Onix Renewable Limited, a Gujarat-based renewable-energy company, is expanding its presence across solar and wind power, engineering and construction, solar-module manufacturing, energy storage and green fuels. With a reported ₹14,080-crore order book, ambitious independent power producer (IPP) plans and a proposed reverse merger with BSE-listed Eureka Industries, the company is positioning itself for its next phase of growth..
How Onix Renewable Building it’s Presence Across the Renewable-Energy Value Chain
Onix Renewable operates across two broad business segments : renewable-energy project execution and power generation.
Its engineering, procurement and construction (EPC) business covers project design, equipment procurement, installation and commissioning. The company reports more than 1,400 MW of EPC work executed and over 800 MW under development. It also identifies operations and maintenance, rooftop and ground-mounted solar installations, captive power projects and hybrid renewable-energy solutions as part of its portfolio.
Alongside EPC, Onix is pursuing an IPP model, under which it develops or owns power-generation assets and earns revenue from electricity generation. This could gradually diversify its revenue beyond project contracts, although the benefits will depend on commissioning schedules, financing and operational performance.
The company has also outlined expansion plans in solar-module manufacturing, battery energy storage, green hydrogen and green ammonia.
Through its wholly owned subsidiary, Onix Tech, it has reported a 100 MW solar PV module manufacturing facility, with plans to expand capacity to 1,200 MW. Other references mention 600 MW and 800 MW capacities, making it important to distinguish operational facilities from planned expansions.
Its broader portfolio includes a reported 52 MW of operational hybrid capacity, wind-project portfolios cited at 3.1 GW and 4.5 GW across different references, and a proposed green-ammonia project with a capacity of 50,000 metric tonnes per annum and a stated value of ₹7,000 crore. These figures represent different stages and scopes of development, rather than confirmed operational capacity across every segment.
Onix Renewables ₹14,080-Crore Order Book: Growth Opportunity or Execution Challenge?
Onix’s reported ₹14,080-crore order book highlights the scale of its project ambitions. The company’s order-book summary includes ground-mounted solar, hybrid projects and an IPP category.
| Project category | Reported order value |
| Ground-mounted solar | ₹2,023 crore |
| Hybrid projects | ₹574 crore |
| IPP | ₹10,817 crore |
| Headline order book | ₹14,080 crore |
The breakdown requires clarification: the three category values total ₹13,414 crore, leaving a ₹666-crore difference from the headline figure. The listed project counts also total 34, compared with the reported overall count of 65.
Separately, the company has reported a 2,601 MW solar project awarded under the PM-KUSUM Yojana, associated with an order-book figure of ₹10,666.15 crore across 370 projects. This separate figure should not automatically be added to the headline order book.
Beyond these figures, Onix has outlined an IPP pipeline valued at ₹13,755.25 crore, covering solar projects in Gujarat, Maharashtra and Rajasthan, a green-ammonia proposal and a solar-plus-storage project. It has also stated an ambition to build a 10 GW IPP portfolio over five years, with a reported 2,100 MW portfolio across Gujarat and Maharashtra and a stated investment of ₹10,000 crore.
These numbers describe different aspects of the company’s development plans and should not be treated as interchangeable. An order book, a development pipeline, an awarded contract and a commissioned power plant represent different stages of business progress.
Project milestones illustrate this distinction. Onix’s chairman has reported that 115 MW of a 187 MW Gujarat PM-KUSUM project had been commissioned, while the commercial operation date for a 990 MW Maharashtra project was extended to 31 March 2027.
The opportunity is substantial, but the eventual financial contribution will depend on execution, project funding, commissioning timelines and the conversion of contracts into actual cash receipts.
India’s Renewable-Energy Transition Provides the Backdrop
India’s growing electricity demand and investment in domestic manufacturing are creating opportunities across solar, wind, hybrid power and energy storage.
Peak power demand reached a reported 250 GW on 30 May 2024, while electricity consumption between April and September FY25 stood at 847 billion units. Government initiatives, including the ₹19,500-crore production-linked incentive allocation for high-efficiency solar PV modules, have also supported the expansion of domestic manufacturing.
The broader transition increasingly requires more than installing renewable capacity. Energy storage, hybrid projects and grid integration are becoming important for balancing intermittent generation with electricity demand.
For Onix, these developments could create opportunities across EPC, manufacturing and power generation. However, industry growth alone does not guarantee company-level returns. Competition, capital requirements, manufacturing utilisation and project execution will determine how much of this opportunity translates into sustainable growth.
