026, FRIDAY, AT 4 PM TO TRANSACT THE FOLLOWING BUSINESSES: ORDINARY BUSINESS: 1) To consider and adopt the Audited Financial Statement of the Company for the financial year ended March 31, 2026 and the reports of the Board of Directors and Auditors thereon as Ordinary Resolution: “RESOLVED THAT the Audited Financial Statement of the Company for the financial year ended March 31, 2026 and the reports of the Board of Directors and Auditors thereon, as circulated to the members, be and are hereby considered and adopted.” 2) To appoint Dr. K.S Ravindranath (DIN: 00848817), who retires by rotation, as a Director and in this regard, to consider and if thought fit, to pass the following resolution as an Ordinary Resolution: “RESOLVED THAT in accordance with the provisions of Section 152 and other applicable provisions of the Companies Act, 2013, Dr. K.S Ravindranath (DIN: 00848817), who retires by rotation at this meeting, be and is hereby appointed as a Director of the Company.” 3) To revise the remuneration of Statutory Auditors of the Company To consider and if thought fit, to pass, with or without modification(s), the following resolution as an Ordinary Resolution: “RESOLVED THAT pursuant to the provisions of Sections 142 and other applicable provisions, if any, of the Companies Act, 2013 read with the Companies (Audit and Auditors) Rules, 2014, including any statutory modification(s) or re-enactment(s) thereof for the time being in force and pursuant to the recommendations of the Audit Committee and the Board of Directors, the remuneration payable to M/s. Venkatesh & co, Chartered Accountants Chennai (ICAI Firm Registration No.004636S) Statutory Auditors of the Company which was fixed at the 27thAnnual General Meeting of the Company held on 30thSeptember, 2022 for a period of 5 years, be and is hereby revised effective for Financial year 2026- 27, the remaining period of their tenure, as set out in the Explanatory Statement annexed to this notice. 4) To consider and approve the Re-appointment of Mr. N.K. Haribabu (DIN: 06422543) as Whole Time Director of the Company as a Special Resolution: “RESOLVED THAT pursuant to the provisions of Sections 196, 197, 198 and 203 read with Schedule V and all other applicable provisions, if any, of the Companies Act, 2013, the Companies (Appointment and Remuneration of INDOWIND ENERGY LIMITED 31st Annual Report 2025-26 Managerial Personnel) Rules, 2014 including any statutory modification or re-enactment thereof, approval of the members of the company be and is hereby accorded to the re-appointment of Mr. N.K. Haribabu (DIN: 06422543) as the Whole Time Director of the company for a further period of three years with effect from 07th June 2027. "RESOLVED THAT pursuant to the provisions of Sections 196, 197, 198 and 203 read with Schedule V and other applicable provisions of the Companies Act, 2013 and the rules made thereunder, the Committee be and hereby recommends the remuneration payable to Mr. N.K. Haribabu (DIN 06422543), Whole Time Director of the Company, with effect from shareholders’ approval at the ensuing Annual General Meeting, of ₹ 15 Lakhs per annum. He is also entitled for performance-based bonus of upto 20% of his annual pay to be quantified by the company, based on revenue and profit growth, fund raising for expansion and repowering projects subject to the approval of the shareholders of the Company.” RESOLVED FURTHER THAT there being inadequacy or absence of profits in any financial year during the currency of the tenure of the Whole Time Director, the above remuneration, and performance-based bonus if any, excluding the perquisites mentioned under Section IV of Part II of Schedule V of Companies Act, 2013, shall be treated as minimum remuneration, which exceeds the limits mentioned under [Showing first 8,000 characters — download PDF for full document]