ONIX SOLAR ENERGY LIMITED (ONIXSOLAR) share price
₹371.20 on NSE as of 2026-10-08. +4.62% on the day. market cap ₹1,367 Cr. P/E 17.6. 52-week range ₹226.10 to ₹1107.15. Metals & Mining.
Onix Solar Energy Q1 FY27: A Gas Company That Became a Solar Company and Landed in the Copper Aisle
At a glance
Onix Solar Energy makes solar modules, the panels that turn sunlight into electricity.
For the three months to June 2026 the company reported sales of ₹93.74 crore. The same three months of 2025 brought ₹45.2 crore, so sales rose 107 per cent. They were also 33 per cent above the ₹70.3 crore of the three months to March 2026. Operating profit, what the business earns before interest and tax, came to ₹27.83 crore. A year earlier that line was ₹1.24 crore. Net profit was ₹20.83 crore against ₹1.01 crore. The profit variation works out at roughly 1,962 per cent, which makes a screener column look like a typo.
Another figure sits beside it. Net profit in the three months to March 2026 was ₹25.67 crore. Profit therefore fell about 19 per cent from that quarter while sales rose. The June quarter also carried a current-tax charge of ₹7 crore. That is the first meaningful tax line in a while, after a prior year at an almost invisible rate.
Until May 2024 the firm sold gas products under the name ABC Gas (International). It now makes solar modules. It carries ₹759 crore of reserves, the past profits and share premium kept inside a business. Those reserves were not there a year ago. The data providers file the company under a peer group of copper companies.
Introduction
Onix Solar Energy was incorporated in 1980. For most of its life it manufactured gas products and traded in related goods as ABC Gas (International) Ltd. Per the company's own filings, that business was a nonperformer. On 14 May 2024 the company switched its main line from the gas industry to solar energy.
The pivot came with the full paperwork. In the year to March 2024 the company rewrote the main-object clause of its Memorandum. That clause is the part of the founding document listing what a company is allowed to do. The new wording covers generating, distributing and supplying solar energy, building and running solar plants, and solar consulting. The name changed from ABC Gas (International) Ltd to Onix Solar Energy Ltd. The registered office moved from Maharashtra to Gujarat. The finance chiefs were reshuffled as well. Mr Manohar left and Ms Dipanshi Lunagariya took the post on 15 May 2024. Mr Sagar Sureshbhai Limbad has held it since 21 May 2025.
Then came the capital events. On 11 June 2025 the board approved buying a 99.99 per cent stake in Nexgenix Solar Manufacturing Pvt. Ltd. It paid by issuing 1.85 crore equity shares worth ₹488.77 crore. That folded a solar manufacturer into the listed company. Authorised capital, the ceiling on shares a company may issue, was raised from ₹5 crore to ₹27 crore.
Across the year to March 2026 the company ran several rights issues, which offer new shares to existing shareholders. One covered 45,76,305 shares and raised ₹249.87 crore. Another covered 1,17,97,736 shares and raised ₹60.17 crore. The second lot was allotted on 2 June 2026. Paid-up capital, the money shareholders have actually put in, stood at ₹36.87 crore after it.
Business model
Onix makes solar modules. Per the company's own material, the range runs to two module types. One is Mono PERC. The other covers TOPCon and bifacial variants, which generate from both faces of the panel. They are rated between 540 and 670 watt-peak, the output measured under standard bright-light testing. Both are tested in an in-house lab for photovoltaic modules.
The company describes a 1,200 MW TOPCon module-and-cell plant as under development. A module is the finished panel; a cell is the piece inside it that does the converting. Live capacity is described as much smaller than that plan. The roadmap on paper stretches further still. It runs into cells, into an arm that would own and run power plants, and into green hydrogen capacity climbing towards 150,000 tonnes a year by March 2029. Trailing sales, the figure for the past twelve months, were ₹224 crore.
The parent is Onix Renewable Ltd. It acquired its stake to anchor the solar manufacturing footprint and to pursue vertical integration. That means owning each step of the chain rather than buying it in. The steps named are engineering, power generation, operations and maintenance, and transmission. The pitch is "optimum cost manufacturer of modules in India" and "largest exporter". India has put a 40 per cent duty on imported modules and dangled a production-linked incentive scheme worth ₹18,000 crore. That scheme pays makers for output produced at home.
The comic footnote lives in the data. Screener, a financial data site, files Onix in the peer group Commodities, Metals and Mining, Non-Ferrous Metals, Copper. A module maker that used to sell gas is benchmarked there against copper smelters.
The model today rests on two module types, a plan for a larger plant, and a parent supplying brand and integration. The balance sheet grew by acquiring a manufacturer rather than by filling order books over time.
Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for ONIX SOLAR ENERGY LIMITED.
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