Onix Solar Energy Ltd (ONIXSOLAR) — share price & stock analysis
Profits are still 50% below their best year.
Onix Solar Energy Ltd (ONIXSOLAR) trades at ₹710 as of 2 March 2026, up 101% over the past year — beating NIFTY 500 for 12 weeks. The machine reads this as mixed story: profits are still 50% below their best year. the price is in Stage 2 — advancing, 11 weeks in; the business cycle reads DEEP CYCLICAL / EARLY RECOVERY. Fundamentals-momentum score: 78/100 (mostly improving).
Data as of 2 March 2026 · every number traces to its Screener source column · not investment advice.
- Market cap
- ₹1,779 Cr
- P/E
- 117×
- ROE
- 30.9%
- Book value / share
- ₹2.5
- Revenue (FY25)
- ₹29 Cr
- Profit after tax (FY25)
- ₹1 Cr
- Weinstein stage
- Stage 2 (11 weeks)
- Data as of
- 2 March 2026
Profits swing violently in this business — a 100% peak-to-trough profit collapse. That is what “deep cyclical” means: the same company looks brilliant at the top of its cycle and broken at the bottom.net_profit
Where the clock stands now: earnings sit at 50% of their historical range, margins are the best ever printed, and valuation history is thin. That reads as EARLY RECOVERY — the sweet spot of the pendulum — the improvement is visible but not yet fully priced.net_profit
5 of the 6 things we track are currently moving the right way — nearly everything is pulling in the same direction.
Where the levels actually stand: ROCE 32% — a high-quality engine; effectively no debt; margins at an all-time high. Momentum says which way things are moving; these say where they are.
Read this number for what it is: it measures the DIRECTION of change, not the quality of the business. A mediocre business getting better scores high here; a great one having a soft quarter scores low. Profit, sales and margins count double.
Stage 2: the trend is up, and has been for 11 weeks
STAGE 2 · ADVANCING · 11 WEEKSPrice trends have a life cycle: they base (1), advance (2), top out (3) and decline (4). This chart is in Stage 2: advancing — 11 weeks so far, confirmed.stage
The price sits above its rising 200-day average (₹346 today) and its strength against the index is still improving — trends like this persist more often than they reverse, which is why the system rides them instead of guessing the top.dma_200
Beating NIFTY 500 for 12 weeks — relative strength is the market’s live opinion, and right now it is on this stock’s side.rs_mansfield
What would end it: two Friday closes in a row below the 200-day line. That is the house exit rule — mechanical, no debates.dma_200
Data: Weekly price, moving averages and stage (sampled — full series in the embedded dataset)
| Period | Price (₹) | 200-DMA (₹) | 50-DMA (₹) | Stage |
|---|---|---|---|---|
| Mar 16 | 13.9 | 18.8 | 18.6 | 4 |
| May 16 | 30.5 | 20.5 | 24.2 | 2 |
| Jul 16 | 16.1 | 20.7 | 21.5 | 2 |
| Sep 16 | 20.5 | 20.0 | 19.2 | 4 |
| Nov 16 | 22.3 | 21.1 | 22.6 | 2 |
| Feb 17 | 17.3 | 20.4 | 19.3 | 4 |
| Apr 17 | 13.3 | 19.1 | 16.3 | 4 |
| Dec 17 | 23.9 | 19.0 | 17.8 | 4 |
| Apr 18 | 23.2 | 19.4 | 19.6 | 1 |
| Aug 18 | 20.5 | 20.0 | 21.3 | 2 |
| Jan 19 | 21.0 | 20.1 | 21.3 | 2 |
| Apr 19 | 11.4 | 18.7 | 16.1 | 4 |
| Aug 19 | 9.5 | 17.6 | 13.7 | 4 |
| Nov 19 | 7.6 | 15.9 | 10.6 | 4 |
| Jan 20 | 6.7 | 14.0 | 8.4 | 4 |
| Mar 20 | 4.4 | 11.8 | 6.3 | 4 |
| May 20 | 3.4 | 10.2 | 5.0 | 4 |
| Aug 20 | 7.1 | 8.8 | 5.3 | 4 |
| Oct 20 | 6.2 | 8.4 | 5.9 | 4 |
| Dec 20 | 5.7 | 7.9 | 6.0 | 4 |
| May 21 | 8.2 | 7.8 | 7.2 | 4 |
| Jul 21 | 9.7 | 7.9 | 8.0 | 2 |
| Sep 21 | 11.4 | 8.2 | 9.1 | 2 |
| Feb 22 | 11.3 | 8.6 | 10.1 | 2 |
| Jul 22 | 22.4 | 10.0 | 13.4 | 2 |
| Sep 22 | 114 | 32.3 | 73.9 | 2 |
| Nov 22 | 72.0 | 47.5 | 74.9 | 2 |
| Jan 23 | 56.0 | 51.9 | 61.3 | 2 |
| Mar 23 | 27.7 | 48.6 | 43.8 | 4 |
| May 23 | 36.4 | 43.4 | 36.1 | 4 |
| Jul 23 | 36.7 | 41.3 | 37.1 | 4 |
| Sep 23 | 55.8 | 41.1 | 41.9 | 4 |
| Nov 23 | 51.5 | 45.2 | 50.5 | 2 |
| Jan 24 | 52.0 | 47.3 | 51.3 | 2 |
| Mar 24 | 56.2 | 49.8 | 54.4 | 2 |
| May 24 | 87.4 | 54.3 | 63.8 | 2 |
| Jul 24 | 91.7 | 57.4 | 71.5 | 2 |
| Sep 24 | 101 | 60.8 | 79.5 | 2 |
| Dec 24 | 106 | 64.5 | 86.7 | 2 |
| Feb 25 | 433 | 144 | 282 | 2 |
| Apr 25 | 264 | 201 | 294 | 2 |
| Jun 25 | 298 | 212 | 251 | 2 |
| Aug 25 | 406 | 278 | 385 | 2 |
| Oct 25 | 346 | 289 | 317 | 2 |
| Dec 25 | 351 | 288 | 288 | 4 |
| Feb 26 | 696 | 338 | 452 | 2 |
| Mar 26 | 710 | 346 | 472 | 2 |
A lumpy ride — no clean trend in profits
Over 11 years, sales went from ₹3.0 Cr to ₹29.0 Cr (about 23% a year), and profit from ₹0.0 Cr to ₹1.0 Cr.revenuenet_profit
Data: Revenue by year
| Period | Revenue (₹ Cr) |
|---|---|
| FY14 | 3 |
| FY15 | 4 |
| FY16 | 2 |
| FY17 | 4 |
| FY18 | 2 |
| FY19 | 1 |
| FY20 | 1 |
| FY21 | 0 |
| FY22 | 2 |
| FY23 | 0 |
| FY24 | 0 |
| FY25 | 29 |
Data: Profit by year
| Period | Profit after tax (₹ Cr) |
|---|---|
| FY14 | 0 |
| FY15 | 0 |
| FY16 | 0 |
| FY17 | 0 |
| FY18 | 0 |
| FY19 | 0 |
| FY20 | 0 |
| FY21 | 0 |
| FY22 | 0 |
| FY23 | 2 |
| FY24 | 0 |
| FY25 | 1 |
Data: OPM % by year
| Period | OPM % (%) |
|---|---|
| FY14 | 0.0 |
| FY15 | 0.0 |
| FY16 | 0.0 |
| FY17 | 0.0 |
| FY18 | 0.0 |
| FY19 | 0.0 |
| FY20 | 0.0 |
| FY21 | -157.0 |
| FY22 | -50.0 |
| FY23 | -750.0 |
| FY24 | -5,300.0 |
| FY25 | 3.4 |
Sales collapsed 72% last quarter
Dec 25 sales were ₹16.0 Cr, down 72% on the same quarter last year.revenue
A shrinking topline puts the burden of the story on margins and one-offs — watch whether this is a pause or a slide.
Data: Quarterly sales
| Period | Revenue (₹ Cr) | YoY growth (%) |
|---|---|---|
| Mar 23 | 0.0 | – |
| Jun 23 | 0.0 | – |
| Sep 23 | 0.0 | – |
| Dec 23 | 0.0 | – |
| Mar 24 | 0.0 | – |
| Jun 24 | 0.0 | – |
| Sep 24 | 0.0 | – |
| Dec 24 | 57.0 | – |
| Mar 25 | 23.0 | – |
| Jun 25 | 45.0 | – |
| Sep 25 | 43.0 | – |
| Dec 25 | 16.0 | -71.9 |
Margins are widening — 9% → 88% in a year
Of every ₹100 of sales, the company keeps ₹88.5 as operating profit (a year ago it kept ₹9.1).opm_pct
Zoom out and this is the page's quiet hero: annual operating margin bottomed at −5,300.0% in FY24 and has been rebuilt to 3.4% — that recovery, not sales alone, is what powers the profit growth elsewhere on this page.operating_profit
The gross margin moved the same way (21% → 95%), so this is about input costs and pricing power — the raw-material equation improved.gpm_pctopm_pct
Data: Three margins, quarterly
| Period | Gross (%) | Operating (%) | Net (%) |
|---|---|---|---|
| Mar 23 | – | – | – |
| Jun 23 | – | – | – |
| Sep 23 | – | – | – |
| Dec 23 | -600 | -1,600 | -2,000 |
| Mar 24 | – | – | – |
| Jun 24 | -3.9 | -23.1 | 15.4 |
| Sep 24 | 100 | 38.5 | 115 |
| Dec 24 | 20.5 | 9.1 | 10.9 |
| Mar 25 | 7.1 | 2.6 | 2.8 |
| Jun 25 | 6.1 | 2.7 | 2.1 |
| Sep 25 | 2.5 | -1.4 | -1.8 |
| Dec 25 | 94.8 | 88.5 | 89.1 |
Profit exploded 133% — mostly from keeping more of each sale
Dec 25 profit after tax was ₹14.0 Cr, up 133% year on year.net_profit
Data: Quarterly profit after tax
| Period | PAT (₹ Cr) | YoY growth (%) |
|---|---|---|
| Mar 23 | 0.0 | – |
| Jun 23 | 0.0 | – |
| Sep 23 | 0.0 | – |
| Dec 23 | 0.0 | – |
| Mar 24 | 1.0 | – |
| Jun 24 | 0.0 | – |
| Sep 24 | 0.0 | – |
| Dec 24 | 6.0 | – |
| Mar 25 | 1.0 | 0.0 |
| Jun 25 | 1.0 | – |
| Sep 25 | -1.0 | – |
| Dec 25 | 14.0 | 133.3 |
The single biggest driver was keeping more of each sale.
Data: Where the profit change came from (Dec 24 → Dec 25)
| Component | Effect (₹ Cr) |
|---|---|
| PAT Dec 24 | 6 |
| More sales | −4 |
| Fatter margins | +13 |
| Other income | −1 |
| PAT Dec 25 | 14 |
Does the profit turn into cash?
Data: Cash collected vs profit reported (annual)
| Period | Operating cash flow (₹ Cr) | Profit after tax (₹ Cr) |
|---|---|---|
| FY14 | 0.0 | 0.0 |
| FY15 | 0.0 | 0.0 |
| FY16 | 0.0 | 0.0 |
| FY17 | 0.0 | 0.0 |
| FY18 | 0.0 | 0.0 |
| FY19 | 0.0 | 0.0 |
| FY20 | 0.0 | 0.0 |
| FY21 | 0.0 | 0.0 |
| FY22 | 1.0 | 0.0 |
| FY23 | -6.0 | 2.0 |
| FY24 | 3.0 | 0.0 |
| FY25 | 17.0 | 1.0 |
The cash cycle looks tighter — but it is supplier credit doing the work
One rupee now takes about 4 days to go out the door as materials and come back as collected cash — down from 1147 days the year before.cash_conversion_cycle
Look inside the improvement, though: suppliers are being paid -5944 days later (6205 → 261 days). Supplier credit is funding the cycle — useful, but not the same thing as customers paying faster.payable_daysinventory_days
Data: Days of cash locked up (annual)
| Period | Customers owe (debtor days) (days) | Stock on shelf (inventory days) (days) | We owe suppliers (payable days) (days) |
|---|---|---|---|
| FY14 | 134 | 985 | 786 |
| FY15 | 41.0 | 443 | 161 |
| FY16 | 189 | 572 | 244 |
| FY17 | 386 | 198 | 300 |
| FY18 | 859 | 622 | 846 |
| FY19 | 1,337 | 1,044 | 1,072 |
| FY20 | 1,193 | 216 | 501 |
| FY21 | 3,242 | 681 | 1,736 |
| FY22 | 654 | 85.0 | 35.0 |
| FY23 | 0.0 | 12,775 | 6,205 |
| FY24 | 0.0 | 1,408 | 261 |
| FY25 | 4.0 | 0.0 | – |
Steady, unhurried investment
The productive asset base has gone from ₹0.0 Cr (FY14) to ₹0.0 Cr.fixed_assetscwip
