Onix Renewable Limited Unlisted Shares

Are you looking to invest in a fast-growing, integrated player in India’s booming renewable energy sector? Onix Renewable Ltd. is a pioneering Indian company focused on delivering end-to-end solutions across solar, wind, hybrid, and green hydrogen energy. With a pan-India presence, over 700 completed projects, and a strong pipeline, Onix offers a comprehensive suite of services as an EPC provider, Independent Power Producer (IPP), and solar module manufacturer.

With a planned IPO in 2024, Onix Renewable presents a compelling pre-IPO investment opportunity for investors looking to capitalize on India’s green energy transition.

1. Company Overview: An Integrated Renewable Energy Powerhouse

• Core Focus: Renewable energy, IPP (Independent Power Producer), EPC (Engineering, Procurement, and Construction), energy transition, infrastructure, wind, solar, storage, hybrid, green hydrogen, R&D, and power generation.

• Manufacturing: Specializes in the manufacturing of solar PV modules.

• Leadership: Led by Chairman & Managing Director Divyesh Savaliya.

• Team: Over 1,000 team members with a pan-India presence across offices in 8 states.

2. Business Model: Four Powerful Verticals

Onix Renewable operates through a fully integrated business model, covering the entire value chain of renewable energy projects.

A) EPC Services (Engineering, Procurement, and Construction)

• Provides complete turnkey solutions from design and procurement to construction and commissioning.

• Ensures maximum efficiency and high-quality project execution for clients.

B) Independent Power Producer (IPP)

• Develops, finances, constructs, and operates its own renewable energy projects.

• Manages the entire project lifecycle, ensuring sustainable and reliable power generation.

• Aligns with stakeholder interests, covering the value chain from development to operation.

C) Manufacturing

• Has significant manufacturing capacity for solar PV modules.

• Expansion Plan: Aims to expand capacity to 1200 MW by 2024.

• Also innovating in adjacent technologies like EV chargers and energy storage systems.

D) Operation & Maintenance (O&M)

• Offers comprehensive O&M services, managing over 150 MW of renewable energy assets.

• Focuses on safety, innovation, and optimal performance to ensure customer satisfaction.

3. Product Portfolio & Comprehensive Services

Product Portfolio:

• Solar Panels: Monocrystalline, Polycrystalline, and advanced TOPCON modules.

• Solar Solutions: Inverters, pumps, water heaters, and street lights.

• System Types: Rooftop and ground-mount solar solutions.

• New-Age Tech: Hybrid power systems, EV chargers, bike batteries, drone and robot cleaning systems, and energy storage systems.

Comprehensive Services (Integrated Offering):

• EPC Services: End-to-end solutions from design to commissioning and maintenance.

• O&M Services: Managing a portfolio of over 150 MW with a focus on safety and reliability.

• IPP Business: Developing and operating its own power projects for long-term revenue.

4. Market Presence & Major Achievements

• Market Leader: Recognized as a leader in the renewable sector, providing integrated solar solutions across India.

• Project Scale: Successfully completed over 700 projects , including:

  • 250+ MW hybrid power plants

  • 200+ MW solar ground mounts

  • Significant wind and industrial rooftop projects

• Awards: Received numerous accolades, including the Global Business Achievement Awards for Renewable Energy.

5. Key Projects & Collaborations

Onix has a strong track record of executing large-scale projects.

Notable Completed & Ongoing Projects:

• Hybrid Power Projects:

  • 60 MW in Kagvad

  • 120 MW in Sutrapada

  • 300 MW in Charkha

• Solar Projects:

  • 12 MW in Kanodiya

  • 210 MW under the prestigious PM-KUSUM scheme (Government of India initiative)

Future Pipeline (High-Value Projects):

• 600 MW hybrid projects in Khambhalia and Bhuj

• 300 MW solar projects in Rajasthan and Uttar Pradesh

These projects demonstrate Onix’s capability to win and execute large-scale, high-value contracts.

6. IPO Announcement: A Major Catalyst

Onix Renewable Ltd. is planning to launch its Initial Public Offering (IPO) in 2024.

Purpose of the IPO:

• To finance significant investments in renewable energy projects, including solar, wind, hybrid solar-wind, and green hydrogen initiatives.

• To bolster its solar panel manufacturing division , enhancing capacity and technological capabilities (aiming for 1200 MW).

The IPO will be a major catalyst for the company’s growth and provide a potential exit opportunity for early investors.

Key Investment Highlights

1. Fully Integrated Model: Operates across the entire renewable energy value chain – EPC, IPP, Manufacturing, and O&M.

2. Massive Market Opportunity: Poised to benefit from India’s aggressive renewable energy targets and policy support (like PM-KUSUM).

3. Impressive Project Track Record: Successfully executed over 700 projects, including large-scale hybrid and solar plants.

4. Strong Project Pipeline: Future projects totaling over 1,200 MW (600 MW hybrid + 300 MW solar + others) provide strong revenue visibility.

5. Manufacturing Expansion: Scaling solar module manufacturing capacity to 1200 MW by 2024 , capturing value in the production space.

6. Government Scheme Participation: Significant project under the PM-KUSUM scheme demonstrates credibility and access to government programs.

7. Pan-India Presence: Operations across 8 states with a team of over 1,000 professionals.

8. Upcoming IPO: Planned IPO in 2024 is a major potential catalyst for valuation and liquidity.

Risks to Consider

1. Execution Risk: Successfully executing a large and growing project pipeline requires flawless project management.

2. Regulatory & Policy Risk: The renewable energy sector is heavily dependent on government policies, subsidies, and tariff structures.

3. Competition: Faces intense competition from large, established players (like Adani Green, Tata Power, ReNew Power) and other EPC companies.

4. Working Capital Intensity: EPC and project development businesses require significant working capital.

5. Dependence on Imports: Solar cell and module manufacturing may depend on imported raw materials, exposing the company to supply chain and currency risks.

6. Technology Obsolescence: Rapid advancements in solar technology require continuous investment in R&D and manufacturing upgrades.

7. IPO Timing & Valuation: The success of the IPO will depend on market conditions and the valuation offered.

8. Unlisted Liquidity: Pre-IPO, shares are not traded on public exchanges, and liquidity may be limited.

Valuation & Unlisted Share Price

(Note: The source text did not provide a specific current valuation or share price. Investors should check the Unlisted Network platform for the latest traded price.)

• Outstanding Shares: Information not provided.

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The Opportunity: Own a Stake in a High-Growth Renewable Energy Company Ahead of Its IPO

Onix Renewable Ltd. offers a unique opportunity to invest in a fully integrated, high-growth company in India’s most promising sector – renewable energy. With a strong track record, a massive project pipeline, manufacturing expansion plans, and an upcoming IPO, Onix is well-positioned for significant growth. For investors with a high-risk appetite and a long-term horizon, Onix Renewable is a compelling pre-IPO opportunity.

Ready to Add a High-Growth Renewable Energy Stock to Your Portfolio Before Its IPO?

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