Onix Renewable

Revenue rose from about Rs. 100 Cr in FY22 to about Rs. 1,013 Cr in FY25. PAT went from Rs. 2.2 Cr to Rs. 114.8 Cr, and operating margin climbed from about 3% to 16.5%.

Recent developments

New listing route: Onix is proposing to list through a reverse merger with BSE-listed Eureka Industries instead of an IPO. Under the proposed scheme, Onix shareholders would receive 1 Eureka share for each Onix share, and Eureka would be renamed Onix Renewable Limited. This is subject to NCLT, SEBI, and BSE approvals.

PM-KUSUM: It won the first prize in PM-KUSUM-C in January and commissioned 115 MW across 60 locations in Gujarat in June 2026.

Onix has bagged a Rs. 148.80 Cr module supply order in December 2025. Vikran Engineering has bagged a 600 MW solar turnkey order of about Rs. 2,035 Cr from Onix.

Green ammonia: It won an SECI auction for 50,000 tonnes a year and signed a Rs. 10,000 Cr MoU with Gujarat.

Expansion plan: It announced Rs. 25,000 Cr of investment for 7 GW of capacity and 5 GW of module manufacturing.

Onix Renewable has grown fast, with real projects, healthy margins, and a large order book. But the story is not complete yet. Its FY26 accounts are yet to be released, the listing depends on the merger getting final approval, and the big expansion plan will need heavy funding.