Value Added Product Mix Shift
Expected: Q3 FY26HIGH confidence
What: Operating Margin: 88.44%
Impact: ₹14.26 Cr Operating Profit
Onix Solar Energy Ltd: Why Is It Outperforming Nifty 500?
ActiveRS +58.9%Weak12w StreakTurnaround
In , Onix Solar Energy Ltd (Trading) is outperforming Nifty 500 with +58.9% relative strength. Fundamentals: Weak. On a 12-week streak.
Onix Solar Energy Ltd Key Facts
- PE Ratio
- 67.7x
- Price/Book
- 2.96x
- Market Cap
- ₹2,721 Cr
- PAT Growth YoY
- +2500%
- Revenue Growth YoY
- +204%
- OPM
- 36.0%
- RS vs Nifty 500
- +58.9%
PE: At PeakRiding Wave
What's Happening
📊PE near cycle highs — limited room for further expansion
💰Trading 92% above estimated fair value — significant premium
Earnings Acceleration Triggers
1. Value Added Product Mix Shift
Q3 FY26HIGH
2. Tam Expansion Changing Consumption
By 2030HIGH
Key Risks
1. Allegations of fraudulent bank guarantees in Maharashtra solar projects
MEDIUM2. Extreme volatility in revenue (72% YoY decline) suggests high sensitivity to pro
HIGHSector-Specific Signals
Solar Cell/Module Capacity1200 MWNot Given
Solar Project Pipeline1959 MWNot Given
Solar Module Output530-640 WPNot Given
Working Capital Cycle46.6 days-23207.4 days
Key Numbers
PAT Growth YoY
+2500%
Insufficient Data
Revenue YoY
+204%
Insufficient Data
Operating Margin
36.0%
+3300 bps YoY
PE Ratio
67.7
PEG Ratio
0.67
EV/EBITDA
94.5
Current Price
₹1,085
Fundamental Score
36/100
Weak
3Y PAT CAGR
+80%
Market Cap
2.7K Cr
Valuation
Significantly Overvalued12-Week Performance
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
12 weeks agoThis week
Why Are Onix Solar Energy Ltd's Earnings Accelerating?
Based on Q3 FY26 (web) earnings • Updated Apr 18, 2026
Tam Expansion Changing Consumption
Expected: By 2030HIGH confidence
What: Project Pipeline: 1,959 MW
What Are the Key Risks for Onix Solar Energy Ltd?
Earnings deceleration risks from management commentary
Allegations of fraudulent bank guarantees in Maharashtra solar projects
MEDIUMTrigger: Allegations of fraudulent bank guarantees in Maharashtra solar projects; company clarified it is not named in FIR.
Management view: Replaced questionable guarantees with compliant ones prior to FIR filing.
Monitor: regulatory
Extreme volatility in revenue (72% YoY decline) suggests high sensitivity to pro
HIGHTrigger: Extreme volatility in revenue (72% YoY decline) suggests high sensitivity to project-based trading cycles.
Management view: Transitioning from trading to end-to-end manufacturing to stabilize margins.
Monitor: commodity
What Did Onix Solar Energy Ltd Report This Quarter?
Headline numbers from the latest earnings call
Revenue
₹16.12 Cr
YoY -72%QoQ -63%
Revenue experienced a sharp contraction due to challenging market conditions and operational headwinds in the solar trading segment.
EBITDA
₹14.26 Cr
YoY +2655.78%Margin 88.44%
Operating profit surged despite falling revenue, indicating a massive shift in margin profile or non-operating income classification.
PAT
₹14.37 Cr
YoY +129.55%QoQ +1990.79%
PAT turned positive from a loss in the previous quarter, driven by a 129.55% year-on-year increase.
Other Highlights
• Basic and diluted EPS for Q3FY26 stood at ₹5.32.
• Company confirmed its sole segment is Renewable Energy Sector Solar Cell Products.
• Promoter entity Onix Renewable Limited pledged 20% of total capital to HDFC Bank.
What Sector Metrics Matter for Onix Solar Energy Ltd?
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Solar Cell/Module Capacity
1200 MW
YoY Not GivenQoQ Not Given
Why: Expansion into in-house manufacturing to ensure quality control and scalability.
Solar Project Pipeline
1959 MW
YoY Not GivenQoQ Not Given
Why: Development under the MSKVY 2.0 (PM-KUSUM) scheme in Maharashtra.
Solar Module Output
530-640 WP
YoY Not GivenQoQ Not Given
Why: Focus on high-efficiency N-Type TOPCon and P-Type modules.
Working Capital Cycle
46.6 days
YoY -23207.4 daysQoQ Not Given
Why: Significant reduction from historical levels of 23,254 days.
