Onyx Biotec Limited (ONYX)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Onyx Biotec's revenue was ₹34.9 Cr (+9.7% year on year, +0.8% on the previous half-year), and net profit ₹0.7 Cr (-65.0% year on year); the operating margin was 7.0%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹34.9 | +9.7% | +0.8% |
| Operating profit | ₹2.5 | -47.1% | +160.6% |
| Net profit | ₹0.7 | -65.0% | from loss |
| EPS (₹) | 0.38 | -65.1% | from loss |
| Operating margin | 7.0% | — | — |
ONYX delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 100.0% of the ONYX shares traded on NSE were taken to delivery, against the stock's own 20-session average of 98.59%. That is close to its usual level. Turnover was only ₹1 lakh, so a handful of trades can move this figure. Volume was under a tenth of its average. It closed at a price band (circuit) on 4 sessions in about the last 20.
Delivery in the last 5 sessions: 93.8% · 100.0% · 100.0% · 100.0% · 100.0%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
VC Corporate Advisors Private Limited has issued an Offer Opening Public Announcement cum Corrigendum to the Detailed Public Statement for the public shareholders of Onyx Biotec Limited. The filing relates to the formal commencement and schedule of an open offer process for the company. Specific offer details such as share price, offer size, and post-transaction shareholding are referenced in the statutory advertisement, while the attachment text primarily contains legal transfer and duplicate share certificate loss notices. As of Mar 2026, the promoter holding stood at 65.1%, with TTM revenue of ₹131 Cr.
- Manager to the offer, VC Corporate Advisors Private Limited, issued the offer opening announcement cum corrigendum.
- The transaction impacts target company Onyx Biotec Limited, which generated TTM revenue of ₹131 Cr and TTM PAT of ₹5 Cr.
- Promoter holding stood at 65.1% prior to the offer as of March 2026 filings.
- The document submission includes a notice for claims within 7 days regarding duplicate share requests.
Onyx Biotec Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate issued by Registrar and Share Transfer Agent MAS Services Limited confirms that dematerialization requests received between July 1, 2026, and September 30, 2026, were processed within the mandated 15-day timeline. The physical security certificates were verified, mutilated, and cancelled as per standard regulations. This is a purely procedural regulatory filing with no financial impact.
- Regulation 74(5) compliance certificate submitted for the quarter ended September 30, 2026
- Covers dematerialization requests processed during the period from July 1, 2026, to September 30, 2026
- RTA MAS Services Limited confirmed requests were accepted or rejected within 15 days of receipt
- Mutilated and cancelled physical share certificates within the required 15-day limit
Onyx Biotec Limited submitted newspaper publications of the Independent Director Committee (IDC) recommendations concerning an open offer to acquire up to 47,14,372 equity shares. The offer covers 26.00% of the total paid-up voting equity share capital. The acquirers are Mr. Kunal Bhardwaj, Mr. Gautam Bhardwaj, Mr. Kanhaiya Bhardwaj, and Mr. Kapil Bhardwaj. The recommendation dated October 07, 2026, was published in newspapers on October 08, 2026, pursuant to SEBI (SAST) Regulations, 2011.
- Open offer made to public shareholders to acquire up to 47,14,372 equity shares of face value Rs 10 each
- Shares under offer represent 26.00% of the company's total paid-up equity and voting capital
- Committee of Independent Directors (IDC) issued its recommendation dated October 07, 2026
- Acquisition proposed collectively by four acquirers: Kunal Bhardwaj, Gautam Bhardwaj, Kanhaiya Bhardwaj, and Kapil Bhardwaj
The Committee of Independent Directors of Onyx Biotec met on October 07, 2026, to review and analyze an Open Offer under SEBI SAST Regulations. The offer is made by Mr. Kunal Bhardwaj, Mr. Gautam Bhardwaj, Mr. Kanhaiya Bhardwaj, and Mr. Kapil Bhardwaj to acquire up to 47,14,372 equity shares. This represents 26.00% of the company's total voting capital. The Committee's detailed recommendations will be published in newspapers following the Detailed Public Statement dated July 31, 2026.
