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Onix Renewable Unlisted Shares
DRHP Status : Not Filed
70
Fundamentals About Onix Renewable
Downloads & Investor Documents
All documents are provided for informational purposes and are subject to regulatory disclosures.
Key Financials of Onix Renewable
| P&L Statement | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue | 65 | 100 | 146 | 351 |
| Cost of Material Consumed | 61 | 90 | 98 | 284 |
| Gross Margins | 6.15 | 10 | 32.88 | 19.09 |
| Change in Inventory | -5 | -5 | -12 | -66 |
| Employee Benefit Expenses | 4 | 5 | 6 | 14 |
| Other Expenses | 3 | 7 | 42 | 61 |
| EBITDA | 2 | 3 | 12 | 58 |
| OPM | 3.08 | 3 | 8.22 | 16.52 |
| Other Income | 0.2 | 0 | 0 | 0 |
| Finance Cost | 0.8 | 0.9 | 1 | 4.5 |
| D&A | 0 | 0.1 | 0 | 1 |
| EBIT | 2 | 2.9 | 12 | 57 |
| EBIT Margins | 3.08 | 2.9 | 8.22 | 16.24 |
| PBT | 1.1 | 2 | 11 | 52.7 |
| PBT Margins | 1.69 | 2 | 7.53 | 15.01 |
| Tax | 0.1 | 0 | 2 | 13.3 |
| PAT | 1 | 2 | 9 | 39.4 |
| NPM | 1.54 | 2 | 6.16 | 11.23 |
| EPS | 7.87 | 12.9 | 58.06 | 235.93 |
Financial Ratios |
2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Operating Profit Margin | 3.08 | 3 | 8.22 | 16.52 |
| Net Profit Margin | 1.54 | 2 | 6.16 | 11.23 |
| Earning Per Share (Diluted) | 7.87 | 12.9 | 58.06 | 235.93 |
| Assets | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Fixed Assets | 6.4 | 7.5 | 7.35 | 10.8 |
| CWIP | 1 | 0 | 4 | 0 |
| Investments | 0 | 0 | 13 | 0 |
| Trade Receivables | 15 | 7 | 16 | 134 |
| Inventory | 7 | 12 | 24 | 106 |
| Other Assets | 8.6 | 9.5 | 25.65 | 245 |
| Total Assets | 38 | 36 | 90 | 495.8 |
| Liabilities | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Share Capital | 1.27 | 1.55 | 1.55 | 1.67 |
| FV | 10 | 10 | 10 | 10 |
| Reserves | 4 | 8.6 | 17 | 95.8 |
| Borrowings | 7 | 10 | 15 | 89.7 |
| Trade Payables | 17 | 7 | 42 | 143 |
| Other Liabilities | 8.73 | 8.85 | 14.45 | 165 |
| Total Liabilities | 38 | 36 | 90 | 495.17 |
About Company
Onix Renewable Ltd is a diversified clean-energy company based in Rajkot, Gujarat. It operates across multiple verticals: solar (utility & rooftop), wind energy, hybrid systems, energy storage, green hydrogen, and power infrastructure (transmission, substation, distribution). Onix also manufactures solar PV modules, with current capacity ~100 MW and plans to scale up aggressively. It offers EPC (Engineering, Procurement & Construction) services, O&M (Operations & Maintenance), and develops its own energy projects (IPP – Independent Power Producer).