What Is Onix Solar Energy Ltd's Management Guidance?
Forward-looking targets from management
Capex Plan
₹250 Cr
Capex Plan
₹250 Cr
Setting up a solar panel manufacturing facility with a proposed capacity of 2400 MW.
Volume
Targeting 10 GW of renewable energy capacity by 2030.
Management Tone: CAUTIOUS
How Fast Is Onix Solar Energy Ltd Growing?
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | +204% | — | Insufficient Data |
| PAT (Net Profit) | +2500% | +80% | Insufficient Data |
| OPM | 36.0% | +3300 bps | Volatile |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 18, 2026.
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Frequently Asked Questions: Onix Solar Energy Ltd
Based on publicly available financial data. This is educational research, not investment advice.
What were Onix Solar Energy Ltd's latest quarterly results?
Onix Solar Energy Ltd's latest quarterly results (Mar 2026) show
- PAT Growth YoY: +2500.0% (insufficient_data)
- Revenue Growth YoY: +204.3%
- Operating Margin: 36.0% (volatile)
Is Onix Solar Energy Ltd's profit growing or declining?
Onix Solar Energy Ltd's profit is growing with an insufficient_data trend.
- PAT Growth YoY: +2500.0% (latest quarter)
- PAT Growth QoQ: +85.7% (sequential)
- 3-Year PAT CAGR: +80.0%
- Trend: Insufficient_data — consistent growth pattern
What is Onix Solar Energy Ltd's revenue growth trend?
Onix Solar Energy Ltd's revenue growth trend is insufficient_data.
- Revenue Growth YoY: +204.3%
- Revenue Growth QoQ: +337.5% (sequential)
How is Onix Solar Energy Ltd's operating margin trending?
Onix Solar Energy Ltd's operating margin is volatile.
- Current OPM: 36.0%
- OPM Change YoY: +33.0% basis points
- OPM Change QoQ: -52.0% basis points
What is Onix Solar Energy Ltd's 3-year profit and revenue CAGR?
Onix Solar Energy Ltd's long-term compounding rates
- 3-Year Profit CAGR: +80.0%
Is Onix Solar Energy Ltd's growth accelerating or decelerating?
Onix Solar Energy Ltd's earnings growth is insufficient_data with mixed signals on a sequential basis.
- YoY Acceleration: 0.0% bps
- Sequential Acceleration: 0.0% bps
What is Onix Solar Energy Ltd's trailing twelve month (TTM) performance?
Onix Solar Energy Ltd's trailing twelve month (TTM) performance
- TTM PAT: ₹40 Cr
- TTM PAT Growth: +100.0% YoY
- TTM Revenue: ₹174 Cr
- TTM Revenue Growth: +100.0% YoY
- TTM Operating Margin: 23.1%
Is Onix Solar Energy Ltd overvalued or undervalued?
Onix Solar Energy Ltd appears significantly overvalued based on our fair value analysis.
- Valuation Signal: Significantly Overvalued
- Current PE: 67.7x
- Price-to-Book: 3.5x
What is Onix Solar Energy Ltd's current PE ratio?
Onix Solar Energy Ltd's current PE ratio is 67.7x.
- Current PE: 67.7x
- Market Cap: 2.7K Cr
How does Onix Solar Energy Ltd's valuation compare to its history?
Onix Solar Energy Ltd's current PE is 67.7x.
- Current PE: 67.7x
- Valuation Assessment: Significantly Overvalued
What is Onix Solar Energy Ltd's price-to-book ratio?
Onix Solar Energy Ltd's price-to-book ratio is 3.5x.
- Price-to-Book (P/B): 3.5x
- Book Value per Share: ₹313
- Current Price: ₹1085
Is Onix Solar Energy Ltd a fundamentally strong company?
Onix Solar Energy Ltd is rated Weak with a fundamental score of 36/100. This score is calculated from objective financial metrics
- Revenue Growth YoY: +204.3% (10% weight)
- PAT Growth YoY: +2500.0% (10% weight)
- PAT Growth QoQ: +85.7% (10% weight)
- Margins stable (10% weight)
- PEG Ratio: 0.7x vs sector median (15% weight)
- EV/EBITDA: 94.5x vs sector median (15% weight)
Is Onix Solar Energy Ltd debt free?
Onix Solar Energy Ltd has a debt-to-equity ratio of N/A.
- Total Debt: ₹0 Cr
What is Onix Solar Energy Ltd's return on equity (ROE) and ROCE?
Onix Solar Energy Ltd's return ratios over recent years
- FY2024: ROCE -14.0%
- FY2025: ROCE 32.0%
- FY2026: ROCE 10.0%
Is Onix Solar Energy Ltd's cash flow positive?