The build is self-funded: the last 3 years' investing outflow (₹12.0 Cr) fits inside the operating cash the business generated (₹14.0 Cr).investing_cash_flowoperating_cash_flow
Data: Assets in place vs under construction (annual)
| Period | Fixed assets (₹ Cr) | Under construction (CWIP) (₹ Cr) |
|---|---|---|
| FY14 | 0.0 | 0.0 |
| FY15 | 0.0 | 0.0 |
| FY16 | 0.0 | 0.0 |
| FY17 | 0.0 | 0.0 |
| FY18 | 0.0 | 0.0 |
| FY19 | 0.0 | 0.0 |
| FY20 | 0.0 | 0.0 |
| FY21 | 0.0 | 0.0 |
| FY22 | 0.0 | 0.0 |
| FY23 | 0.0 | 0.0 |
| FY24 | 0.0 | 0.0 |
| FY25 | 0.0 | 0.0 |
Almost no debt — this company cannot be killed by a bad year
For every ₹100 shareholders have put in (and left in), the company has borrowed ₹0 — total borrowings have shrunk from ₹2.0 Cr to ₹0.0 Cr over the window.borrowings
Data: Total borrowings (annual)
| Period | Borrowings (₹ Cr) |
|---|---|
| FY14 | 2.0 |
| FY15 | 2.0 |
| FY16 | 2.0 |
| FY17 | 2.0 |
| FY18 | 1.0 |
| FY19 | 1.0 |
| FY20 | 1.0 |
| FY21 | 2.0 |
| FY22 | 0.0 |
| FY23 | 1.0 |
| FY24 | 0.0 |
| FY25 | 0.0 |
Data: Debt vs shareholders’ money (annual)
| Period | Debt ÷ equity (x) |
|---|---|
| FY14 | 1.0 |
| FY15 | 1.0 |
| FY16 | 1.0 |
| FY17 | 1.0 |
| FY18 | 0.5 |
| FY19 | 0.5 |
| FY20 | 0.5 |
| FY21 | 2.0 |
| FY22 | 0.0 |
| FY23 | 0.3 |
| FY24 | 0.0 |
| FY25 | 0.0 |
Every ₹100 kept in the business now earns ₹32 — and the number is rising
Return on capital employed is 32.0% (a year ago: −14.0%). This is the single best test of business quality: what the company earns on the money it keeps.roce_pct
Rising returns on capital while growing is the rarest combination in investing — it means the new projects earn more than the old ones.roce_pct
Data: Returns on capital (annual)
| Period | ROCE (%) |
|---|---|
| FY14 | 12.0 |
| FY15 | 8.0 |
| FY16 | -6.0 |
| FY17 | -4.0 |
| FY18 | -3.0 |
| FY19 | 5.0 |
| FY20 | -8.0 |
| FY21 | -13.0 |
| FY22 | -48.0 |
| FY23 | -1.0 |
| FY24 | -14.0 |
| FY25 | 32.0 |
The owners aren’t moving
Promoters hold 91.7% (up 90.5 points over 8 quarters). Foreign funds own null%, domestic funds null%.promoters_pctfiis_pctdiis_pct
Data: Who holds the shares, quarterly
| Period | Promoters (%) |
|---|---|
| Mar 23 | 29.9 |
| Jun 23 | 29.4 |
| Sep 23 | 29.4 |
| Dec 23 | 19.9 |
| Mar 24 | 1.2 |
| Jun 24 | 0.0 |
| Sep 24 | 0.0 |
| Dec 24 | 0.0 |
| Mar 25 | 0.0 |
| Jun 25 | 0.0 |
| Sep 25 | 0.0 |
| Dec 25 | 91.7 |
- There is no debt story here. Borrowings are ₹0 per ₹100 of shareholders’ money — too small to matter, in either direction.borrowings
One to watch, not one to study deeper yet
The numbers say be careful, and the price is roughly fair to the delivery so far.
Best thing in the data: margins rising (8.8% → 87.5%).operating_profit
Biggest worry: free cash flow falling (₹4.0 Cr → ₹−2.0 Cr).operating_cash_flow
One dissent worth hearing: our technicals lens reads positive — “extended golden detected. bullish MA stacking (Price > DMA50 > DMA200). overbought (z-score: 1.93). trending regime (Hurst: 0.555)”. When a lens disagrees with the committee, it is usually pointing at the thing that breaks first.
Machine-written research from Screener data — every number traces to its source column. Sector Alpha is not a SEBI-registered investment adviser; nothing here is a recommendation to buy or sell. Not investment advice.
Straight answers from the data
What does Onix Solar Energy Ltd do?
Incorporated in 1980, Onix Solar Energy Ltd is in the business of renewable energy solutions. It is listed in the Trading sector with a market capitalisation of ₹1,779 Cr.
