Company Overview
Onix Renewable Limited (ORL) is an unlisted renewable-energy company headquartered in Rajkot, Gujarat. The company operates across solar EPC, renewable power generation, IPP development, solar manufacturing, wind and hybrid projects, energy storage, green hydrogen, green ammonia and O&M services.
According to the company’s investor materials, Onix has evolved from an EPC-focused business into an integrated renewable-energy platform combining manufacturing, EPC execution and long-term renewable-energy assets.
The company is particularly active in decentralized solar projects under PM-KUSUM, large-scale solar and hybrid projects, and renewable-energy infrastructure.
Company: Onix Renewable Limited
CIN: U31501GJ2014PLC080979
ISIN: INE0TG701015
Face Value: ₹10 per share
Status: Unlisted Public Company
Industry: Renewable Energy / Solar / EPC / IPP
Headquarters: Rajkot, Gujarat
Registered Office: P-212/B, Gate No. 2, Lodhika GIDC, Metoda, Rajkot, Gujarat – 360021
Business Model
Onix Renewable operates through multiple renewable-energy verticals.
1. Solar EPC
Solar EPC is one of the company’s core businesses.
The company provides end-to-end services covering:
- Project design
- Engineering
- Procurement
- Module supply
- Construction
- Installation
- Testing
- Commissioning
- Operations and maintenance
This model allows Onix to participate in the development of utility-scale, decentralized and commercial solar projects.
2. Independent Power Producer
Onix is also developing renewable assets under the IPP model.
Under this model, the company or its project subsidiaries develop and operate renewable-energy projects and generate recurring revenue from electricity sales through PPAs or other power-sale arrangements.
The company states that its integrated model combines EPC capabilities with long-term renewable power-generation assets.
3. Solar Manufacturing
Onix has a solar-module manufacturing business through the Onix Solar platform.
The company has been expanding its manufacturing capabilities and has been supplying solar modules to EPC developers.
In October 2025, Onix announced a ₹148.80 crore order from Vikran Engineering for 193,550 non-DCR TOPCon solar modules with a capacity of 620 Wp each.
4. Wind & Hybrid Renewable Energy
The company is also involved in wind-solar hybrid projects.
Hybrid projects can combine different renewable-generation sources and potentially improve asset utilization compared with standalone solar projects.
5. Battery Energy Storage
Energy storage is another area identified by Onix as part of its energy-transition strategy.
Battery Energy Storage Systems can help renewable developers manage intermittent generation and improve the ability to supply power according to grid requirements.
6. Green Hydrogen & Green Ammonia
Onix has expanded into green molecules, including green hydrogen and green ammonia.
The company secured a 50,000-tonne-per-year green-ammonia supply award from SECI for supply to Gujarat Narmada Valley Fertilizers & Chemicals (GNFC), Bharuch. The discovered price was ₹52.50/kg, with a 10-year supply arrangement.
This represents a significant diversification opportunity beyond conventional solar EPC.
PM-KUSUM Business
PM-KUSUM is an important part of Onix Renewable’s project portfolio.
The company has participated in decentralized solar projects under the scheme, which aims to increase renewable-energy generation while supporting agricultural and rural electricity infrastructure.
Onix stated in June 2026 that it had commissioned 115 MW of PM-KUSUM projects across 60 locations.
The company had earlier disclosed a 184.7 MW PM-KUSUM allocation in Gujarat.
The decentralized nature of these projects provides the company with exposure to a large number of smaller solar installations rather than relying solely on a few utility-scale projects.
Maharashtra Solar Opportunity
In January 2025, Onix announced an initiative involving approximately 1,959 MW of ground-mounted solar projects across 252 locations in Maharashtra.
The company described the projects as fixed-tilt solar installations with EPC, commissioning and three years of O&M requirements.
The company subsequently became associated with PPAs and project SPVs relating to large Maharashtra solar developments.
Investors should distinguish between:
PPA / project allocation → project development → EPC order → construction → commissioning → revenue recognition
A project announcement or PPA does not automatically represent immediate revenue.
Financial Performance
FY22–FY25
| Particulars | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Revenue | ₹99.9 Cr | ₹146.9 Cr | ₹350.35 Cr | ₹1,001.30 Cr |
| EBITDA | ~₹3 Cr | ~₹12 Cr | ₹57.02 Cr | ₹155.44–164.45 Cr |
| PAT | ₹2.20 Cr | ₹8.62 Cr | ₹39.39 Cr | ₹114.79 Cr |
FY25 was a significant scale-up year.
Revenue increased from approximately ₹350.35 crore in FY24 to ₹1,001.30 crore in FY25. Infomerics reported FY25 EBITDA of approximately ₹155.44 crore, compared with ₹57.02 crore in FY24.
Company-released financial results reported EBITDA of ₹164.45 crore and PAT of ₹114.79 crore.