- Open offer involves acquisition of up to 47,14,372 equity shares of face value Rs 10 each
- Target shares represent 26.00% of total paid-up equity and voting capital
- Committee of Independent Directors met on October 07, 2026, to review the offer terms
- Detailed recommendations to follow publication aligned with the July 31, 2026 Detailed Public Statement
Four individual acquirers (Kunal, Gautam, Kanhaiya, and Kapil Bhardwaj) have issued a Letter of Offer to acquire up to 47,14,372 equity shares representing 26.00% of Onyx Biotec Limited. The open offer is priced at ₹36.50 per share payable in cash, amounting to a total offer size of approximately ₹17.21 crore. The transaction is triggered under SEBI (SAST) Regulations 3(1) and 4 for substantial share acquisition accompanied by a change in control and management. The tendering period opens on October 13, 2026, and closes on October 27, 2026.
- Open offer for up to 47,14,372 equity shares representing 26.00% voting share capital
- Offer price fixed at ₹36.50 per equity share in cash
- Total open offer value stands at approximately ₹17.21 crore
- Tendering window runs from October 13, 2026, to October 27, 2026
- Triggered under Regulations 3(1) & 4 of SEBI (SAST) Regulations for change in control and management
Onyx Biotec Limited has issued the notice for its 21st Annual General Meeting (AGM) scheduled for Monday, September 28, 2026, via Video Conferencing. Key agenda items include the adoption of FY26 financial statements and the ratification of cost auditor remuneration of Rs. 50,000. Additionally, the company seeks shareholder approval to re-designate Whole-Time Director Mr. Naresh Kumar as Managing Director through July 22, 2027, at a monthly basic salary of Rs. 2,50,000. Book closure is scheduled from September 22 to September 28, 2026, with the e-voting cut-off date set as September 21, 2026.
- 21st AGM scheduled for September 28, 2026, via Video Conferencing
- Shareholder approval sought for re-designating Mr. Naresh Kumar as Managing Director up to July 22, 2027
- Managing Director monthly basic salary defined at Rs. 2,50,000
- Cost auditor remuneration fixed at Rs. 50,000 plus taxes for FY27
- Register of Members and share transfer books closed from September 22, 2026, to September 28, 2026
Onyx Biotec Limited announced the outcome of its Board Meeting held on September 3, 2026. The Board scheduled the 21st Annual General Meeting (AGM) for September 28, 2026, via Video Conferencing, with the voting cut-off date set as September 21, 2026. Additionally, the Board approved the re-designation of Mr. Naresh Kumar from Whole-time Director to Managing Director, subject to shareholder approval, with no changes to his remuneration or tenure. M/s. K.K. Sinha & Associates was appointed as the Cost Auditor.
- 21st AGM scheduled for September 28, 2026 at 12:30 PM IST via video conferencing
- Book closure period fixed from September 22, 2026 to September 28, 2026 with cut-off date on September 21, 2026
- Mr. Naresh Kumar re-designated from Whole-time Director to Managing Director effective September 3, 2026
- Appointment of M/s. K.K. Sinha & Associates as Cost Auditor approved
A group of individual acquirers (Sanjay Jain, Naresh Kumar, and Promod Kumar) has announced a mandatory open offer to acquire up to 4,815,000 equity shares of Onyx Biotec Limited, representing 26% of the total voting capital. The offer price is set at ₹61.00 per share, implying a total potential cash outlay of ₹29.37 Cr. This offer was triggered by a Share Purchase Agreement (SPA) dated July 24, 2026. The tendering period for shareholders is scheduled to run from September 18, 2026, to October 1, 2026.
- Open offer to acquire 4,815,000 shares representing 26% of the company's voting capital
- Offer price fixed at ₹61.00 per equity share to be paid in cash
- Total maximum consideration for the offer is ₹29.37 Cr, which is approximately 53.4% of the company's Net Worth
- Tendering period for public shareholders starts on September 18, 2026, and ends on October 1, 2026
- The offer is triggered following a Share Purchase Agreement (SPA) dated July 24, 2026
Financial Performance
Revenue Growth by Segment
The company operates in a single segment: Manufacturing of Pharmaceutical Products. Standalone revenue grew 15.26% YoY from INR 5,374.88 Lakhs in FY24 to INR 6,195.14 Lakhs in FY25. H1 FY26 revenue reached INR 3,458.30 Lakhs, a 14.7% increase over H1 FY25.
Geographic Revenue Split
Primarily domestic Indian market; 100% of manufacturing operations are concentrated in Himachal Pradesh (Unit I and Unit II in Nalagarh).
