Onix Renewable Energy Ltd is an emerging clean energy company in India incorporated in 2014, focusing on solar rooftop installations (residential, commercial, and industrial), solar EPC (Engineering, Procurement, and Construction) services, solar ground-mounted projects, hybrid solar energy solutions, and battery energy storage systems (BESS). Headquartered in Mumbai, the company leverages an end-to-end model from design and procurement to commissioning, offering complete solar energy solutions. It has executed projects across Maharashtra, Gujarat, and Karnataka, expanding into other states.
**Financial Performance:**
Onix has demonstrated substantial revenue growth, increasing from ₹65 Cr in FY21 to ₹351 Cr in FY24 (estimated). EBITDA grew from ₹2 Cr in FY21 to ₹58 Cr in FY24 (estimated), and PAT increased from ₹1 Cr in FY21 to ₹39.4 Cr in FY24 (estimated). EPS has also increased significantly, from ₹7.87 in FY21 to ₹235.93 in FY24 (estimated). As of April 28, 2025, the last deal price was ₹12750/share, resulting in an implied market cap of ₹3181 Cr. The P/E Ratio (FY24) is 80.74x, Book Value is 430.74 and P/B Ratio is 29.6x.
**Investment Rationale:**
Several factors underpin a positive investment thesis: favorable sector tailwinds due to India's commitment to 500 GW renewable energy target by 2030, the company's integrated solar solutions expertise across rooftop, ground-mount, and BESS segments, a strong execution pipeline with an order book of ~₹15000 Cr as of April 2025, government incentives from MNRE, and IPO readiness with plans to list by Diwali in FY2025-2026 to fund expansion. The creation of 12GW of IPP projects expected to give cash flow of ₹1200 Cr. in the next 18 months is a major contributor.
**Key Risks:**
Execution risks, specifically delays in project commissioning due to land, permits, or grid access issues, and the working capital intensity of the EPC model are significant concerns. The company's business is heavily dependent on state and central government solar policies and is facing rising competition from large EPC players like Sterling & Wilson, Tata Power Solar, and Renew Power.
**IPO Timeline and Exit Options:**
A pre-IPO placement of ₹237 Cr private round occurred in Jan 2025. The target IPO timeline is FY25-FY26 to raise primary capital for IPP expansion. Platform-based secondary sales are available on UnlistedZone Platform. The valuation aspiration is ₹8000 post IPO.
**UnlistedZone View:**
Onix Renewable Energy Ltd has a promising growth trajectory riding India's energy transition wave. With a healthy order book, project execution capabilities, and policy support, Onix is positioned to scale. Investors must factor execution and working capital challenges. UnlistedZone rates the company as "Accumulate" with a 3-4 year investment horizon, and it targets a Valuation Post-IPO of : ₹8000 Cr.
**Shareholding Pattern:**
The Promoters hold 62.53% of the company shares, while Non-Promoters hold 37.47%.
**Data Sources:**
The information is based on company press releases, MNRE notifications, UnlistedZone internal research, and media coverage.
