Onix Renewable Limited Analysis 2026: Business Model, Financial Performance, Growth Plans & Unlisted Share Insights

Onix Renewable Limited (ORL) is a Gujarat-based renewable energy company founded in 2007 as a transmission and distribution contractor for renewable energy solutions. It was founded by the chairman & Managing Director, Divyesh Savaliya. Over the years, Onix has grown into one of India’s fastest-growing integrated renewable energy firms.

It delivers utility-scale and commercial solar, wind, and hybrid projects, along with related infrastructure (e.g., transmission, sub-stations) across India. The firm is also a key participant in India’s PM-KUSUM solarization scheme and has a diversified portfolio of renewable products. With a target to achieve 10 GW of renewable energy capacity and up to 1 MMT of green hydrogen and ammonia output by 2030, the company is positioning itself as a key player in the global green energy shift.

Key Financial Highlights (FY 2024-25)

The key financial highlights of Onix Renewable Limited for FY 2024-25 are:

Onix Renewable Limited  - An Overview

Here are some quick facts about Onix Renewable:

History of Onix Renewable

In the last 20 years, Onix Renewable has evolved from a small electrical products business into an integrated renewable energy company. The company's operations span solar, wind, hybrid energy, manufacturing, and green hydrogen. Over the years, its professional journey has included some key highlights, which are given below:

2007: Foundation of the Business

The company was founded in 2007. Its journey began with a focus on providing quality products in the electrical segment, aiming to contribute to societal development through reliable energy solutions.

2012: National Level Projects

In 2012, it expanded its business scope by participating in large-scale projects, working alongside government agencies and reputed organizations.

2014: Entry into EPC Projects

Two years later, in 2014, the company entered the Engineering, Procurement, and Construction (EPC) segment, which laid the foundation for its future renewable energy infrastructure business.

2015: Entry into Solar Energy

During 2015, the company expanded its approach to develop a long-term growth strategy by entering the solar energy sector, which marked its formal entry into the renewable energy segment.

2017: Expansion into wind energy

Recognizing the growing demand for renewable power in India, the company diversified its operations into the wind energy sector in the year 2017.

2020: Solar Module Manufacturing

Onix established a solar module manufacturing facility at Metoda GIDC, Gujarat, strengthening its backward integration capabilities. The company was also recognized by TV9 as a leading EPC solar company.

2022: First Hybrid Power Project

In 2022, the company entered the wind-solar hybrid segment through a 25 MW hybrid power project, expanding its renewable energy portfolio.

2025: Green Hydrogen Initiative

Onix announced its plans to enter the green hydrogen space, aligning with emerging clean energy opportunities and India's decarbonization goals. It aims to produce Green hydrogen using electrolysis of water with electricity generated by renewable energy.

Shareholding Structure of Onix Renewable

Given below is an estimated shareholding structure breakdown of Onix Renewable Limited

Note: Detailed breakdown of non-promoter shareholding is not publicly available.

Board of Directors

Here is a brief overview of the board of directors:

Note: Mr. Piyush Mansukhbhai Savalia was appointed as Additional Director with effect from September 1, 2025. 

Products and Solutions

Onix Renewable operates across four broad solution areas spanning energy generation, clean energy products, net zero initiatives, and grid infrastructure.

Energy Generation

Onix develops and deploys large-scale renewable energy projects across solar and wind segments. The company serves both utility-scale and distributed energy needs. This approach makes the company offer its solutions to each consumer segment, including commercial, industrial, and residential. The energy generation segment includes:

• Utility Scale Solar
• Utility Scale Wind
• Hybrid Power Plant
• Solar Rooftop

Products

The company manufactures and supplies key hardware components used in renewable energy systems, including solar modules and energy storage solutions. The key products are: 

• Solar Module
• Powerwall
• Battery Energy Storage System

Net Zero Solutions

Onix offers solutions aimed at helping businesses and industries transition toward carbon neutrality. This includes green power procurement arrangements and the production of green hydrogen and ammonia. The net zero solutions include:

• Green Power Purchase Agreement
• Green Hydrogen
• Green Ammonia

Grid Enhancement

The company also provides infrastructure and services to strengthen power transmission and distribution networks, supporting reliable delivery of renewable energy. It includes

• Distribution
• Transmission
• Substation
• Operations & Maintenance

Subsidiary & Associate Companies

Here is a quick snapshot of the subsidiary and associate companies of Onix Renewable Limited as of 31 March 2025.

