New Risk • Apr 03
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 0% The company is paying a dividend despite having no free cash flows. Dividend yield: 2.2% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Mar 24
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to LK₨46.30, the stock trades at a trailing P/E ratio of 36x. Average trailing P/E is 21x in the Renewable Energy industry in Sri Lanka. Total returns to shareholders of 204% over the past three years. Reported Earnings • Nov 15
Second quarter 2026 earnings released: EPS: LK₨0.57 (vs LK₨0.80 in 2Q 2025) Second quarter 2026 results: EPS: LK₨0.57 (down from LK₨0.80 in 2Q 2025). Revenue: LK₨2.56b (up 3.9% from 2Q 2025). Net income: LK₨766.1m (down 29% from 2Q 2025). Profit margin: 30% (down from 44% in 2Q 2025). Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 49% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Oct 29
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to LK₨52.80, the stock trades at a trailing P/E ratio of 34.7x. Average trailing P/E is 24x in the Renewable Energy industry in Sri Lanka. Total returns to shareholders of 278% over the past three years. New Risk • Oct 14
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Sri Lankan stocks, typically moving 9.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (9.4% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Oct 09
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to LK₨35.10, the stock trades at a trailing P/E ratio of 23.1x. Average trailing P/E is 22x in the Renewable Energy industry in Sri Lanka. Total returns to shareholders of 134% over the past three years. Reported Earnings • Aug 16
First quarter 2026 earnings released: EPS: LK₨0.55 (vs LK₨0.35 in 1Q 2025) First quarter 2026 results: EPS: LK₨0.55 (up from LK₨0.35 in 1Q 2025). Revenue: LK₨2.12b (down 3.5% from 1Q 2025). Net income: LK₨739.5m (up 57% from 1Q 2025). Profit margin: 35% (up from 21% in 1Q 2025). Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Annuncio • Jun 06
WindForce PLC, Annual General Meeting, Jun 30, 2025 WindForce PLC, Annual General Meeting, Jun 30, 2025, at 15:30 Sri Lanka Standard Time. Reported Earnings • May 29
Full year 2025 earnings released: EPS: LK₨1.32 (vs LK₨1.15 in FY 2024) Full year 2025 results: EPS: LK₨1.32 (up from LK₨1.15 in FY 2024). Revenue: LK₨7.61b (up 17% from FY 2024). Net income: LK₨1.79b (up 15% from FY 2024). Profit margin: 24% (in line with FY 2024). Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Apr 02
New major risk - Revenue and earnings growth Earnings have declined by 2.2% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 164% Paying a dividend despite having no free cash flows. Earnings have declined by 2.2% per year over the past 5 years. New Risk • Mar 02
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 164% The company is paying a dividend despite having no free cash flows. Dividend yield: 4.0% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Declared Dividend • Feb 16
Dividend of LK₨1.00 announced Shareholders will receive a dividend of LK₨1.00. Ex-date: 25th February 2025 Payment date: 18th March 2025 Dividend yield will be 3.8%, which is lower than the industry average of 8.8%. Reported Earnings • Feb 15
Third quarter 2025 earnings released: EPS: LK₨0.06 (vs LK₨0.079 in 3Q 2024) Third quarter 2025 results: EPS: LK₨0.06 (down from LK₨0.079 in 3Q 2024). Revenue: LK₨1.42b (up 12% from 3Q 2024). Net income: LK₨80.3m (down 25% from 3Q 2024). Profit margin: 5.7% (down from 8.4% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 2 years compared to a 10% growth forecast for the Renewable Energy industry in Asia. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Reported Earnings • Nov 15
Second quarter 2025 earnings released: EPS: LK₨0.80 (vs LK₨0.72 in 2Q 2024) Second quarter 2025 results: EPS: LK₨0.80 (up from LK₨0.72 in 2Q 2024). Revenue: LK₨2.46b (up 16% from 2Q 2024). Net income: LK₨1.08b (up 11% from 2Q 2024). Profit margin: 44% (down from 46% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 2 years compared to a 9.4% growth forecast for the Renewable Energy industry in Asia. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Recent Insider Transactions • Sep 12
