Onix Solar Energy Ltd (ONIXSOLAR)

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Onix Solar Energy Ltd (ONIXSOLAR) · mywealthgrid

About

Onix Solar Energy operates in copper, a non-ferrous metal in the Materials sector. Market cap ₹1,458.1 Cr is small-cap scale. Q4 FY25 revenue reached ₹23.27 Cr, the highest in recent quarters; two rights issues cut promoter stake from 74.98% to 50.22%.

Face value: ₹10

Market cap

₹1,253 Cr

P/E

862.1×

P/B

334.3×

Dividend yield

ROE

—

ROCE

—

Debt / equity

0.15

OPM

3.8%

EPS (TTM)

₹0.4

Book value

₹1.0

52-week high

—

52-week low

—

Key insights

Company research notes and source-linked reviews

Key risks

Revenue and profit swing sharply: ₹0.01 Cr revenue in Dec 2023 to ₹23.27 Cr in Q4 FY25; verify whether recent growth is structural or cyclical
Operating margins compressed to 2.58% (Mar 2025) after spiking to 38.46% (Sep 2024); verify cost structure and margin sustainability
Valuation (PE 1,002.82) leaves no room for disappointment: any earnings miss will trigger sharp drawdown given 93.13% 1y rally
Stock volatility (52w range ₹214.8–₹1,107) far exceeds earnings predictability

Generated analysis · source review pending

Growth drivers

Revenue surged to ₹23.27 Cr in Q4 FY25, 4x prior quarter, signaling potential operational scale if sustained
Two rights issues (Feb & May 2026) mobilized capital; verify capex deployment and expansion targets
Copper sector exposure to energy transition and infrastructure demand cycles (verify forward demand visibility and customer pipeline)
Low debt (D/E 0.15) provides financial flexibility to fund growth capex (verify actual capex allocation)

Generated analysis · source review pending

1,315 historical price candles were omitted because the exchange source has not been verified.

₹339.7-1.4%1Y

Quick read

rule-based

Pros

+Strong return on equity of 23.1% (3-yr avg)
+Profit CAGR of 79.7% over the last 3 years
+Revenue CAGR of 90.9% over the last 5 years

Cons

−Thin operating margin of 3.8%
−Expensive at 862.1× trailing earnings
−Trading at 334.3× book value

Research score

Structured signal from quality, growth, valuation and momentum.

39/100

Business quality: 46
Growth: 72
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Hindustan Copper LimitedHINDCOPPERHINDCOPPER	₹44,690 Cr	₹44,800 Cr	₹3,498 Cr	₹1,662 Cr	47.5%	₹1,137 Cr	29.8%	40.5%	30.6%	59
Bhagyanagar India LimitedBHAGYANGRBHAGYANGR	₹1,288 Cr	₹1,547 Cr	₹2,597 Cr	₹128 Cr	4.5%	₹63 Cr	2.1%	34.1%	21.6%	65
Onix Solar Energy LtdONIXSOLARONIXSOLAR	₹1,253 Cr	₹1,254 Cr	₹29 Cr	₹1 Cr	3.8%	₹1 Cr	4.9%	—	—	—
Mardia Samyoung Capillary Tubes Company LtdMSCTCMSCTC	₹345 Cr	₹345 Cr	₹0 Cr	₹-2 Cr	4.7%	₹-2 Cr	3%	7%	4.5%	305
ND Metal Industries LtdNDMETALNDMETAL	₹19 Cr	₹19 Cr	₹0 Cr	₹-1 Cr	—	₹0 Cr	750%	2%	4.9%	-37,413

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Standalone figures · ₹ crore · years without a filed annual are summed from quarters

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	3	4	—	—	1	0	2	0	—	29
COGS	-2	-4	—	—	-1	0	2	0	—	—
Gross profit	—	—	—	—	—	0	-0	0	—	—
	5	8	—	—	3	1	1	0	—	28
Operating profit (EBITDA)	-0	-0	—	—	-0	-1	-1	-0	—	1
OPM %	-9.2%	-4.9%	—	—	-32.8%	-159.5%	-94.2%	-800%	—	3.8%
Depreciation	—	—	0	0	0	0	0	0	0	0
Interest	0	0	0	—	—	0	0	0	0	—
	—	—	0	0	0	0	2	3	—	0
Profit before tax	—	-0	-0	0	-0	-0	0	2	0	2
Tax	—	0	-0	0	0	0	0	0	—	—
Tax %	—	0%	-45.5%	18.8%	0%	0%	0%	11.4%	—	—
	—	-0	-0	0	-0	-0	0	2	0	1
PAT margin %	—	-2.8%	—	—	-22.4%	-97.6%	16.2%	—	—	4.9%
EPS (₹)	-1.1	-0.6	-0.3	0.7	-1.3	-2.1	1.3	10.6	1.1	4.1
EPS adjusted (₹)	—	—	—	—	-1.3	-2.1	1.3	10.6	—	—
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Equity capital	2	2	2	2
Reserves	—	-1	-0	2
	—	2	0	1
	—	2	6	0
Total equity & liabilities	—	5	7	5
	0	0	0	0
CWIP	—	—	—	—
Investments	—	0	0	0
	—	5	7	4
Total assets	—	5	7	5

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	0	1	-6	3
	-0	0	6	1
	0	-2	0	-1
Net cash flow	0	-0	-0	—
Free cash flow	0	1	-6	—
CFO / Operating profit %	—	—	—	—

Compounded sales growth

7 years: —
5 years: 47%
3 years: 312%
1 year: 1,46,850%

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Ratios

Annual operating, return, leverage and working-capital ratios.