What is Onix Solar Energy Ltd's share price?
As of 2 March 2026, Onix Solar Energy Ltd trades at ₹710, up 101% over the past year, with a market capitalisation of ₹1,779 Cr. Beating NIFTY 500 for 12 weeks. Prices are weekly closes from Screener data; this page refreshes with each weekly update.
What is Onix Solar Energy Ltd's share price target?
Sector Alpha does not publish broker-style price targets. Our discounted-cash-flow model estimates Onix Solar Energy Ltd's intrinsic value at ₹38.0 per share under base assumptions (bear ₹25.0, bull ₹45.0), against the current price of ₹710 — a 95% premium to model value. The current price already implies roughly 60% annual earnings growth. These are model estimates, not forecasts — treat them as one input alongside the valuation history below, not as a target.
What did Onix Solar Energy Ltd report in its latest quarterly results?
In its most recent reported quarter (Q3 FY26, quarter ended December 2025): Dec 25 sales were ₹16.0 Cr, down 72% on the same quarter last year. Dec 25 profit after tax was ₹14.0 Cr, up 133% year on year. Figures are from Screener-scraped quarterly filings; the page updates when the next quarter is filed.
Is Onix Solar Energy Ltd growing?
Sales collapsed 72% last quarter. Dec 25 sales were ₹16.0 Cr, down 72% on the same quarter last year.
Are Onix Solar Energy Ltd's profits growing?
Profit exploded 133% — mostly from keeping more of each sale. Dec 25 profit after tax was ₹14.0 Cr, up 133% year on year.
What are Onix Solar Energy Ltd's operating margins?
Margins are widening — 9% → 88% in a year. In the most recent quarter, of every ₹100 of sales, the company keeps ₹88.5 as operating profit (a year ago it kept ₹9.1).
What is Onix Solar Energy Ltd's long-term growth record?
Revenue grew from ₹3 Cr in FY14 to ₹29 Cr in FY25 — a 22.9% compound annual growth rate over 11 years.
Is Onix Solar Energy Ltd stock in an uptrend?
Stage 2: the trend is up, and has been for 11 weeks. Onix Solar Energy Ltd is in Stage 2 — advancing, 11 weeks in (confirmed). Stages follow Stan Weinstein's four-phase read of weekly price against the 200-day average: basing (1), advancing (2), topping (3), declining (4).
Why is Onix Solar Energy Ltd stock rising?
The price is up 101% over the past year, in a confirmed Stage 2 uptrend (11 weeks), and has beaten NIFTY 500 for 12 weeks.
Is Onix Solar Energy Ltd beating the NIFTY 500?
Yes — beating NIFTY 500 for 12 weeks, as of 2 March 2026. Relative strength is measured weekly against the NIFTY 500 (Mansfield RS): a positive reading means the stock has outperformed the index over the trailing window, week after week.
Where is Onix Solar Energy Ltd in its business cycle?
The data reads Onix Solar Energy Ltd as a deep cyclical business currently in its early recovery phase — earnings at 50% of their own historical range. Profits swing violently in this business — a 100% peak-to-trough profit collapse. That is what “deep cyclical” means: the same company looks brilliant at the top of its cycle and broken at the bottom.
Does Onix Solar Energy Ltd have too much debt?
Almost no debt — this company cannot be killed by a bad year. For every ₹100 shareholders have put in (and left in), the company has borrowed ₹0 — total borrowings have shrunk from ₹2.0 Cr to ₹0.0 Cr over the window.
What is the bull case for Onix Solar Energy Ltd?
Profits are still 50% below their best year. Best thing in the data: margins rising (8.8% → 87.5%). Sales collapsed 72% last quarter.
What is the bear case for Onix Solar Energy Ltd — what could break the story?
Biggest worry: free cash flow falling (₹4.0 Cr → ₹−2.0 Cr). Two quarters of margins reversing would kill this story. The nearest-term thing to watch: two consecutive quarters of margin decline would break this trend. This falsification condition is stated up front so the thesis can be checked against incoming quarters, not defended after the fact.
Is Onix Solar Energy Ltd a stock worth studying right now?
Sector Alpha does not publish buy or sell recommendations — this is a research read, not advice. What the data says: one to watch, not one to study deeper yet. The numbers say be careful, and the price is roughly fair to the delivery so far. Across the 7-model scorecard the composite research signal is low priority at 39% confidence. This is machine-written research compiled from Screener data — every number traces to its source — and it is not investment advice. Do your own diligence.