The following table shows a 10-point analysis of Onix Renewable Limited. We will discuss each point in detail after this table.
| Parameter | Key Numbers | Insights |
|---|---|---|
| Business Overview | FY25 Revenue from Operations ₹1,001 cr · PAT ₹115 cr · PAT margin ~11.5% | Integrated renewable energy platform focused on solar EPC, IPP (power producer), solar module/cell manufacturing, wind/hybrid projects, green hydrogen, and energy storage; Gujarat-based with presence in Maharashtra, Rajasthan & international; aggressive expansion in clean energy verticals; strong execution in PM-KUSUM & hybrid programs. |
| Industry & Market Position | Emerging integrated player in renewables · Growing in EPC/IPP & manufacturing · Benefits from policy tailwinds (SATAT, PLI, net-zero) | Competitive in solar EPC/IPP amid India's 500 GW renewable target; edge from diversified model & project pipeline; faces risks from larger peers (Adani Green, ReNew, Tata Power) & execution delays; resilient via govt schemes & order book visibility. |
| Revenue Growth Trend | FY23–FY25 explosive CAGR ~160%+ (from ~₹146 cr to ₹1,001 cr; ~185% YoY in FY25) | Hyper-growth from project wins, EPC execution & manufacturing ramp-up; massive leap in FY25 driven by scale & realizations; from smaller base but sustained momentum aligns with sector boom. |
| Profitability & Margins | EBITDA ~₹164 cr (margin ~16%) · ROE high in growth phase · PAT margin ~11.5% (improved from prior low single-digits) | Strong margin expansion from operational leverage, cost control & higher realizations; PAT surge ~191% YoY; high-quality earnings as projects mature & recurring IPP revenue builds; better than many early-stage renewables peers. |
| Cash Flow Quality | OCF improving with scale · No regular dividends (growth/capex focus) | Cash-intensive due to high capex (~₹25,000 cr planned over years) & project funding; supported by equity raises & debt; quality moderate amid expansion but liquidity bolstered by funding & order inflows. |
| Balance Sheet Strength | Net worth strong (post-raises & profits) · Debt moderate (gearing <40–50% trends) | Comfortable leverage for growth phase; equity infusions & internal accruals provide buffers; downside protected by assets (projects, manufacturing) & order book; capex-heavy risks balanced by funding. |
| Valuation Comfort | Unlisted price ~₹55–65 (Feb 2026 range) implies P/E ~5–6x (EPS ~₹10–11 est.) | Deep discount reflecting execution risks & volatility; market cap ~₹600–700 cr range; attractive for high-growth renewables bet; wide spreads & post-bonus/raise adjustments; value-oriented vs. listed peers (higher multiples). |
| Management & Governance | Promoter-led with institutional backing · Clean disclosures & ratings (BBB+ upgrade) | Proven pivot & execution in renewables; transparent reporting (annual results, ratings); governance solid; no major issues noted; benefits from investor confidence & policy alignment. |
| Growth Triggers & Catalysts | Massive order book/pipeline · Manufacturing & IPP ramp-up · Green hydrogen/solar expansion · IPO prep (targeted FY26, prior plans ~₹1,000 cr) | Major upside from project commissioning, policy support & capacity targets (10 GW by 2030); organic from EPC/IPP revenue & manufacturing; listing as key value unlock & liquidity catalyst. |
| Liquidity & Exit Visibility | OTC liquidity only · IPO prep ongoing (DRHP expected/prior plans revived) | Moderate unlisted trading; capital locked short-term; high exit visibility post-IPO (potential gains & liquidity); reduced risk with regulatory progress & growth visibility. |
Recent Financial Performance
- For FY 2024-25, Onix Renewable reported total revenue of ₹1,001.30 crore, an increase of ~185%.
- Its EBITDA for FY 2024-25 was ₹164.45 crore, showing strong operational performance.
- Net Profit rose to ₹153.46 crore, with PAT at ₹114.79 crore — a YoY jump of ~190%.
- Onix is scaling its manufacturing: its plan includes expanding solar module capacity to 1,200 MW.
Business Model & Revenue Drivers
- IPP (Project Ownership): Onix builds and owns renewable energy assets (solar, wind, hybrid), earning power generation revenues.
- EPC Services: Offers turnkey project execution — design, procurement, construction, commissioning.
