Onix Solar Energy Ltd (513119)
📢 Recent Corporate Announcements
Onix Solar Energy Limited has scheduled a meeting of its Board of Directors on Monday, September 7, 2026. The agenda includes fixing the date, time, and mode of the upcoming Annual General Meeting (AGM) and approving the AGM notice for dispatch. The Board will also determine the book closure dates and appoint a scrutinizer for e-voting.
- Board meeting scheduled for Monday, September 7, 2026
- Agenda to fix date, time, venue/mode, and notice dispatch for the upcoming AGM
- Dates for closure of Register of Members and Share Transfer Books to be finalized
- Scrutinizer to be appointed for remote e-voting and AGM voting processes
Promoter entity Onix Renewable Limited has acquired 10,83,000 equity shares (representing a 2.94% stake) in Onix Solar Energy Ltd through an open market purchase on August 25, 2026. Following this transaction, Onix Renewable Limited's holding in the target company increased from 50.82% (1,87,34,885 shares) to 53.75% (1,98,17,885 shares). At current market prices, the acquisition value is approximately Rs 31.5 crore against a total equity base of 3,68,67,926 shares.
- Promoter entity Onix Renewable Ltd acquired 10,83,000 shares (2.9375% voting capital) via open market on 25.08.2026
- Pre-acquisition promoter entity holding stood at 1,87,34,885 shares (50.8162%)
- Post-acquisition promoter entity holding increased to 1,98,17,885 shares (53.7537%)
- Total paid-up and diluted equity capital remains unchanged at 3,68,67,926 shares of Rs 10 each (Rs 36.87 cr)
Non-promoter shareholder Abhishek Ashvinbhai Kamdar and PAC sold 11,64,179 equity shares (representing a 3.16% stake) in Onix Solar Energy Limited between July 27, 2026, and August 20, 2026. The transactions were conducted via a combination of off-market and on-market trades. Following this disposal, the combined holding of the shareholder and PAC declined from 10.82% (39,92,047 shares) to 7.67% (28,27,868 shares).
- Sold 11,64,179 equity shares representing 3.16% of total voting capital
- Pre-transaction holding stood at 39,92,047 shares (10.82%)
- Post-transaction holding reduced to 28,27,868 shares (7.67%)
- Disposal executed via off-market and on-market trades between July 27, 2026, and August 20, 2026
Onix Solar Energy Limited announced that its equity shares are permitted to trade and admitted to dealings on the National Stock Exchange of India (NSE) with effect from August 17, 2026. The admission covers 36,867,926 equity shares of face value Rs 10 each under the trading symbol 'ONIXSOLAR' in the EQ series. The company previously traded on the BSE (Scrip: 513119) with a current market capitalization of Rs 1,653 Cr. Trading on NSE enhances liquidity and access for both retail and institutional market participants.
- Admitted to dealings on the NSE Capital Market Segment effective August 17, 2026 under symbol ONIXSOLAR
- Total 36,867,926 equity shares of face value Rs 10 each admitted (ISIN: INE173M01012, Series: EQ)
- NSE listing circular reference No. 1355/2026 issued on August 14, 2026 with market lot of 1 share
Abhishek Ashvinbhai Kamdar, a significant non-promoter shareholder, reduced his stake in Onix Solar Energy Ltd by 2.93% between July 7 and July 24, 2026. The transaction involved a net disposal of 10,82,791 shares, bringing his total holding down from 13.76% to 10.82%. This sale occurred through a combination of open market and off-market transactions. This follows a broader trend of shifting shareholding patterns, as promoter holdings recently decreased from 91.72% in December 2025 to 56.44% in June 2026.
- Net disposal of 10,82,791 equity shares representing 2.93% of the total share capital
- Total holding decreased from 50,74,838 shares (13.76%) to 39,92,047 shares (10.82%)
- Transactions executed between July 7, 2026, and July 24, 2026, via open and off-market modes
- Acquirer/Seller is classified as a non-promoter entity
- Total equity share capital remains unchanged at 3,68,67,926 shares of Rs. 10 each
Onix Solar Energy (formerly ABC Gas) reported a strong consolidated net profit of ₹20.90 Cr for Q1 FY27, a 193% increase from ₹7.13 Cr in Q1 FY26. While consolidated revenue saw a slight decline of 8.5% YoY to ₹94.51 Cr, standalone revenue more than doubled to ₹93.74 Cr. The company demonstrated significant margin expansion, with consolidated PBT margins jumping to 29.5% from 7.2% YoY. Additionally, the board approved the establishment of a new corporate office in Rajkot and appointed a new Independent Director for a 5-year term.
- Consolidated Net Profit surged 193% YoY to ₹20.89 Cr from ₹7.13 Cr.
- Standalone Revenue from operations grew 107% YoY to ₹93.74 Cr.
- Consolidated PBT margin improved significantly to 29.5% compared to 7.2% in the previous year's quarter.
- Paid-up Equity Share Capital increased to ₹3.69 Cr from ₹2.51 Cr in March 2026.
- New Corporate Office established in Rajkot, Gujarat, effective July 14, 2026.
Onix Solar Energy Ltd (formerly ABC Gas) reported a significant jump in standalone performance for Q1 FY27, with revenue doubling to ₹93.73 cr compared to ₹45.20 cr in the same quarter last year. Standalone net profit saw a massive increase to ₹20.83 cr from just ₹1.01 cr YoY, driven by the renewable energy segment. The company also announced the relocation of its corporate office to Rajkot, Gujarat, and the appointment of a new Independent Director for a 5-year term. Consolidated net profit also grew substantially to ₹20.90 cr from ₹7.13 cr YoY.
- Standalone Revenue from operations grew 107% YoY to ₹9,373.56 lakhs.
