Metal - Non Ferrous · Founded 1980 · www.onixsolarenergy.com · BSE 513119 · NSE ONIXSOLAR · ISIN INE173M01012
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Business
Onix Solar Energy Ltd. operates in the Metal - Non Ferrous sector in India. Despite its name, its core business, based on the industry classification, involves activities related to non-ferrous metals. This could encompass the mining, processing, manufacturing, trading, or recycling of metals such as aluminum, copper, zinc, lead, or other specialized alloys. The "Solar Energy" in its name suggests a potential specialization or focus within the non-ferrous metal industry, possibly supplying materials critical for solar energy infrastructure (e.g., aluminum frames, copper wiring, specialized alloys for solar panel components) or engaging in the recycling of metals from solar energy applications. The company likely makes money by selling these non-ferrous metal products or materials to industrial customers, manufacturers, or other businesses.
Revenue Mix
Information regarding specific business segments and their contribution to revenue is not available from the provided data.
Industry
Onix Solar Energy Ltd. operates within the diverse and often capital-intensive Indian non-ferrous metal industry. This industry is characterized by varying levels of vertical integration, global commodity price influences, and demand driven by sectors such as construction, automotive, electricals, and increasingly, renewable energy. Without further details on its specific product portfolio, production capacity, or market share, it is not possible to accurately determine its precise positioning relative to peers within this fragmented industry.
MOAT
Based solely on the company name and sector classification, it is not possible to identify any specific durable competitive advantages or "moats" such such as a strong brand, unique technology, significant scale efficiencies, high switching costs, or a proprietary network. Assessing a competitive advantage would require deeper insight into its operations, market share, cost structure, and product differentiation.
Growth Drivers
Key factors that could drive growth for Onix Solar Energy Ltd. over the next 3-5 years include:
Industrial and Infrastructure Growth in India: Increased demand for non-ferrous metals driven by robust economic growth, urbanization, and large-scale infrastructure projects in India.
Renewable Energy Sector Expansion: If the company has a strong focus on supplying non-ferrous metals to the solar energy sector, the ambitious renewable energy targets and expansion in India's solar capacity would be a significant demand driver.
Electrification Trends: Growing demand for copper and aluminum due to increasing electrification, adoption of electric vehicles, and smart grid development.
Commodity Price Trends: Favorable global commodity price trends for specific non-ferrous metals could improve revenue and profitability.
Risks
Key business risks for Onix Solar Energy Ltd. include:
Commodity Price Volatility: Non-ferrous metal prices are subject to global supply and demand dynamics, economic cycles, and geopolitical events, leading to revenue and profitability fluctuations.
Input Cost Fluctuations: Volatility in the cost of raw materials (if not vertically integrated) and energy (a significant component for metal processing) can impact margins.
Regulatory and Environmental Compliance: The metal industry is subject to strict environmental regulations and licensing, and changes or non-compliance could lead to penalties or operational disruptions.
Economic Slowdown: A slowdown in India's industrial growth or global economic activity could depress demand for non-ferrous metals.
Competition: Intense competition from both domestic and international players can put pressure on pricing and market share.
Management & Ownership
Information regarding the promoters, specific management quality, or detailed ownership structure of Onix Solar Energy Ltd. is not available from the provided data.
Outlook
Onix Solar Energy Ltd. operates in a fundamental sector critical for industrial development. The demand for non-ferrous metals in India is generally supported by the country's economic growth, infrastructure push, and the expanding renewable energy sector, which could offer tailwinds, especially if the company has a dedicated focus on solar-related applications. However, the business is exposed to the inherent volatility of global commodity markets, significant input cost risks, and intense competition. Its future performance will largely depend on its ability to navigate these market fluctuations, optimize operational efficiencies, and effectively capitalize on specific demand niches, potentially within the booming renewable energy space.
