NSE: ONIXSOLAR · BSE: 513119 · ISIN INE173M01012
Onix Solar Energy Limited stock analysis
Onix Solar Energy Limited ranks #877 in the TickerSutra evidence-ranked universe with a score of 59/100 and 95% data confidence. The latest captured fundamentals show ROCE of 10.2%, quarterly sales growth of 107.4% and quarterly profit growth of 1962.4%.Monitor only
INVESTMENT EVIDENCE
What supports—and challenges—the thesis
Evidence in favour
- Low debt/equity of 0×
- Institutional ownership is rising
- No promoter shares are reported as pledged
Risks and constraints
- CFO/EBITDA is below 0.6×
- Extreme base-effect growth requires manual validation
Still unresolved: Related-party exposure · Broad media sentiment
FINANCIAL TRAJECTORY
Recent operating history
| Period | Revenue | Operating profit | Net profit | Operating margin |
|---|---|---|---|---|
| 2022 | ₹2cr | ₹-1cr | ₹0cr | -94.0% |
| 2023 | ₹0cr | ₹0cr | ₹2cr | -750.0% |
| 2024 | ₹0cr | ₹-1cr | ₹0cr | -5300.0% |
| 2025 | ₹29cr | ₹1cr | ₹1cr | 3.8% |
| 2026 | ₹157cr | ₹40cr | ₹40cr | 25.0% |
| TTM | ₹224cr | ₹67cr | ₹60cr | 30.0% |
EXCHANGE EVENT TRIGGERS
Latest corporate disclosures
Intimation of Closure of Trading Window
RoutineOnix Solar Energy Ltd - 513119 - Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011BSE · 9 Sept 2026The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Abhishek Kamdar & Abhishek Kamdar HUF
MANAGEMENT COMMENTARY
Signals from filed documents
While the Company does not currently carry material export volumes, any future export strategy would need to explicitly account for this volatility. ● Industry capacity growth and pricing pressure. With India's ALMM-listed capacity having grown substantially within the twelve months preceding this report, the industry carries a risk of capacity additions outpacing near-term demand growth in certain segments, which co
Under this framework, solar modules deployed in government-backed projects, government-assisted schemes, and open-access or net-metered installations must incorporate cells sourced from domestically approved manufacturers. This policy shift materially increases the strategic value of backward integration into cell manufacturing, and correspondingly increases the exposure of module-only manufacturers to a constrained
This pattern is characteristic of a manufacturing business scaling production and sales activity during a capacity expansion phase, where nished and in-process inventory, and outstanding receivables from a growing customer base, build up ahead of the cash collection cycle catching up. Management is monitoring this trend closely and views disciplined working capital management as a priority alongside the Company's ca
The funds are intended for strategic investments, working capital, and capital expenditure for expanding the solar module manufacturing capacity to 1.4 GW. MATERIAL CHANGES AND COMMITMENTS AFFECTING FINANCIAL POSITION During the year under review, the Company made the following material alterations, all of which were duly approved by the shareholders and are likely to have an impact on its nancial position and strat
THE BOARD'S ASSESSMENT The Board independently assessed the expansion of module capacity and the early work required to build solar-cell capability. India's growing market and the regulatory preference for domestic cell manufacturing support the scale of the investment. We also concluded that raising equity from shareholders was more disciplined at this stage than funding growth through borrowed money.
HOW TO READ THIS PAGE
Evidence, freshness and limitations
What does the TickerSutra score mean?
The score ranks captured evidence across financial quality, growth, moat and margins, regulatory catalysts, governance, institutional trend and valuation comfort. It is a research-prioritization tool—not a buy recommendation or price target.
Which sources support this page?
Financial history, ownership and pledge data, NSE and BSE filings, annual reports and available earnings-call transcripts are combined here. Use the source trail and original exchange document before relying on a decision-critical fact.
Why can an item be unresolved?
Unresolved means the current captured source window did not provide enough evidence for that check. It does not establish that a risk or relationship is absent.
Maintained by TickerSutra Research · Snapshot updated 29 Sept 2026 · Read the methodology · Read the disclaimer
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