Financial Performance: Revenue Growth Meets Cash-Flow Challenges
Onix’s reported operating revenue increased from ₹99.86 crore in FY22 to ₹1,103.80 crore in FY26. Net profit rose from ₹2.25 crore to ₹152.85 crore over the same period.
| Financial metric (₹ crore) | FY22 | FY24 | FY25 | FY26 |
| Operating revenue | 99.86 | 325.21 | 975.30 | 1,103.80 |
| EBITDA | 3.21 | 50.72 | 14.28 | 158.86 |
| Net profit | 2.25 | 36.87 | 105.23 | 152.85 |
Revenue expanded sharply in FY25 and continued growing in FY26. EBITDA, however, fluctuated significantly, falling from ₹50.72 crore in FY24 to ₹14.28 crore in FY25 before rising to ₹158.86 crore in FY26. Based on the reported FY26 revenue and EBITDA, the EBITDA margin was approximately 14.4%, while the net profit margin was approximately 13.8%.
Capital-efficiency ratios present another area to monitor. Return on capital employed declined from 11.15% in FY24 to 7.43% in FY26, while return on equity fell from 38.44% to 9.27% over the same period. Although revenue and profit have expanded, these movements raise questions about how efficiently the business is deploying capital as it grows.
Working Capital and Cash Flow
The company’s cash conversion cycle increased from four days in FY23 to 34 days in FY24 and 60 days in FY25.
Receivable days rose from 28 in FY23 to 72 in FY25, indicating longer average collection periods. Inventory days increased to 112 in FY24 before declining to 86 in FY25, while payable days fell from 156 to 98 between FY24 and FY25. Together, these changes meant more working capital was tied up in the operating cycle.
The cash-flow figures make this issue particularly important. FY25 operating cash flow was reported at negative ₹410.78 crore despite net income of ₹153.46 crore in the consolidated cash-flow summary. Financing activities contributed ₹565.23 crore, while year-end cash and cash equivalents increased to ₹156.44 crore from ₹2.13 crore in FY24.
The figures do not establish the precise reasons for the operating cash outflow, but they highlight the need to examine customer collections, project expenditure, borrowings and working-capital movements. FY26 cash-flow figures would help establish whether the position subsequently improved.
For a project-driven business, accounting profit and revenue growth are only part of the story. The ability to convert earnings into operating cash flow will be crucial to funding future expansion without excessive financial pressure.
Proposed Listing Through a Reverse Merger With Eureka Industries
Onix Renewable has proposed a reverse merger with BSE-listed Eureka Industries as a potential route to the public markets. Under the proposed arrangement, Onix shareholders would receive shares at a 1:1 swap ratio. Eureka shareholders would retain one share for every 15 shares held, while the remaining 14 shares would be converted into 0.01% redeemable preference shares after 10 years, as per the stated terms. The proposed appointed date is 1 April 2026.
Eureka shareholders reportedly approved the amalgamation proposal at an extraordinary general meeting on 18 May 2026, while an Onix shareholder meeting was scheduled for 7 July 2026. These milestones do not, by themselves, confirm that the merger has been completed. The latest regulatory approvals, corporate disclosures and final transaction terms need to be verified.
If completed, the reverse merger could provide a route for Onix to enter the public markets through an existing listed entity. The final share-swap structure, post-merger shareholding, potential dilution and capital structure will be important in assessing the implications for shareholders.
An indicative unlisted share price of ₹46–₹48 has also been cited. This should not be treated as a confirmed post-merger valuation or listing price, which would depend on the final transaction terms, share count and market conditions..
What Comes Next for Onix Renewable?
Onix Renewable is pursuing a broader position in India’s energy transition, combining EPC execution with manufacturing, power generation, storage and emerging green-fuel opportunities. Its reported order book and financial growth illustrate the scale of its ambitions, but several factors will determine whether those ambitions translate into durable business value.
The key areas to watch are reconciliation of the reported order book, commissioning of IPP projects, progress on manufacturing expansion, operating cash flow, capital efficiency and completion of the proposed reverse merger.
Ultimately, the company’s next phase will depend not simply on the size of its project pipeline, but on how effectively it converts opportunities into operational capacity, sustainable earnings and cash generation.
Disclaimer: This article is for informational and educational purposes only and does not constitute investment advice or a recommendation to buy or sell unlisted shares. Certain project, capacity, order-book, financial and transaction figures require reconciliation and independent verification. Unlisted investments may involve limited liquidity, valuation uncertainty and transaction-specific risks