- Standalone Net Profit increased nearly 20-fold to ₹2,083.13 lakhs from ₹101.01 lakhs YoY.
- Consolidated Net Profit for the quarter ended June 30, 2026, stood at ₹2,089.74 lakhs.
- Corporate office relocated to Rajkot, Gujarat, effective July 14, 2026.
- Mr. Hitesh Kantilal Bhansali appointed as Independent Director for a 5-year term.
Onix Solar Energy reported a significant 193% YoY increase in consolidated net profit to ₹20.90 crore for Q1 FY27, despite a 8.5% decline in revenue from operations to ₹94.51 crore. The profit surge was driven by a sharp reduction in purchase of stock-in-trade, which fell from ₹66.01 crore to ₹11.76 crore YoY. The company also announced the establishment of a new corporate office in Rajkot, Gujarat, and the appointment of Hitesh Kantilal Bhansali as an Independent Director for a five-year term. Board committees including Audit and NRC were reconstituted following the management changes.
- Consolidated Net Profit increased by 193% YoY to ₹20.90 crore in Q1 FY27 from ₹7.13 crore in Q1 FY26.
- Consolidated Revenue from operations decreased by 8.5% YoY to ₹94.51 crore compared to ₹103.33 crore in the previous year's quarter.
- Total expenses were reduced by 30.9% YoY to ₹66.60 crore, primarily due to lower purchase of stock-in-trade.
- Established a new Corporate Office in Rajkot, Gujarat, effective July 14, 2026.
- Appointed Hitesh Kantilal Bhansali as an Independent Director for a 5-year term starting July 15, 2026.
Onix Solar Energy (formerly ABC Gas International) reported a strong bottom-line performance for Q1 FY27, with consolidated Net Profit surging 193% YoY to ₹20.90 crore. This growth comes despite a marginal 8.5% decline in consolidated revenue from operations, which stood at ₹94.51 crore compared to ₹103.33 crore in the same period last year. The company demonstrated significant margin expansion, with Profit Before Tax (PBT) rising to ₹27.92 crore from ₹7.45 crore YoY. Additionally, the company shifted its corporate office to Rajkot, Gujarat, and appointed a new Independent Director for a five-year term.
- Consolidated Net Profit increased by 193% YoY to ₹20.90 crore in Q1 FY27.
- Consolidated Revenue from operations declined 8.5% YoY to ₹94.51 crore.
- Profit Before Tax (PBT) margin improved significantly to 29.5% from 7.2% in the year-ago quarter.
- Established a new Corporate Office in Rajkot, Gujarat, effective July 14, 2026.
- Appointed Mr. Hitesh Kantilal Bhansali as an Independent Director for a 5-year term.
Onix Solar Energy Ltd has scheduled a board meeting on July 15, 2026, to consider and approve the unaudited standalone and consolidated financial results for the quarter ended June 30, 2026. This is a routine regulatory filing under SEBI Listing Regulations. The trading window for designated persons has been closed since July 1, 2026, and will remain closed until 48 hours after the results are declared.
- Board meeting scheduled for July 15, 2026
- Review of unaudited financial results for the quarter ended June 30, 2026
- Trading window closed from July 1, 2026, until 48 hours post-results declaration
Abhishek Ashvinbhai Kamdar and PAC (HUF) sold 12,62,148 equity shares of Onix Solar Energy Ltd on July 06, 2026. This open-market transaction represents a 3.42% reduction in their total shareholding. Consequently, their combined stake has decreased from 17.18% to 13.76%. The seller is classified as a non-promoter, meaning this does not represent a change in promoter skin-in-the-game.
- Sale of 12,62,148 equity shares representing 3.42% of the total voting capital
- Combined holding reduced from 17.18% (63,36,986 shares) to 13.76% (50,74,838 shares)
- Transaction executed via open market on July 06, 2026
- Total equity share capital of the company stands at 3,68,67,926 shares
Financial Performance
Financial analysis data not yet available for this company.
Operational Drivers
Operational analysis data not yet available for this company.
Strategic Growth
Growth Strategy
The company is initiating a proposal to increase its Authorized Share Capital as of January 2026. This strategy is designed to create headroom for future equity infusion or debt-to-equity conversions, which would provide the necessary liquidity to fund expansion in the solar energy sector. An Extra-Ordinary General Meeting (EGM) is being convened to obtain shareholder approval for this capital restructuring.
Products & Services
Solar energy solutions, solar power generation, and related renewable energy infrastructure services.
Brand Portfolio
Onix Solar Energy
External Factors
Industry Trends
The solar industry is currently transitioning toward higher efficiency Mono-PERC and TopCon modules. The Indian government's target of 500 GW non-fossil fuel capacity by 2030 provides a structural tailwind for Onix Solar Energy Limited, positioning the company to capture growth in the commercial and industrial (C&I) solar segments.
Competitive Moat
The company's moat is tied to its ability to scale capital through the proposed increase in authorized share capital, allowing it to bid for larger-scale solar projects. Sustainability of this advantage depends on successful capital raising and execution of solar power purchase agreements (PPAs).
Regulatory & Governance
Industry Regulations
Compliance with the Approved List of Models and Manufacturers (ALMM) for solar cells and modules, and adherence to state-specific net metering and banking regulations for solar power projects.
Risk Analysis
Key Uncertainties
The primary uncertainty is the successful approval and subsequent utilization of the increased authorized share capital to generate a return on investment. Failure to raise capital after the increase could stall planned expansion projects.
Technology Obsolescence Risk
Rapid changes in solar cell technology (e.g., shift from polycrystalline to monocrystalline) pose a risk of asset obsolescence if manufacturing or procurement strategies are not updated.