The different EBITDA figures reported by sources appear to reflect differences in presentation/financial scope, so investors should use the audited annual report as the final reference.
FY25 Financial Highlights
Revenue: ₹1,001.30 Cr
EBITDA: ~₹155–164 Cr
PAT: ₹114.79 Cr
Revenue Growth: ~186% YoY
PAT Growth: ~191% YoY
The sharp increase in revenue was attributed to project execution across Gujarat, Maharashtra and Rajasthan, including PM-KUSUM and solar-wind hybrid projects.
Order Book
The order book is one of the most important elements of the Onix investment story.
Infomerics reported an unexecuted order book of approximately ₹14,489 crore as of July 31, 2025, equivalent to about 14.47 times FY25 revenue.
The order book includes:
- Solar installations
- EPC projects
- IPP-related EPC
- Substation construction
- Underground cabling
- Solar O&M
- Wind-solar hybrid projects
Order Book Composition
According to Infomerics:
| Customer / Group | Approx. Share of Order Book |
|---|---|
| NOPL Pace Green Energy Pvt. Ltd. | ~28% |
| NOPL Solar Projects Pvt. Ltd. | ~27% |
| Subsidiaries / JVs | ~22% |
| Other customers | Balance |
This means approximately 55% of the reported order book was associated with two companies described by Infomerics as associates.
This concentration is important because the headline order-book figure should not automatically be interpreted as equivalent to diversified third-party revenue visibility.
Major Orders & Projects
₹148.80 Crore Solar Module Order
Onix Solar received an order from Vikran Engineering for approximately ₹148.80 crore for supply of 193,550 non-DCR TOPCon 620 Wp modules.
The company stated that delivery was expected within approximately three months from manufacturing clearance.
115 MW PM-KUSUM Commissioning
In June 2026, Onix announced commissioning of 115 MW across 60 PM-KUSUM locations.
This provides evidence of actual project execution rather than only announced development plans.
1,959 MW Maharashtra Solar Development
Onix announced its involvement in a proposed 1,959 MW solar development across 252 Maharashtra locations.
The initiative was designed around ground-mounted solar projects with associated grid infrastructure and O&M.
Green Ammonia – 50,000 TPA
SECI’s official auction results show that Onix Renewable was selected to supply 50,000 tonnes per annum of green ammonia to GNFC, Bharuch, at ₹52.50/kg.
The award was issued under the SIGHT Scheme’s green-ammonia program.
This is strategically important because it gives Onix exposure to the emerging green-molecule market in addition to renewable electricity.
Green Ammonia Opportunity
The 50,000 TPA award provides a long-duration commercial opportunity.
At the awarded price of ₹52.50/kg, a simple full-volume calculation would correspond to:
50,000 tonnes × 1,000 kg × ₹52.50 = ₹262.5 crore annual gross contract value
If fully executed at the stated volume and price, the theoretical annual supply value would therefore be approximately ₹262.5 crore.
However, this should not be treated as Onix’s future revenue or profit without considering project investment, production costs, financing, contractual terms, commissioning timelines and operating expenses.
The award is a supply contract rather than an immediate recognition of ₹262.5 crore of accounting revenue.
Solar Manufacturing Expansion
Onix is increasing its exposure to solar manufacturing alongside EPC.
The company has discussed expansion of its solar manufacturing capacity, with industry sources reporting plans to scale module and cell manufacturing significantly.
Manufacturing can potentially improve vertical integration because the company can use its own modules in EPC projects while also selling modules to third-party customers.
However, solar-module manufacturing is a competitive and capital-intensive business.
Key factors include:
- Module technology
- Cell availability
- Manufacturing utilization
- Module ASP
- Raw-material costs
- TOPCon efficiency
- DCR requirements
- Import duties
- Working capital
Balance Sheet & Capital Structure
Infomerics reported that Onix’s adjusted overall gearing improved to approximately 0.55x at March 31, 2025, compared with 0.93x a year earlier.
TOL/ATNW improved to approximately 0.83x from 4.11x.
The improvement was supported by an increase in net worth following equity raising during FY25.
However, Infomerics also highlighted that the capital structure could moderate because the company may provide support or corporate guarantees to project SPVs.
The rating agency estimated that the relevant SPVs could require approximately ₹5,000–₹5,700 crore of debt over FY26–FY27 for projects under development.
This is an important consideration because project growth can increase the parent company’s contingent financial exposure even when project debt sits at subsidiary/SPV level.
Working Capital
Rapid growth in EPC revenue can create significant working-capital requirements.
The company needs to fund:
- Inventory
- Equipment procurement
- Project advances
- Receivables
- Contractor payments
- Construction expenses
Infomerics specifically identified deterioration in the working-capital cycle and increased exposure to group companies as factors that could affect the company’s financial profile.
Therefore, investors should monitor cash flow from operations alongside reported PAT.
