Price history
Indicative levels compiled by our team for information only — not a price feed, quote, or offer to deal. Data through 26 Oct 2026.
Onix Renewable Limited is an Indian renewable energy and power infrastructure company incorporated in 2014. The company operates across renewable energy generation, EPC, solar module manufacturing, and power transmission and distribution.
Its business portfolio includes solar, wind, hybrid energy, battery energy storage systems (BESS), green hydrogen, and rooftop solar. The company also provides project development, installation, commissioning, and operations and maintenance services.
Onix is focused on expanding its renewable energy project portfolio and solar manufacturing capacity, with operations and projects primarily highlighted in Gujarat and Maharashtra.
Manufacturing: Solar modules include P-Type and N-Type TOPCon technology, with reported module ratings of 530–640 Wp.
Key projects
Capacity Overview – Onix Renewable Limited
India’s renewable energy sector is growing rapidly, driven by rising electricity demand, government initiatives and increasing investment in clean energy infrastructure. Solar and wind power remain key contributors to the country’s renewable energy expansion.
As of March 2026, India had approximately 150.26 GW of installed solar capacity and 56.09 GW of installed wind capacity. Solar module manufacturing capacity reached around 172 GW per year, reflecting the expansion of domestic manufacturing capabilities.
Government support includes the ₹19,500 crore Production Linked Incentive (PLI) scheme for high-efficiency solar PV modules. The Ministry of New and Renewable Energy (MNRE) received a budget allocation of ₹25,649 crore for FY2025–26. These developments support opportunities for companies such as Onix Renewable in solar and wind power, module manufacturing, hybrid energy and energy storage.
Onix Renewable’s reported order book and project pipeline span ground-mounted solar, hybrid energy, independent power producer (IPP) projects and green energy infrastructure. The company’s supplied research lists a pipeline of 65 projects with a targeted order book of ₹14,080 crore by 2027.
The reported order book includes ₹2,023 crore from ground-mounted solar projects, ₹574 crore from hybrid projects and ₹10,817 crore from IPP projects. These category figures total ₹13,414 crore, which differs from the headline figure of ₹14,080 crore. Separately, rating agency Infomerics reported an unexecuted order book of ₹14,489 crore as of 31 July 2025. These figures have different reporting dates or bases and should not be treated as interchangeable.
Onix Renewable recorded significant revenue growth, with operating revenue increasing from ₹99.86 crore in FY22 to ₹975.30 crore in FY25 and ₹1,103.80 crore in FY26.It's Net profit increased from ₹2.25 crore in FY22 to ₹105.23 crore in FY25 and ₹152.85 crore in FY26. EBITDA stood at ₹158.86 crore in FY26.
Working Capital and Cash Flow: The cash conversion cycle increased from 4 days in FY23 to 34 days in FY24 and 60 days in FY25. Receivable days rose from 28 days in FY23 to 72 days in FY25, indicating a longer collection period. Inventory days decreased from 112 days in FY24 to 86 days in FY25, while payable days declined from 156 days to 98 days over the same period.
The company reported negative operating cash flow of ₹410.78 crore in FY25, despite positive reported net income. Financing cash flow stood at ₹565.23 crore, and year-end cash increased to ₹156.44 crore from ₹2.13 crore in FY24.
Onix Renewable is pursuing a reverse merger with BSE-listed Eureka Industries Limited to access the public markets through an existing listed entity, rather than a conventional IPO. The proposed transaction involves a 1:1 share swap for Onix shareholders, subject to the scheme’s final terms and regulatory approvals.
The proposed appointed date is 1 April 2026. Eureka shareholders approved the resolution plan and proposed amalgamation on 18 May 2026, and Onix’s shareholder meeting was scheduled for 7 July 2026. The National Company Law Tribunal (NCLT), Ahmedabad Bench, admitted Eureka’s petition under the Pre-Packaged Insolvency Resolution Process (PPIRP) on 14 August
The company has been targeting a listing through this route within approximately six months, but this is an indicative timeline, not a confirmed listing date. Completion remains subject to the insolvency resolution process, NCLT sanction of the scheme and applicable regulatory approvals and filings.
| P&L Statement | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 100 | 146 | 351 | 1001 |
| Cost of Material Consumed | 90 | 98 | 284 | 473 |
| Change in Inventory | -5 | -12 | -66 | -8 |
| Gross Margins | 15 | 41.1 | 37.89 | 53.55 |
| Employee Benefit Expenses | 5 | 6 | 14 | 29 |
| Other Expenses | 7 | 42 | 61 | 351 |
| EBITDA | 3 | 12 | 58 | 156 |
| OPM | 3 | 8.22 | 16.52 | 15.58 |
| Other Income | 0 | 0 | 0 | 11 |
| Finance Cost | 0.9 | 1 | 4.5 | 11 |
| D&A | 0.1 | 0 | 1 | 2 |
| EBIT | 2.9 | 12 | 57 | 154 |
| EBIT Margins | 2.9 | 8.22 | 16.24 | 15.38 |
| PBT | 2 | 11 | 52.7 | 154 |
| PBT Margins | 2 | 7.53 | 15.01 | 15.38 |
| Tax | 0 | 2 | 13.3 | 39 |
| PAT | 2 | 9 | 39.4 | 115 |
| NPM | 2 | 6.16 | 11.23 | 11.49 |
| EPS | 12.9 | 58.06 | 235.93 | 483.19 |
| Name | Designation | Experience | Linkedin Profile |
|---|---|---|---|
| Divyesh Savaliya | Chairman & MD | 15+ yrs |
Submit an enquiry, confirm your order and complete payment, and shares are transferred to your Demat account.