Onix Solar Energy Ltd.

•

onixsolarenergy.comBSE: -NSE: ONIXSOLAR

Market Cap₹ 1,675 Cr.

Current Price

High / Low₹ 463 / 262

Stock P/E27.9

Book Value₹ 235

Price to Book11.48

Dividend Yield0.00 %

ROCE32.8 %

ROE31.3 %

Face Value₹ 10

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ABOUT

AI Sector View

AI GENERATED

Metals & Mining

Hold

The sector backdrop is mixed. Iron ore output was very strong at 29.5% YoY (2026-07), but steel slowed to 2.9% YoY (2026-07), finished steel consumption was 8.0% YoY (2026-06), and headline mining production was still -0.9% (Jul/26). FPI outflows of INR -2349 crore over 3 months to 2026-08-31 also argue against an aggressive overweight.

Confidence

61%

View full sector analysis →

PROS

Company is almost debt free
Promoters have been increasing their shareholding - up 50.2pp over 2 years
Company has a healthy return on capital (ROCE) of 39.4%
Company has a good return on equity (ROE) track record: 3 Years ROE 38.5%
Company has delivered good sales growth of 90.8% CAGR over last 5 years
Operating margins have improved to 3.8% from -71.7%

CONS

A large part of profit comes from other income (27.6% of PBT)
Stock is trading at 11.5x its book value
Recurring exceptional / one-off items are inflating headline profit
Rich enterprise valuation - EV/EBITDA of 39.1x

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Metals & MiningNon - Ferrous MetalsMetal - Non Ferrous

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	HINDZINC	606.00	15.00	256054.33	1.65	5469.00	144.81	13747.00	81.10	69.83	58.56
2.	HINDALCO	1025.00	14.05	230340.72	0.49	7013.00	75.15	84825.00	32.06	10.45	16.43
3.	VEDL	273.80	5.44	107066.43	12.42	7918.00	77.65	24205.00	-35.34	18.72	35.12
4.	HINDCOPPER	532.35	45.29	51479.52	0.54	352.37	162.47	936.50	81.36	39.44	54.17
5.	VOGL	36.26	0.00	14179.07	0.00	9450.00	—	25070.00	—	0.00	32.47
6.	GRAVITA	1697.80	31.97	12531.20	0.37	106.37	14.30	1475.06	41.84	17.18	7.44
7.	JAINREC	295.70	28.27	10204.19	0.00	69.41	22.79	2724.46	75.86	25.74	3.97
8.	CMRGREEN	217.30	22.41	4760.08	0.00	68.18	—	3122.73	91.98	13.41	4.33
9.	POCL	467.00	24.98	3562.19	0.43	358.80	42.58	9348.90	55.08	23.32	5.97
10.	ARDEE	53.39	19.87	1682.86	0.00	199.03	—	3388.11	—	49.04	9.90
11.	ONIXSOLAR	454.20	27.85	1674.54	0.00	208.97	—	945.10	—	32.85	29.74
12.	BHAGYANGR	409.40	21.82	1371.34	0.00	20.24	167.37	705.08	45.20	9.17	5.43

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	0	0	0	0	0	0	6	23	5	43	2	7	937
	0	0	0	0	0	0	5	23	4	44	0	4	659
Operating Profit	-0	-0	-0	-0	-0	0	1	1	0	-1	1	3	278
OPM %	—	—	-1600.00%	—	-23.08%	38.46%	9.08%	2.58%	2.74%	-1.38%	88.46%	36.16%	29.69%
	0	0	0	1	0	0	0	0	0	0	0	0	0
Interest	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0
Profit before Tax	-0	-0	-0	1	0	0	1	1	0	-1	1	3	278
Tax %	-0.00%	-0.00%	-18.75%	1.54%	0.00%	0.00%	0.00%	9.86%	25.19%	-36.36%	0.00%	0.00%	25.15%
Net Profit	-0	-0	-0	1	0	0	1	1	0	-1	1	3	208
	-0.44	-0.70	-0.99	3.19	0.21	0.75	3.16	3.22	0.51	-3.82	5.32	12.53	5.65

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	2	4	2	1	1	0	2	0	0	29	989
	3	4	2	1	2	1	3	1	1	28	708
Operating Profit	-0	-0	-0	-0	-0	-1	-1	-1	-1	1	282
OPM %	-13.97%	-9.50%	-28.36%	-33.41%	-32.90%	-157.65%	-94.52%	-3517.15%	-4049.62%	3.78%	28.47%
	0	0	0	0	0	0	2	3	1	0	0
Interest	0	0	0	0	0	0	0	0	0	0	0
Depreciation	0	0	0	0	0	0	0	0	0	0	0
Profit before Tax	-0	-0	-0	0	-0	-0	0	2	0	2	282
Tax %	3.11%	5.15%	41.17%	17.75%	2.79%	-0.00%	0.00%	11.40%	17.87%	4.55%	24.91%
Net Profit	-0	-0	-0	0	-0	-0	0	2	0	1	212
EPS	-1.11	-0.62	-0.32	0.65	-1.29	-2.07	1.27	10.56	1.06	7.34	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: 22%
5 Years:: 91%
3 Years:: 168%