Independent Non-Executive Director recently bought LK₨49m worth of stock On the 6th of September, Harin Udeshi bought around 3m shares on-market at roughly LK₨19.50 per share. This transaction amounted to 13% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth LK₨100m. Despite this recent purchase, insiders have collectively sold LK₨310m more in shares than they bought in the last 12 months. Reported Earnings • Aug 16
First quarter 2025 earnings released: EPS: LK₨0.35 (vs LK₨0.34 in 1Q 2024) First quarter 2025 results: EPS: LK₨0.35 (up from LK₨0.34 in 1Q 2024). Revenue: LK₨2.20b (up 80% from 1Q 2024). Net income: LK₨471.0m (up 4.0% from 1Q 2024). Profit margin: 21% (down from 37% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 24% p.a. on average during the next 2 years, compared to a 9.9% growth forecast for the Renewable Energy industry in Asia. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Recent Insider Transactions • Jul 05
Non-Executive Non-Independent Director recently sold LK₨450m worth of stock On the 26th of June, Moiz Najmudeen sold around 23m shares on-market at roughly LK₨19.50 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of LK₨446m more than they bought in the last 12 months. Board Change • Jun 24
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 11 experienced directors. No highly experienced directors. was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Annuncio • Jun 06
WindForce PLC, Annual General Meeting, Jun 28, 2024 WindForce PLC, Annual General Meeting, Jun 28, 2024, at 15:30 Sri Lanka Standard Time. Reported Earnings • May 30
Full year 2024 earnings released: EPS: LK₨1.15 (vs LK₨1.10 in FY 2023) Full year 2024 results: EPS: LK₨1.15 (up from LK₨1.10 in FY 2023). Revenue: LK₨6.52b (up 32% from FY 2023). Net income: LK₨1.55b (up 4.7% from FY 2023). Profit margin: 24% (down from 30% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 27% p.a. on average during the next 2 years, compared to a 9.2% growth forecast for the Renewable Energy industry in Asia. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Recent Insider Transactions • Feb 24
Chief Executive Officer recently sold LK₨6.0m worth of stock On the 21st of February, Lasith Wimalasena sold around 314k shares on-market at roughly LK₨19.01 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Lasith's only on-market trade for the last 12 months. Upcoming Dividend • Feb 12
Upcoming dividend of LK₨1.00 per share Eligible shareholders must have bought the stock before 19 February 2024. Payment date: 12 March 2024. The company last paid an ordinary dividend in June 2021. The average dividend yield among industry peers is 8.7%. Reported Earnings • Feb 09
Third quarter 2024 earnings released: EPS: LK₨0.08 (vs LK₨0.35 in 3Q 2023) Third quarter 2024 results: EPS: LK₨0.08 (down from LK₨0.35 in 3Q 2023). Revenue: LK₨1.27b (up 26% from 3Q 2023). Net income: LK₨106.5m (down 78% from 3Q 2023). Profit margin: 8.4% (down from 47% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 7.9% decline forecast for the Renewable Energy industry in Asia. Annuncio • Nov 22
WindForce PLC Appoints Harin Udeshi as Independent Non-Executive Director WindForce PLC has announced the appointment of Harin Udeshi as an Independent Non-Executive Director to the Board, effective November 8, 2023. Udeshi holds a bachelor's degree in Electrical and Electronic Engineering from the University of London and an MBA in Finance and Banking from the University of San Francisco, showcasing his interdisciplinary business approach. Currently serving as the Managing Director of Mona Exports (Pvt) Ltd. since 1996, Udeshi has spearheaded substantial growth through innovative practices, including a 10x increase facilitated by Lean Manufacturing initiatives, reducing costs and improving efficiencies. Under his leadership, Mona Exports achieved carbon-neutral certification in 2021, reflecting a genuine commitment to sustainable practices that extend beyond certifications, as environmental protocols underline the company's dedication to reducing its carbon footprint. Udeshi's appointment seamlessly aligns with WindForce PLC's vision for environmentally responsible growth in the renewable energy sector. His experience in driving positive change and commitment to sustainability make him a valuable addition to the Board. Reported Earnings • Nov 14