A renewable EPC company can report strong accounting earnings while cash remains tied up in receivables and project assets.
IPO Plans
Onix Renewable has publicly discussed a potential IPO.
In March 2025, company-related announcements referred to plans for a ₹1,000 crore IPO and a targeted valuation of approximately ₹10,000 crore.
Infomerics also reported that the company planned to raise approximately ₹1,500 crore through an IPO, along with a proposed pre-IPO round.
However, an announced IPO plan should not be treated as a confirmed listing.
As of September 2026, Onix remains unlisted, and its investor-relations page continues to present investor information outside an NSE/BSE-listed framework.
A formal DRHP/RHP, issue structure, valuation, price band and listing timetable would be required before an IPO can be considered confirmed.
Current Unlisted Share Price
Onix Renewable does not currently have an NSE or BSE market price.
Recent unlisted-market references indicate prices around ₹46 per share in September 2026.
UnlistedZone showed an indicative price of ₹46 as of September 11, 2026, with a displayed 52-week range of ₹46–₹145 and indicative market capitalization of approximately ₹503 crore.
These figures are OTC/unlisted-market indications rather than exchange prices.
Different dealers can quote different prices because of:
- Limited liquidity
- Lot-size differences
- Buyer/seller availability
- Settlement timing
- Corporate actions
- Negotiated transactions
Therefore, ₹46 should be treated as an indicative reference rather than an official market price.
Indicative Valuation
Using approximately 10.93 crore shares and an illustrative price of ₹46:
Implied equity value ≈ ₹503 crore
Using FY25 PAT of approximately ₹114.79 crore:
Illustrative P/E ≈ 4.4x
However, valuation needs additional care because Onix has undergone significant corporate actions and its share-count presentation has changed.
A recent market source identifies approximately 10.93 crore shares at ₹10 face value, while a separate ₹5-face-value share line is also reported following 2026 corporate actions.
Therefore, investors should verify the latest NSDL/CDSL holding statement, paid-up capital and applicable ISIN before calculating market capitalization or per-share earnings.
Important Valuation Consideration
The low apparent P/E should not automatically be interpreted as evidence of undervaluation.
The company’s FY25 earnings grew rapidly, but the business is simultaneously:
- Expanding project capacity
- Funding renewable SPVs
- Increasing manufacturing
- Raising capital
- Providing potential support to project entities
- Developing large IPP projects
- Entering green ammonia
The sustainability of FY25 earnings and the amount of cash ultimately generated from those earnings are therefore critical.
For an unlisted company, valuation should ideally be assessed using a combination of:
P/E + EV/EBITDA + Price/Book + project-level DCF + order-book conversion + cash-flow analysis.
Corporate Actions
Onix has undergone significant equity-related corporate actions.
Secondary market sources report a 44:1 bonus issue during 2025, which substantially changed the per-share reference price and share count.
The company has also raised equity capital.
Infomerics reported that promoters raised approximately ₹572 crore during FY25 by diluting approximately 35% of their stake.
These transactions are important when comparing historical unlisted prices because a price before a bonus or capital restructuring cannot be directly compared with a post-action price.
Key Growth Drivers
1. Renewable Energy Expansion
India’s continued expansion of solar and other renewable-energy capacity provides a large addressable market for EPC and IPP companies.
2. PM-KUSUM
Onix has established an operating presence in decentralized solar projects under PM-KUSUM, with 115 MW commissioned across 60 locations according to its June 2026 announcement.
3. Large Order Book
The reported ₹14,489 crore unexecuted order book provides significant potential revenue visibility if projects are executed according to schedule.
4. Solar Manufacturing
Vertical integration into module manufacturing can allow Onix to participate in both equipment supply and project execution.
5. Green Ammonia
The 50,000 TPA SECI award provides exposure to India’s developing green-ammonia industry.
6. IPP Assets
Successful development of owned renewable assets can gradually shift the business mix from one-time EPC revenue toward recurring power-generation revenue.
7. Hybrid & Storage Projects
Wind-solar hybrid and energy-storage projects can expand the company’s addressable market beyond conventional solar EPC.
Key Risks
1. Order-Book Concentration
Infomerics reported that approximately 55% of the July 2025 order book was associated with two companies classified as associates.
This creates concentration risk.
2. Project Financing
Large IPP projects require substantial debt and equity.
Infomerics estimated potential SPV debt requirements of ₹5,000–₹5,700 crore for relevant projects.
3. Corporate Guarantees
If Onix provides guarantees for project-level debt, its effective financial exposure could increase even when the debt is technically raised by an SPV.
4. Working-Capital Risk
Rapid EPC growth can increase receivables, inventory and advances.
Cash-flow conversion therefore needs to be monitored alongside revenue and PAT.