Onix Solar Energy Ltd's operating cash flow is negative (FY2026).
- Cash from Operations (CFO): ₹-739 Cr
- Free Cash Flow (FCF): ₹-738 Cr
- CFO/PAT Ratio: -1848% (weak cash conversion)
What is Onix Solar Energy Ltd's dividend yield?
Onix Solar Energy Ltd currently does not pay a significant dividend (yield 0.00%).
- Dividend Yield: 0.00%
- Current Price: ₹1085
Who holds Onix Solar Energy Ltd shares — promoters, FII, DII?
Onix Solar Energy Ltd's shareholding pattern (Mar 2026)
- Promoters: 75.0%
- DII (Domestic): 0.8%
- Public: 24.3%
Is promoter holding increasing or decreasing in Onix Solar Energy Ltd?
Onix Solar Energy Ltd's promoter holding has decreased recently.
- Current Promoter Holding: 75.0% (Mar 2026)
- Previous Quarter: 91.7% (Dec 2025)
- Change: -16.74% (decreasing — worth monitoring)
How long has Onix Solar Energy Ltd been outperforming Nifty 500?
Onix Solar Energy Ltd has been outperforming Nifty 500 for 12 consecutive weeks, indicating strong sustained outperformance.
Is Onix Solar Energy Ltd a new momentum entry or an established outperformer?
Onix Solar Energy Ltd is an established outperformer with 12 weeks of consecutive Nifty 500 outperformance.
What are the growth catalysts for Onix Solar Energy Ltd?
Onix Solar Energy Ltd has 2 key growth catalysts identified from recent earnings analysis
- Value Added Product Mix Shift — The shift from trading to high-efficiency solar cell products has fundamentally altered the margin profile.
- Tam Expansion Changing Consumption — Participation in large-scale government schemes like PM-KUSUM provides long-term revenue visibility.
What are the key risks in Onix Solar Energy Ltd?
Onix Solar Energy Ltd has 2 key risks worth monitoring
- [MEDIUM] Allegations of fraudulent bank guarantees in Maharashtra solar projects — Allegations of fraudulent bank guarantees in Maharashtra solar projects; company clarified it is not named in FIR.
- [HIGH] Extreme volatility in revenue (72% YoY decline) suggests high sensitivity to pro — Extreme volatility in revenue (72% YoY decline) suggests high sensitivity to project-based trading cycles.
What is Onix Solar Energy Ltd's management guidance for growth?
Onix Solar Energy Ltd's management has provided the following forward guidance
- Revenue outlook: Not Given
- Margin outlook: Not Given
- Capex plan: ₹250 Cr for Setting up a solar panel manufacturing facility with a proposed capacity of 2400 MW.
- Management tone: cautious
What sector-specific metrics matter most for Onix Solar Energy Ltd?
Onix Solar Energy Ltd's most important sub-sector-specific KPIs from the latest concall
- Solar Cell/Module Capacity: 1200 MW (YoY Not Given) (QoQ Not Given) — Expansion into in-house manufacturing to ensure quality control and scalability.
- Solar Project Pipeline: 1959 MW (YoY Not Given) (QoQ Not Given) — Development under the MSKVY 2.0 (PM-KUSUM) scheme in Maharashtra.
- Solar Module Output: 530-640 WP (YoY Not Given) (QoQ Not Given) — Focus on high-efficiency N-Type TOPCon and P-Type modules.
- Working Capital Cycle: 46.6 days (YoY -23207.4 days) (QoQ Not Given) — Significant reduction from historical levels of 23,254 days.
Is Onix Solar Energy Ltd worth studying for long term investment?
Based on quantitative research signals, here is why Onix Solar Energy Ltd may be worth studying
- Earnings growing at +2500.0% YoY
What is the investment thesis for Onix Solar Energy Ltd?
Onix Solar Energy Ltd investment thesis summary:
Research Signals (Bull Case)
- Revenue growing at +204.3% YoY
- Growth catalyst: Value Added Product Mix Shift
Risk Factors (Bear Case)
- Appears significantly overvalued
- Key risk: Allegations of fraudulent bank guarantees in Maharashtra solar projects
What is the future outlook for Onix Solar Energy Ltd?
Onix Solar Energy Ltd's forward outlook based on current data signals
- Earnings Trend: insufficient_data
- Revenue Trend: insufficient_data
- Margin Trend: volatile
- Valuation: Significantly Overvalued
- Key Catalyst: Value Added Product Mix Shift
- Key Risk: Allegations of fraudulent bank guarantees in Maharashtra solar projects
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.