Second quarter 2024 earnings released: EPS: LK₨0.72 (vs LK₨0.51 in 2Q 2023) Second quarter 2024 results: EPS: LK₨0.72 (up from LK₨0.51 in 2Q 2023). Revenue: LK₨2.12b (up 39% from 2Q 2023). Net income: LK₨979.1m (up 42% from 2Q 2023). Profit margin: 46% (up from 45% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Renewable Energy industry in Asia. Price Target Changed • Sep 29
Price target increased by 14% to LK₨21.70 Up from LK₨19.10, the current price target is provided by 1 analyst. New target price is 17% above last closing price of LK₨18.50. Stock is up 8.8% over the past year. The company is forecast to post earnings per share of LK₨1.70 for next year compared to LK₨1.10 last year. Recent Insider Transactions • Aug 28
MD & Executive Non-Independent Director recently bought LK₨4.7m worth of stock On the 24th of August, K. B. Manjula Perera bought around 243k shares on-market at roughly LK₨19.14 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought LK₨11m more in shares than they have sold in the last 12 months. Reported Earnings • Aug 15
First quarter 2024 earnings released: EPS: LK₨0.34 (vs LK₨0.43 in 1Q 2023) First quarter 2024 results: EPS: LK₨0.34 (down from LK₨0.43 in 1Q 2023). Revenue: LK₨1.23b (down 16% from 1Q 2023). Net income: LK₨452.8m (down 21% from 1Q 2023). Profit margin: 37% (down from 40% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 46% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Renewable Energy industry in Asia. Recent Insider Transactions • Aug 09
MD & Executive Non-Independent Director recently bought LK₨4.3m worth of stock On the 4th of August, K. B. Manjula Perera bought around 243k shares on-market at roughly LK₨17.68 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought LK₨6.2m more in shares than they have sold in the last 12 months. Annuncio • Jul 29
WindForce PLC (COSE:WIND.N0000) Acquired a 92% stake in Kebithigollewa Solar Power (Private) Limited. WindForce PLC (COSE:WIND.N0000) Acquired a 92% stake in Kebithigollewa Solar Power (Private) Limited on July 27, 2023. The total Investment for the acquisition and developing the underlying project is LKR 2.7 billion.WindForce PLC (COSE:WIND.N0000) Completed the acquisition of a 92% stake in Kebithigollewa Solar Power (Private) Limited on July 27, 2023. Recent Insider Transactions • Jul 26
MD & Executive Non-Independent Director recently bought LK₨1.9m worth of stock On the 21st of July, K. B. Manjula Perera bought around 110k shares on-market at roughly LK₨17.43 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • May 19
Full year 2023 earnings released: EPS: LK₨1.10 (vs LK₨1.17 in FY 2022) Full year 2023 results: EPS: LK₨1.10 (down from LK₨1.17 in FY 2022). Revenue: LK₨4.95b (up 13% from FY 2022). Net income: LK₨1.48b (down 6.0% from FY 2022). Profit margin: 30% (down from 36% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 26% p.a. on average during the next 2 years, compared to a 9.3% growth forecast for the Renewable Energy industry in Asia. Reported Earnings • Feb 12
Third quarter 2023 earnings released: EPS: LK₨0.35 (vs LK₨0.24 in 3Q 2022) Third quarter 2023 results: EPS: LK₨0.35 (up from LK₨0.24 in 3Q 2022). Revenue: LK₨1.01b (up 4.9% from 3Q 2022). Net income: LK₨474.4m (up 44% from 3Q 2022). Profit margin: 47% (up from 34% in 3Q 2022). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 9.7% growth forecast for the Renewable Energy industry in Asia. Reported Earnings • Nov 16
Second quarter 2023 earnings released: EPS: LK₨0.51 (vs LK₨0.63 in 2Q 2022) Second quarter 2023 results: EPS: LK₨0.51 (down from LK₨0.63 in 2Q 2022). Revenue: LK₨1.56b (up 3.3% from 2Q 2022). Net income: LK₨691.5m (down 19% from 2Q 2022). Profit margin: 44% (down from 56% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.4% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Renewable Energy industry in Asia. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 10 experienced directors. No highly experienced directors. was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Nov 13