5. Solar Manufacturing Competition
Module manufacturing is highly competitive, with technology changing rapidly and pricing pressure potentially affecting margins.
6. Renewable Project Execution
Large projects can face:
- Land issues
- Grid connectivity delays
- Equipment shortages
- Cost escalation
- Transmission constraints
- Regulatory changes
- Payment delays
7. Unlisted Liquidity
The shares are not traded on NSE/BSE.
Investors may therefore have difficulty exiting at the quoted price, particularly during periods of weak demand.
8. IPO Uncertainty
The company has discussed an IPO, but future listing depends on regulatory filings, market conditions, issue structure and execution.
9. Capital Dilution
Future equity fundraising could increase the number of shares outstanding and dilute existing shareholders.
What Investors Should Monitor
For Onix Renewable, the following indicators are particularly important:
- FY26 and FY27 revenue growth
- EBITDA margins
- Operating cash flow
- Receivable days
- Inventory levels
- Order-book execution
- Related-party order contribution
- Project-level debt raised by SPVs
- Corporate guarantees issued by Onix
- PM-KUSUM project commissioning
- Solar manufacturing utilization
- Green-ammonia project progress
- IPO/DRHP filing
- Post-IPO capital structure
- Further equity dilution
Investment Perspective
Onix Renewable has developed into a diversified renewable-energy platform with exposure to solar EPC, IPP assets, manufacturing, PM-KUSUM, hybrid renewable projects and green ammonia.
FY25 represented a major financial scale-up, with revenue reaching approximately ₹1,001 crore and PAT of approximately ₹115 crore.
The reported order book of approximately ₹14,489 crore provides substantial potential revenue visibility, although its composition and concentration need to be considered rather than treating the entire figure as equivalent to third-party executable revenue.
The green-ammonia award is another potentially important long-term opportunity, with SECI selecting Onix for 50,000 TPA of supply to GNFC at ₹52.50/kg.
At the same time, the company’s expansion requires significant capital. The ability of project SPVs to obtain debt, the extent of corporate guarantees, working-capital requirements and the conversion of the order book into cash-generating revenue will be critical.
The company therefore needs to be evaluated not only on revenue and PAT growth, but also on cash flow, project financing, order-book quality and capital allocation.
Corporate Details
Company: Onix Renewable Limited
CIN: U31501GJ2014PLC080979
ISIN: INE0TG701015
Face Value: ₹10
Status: Unlisted Public Company
Registered Office: P-212/B, Gate No. 2, Lodhika GIDC, Metoda, Rajkot, Gujarat – 360021
Chairman & Managing Director: Divyesh Savaliya
Statutory Auditor: Patel Jain & Associates
Registrar & Transfer Agent: MUFG Intime India Pvt. Ltd.
The company’s official investor page lists MUFG Intime India as its registrar and transfer agent.
Important Links
Official Website: Onix Renewable
Investor Relations: Onix Renewable Investor Relations
Annual Reports: Onix Renewable Annual Reports
Investor Downloads: Onix Renewable Investor Downloads
Company Announcements: Onix Renewable Press Releases
SECI Green Ammonia Results: SECI Green Ammonia Auction Results
Conclusion
Onix Renewable is building an integrated renewable-energy platform spanning EPC, IPP, solar manufacturing, PM-KUSUM, hybrid renewable energy, energy storage and green ammonia.
The company has demonstrated substantial growth in FY25, while its reported order book and recent project awards provide significant opportunities for future expansion.
The ₹14,489 crore reported order book, 115 MW of PM-KUSUM projects commissioned in 2026, ₹148.80 crore solar-module order and 50,000 TPA green-ammonia award are among the key developments investors should track.
The other side of the analysis is equally important: the order book has meaningful concentration, large renewable projects require substantial financing, and working-capital and corporate-guarantee exposure can increase as the company scales.
For an unlisted investor, the central questions are therefore:
Can Onix execute its large order book?
Can it convert accounting earnings into operating cash flow?
Can it finance its IPP expansion without excessive leverage or dilution?
Can the solar manufacturing and green-ammonia businesses generate attractive returns on capital?
And will the proposed IPO eventually provide a transparent public-market valuation and liquidity?
These factors should be monitored alongside the headline revenue and profit growth.
Disclaimer
This report is prepared for educational and informational purposes only and should not be considered investment advice, a recommendation to buy or sell securities, or a solicitation to invest.
Onix Renewable Limited is an unlisted company, and its shares do not currently trade on NSE or BSE. Prices quoted by unlisted-share intermediaries are indicative OTC references and may vary significantly.
Financial figures and operating information have been compiled from the company’s published information, annual reports, official government/SECI information, rating-agency reports and other publicly available sources. Investors should independently verify the latest audited financial statements, share capital, ISIN, order book, project status and corporate actions before making any investment decision.
The author is not a SEBI-registered Research Analyst unless specifically stated otherwise.
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