Investment Overview

Onix Renewable Limited is an unlisted company operating in the Utilities sector (Renewable Energy). Onix Renewable Limited delivers EPC and O&M services for solar power projects across rooftop and utility-scale segments. Company materials describe design, engineering, procurement, construction and performance monitoring capabilities. Onix works with commercial, industrial and institutional clients…

Strengths

• Powerful Domain Status: Recognized as a leader in India’s renewable energy sector with a proven track record of over 700 completed projects.
• Diverse Business Model: Establishment across multiple verticals, including EPC, IPP, manufacturing, and O&M, ensuring diversified earnings streams.
• Rapid Growth: Significant revenue growth from ₹65 crore in 2021 to ₹351 crore in 2024, showcasing powerful financial expansion.

Key Risks

• High Liabilities: Total liabilities have surged from ₹38 crore in 2021 to ₹495.17 crore in 2024, increasing financial exposure.
• Fluctuating Margins: Gross margins saw volatility, peaking at 32.88% in 2023 but declining to 19.09% in 2024.
• Competitive Market: Faces intense competition from established renewable energy players, requiring constant innovation and cost efficiency.

Valuation View

The current unlisted market price is ₹57.42 per share with a market capitalisation of approximately ₹634 crore. The company is currently unlisted and investors should factor in illiquidity risk and longer holding horizons. Investors are advised to review the full financial data and consult an advisor before investing.