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| #(Fig in Cr.) | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 0 | 0 | 0 | 0 | 0 | 6 | 23 | 43 | 16 | 70 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 0 | 0 | 0 | 0 | 0 | 6 | 23 | 43 | 16 | 71 |
| Total Expenditure | 0 | 0 | 0 | 0 | 0 | 5 | 23 | 44 | 2 | 45 |
| Operating Profit | -0 | -0 | -0 | 0 | 0 | 1 | 1 | -0 | 14 | 26 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | -0 | -0 | 1 | 0 | 0 | 1 | 1 | -1 | 14 | 26 |
| Provision for Tax | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Tax | -0 | -0 | 1 | 0 | 0 | 1 | 1 | -1 | 14 | 26 |
| Adjustments | 0 | 0 | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | -0 | -0 | 1 | 0 | 0 | 1 | 1 | -1 | 14 | 26 |
| Adjusted Earnings Per Share | -0.5 | -0.7 | 2.1 | 0.1 | 0.5 | 2.1 | 2.1 | -2.5 | 3.5 | 8.7 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 4 | 2 | 4 | 2 | 1 | 1 | 0 | 2 | 0 | 0 | 29 | 152 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 |
| Total Income | 5 | 3 | 4 | 2 | 1 | 1 | 1 | 2 | 1 | 0 | 30 | 153 |
| Total Expenditure | 4 | 3 | 4 | 2 | 1 | 2 | 1 | 3 | 1 | 1 | 28 | 114 |
| Operating Profit | 0 | -0 | -0 | -0 | 0 | -0 | -0 | -1 | -0 | -1 | 2 | 41 |
| Interest | 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 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 2 | 1 | 0 | 0 |
| Profit Before Tax | 0 | -0 | -0 | -0 | 0 | -0 | -0 | 0 | 2 | 0 | 2 | 40 |
| Provision for Tax | 0 | -0 | -0 | -0 | 0 | -0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Tax | 0 | -0 | -0 | -0 | 0 | -0 | -0 | 0 | 2 | 0 | 1 | 40 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 0 | -0 | -0 | -0 | 0 | -0 | -0 | 0 | 2 | 0 | 1 | 40 |
| Adjusted Earnings Per Share | 0.5 | -0.7 | -0.4 | -0.2 | 0.4 | -0.9 | -1.4 | 0.8 | 7 | 0.7 | 4.9 | 11.8 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 0% | 144% | 96% | 22% |
| Operating Profit CAGR | 0% | 0% | 0% | 0% |
| PAT CAGR | 0% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 72% | 108% | 112% | 37% |
| ROE Average | 31% | 38% | 21% | 8% |
| ROCE Average | 33% | 39% | 24% | 10% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 2 | 2 | 2 | 2 | 2 | 2 | 1 | 2 | 4 | 4 | 5 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 |
| Total Current Liabilities | 4 | 4 | 5 | 5 | 3 | 3 | 3 | 6 | 1 | 0 | 34 |
| Total Liabilities | 6 | 6 | 7 | 7 | 5 | 5 | 5 | 7 | 5 | 4 | 39 |
| Fixed Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 6 | 5 | 7 | 6 | 5 | 5 | 5 | 7 | 4 | 4 | 39 |
| Total Assets | 6 | 6 | 7 | 7 | 5 | 5 | 5 | 7 | 5 | 4 | 39 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4 |
| Cash Flow from Operating Activities | -0 | 0 | -0 | -0 | -0 | -0 | 0 | 1 | -6 | 3 | 17 |
| Cash Flow from Investing Activities | 0 | 0 | 0 | 0 | 0 | 0 | -0 | 0 | 6 | 1 | -19 |
| Cash Flow from Financing Activities | -0 | 0 | -0 | -0 | -0 | 0 | 0 | -2 | 0 | -1 | 0 |
| Net Cash Inflow / Outflow | -0 | 0 | -0 | -0 | 0 | 0 | 0 | -0 | -0 | 4 | -2 |
| Closing Cash & Cash Equivalent | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4 | 2 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 0.52 | -0.74 | -0.41 | -0.21 | 0.43 | -0.86 | -1.37 | 0.84 | 7 | 0.7 | 4.87 |