Standalone figures

Ratio	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Margins
Gross margin %	—	—	—	11.9%	-0.6%	50%	—	—
EBITDA margin %	—	—	-32.8%	-159.5%	-94.2%	-800%	—	3.8%
EBIT margin %	—	—	-35.3%	-166.7%	-95.5%	-950%	—	3.7%
PAT margin %	—	—	-22.4%	-97.6%	16.2%	10,450%	—	4.9%
Working capital
Receivable days	—	—	—	3,242	654	0	—	—
Inventory days	—	—	—	681	85	12,775	—	—
Payable days	—	—	—	1,736	35	6,205	—	—
NWC days	—	—	—	2,186	704	6,570	—	—
Leverage
Current ratio	—	—	—	1.33	1.25	4.7	—	—
Debt to EBITDA	—	—	—	—	—	—	—	—
Debt to equity	—	—	—	1.08	0.07	0.15	—	—
Interest coverage	—	—	—	—	-8.6	-5	-3	—
Asset turnover	—	—	—	0.09	0.21	0	—	—
Return ratios
Return on assets %	—	—	—	-8.4%	3.4%	44.8%	—	—
Return on capital employed %	—	—	—	-29.1%	-73%	-1.8%	—	—
Return on equity %	—	—	—	-29.1%	15.1%	55.7%	—	—

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	29.37%	19.88%	1.21%	0%	0%	0%	0%	0%	0%	91.72%	74.98%	50.22%
FII	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0.77%	0.77%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	70.63%	80.12%	98.79%	100%	100%	100%	100%	100%	100%	8.28%	24.25%	49.01%
No. of shareholders	—	—	—	—	—	—	—	—	6,972	7,062	8,142	10,452

Promoter holding up 20.85 percentage points since Sep 2023.

147 deals · 14 Mar 2022 – 31 Aug 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
31 Aug 2026	ABHISHEK ASHVINBHAI KAMDAR	Bulk	NSE	Sell	2,37,809	₹331.85	₹7.89 Cr
31 Aug 2026	ABHISHEK ASHVINBHAI KAMDAR	Bulk	BSE	Sell	1,85,514	₹331.30	₹6.15 Cr
25 Aug 2026	ONIX RENEWABLE LIMITED	Bulk	NSE	Buy	6,40,000	₹276.15	₹17.67 Cr
25 Aug 2026	ONIX RENEWABLE LIMITED	Bulk	BSE	Buy	4,43,000	₹277.81	₹12.31 Cr
25 Aug 2026	ABHISHEK ASHVINBHAI KAMDAR	Bulk	BSE	Sell	2,54,717	₹279.09	₹7.11 Cr
25 Aug 2026	YAVA CORP GLOBAL LIMITED	Bulk	NSE	Sell	1,90,000	₹276.15	₹5.25 Cr
23 Jun 2026	ABHISHEK ASHVINBHAI KAMDAR	Bulk	BSE	Sell	3,55,291	₹642.86	₹22.84 Cr
13 Apr 2026	KOMALBEN PANKAJBHAI PANSHERIA	Bulk	BSE	Sell	4,16,650	₹872.35	₹36.35 Cr
6 Apr 2026	SATANI CHHAGANBHAI RATILALBHAI	Bulk	BSE	Sell	3,93,316	₹790.20	₹31.08 Cr
2 Apr 2026	SATANI CHHAGANBHAI RATILALBHAI	Bulk	BSE	Sell	1,74,503	₹775.09	₹13.53 Cr

1–10 of 147

1 / 15

Mr. NAMAN MADHAVJIBHAI VIRADIYANon-Executive - Non Independent Director-Chairperson
Mr. PIYUSHKUMAR MANSUKHBHAI SAVALIYAExecutive Director-MD
Mr. HARDIK KANTILAL ADHIYANon-Executive - Non Independent Director
Mr. UMESHKUMAR SINGHNon-Executive - Independent Director
Ms. YESHA AAGAM SHAHNon-Executive - Independent Director
Mr. Hitesh Kantilal BhansaliNon - Executive Independent Director
Mr. Sagar Sureshbhai LimbadChief Financial Officer
Mr. Lavesh Kumar GuptaCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Onix Solar Energy Ltd. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

1

Board meeting to consider results15 Jul 2026

2

Right Issue of Equity Shares15 May 2026 · ex-date
Right Issue of Equity Shares18 Feb 2026 · ex-date

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

10 announcementsExport CSV

1 Oct 2026, 7:00 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

AGM PDF

30 Sept 2026, 2:42 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of AGM

AGM PDF

28 Sept 2026, 10:56 amInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

9 Sept 2026, 11:41 amInsider Trading / SAST

Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011

Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011 PDF

8 Sept 2026, 2:52 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

7 Sept 2026, 5:57 pmOthers

Reg. 34 (1) Annual Report.

Reg. 34 (1) Annual Report PDF

7 Sept 2026, 5:41 pmAGM/EGM

NOTICE OF46TH ANNUAL GENERAL MEETING

AGM PDF

7 Sept 2026, 11:56 amCompany Update

Intimation Of The Date Of 46Th Annual General Meeting, Book Closure And Cut-Off Date

General PDF

Date	Category	Subject	Filing
1 Oct 2026, 7:00 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
30 Sept 2026, 2:42 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF

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Onix Solar Energy Ltd

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Annual reports

Events

Board meetings1

Rights issues2

Announcements

Ratio timeline

Not in the F&O segment

No fund holdings on record

Board meetings1

Rights issues2

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

1

2

1

2