On 6 Nov 2026, Onix Solar Energy was priced at ₹296.15, or 3.1× trailing earnings, against an industry P/E of 15.5×, and the shares are 36% below their 52-week high. Net profit grew 147% a year over 3 years; its ROCE of 5.7% is the lowest among the 7 largest Solar peers. It carries very little debt. It is a small-cap company with a market cap of ₹1,092 Cr, ranked 14th of 27 Solar companies by market cap; the shares fell 17% over the past year.
- ₹303.80
- ₹307.80
- ₹292.55
- ₹306.80
- 39.7K
Health check
- ReturnsIn line
−17.0% over a year, better than 3 of 7 peers.
- Price tagCheaper
P/E 3.1 vs industry 15.5.
- GrowthStrong
Sales +1804.5%, profit +146.9% a year over 3 years.
- ProfitabilityWeak
ROCE 5.7% vs peer median 27.4%.
- Balance sheetStretched
Debt 0.07× equity, interest covered 17.1×, Piotroski 3 of 9.
- Red flags2 to check
Quarterly sales down 25.2% on a year ago.
Small cap
Market sensitivity
Key metrics
- Market cap
- ₹1,092 Cr
- Small cap
- P/E
- 3.1
- Industry 15.5
- Price to book
- 1.29
- Peers 4.38
- Dividend yield
- 0.00%
- ROE
- 12.4%
- Peers 29.9%
- ROCE
- 5.7%
- Peers 27.4%
- Debt to equity
- 0.07
- Debt ₹56 Cr
- EPS (TTM)
- ₹96.62
- Face value ₹10
- OPM (TTM)
- 25.5%
- Net margin 26.3%
- Sales growth
- −25.2%
- Latest quarter vs a year ago
- Profit growth
- n/a
- Year-ago quarter not reported
- Price to sales
- 5.36
- EV/EBITDA 15.2
Strengths and risks
Strengths
- Practically debt-free.
- Net margin of 26.3%.
- P/E of 3.1 against an industry P/E of 15.5.
Risks to check
- Quarterly sales down 25.2% on a year ago.
- 36% below its 52-week high.
About Onix Solar Energy
Onix Solar Energy Limited a renewable energy company, engages in the solar module manufacturing and renewable energy in India. The company holds solar module manufacturing capacity of up to 800 MW; Onix Solar Energy produces high-efficiency N-Type TOPCon and P-Type modules ranging from 530 Wp to 640 Wp. It also develops 1000 MW of solar projects across Maharashtra. The company was formerly known as ABC Gas (International) Limited and changed its name to…
- Headquarters
- Mumbai
- Sector
- Technology
- ISIN
- INE173M01012
- Website
- onixsolarenergy.com
Price range
- Avg volume (3M)
- 3 L
- 1-year return
- minus 17.0%
- From 52-week high
- minus 36.2%
Peers · Solar
| Company | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| WAAREEENERWaaree Energies | 2,438.00 | minus 0.46% | 70,129 | 19.0 | 12.0 | 30.1% | 19.9% | 0.31 | 57.8% | minus 27.3% |
| PREMIERENEPremier Energies | 890.00 | plus 0.85% | 40,316 | 22.5 | 17.4 | 27.4% | 29.9% | 0.86 | 76.2% | minus 15.3% |