Financial Overview

Let’s have a look at the financials of Onix Renewable Limited. The key metrics related to the Financial Statement, Balance Sheet, and Cash Flow Statement of the company for the year ending 31st March 2025 are as follows.

Financial Performance

Balance Sheet Snapshot

Cashflow Statement

Note: The financial metrics presented above are sourced directly from the company's Annual Report FY 2024-25 available on its website.

Key Business Strength

The following are a few of the key business strengths of the company:

• PAN India Presence: Onix Renewable Limited has an active presence in 8 states, has 10+ offices with 100+ channel partners and 1000+ team members. This expanded presence gives it an advantage to cover the potential growth areas.
• Experienced Management: The founding team has deep expertise in power infrastructure. Key executives have decades of industry experience, and the company is backed by 960+ employees across projects.
• Strong Government Tie-ups: Onix has secured major Memorandum of Understanding (e.g., ₹19,250 Cr MoU in Gujarat for solar-hybrid projects). It is a recognized partner in government schemes like PM-KUSUM (rural solar) and nationwide hybrid wind-solar programs.
• Rapid Project Execution: The company achieves great milestones with rapid project execution, including the commissioning of a 52 MW hybrid project within 6 months.
• Integrated Capabilities: Onix combines EPC construction with ownership of IPP projects and component manufacturing (solar modules), giving it end-to-end control of projects. This vertical integration distinguishes it from its peers.
• Diverse Renewable Products’ Portfolio: Beyond solar, Onix has entered wind, hybrid projects, Battery Energy Storage Systems, and is venturing into green hydrogen/ammonia, positioning it for India’s broad clean-energy initiatives.

Awards and Achievements

Over the years, Onix Renewable Limited has been awarded with some prestigious recognitions.

• Global Business Achievement Awards for Renewable Energy
• Power & Energy Africa 2022-exhibition Dar Es Salaam, Tanzania
• Aatmanirbhar Bharat Toward New Era

Corporate Projects & Developments

Onix Renewable has experienced remarkable growth in its journey. It has completed several projects that are currently operational and serving the growing renewable energy needs of India. As per the company disclosures, it has completed the following projects

• Hybrid power plants (400+ MW)
• Wind energy projects (500+ MW)
• Solar ground mount installations (450+ MW)
• Industrial and residential rooftop projects (200+ MW and 120+ MW, respectively)
• Solar pump projects (500+ MW)
• Laid 2,000+ km of distribution lines
• 400+ km of transmission lines
• Commissioned 60+ substations
• Installed 5,000+ metering units.

On the ongoing projects front, Onix is currently executing several large-scale projects, primarily in Gujarat and Maharashtra —

• PM-KUSUM Solar Project: 1,215 MW, Maharashtra (IPP)
• PM-KUSUM Solar Project: 187 MW, Gujarat (IPP)
• Captive Solar Project: 250+ MW, Gujarat
• Hybrid Project (Solar + Wind): 150+ MW, Gujarat
• Wind Project: 600+ MW, Gujarat
• Solar Project: 350+ MW, Gujarat

Growth Plans and Outlook

Onix Renewable is scaling aggressively. Going forward, the company’s management aims to:

• Build 10 GW of renewables capacity (solar+wind) by 2030
• Produce 1 MMT of green hydrogen/ammonia by 2030.
• Enable cross-border expansion
• Complete its PV plant expansion by mid-2026.

Overall, it represents the company’s determined focus on the broader vision of India’s renewable targets (500 GW by 2030).

Market Reaction

The company is not listed on NSE/BSE. Onix renewable unlisted shares are available for purchase through the unlisted/pre-IPO market, where they trade privately among qualified investors and intermediaries. The company has drawn attention for its active renewable energy initiatives and continues to scale its operations and project pipeline.

Disclaimer: This company analysis is based on the information provided by publicly available sources, the company’s website, and audited financial reports presented by the company. As an unlisted company, the complete and validated information is limited, and any future performance depends on factors such as regulatory changes, market conditions, and execution risks. Investors should conduct their own independent research and consult professional advice before making any investment decisions.