Profitability Margins
Net Profit Margin improved from 6.76% in FY24 to 8.00% in FY25. However, H1 FY26 saw a net loss margin of -2.6% (INR 90.05 Lakhs loss) primarily due to a one-time provision for doubtful debts of INR 150 Lakhs.
EBITDA Margin
18.2% in FY25 (INR 1,151.11 Lakhs), up from 15.7% in FY24 (INR 846.37 Lakhs), representing a 250 bps improvement in core profitability.
Capital Expenditure
Historical CapEx includes INR 2,538.02 Lakhs raised via IPO (net of expenses) on November 22, 2024, utilized for upgrading Unit I for large volume parentals and setting up high-speed packaging lines at Unit II.
Credit Rating & Borrowing
Finance costs decreased by 5.7% from INR 210.66 Lakhs in FY24 to INR 198.55 Lakhs in FY25 following the repayment of long-term loans using IPO proceeds.
Operational Drivers
Raw Materials
Active Pharmaceutical Ingredients (APIs) and specialized packaging materials for sterile injectables, representing 62.3% of total revenue (INR 3,860.51 Lakhs in FY25).
Capacity Expansion
Current capacity not explicitly stated in MT; expansion includes upgrading Unit I to manufacture large volume parentals for intravenous use and installing a high-speed cartooning packaging line at Unit II for Dry Powder Injections.
Raw Material Costs
Raw material costs were INR 3,860.51 Lakhs in FY25 (62.3% of revenue), compared to INR 3,616.87 Lakhs in FY24 (67.3% of revenue), showing a 5% improvement in procurement efficiency.
Manufacturing Efficiency
Debtors turnover ratio decreased from 5.26 times in FY24 to 3.48 times in FY25, indicating a slowdown in collection efficiency.
Strategic Growth
Expected Growth Rate
15%
Growth Strategy
Achieving growth through the upgradation of Unit I to manufacture large volume parentals for intravenous use and installing high-speed packaging lines at Unit II to increase throughput for dry powder injections, supported by the INR 2,538.02 Lakhs raised via IPO.
Products & Services
Water for Injection (WFI), Dry Powder Injections, and Dry Powder Syrup.
Brand Portfolio
Onyx Biotec.
New Products/Services
Large volume parentals for intravenous use, expected to contribute to revenue following the completion of the Unit I upgrade.
Market Expansion
Expansion into the large volume parentals market via facility upgrades in FY26, targeting the intravenous use segment.
External Factors
Industry Trends
The Indian pharma industry is projected to reach US$ 100 billion in exports by 2030. Key trends include the Production Linked Incentive (PLI) scheme and a shift toward high-value specialized products like sterile injectables.
Competitive Landscape
Operates in the highly competitive generic pharmaceutical market against both large-scale players and SME manufacturers.
Competitive Moat
Cost leadership in generic sterile products (WFI) and high-speed manufacturing capabilities. The moat is sustained by high regulatory barriers (Schedule M compliance) and the capital-intensive nature of sterile manufacturing environments.
Macro Economic Sensitivity
Sensitive to healthcare spending and government pharma policies; industry growth is linked to India's US$ 100 billion export target for 2030.
Consumer Behavior
Increasing demand for affordable generic medicines and sterile injectable formulations in the domestic market.
Geopolitical Risks
Potential impacts on API imports and global supply chain disruptions affecting the US$ 100 billion export potential of the Indian pharma sector.
Regulatory & Governance
Industry Regulations
Compliance with Indian Accounting Standard 25 for interim reporting and SEBI (LODR) Regulations 2015. Manufacturing must adhere to Schedule M and other pharma-specific quality standards.
Taxation Policy Impact
Effective tax rate of 23.6% in FY25 (INR 152.39 Lakhs total tax on INR 647.82 Lakhs PBT).
Risk Analysis
Key Uncertainties
Credit risk from trade receivables, as evidenced by the INR 150 Lakhs provision for doubtful debts in H1 FY26, which turned the period into a net loss of INR 90.05 Lakhs.
Geographic Concentration Risk
100% of manufacturing operations are located in Nalagarh, Himachal Pradesh, creating a high dependency on the regional industrial climate and state-specific regulations.
Technology Obsolescence Risk
The company is mitigating technology risks by investing in high-speed cartooning packaging lines and upgrading Unit I to modern large-volume parental standards.
Credit & Counterparty Risk
Trade receivables increased by INR 657.19 Lakhs in H1 FY26, suggesting potential pressure on collections and liquidity.