COMPOUNDED PROFIT GROWTH

10 Years:: 25%
5 Years:: —
3 Years:: 80%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: —

RETURN ON EQUITY

10 Years:: 8%
5 Years:: 21%
3 Years:: 38%
Last Year:: 31%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	2	2	2	2	2	2	2	2	2	2
	0	0	-0	0	-0	-1	-0	2	2	3
	2	2	1	1	1	2	0	1	0	0
Trade Payables	2	3	3	2	2	2	0	0	0	1
	0	0	0	0	0	0	5	0	0	33
Total Liabilities	6	7	7	5	5	5	7	5	4	39
	0	0	0	0	0	0	0	0	0	0
	4	2	2	2	1	1	0	0	0	0
	0	0	0	0	0	0	0	0	0	0
Cash & Bank	0	0	0	0	0	0	0	0	4	2
	2	5	4	3	4	4	7	4	0	37
Total Assets	6	7	7	5	5	5	7	5	4	39

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	-0	-0	-0	-0	0	1	-6	3	17
Cash from Investing	0	0	0	0	-0	0	6	1	-19
Cash from Financing	-0	-0	-0	0	0	-2	0	-1	0
	-0	-0	0	0	0	-0	-0	4	-2

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	0.00	0.00	0.00	0.00	0.00	0.00	91.72	74.98	50.22
FIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.77	0.77
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	100.00	100.00	100.00	100.00	100.00	100.00	8.28	24.26	49.01

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

No announcements filed.

News

Recent coverage and analyst commentary for ONIXSOLAR

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AI Stock Analyst

Onix Solar Energy Ltd.

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Free 5nance Account

Name

HINDZINC

606.00

15.00

256054.33

1.65

5469.00

144.81

13747.00

81.10

69.83

58.56

HINDALCO

1025.00

14.05

230340.72

0.49

7013.00

75.15

84825.00

32.06

10.45

16.43

VEDL

273.80

5.44

107066.43

12.42

7918.00

77.65

24205.00

-35.34

18.72

35.12

HINDCOPPER

532.35

45.29

51479.52

0.54

352.37

162.47

936.50

81.36

39.44

54.17

VOGL

36.26

0.00

14179.07

0.00

9450.00

—

25070.00

—

0.00

32.47

GRAVITA

1697.80

31.97

12531.20

0.37

106.37

14.30

1475.06

41.84

17.18

7.44

JAINREC

295.70

28.27

10204.19

0.00

69.41

22.79

2724.46

75.86

25.74

3.97

CMRGREEN

217.30

22.41

4760.08

0.00

68.18

—

3122.73

91.98

13.41

4.33

POCL

467.00

24.98

3562.19

0.43

358.80

42.58

9348.90

55.08

23.32

5.97

ARDEE

53.39

19.87

1682.86

0.00

199.03

—

3388.11

—

49.04

9.90

ONIXSOLAR

454.20

27.85

1674.54

0.00

208.97

—

945.10

—

32.85

29.74

BHAGYANGR

409.40

21.82

1371.34

0.00

20.24

167.37

705.08

45.20

9.17

5.43

Jun 2023

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

937

659

Operating Profit

-0

-1

278

OPM %

—

-1600.00%

—

-23.08%

38.46%

9.08%

2.58%

2.74%

-1.38%

88.46%

36.16%

29.69%

Interest

Depreciation

Profit before Tax

-0

-1

278

Tax %

-0.00%

-18.75%

1.54%

0.00%

9.86%

25.19%

-36.36%

0.00%

25.15%

Net Profit

-0

-1

208

-0.44

-0.70

-0.99

3.19

0.21

0.75

3.16

3.22

0.51

-3.82

5.32

12.53

5.65

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

TTM

989

708

Operating Profit

-0

-1

282

OPM %

-13.97%

-9.50%

-28.36%

-33.41%

-32.90%

-157.65%

-94.52%

-3517.15%

-4049.62%

3.78%

28.47%

Interest

Depreciation

Profit before Tax

-0

282

Tax %

3.11%

5.15%

41.17%

17.75%

2.79%

-0.00%

0.00%

11.40%

17.87%

4.55%

24.91%

Net Profit

-0

212

EPS

-1.11

-0.62

-0.32

0.65

-1.29

-2.07

1.27

10.56

1.06

7.34

—

Dividend Payout %

0.00%

—

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Equity Capital

-0

-1

-0

Trade Payables

Total Liabilities

Cash & Bank

Total Assets

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

-0

-6

Cash from Investing

-0

-19

Cash from Financing

-0

-2

-1

-0

-2

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

0.00

91.72

74.98

50.22

FIIs

0.00

0.77

Government

0.00

100.00

8.28

24.26

49.01

Onix Solar Energy Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI

Onix Solar Energy Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI