Onix Renewable Unlisted Shares
About The Company
Strong
Market Position
Consistent
YoY Growth
Experienced
Management
Key Indicators
A snapshot of Onix Renewable Unlisted Shares's financial health, valuation multiples and capital efficiency at a glance.
Pricing Trends
Financial Performance
| Indicators | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Revenue | 1,012.6 | 351.6 | 146.7 | 99.9 |
| Expense | 845.9 | 293.3 | 133.9 | 96.6 |
| EBITDA | 166.8 | 58.3 | 12.8 | 3.3 |
| Other Cost | 13.3 | 5.5 | 1.3 | 1.0 |
| PBT | 153.5 | 52.8 | 11.5 | 2.3 |
| Tax Expense | 38.7 | 13.4 | 2.4 | 0.1 |
| PAT | 114.8 | 39.4 | 9.1 | 2.2 |
| Other Inc./Exp. | 0.0 | 0.0 | 0.0 | 0.0 |
| Net Income | 114.8 | 39.4 | 9.1 | 2.2 |
| Shares O/S | 0.24 | 0.20 | 0.20 | 0.20 |
| EPS (₹) | 560.68 | 253.10 | 58.60 | 14.50 |
| Rev. Growth % | 188.0% | 139.7% | 46.8% | — |
| EBITDA Mgn % | 16.5% | 16.6% | 8.7% | 3.3% |
| Net Mgn % | 11.3% | 11.2% | 6.2% | 2.2% |
| EPS Growth | 121.5% | 331.9% | 304.1% | — |
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History of Onix Renewable Limited
Onix Renewable traces its origins to 2007, when it was founded by Divyesh Savaliya with a focus on electrical infrastructure and engineering services. As India's renewable energy sector gained momentum, the company diversified into solar EPC in 2014 and entered the solar energy business in 2015. Over the following years, it expanded into wind energy, hybrid power projects, solar module manufacturing, and energy storage solutions, gradually transforming into an integrated renewable energy company.
Today, Onix Renewable operates across the renewable energy value chain, including Engineering, Procurement & Construction (EPC), Independent Power Producer (IPP) projects, solar PV module manufacturing, operations & maintenance (O&M), battery energy storage systems (BESS), and green hydrogen initiatives. The company has also outlined a long-term vision of achieving 10 GW of renewable energy capacity by 2030.
Timeline of Key Milestones
Year | Milestone |
2007 | Founded by Divyesh Savaliya with a focus on electrical engineering and infrastructure |
2012 | Executed national-level infrastructure projects |
2014 | Entered the Engineering, Procurement & Construction (EPC) business |
2015 | Expanded into the solar energy sector |
2017 | Diversified into wind energy projects |
2020 | Started solar PV module manufacturing at its Metoda facility in Gujarat |
2022 | Commissioned its first wind-solar hybrid power project |
2025 | Announced expansion of solar module manufacturing capacity and accelerated renewable growth plans |
2026 | Continued expansion under PM-KUSUM, manufacturing, and integrated renewable energy initiatives |
Who Owns Onix Renewable?
Onix Renewable is promoted by Divyesh Savaliya, who serves as the Chairman & Managing Director. The company is led by a management team with experience in renewable energy, electrical infrastructure, and project execution. Investor information, board details, and statutory disclosures are published through the company's investor relations portal.
Business Model of Onix Renewable
Onix Renewable follows an integrated renewable energy business model, allowing it to generate revenue from multiple segments rather than relying on a single business line.
1. Solar EPC
The company designs, procures, constructs, and commissions utility-scale, commercial, and industrial solar power projects. Its EPC services cover engineering, procurement, installation, testing, and commissioning.
2. Independent Power Producer (IPP)
Onix Renewable develops and owns renewable energy assets, generating recurring income by selling electricity under long-term power purchase agreements (PPAs).
3. Solar Module Manufacturing
The company manufactures solar PV modules and has announced plans to significantly expand its production capacity to support India's growing demand for domestic solar equipment.
4. Wind & Hybrid Projects
Onix Renewable develops wind energy and hybrid renewable power projects that combine solar and wind resources to improve energy generation efficiency.
5. Battery Energy Storage Systems (BESS)
The company is expanding into battery storage solutions to improve grid stability and support renewable energy integration.
6. Green Hydrogen
Onix Renewable has identified green hydrogen and green ammonia as strategic growth areas to support India's long-term clean energy transition.
7. Operations & Maintenance (O&M)
The company also provides long-term operations and maintenance services for renewable energy assets, helping clients improve plant performance and operational efficiency.
Onix Market Presence & Achievements
Onix Awards
Onix Renewable Unlisted Shares Financial Analysis
Amount (In Rs Crores) | FY 21-22 | FY 22-23 | FY23-24 | FY24-25 |
Revenue | 100 | 146.7 | 351.6 | 1,012.6 |
EBITDA | 3.3 | 12.8 | 58.3 | 166.8 |
Operating Profit Margin | 3.3% | 8.7% | 16.6% | 16.5% |
Profit After Tax | 2.2 | 9.1 | 39.4 | 114.8 |
Earning Per Share | 14.5 | 58.6 | 253.1 | 560.68 |
A) 10X Revenue Growth
Onix’s revenue has grown from Rs 100 crores in FY 21-22 to Rs 1,000 crores in FY 24-25 .This is 10X growth in 3 years.
This clearly reflects the growth of operations for Onix Renewable ltd share price.
B) 50 X EBITDA growth in 4 years
Onix’s EBITDA has grown from Rs 2 crore in FY 20-21 to Rs 12 crore in FY 22-23. This is a whopping 6x growth in 3 years.
C) Operating Profit Margin
Onix’s Operating profit margin has significantly grown in the last 3 years. In Fy 21 & 22 , the profit margin remained stable at 3%. In FY23, profit margin jumped to 8.7%. By FY 24 and 25 this stabalised 16.5%
Thus, giving strong profitability growth for Onix Renewable Unlisted Shares.
D) Profit after Tax
Onix’s profit was Rs 2 cr. in Fy 22 which grew to Rs 9 cr. in FY 23. By FY 25 , PAT jumped 100X to Rs 114 crores.
Thus, reflecting a strong prospect for growth in Onix Renewable unlisted share price.
E) Earnings Per Share
Onix gave an earning of Rs 14.5 per share in FY22. This rose to Rs 58.6 per share in FY 23. And 10X'd by FY 25 to Rs 560 per share.
Earnings per share and P/E Ratio affect the Onix Renewable stock price.
Thus, based on the above financial observations, Onix Renewable Unlisted Shares can give significant investment growth to investors.
Onix Renewable Unlisted Share Price Analysis
In Nov 2024, Onix Renewable Unlisted Shares were trading at Rs 18,300 per share. By Dec 24, the share price jumped to Rs 23,300 per share.
As of August 2025, the share price is below Rs 200, a dramatic drop of over 65% from the peak. This suggests a disconnect between financial performance and market sentiment. The August drop (marked with a red dot) may reflect a major negative event. Impacting negatively on ONIX renewable share price.
While the company’s financials for FY 2024-25 are very strong, the chart shows a disconnect between earnings performance and share price movement. This suggests that there could be non-financial factors like management or governance issues, or valuation may have been too high earlier and is now correcting itself. This typically drives the downward trend of Onix unlisted share price.
Major Milestones Achieved
Founded in 2007 and expanded from electrical infrastructure into renewable energy.
Delivered more than 500 MW of renewable energy projects across solar, wind, storage, and hybrid systems.
Established a solar PV module manufacturing facility in Gujarat.
Entered the wind energy and hybrid power segments to diversify its renewable portfolio.
Emerged as a significant participant in Gujarat's PM-KUSUM programme and commissioned 115 MW of PM-KUSUM projects across 60 locations in 2026.
Announced long-term plans to achieve 10 GW of renewable energy capacity while expanding into green hydrogen and green ammonia.
Recent Development
Onix Renewable has continued to strengthen its execution pipeline through new project awards and capacity expansion announcements.
Period | Development |
Jun 2026 | Commissioned 115 MW of PM-KUSUM projects across 60 locations in Gujarat. |
Jan 2026 | Signed a landmark MoU at Vibrant Gujarat and received the PM-KUSUM-C First Prize for the highest solar project commissioning in Gujarat. |
Dec 2025 | Secured a Rs148.80 cr non-DCR solar module supply order from Vikran Engineering. |
May 2025 | Launched a 1,959 MW solar power project under Maharashtra's MSKVY 2.0 programme. |
Apr 2025 | Announced plans to invest Rs 25,000 cr towards developing 7 GW of renewable energy capacity and 5 GW of solar manufacturing expansion. |
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