- Manufacturing: Produces its own solar modules; future plans include cell manufacturing
- O&M: Provides maintenance services for renewable assets — ensures stable long-term cash flow
- Green Hydrogen & Energy Storage: Betting on energy transition — hydrogen projects and storage will be future growth levers
Strengths & Growth Drivers
- Integrated Platform: Onix covers the entire clean-energy value chain — manufacturing, EPC, IPP, storage, hybrid, green hydrogen.
- Strong Project Footprint: Over 500 MW of projects completed.
- Ambitious Manufacturing Expansion: Plans to increase solar module capacity massively.
- Experienced Leadership: Founded and led by Divyesh Savaliya, supported by a seasoned team.
- Strategic Capital Raise: Onix is planning a ₹1,000 cr IPO to fund its expansion into solar / green hydrogen
- Strong Recent Financials: Very high growth in FY25 — strong earnings momentum.
Risks & Challenges
- CapEx Risk: Scaling manufacturing, green hydrogen, and storage requires significant capital.
- Execution Risk: Large growth ambitions may face project execution / commissioning risk
- Competition: Renewable energy space is crowded — many strong EPC / IPP players.
- Policy Risk: Dependence on favorable regulatory frameworks, especially for green hydrogen.
- Unlisted Share Risk: Pre-IPO investing is inherently risky; valuation expectations could be aggressive.
Valuation & Unlisted-Share Snapshot
- According to UnlistedXchange, Onix Renewable’s unlisted share price is ~₹ 11,950 per share.
- As per , the company’s unlisted valuation indicates:
- In June 2025, Onix announced a bonus issue (44:1) and increased its authorized share capital — a move that may improve liquidity and set the stage for its IPO.
- Unlisted implied valuation is ~₹ 3,250 cr.
Quick Summary
Onix Renewable is a fast-growing, fully integrated clean-energy company, uniquely positioned in India across solar, wind, hybrid, storage, and green hydrogen. With strong execution in FY24-25, major expansion plans, and a pending IPO, it stands out as a promising long-term play in the green-energy space. However, being in a capital-intensive industry with aggressive growth targets, it comes with significant execution risk.
Shareholding Pattern of Onix Renewable
| Name | Holding |
|---|---|
| Promoters | 100% |
Promoters of Onix Renewable
| Name | Designation | Linkedin Profile |
|---|---|---|
| Divyesh Savaliya | Chairman & Founder | (No publicly verified LinkedIn found) |
| Piyush Savaliya | CEO / Director |  |
| Nikhil Savaliya | Director | (No publicly verified LinkedIn found) |
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Frequently Asked Questions
Onix Renewable Energy Ltd unlisted shares refer to equity in a privately held renewable energy company focused on solar, battery storage, and integrated clean energy solutions. These shares are not listed on NSE or BSE and can be bought through platforms like UnlistedKraft.
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Investing in unlisted shares carries risks such as limited liquidity and fewer disclosures. However, Onix Renewable operates in the growing clean energy sector, and transactions via UnlistedKraft are secure, verified, and transparent.
Pricing is based on recent private trades, company performance, investor demand, and market trends. UnlistedKraft regularly updates the price to reflect fair valuation.
Yes, you must have an active demat account to receive and hold Onix Renewable Energy Ltd unlisted shares.
There is no mandatory holding period unless the company goes public. Most investors hold shares until a liquidity event such as an IPO or acquisition, to benefit from long-term growth potential.
Yes, you can resell your shares through UnlistedKraft’s resale network, subject to buyer availability and prevailing market conditions.
Yes, SEBI regulations require a six-month lock-in period for pre-IPO investors once the company lists on a public exchange.
If held for more than two years, gains qualify as long-term capital gains taxed at 20% with indexation. If sold within two years, gains are treated as short-term and taxed as per your income tax slab.
UnlistedKraft gives you verified access to private investment opportunities in high-growth sectors like renewable energy, with transparent pricing, expert guidance, secure transactions, and fast deposit of shares into your demat account.
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