| EMMVEEEmmvee Photovoltaic Power | 251.31 | minus 0.28% | 17,399 | 12.1 | 9.7 | 34.5% | 34.7% | 0.25 | 102.7% | plus 14.5% |
| KARAMTARAKaramtara Engineering | 375.70 | minus 0.96% | 12,091 | 52.8 | 27.7 | 18.1% | 9.0% | 0.91 | 40.4% | plus 6.7% |
| UTLSOLARFujiyama Power Systems | 351.80 | minus 9.21% | 10,811 | 35.7 | 22.5 | 28.9% | 18.8% | 0.41 | 58.7% | plus 68.8% |
| BORORENEWBOROSIL RENEWABLES | 403.20 | minus 2.55% | 5,934 | 13.4 | 12.1 | 9.5% | 30.1% | 0.07 | 20.2% | minus 37.6% |
| VIKRAMSOLRVikram Solar | 142.39 | plus 1.95% | 5,160 | 14.1 | 6.0 | 20.5% | 15.4% | 0.20 | 32.3% | minus 56.6% |
| ONIXSOLAROnix Solar Energy | 296.15 | minus 3.47% | 1,092 | 3.1 | 24.5 | 5.7% | 25.5% | 0.07 | 1804.5% | minus 17.0% |
| Median of 7 peers | – | −0.46% | 12,091 | 19.0 | 12.1 | 27.4% | 19.9% | 0.31 | 57.8% | −15.3% |
Quarterly results
| ₹ Cr | Jun 25 | Sep 25 | Dec 25 | Mar 26 | Sep 26 |
|---|---|---|---|---|---|
| 45.2 | 43.4 | 16.1 | 70.3 | 32.4 | |
| 44 | 44 | 1.9 | 44.9 | 30.2 | |
| 1.2 | −0.6 | 14.3 | 25.4 | 2.2 | |
| 2.7% | −1.4% | 88.4% | 36.2% | 6.9% | |
| 0.1 | 0.1 | 0.1 | 0.3 | 0 | |
| – | 0.1 | – | 0 | 0.1 | |
| 0 | – | – | – | 0.1 | |
| 1.4 | −0.6 | 14.4 | 25.7 | 2.1 | |
| 25.2% | −36.0% | – | – | 27.7% | |
| 1 | −0.8 | 14.4 | 25.7 | 1.5 | |
| 3.38 | -0.37 | 3.53 | 87.02 | 0.40 |
Profit & loss
- Sales CAGR 3Y
- +1804.5%
- Profit CAGR 3Y
- +146.9%
- EPS CAGR 3Y
- +7.6%
- ROE
- 12.4%
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 0 | 0 | 29.4 | 165 | |
| – | minus 45.2% | +224215.3% | +462.9% | |
| 0.9 | 0.5 | 28.3 | 119 | |
| −0.8 | −0.5 | 1.1 | 46.5 | |
| −3497.1% | −4035.9% | 3.8% | 28.1% | |
| 0.1 | 0 | 0.4 | 1.1 | |
| 0 | 0 | 0 | 2.8 | |
| 0 | 0 | 0 | 0.3 | |
| 3.1 | 0.8 | – | – | |
| 2.4 | 0.3 | 1.5 | 44.5 | |
| 11.4% | 17.9% | 4.5% | 29.3% | |
| 2.1 | 0.2 | 1.5 | 31.5 | |
| – | minus 90.0% | +592.3% | +2065.0% | |
| 7.00 | 0.70 | 5.10 | 8.73 |
Forecast
Balance sheet
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 2 | 2 | 2 | 25.1 | |
| 1.8 | 2 | 3.4 | 749 | |
| 0.6 | – | – | 49.9 | |
| 0.3 | 0.1 | 34 | 40.9 | |
| 4.7 | 4 | 39.4 | 865 | |
| 0.2 | 0 | 2.4 | 14.2 | |
| – | – | – | 12.5 | |
| 0 | 3.7 | 1.6 | 2.1 | |
| 4.4 | 0.3 | 35.4 | 836 | |
| 4.7 | 4 | 39.4 | 865 |
Cash flow
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| −6.1 | 3.2 | 17.2 | −236 | |
| 5.7 | 1.1 | −19.3 | −81.8 | |
| 0.4 | −0.6 | – | 318 | |
| −0 | 3.7 | −2.1 | 0.5 | |
| −0.2 | – | −19.7 | −0 | |
| −6.3 | 3.2 | −2.5 | −236 |
Shareholding pattern
NSE hasn’t returned a shareholding pattern for this company.
Major shareholders
Filings & events
News
No recent news coverage found.