Second quarter 2023 earnings released: EPS: LK₨0.51 (vs LK₨0.63 in 2Q 2022) Second quarter 2023 results: EPS: LK₨0.51 (down from LK₨0.63 in 2Q 2022). Revenue: LK₨1.56b (up 3.3% from 2Q 2022). Net income: LK₨691.5m (down 19% from 2Q 2022). Profit margin: 44% (down from 56% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.4% p.a. on average during the next 3 years, compared to a 9.0% growth forecast for the Renewable Energy industry in Asia. Reported Earnings • Aug 17
First quarter 2023 earnings released: EPS: LK₨0.43 (vs LK₨0.42 in 1Q 2022) First quarter 2023 results: EPS: LK₨0.43 (up from LK₨0.42 in 1Q 2022). Revenue: LK₨1.44b (up 26% from 1Q 2022). Net income: LK₨576.3m (up 5.5% from 1Q 2022). Profit margin: 40% (down from 48% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 26%, compared to a 13% growth forecast for the Renewable Energy industry in Sri Lanka. Reported Earnings • Jun 30
Full year 2022 earnings released: EPS: LK₨1.17 (vs LK₨1.52 in FY 2021) Full year 2022 results: EPS: LK₨1.17 (down from LK₨1.52 in FY 2021). Revenue: LK₨4.37b (up 1.3% from FY 2021). Net income: LK₨1.57b (down 10.0% from FY 2021). Profit margin: 36% (down from 41% in FY 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 29%, compared to a 12% growth forecast for the industry in Sri Lanka. Annuncio • Jun 29
WindForce PLC, Annual General Meeting, Jul 20, 2022 WindForce PLC, Annual General Meeting, Jul 20, 2022, at 15:30 Sri Lanka Standard Time. Location: at WindForce PLC , No. 334, T.B. Jayah Mawatha Colombo Sri Lanka Agenda: To receive and consider the Annual Report of the Directors and the Statement of Accounts for the year ended 31st March 2022 with the Report of the Auditors thereon; to consider the re-election of directors; to consider and re-appoint Messrs B.R .De Silva & Company, Chartered Accountants, who have consented to be re- appointed Auditors of the Company until the conclusion of the next annual general meeting and to authorize the Directors to determine their remuneration; to consider the authorize the Directors to determine donations for charities for the ensuing year; and to consider the other business. Reported Earnings • Jun 01
Full year 2022 earnings released: EPS: LK₨1.17 (vs LK₨1.52 in FY 2021) Full year 2022 results: EPS: LK₨1.17 (down from LK₨1.52 in FY 2021). Revenue: LK₨4.39b (up 1.9% from FY 2021). Net income: LK₨1.51b (down 14% from FY 2021). Profit margin: 34% (down from 41% in FY 2021). The decrease in margin was driven by higher expenses. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 10 experienced directors. No highly experienced directors. was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Feb 11
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: LK₨0.24 (up from LK₨0.23 in 3Q 2021). Revenue: LK₨964.0m (down 2.9% from 3Q 2021). Net income: LK₨330.0m (up 23% from 3Q 2021). Profit margin: 34% (up from 27% in 3Q 2021). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 40%, compared to a 14% growth forecast for the industry in Sri Lanka. Reported Earnings • Nov 10
Second quarter 2022 earnings released: EPS LK₨0.66 (vs LK₨0.23 in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: LK₨1.51b (up 53% from 2Q 2021). Net income: LK₨880.7m (up 229% from 2Q 2021). Profit margin: 58% (up from 27% in 2Q 2021). The increase in margin was primarily driven by higher revenue. Annuncio • Sep 12
WindForce Limited (COSE:WIND.N0000) signed a share sale and purchase agreement to acquire Sky Solar (Private) Limited from Sunshine Energy (Private) Limited for approximately LKR 270 million. WindForce Limited (COSE:WIND.N0000) signed a share sale and purchase agreement to acquire Sky Solar (Private) Limited from Sunshine Energy (Private) Limited for approximately LKR 270 million on September 9, 2021. The payment will be settled in 2 installments. Reported Earnings • Aug 18
First quarter 2022 earnings released: EPS LK₨0.42 (vs LK₨0.40 in 1Q 2021) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were weaker. First quarter 2022 results: Revenue: LK₨1.15b (up 43% from 1Q 2021). Net income: LK₨546.1m (up 20% from 1Q 2021). Profit margin: 48% (down from 57% in 1Q 2021). The decrease in margin was driven by higher expenses. 