| CEPS(Rs) | 0.73 | -0.54 | -0.22 | -0.09 | 0.54 | -0.74 | -1.26 | 0.9 | 7.1 | 0.81 | 4.89 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 7.74 | 7 | 6.59 | 6.37 | 6.8 | 5.94 | 4.57 | 5.41 | 12.41 | 13.11 | 17.98 |
| Core EBITDA Margin(%) | -1.92 | -13.1 | -9.06 | -27.2 | -33.41 | -32.9 | -157.65 | -94.52 | -3517.15 | -4049.62 | 3.78 |
| EBIT Margin(%) | 8.07 | -8.25 | -2.87 | -6.22 | 20.77 | -22.65 | -96.93 | 24.89 | 9933.47 | 2042.75 | 5.19 |
| Pre Tax Margin(%) | 4.18 | -9.1 | -3.15 | -6.63 | 20.23 | -22.67 | -97.07 | 16.36 | 9869.04 | 1951.91 | 5.18 |
| PAT Margin (%) | 3.82 | -8.82 | -2.99 | -3.9 | 16.64 | -22.04 | -97.07 | 16.36 | 8744.35 | 1603.05 | 4.95 |
| Cash Profit Margin (%) | 5.37 | -6.46 | -1.57 | -1.7 | 20.96 | -19.12 | -88.93 | 17.6 | 8874.48 | 1853.44 | 4.97 |
| ROA(%) | 2.09 | -3.77 | -1.94 | -0.93 | 2.17 | -5.12 | -8.41 | 4.1 | 34.46 | 4.79 | 6.69 |
| ROE(%) | 6.93 | -10.01 | -6.1 | -3.31 | 6.49 | -13.47 | -26.14 | 16.85 | 78.54 | 5.51 | 31.31 |
| ROCE(%) | 8.5 | -5.21 | -3.14 | -2.98 | 5.08 | -8.56 | -13.68 | 16.56 | 78.97 | 6.53 | 32.85 |
| Receivable days | 65 | 122.14 | 237.61 | 875.57 | 1554.7 | 1036.94 | 3245.09 | 771.52 | 0 | 0 | 3.89 |
| Inventory Days | 451.07 | 577.95 | 248.94 | 498.59 | 998.28 | 394.28 | 591.68 | 124.9 | 5400.17 | 8663.87 | 0 |
| Payable days | 306.36 | 252.92 | 219.9 | 842.04 | 1443.72 | 546.65 | 1663.42 | 224.33 | 5249.36 | 559.04 | 6.39 |
| PER(x) | 21.94 | 0 | 0 | 0 | 18.6 | 0 | 0 | 9.93 | 2.73 | 55.56 | 42.39 |
| Price/Book(x) | 1.47 | 2 | 1.27 | 2.46 | 1.17 | 0.5 | 1.38 | 1.54 | 1.54 | 2.98 | 11.48 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 1.23 | 2.51 | 1.04 | 3.78 | 4.34 | 1.85 | 7.81 | 1.66 | 261.25 | 608.56 | 2.04 |
| EV/Core EBITDA(x) | 13.42 | -35.74 | -52.91 | -90.34 | 17.29 | -9.36 | -8.8 | -2.31 | -318.57 | -15.19 | 39.14 |
| Net Sales Growth(%) | 52.55 | -42.35 | 68.34 | -59.99 | -51.37 | 51.49 | -63.65 | 262.97 | -98.44 | -45.19 | 0 |
| EBIT Growth(%) | -15.86 | -162.79 | 42.37 | 13.84 | 255.83 | -265.19 | -55.55 | 193.22 | 521.33 | -88.73 | 469.96 |
| PAT Growth(%) | -2.4 | -242.04 | 43.87 | 48.13 | 299.09 | -300.64 | -60.12 | 161.19 | 731.97 | -89.95 | 592.33 |
| EPS Growth(%) | -2.4 | -242.04 | 43.87 | 48.14 | 299.11 | -300.65 | -60.12 | 161.2 | 731.96 | -89.95 | 592.33 |
| Debt/Equity(x) | 0.72 | 0.88 | 0.85 | 0.7 | 0.5 | 0.75 | 1.11 | 0.07 | 0.16 | 0 | 0 |
| Current Ratio(x) | 1.55 | 1.5 | 1.32 | 1.34 | 1.58 | 1.5 | 1.33 | 1.25 | 4.42 | 52.33 | 1.16 |
| Quick Ratio(x) | 0.31 | 0.5 | 0.9 | 0.84 | 0.98 | 1.28 | 1.13 | 1.19 | 4.07 | 48.76 | 1.16 |
| Interest Cover(x) | 2.07 | -9.65 | -10.21 | -15.23 | 38.27 | -1282.94 | -683.17 | 2.92 | 154.16 | 22.49 | 762.6 |
| Total Debt/Mcap(x) | 0.49 | 0.44 | 0.67 | 0.28 | 0.43 | 1.5 | 0.81 | 0.05 | 0.1 | 0 | 0 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 1.21 | 0 | 0 | 0 | 0 | 0 | 0 | 91.72 | 74.98 | 50.22 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.77 | 0.77 |
| Public | 98.79 | 100 | 100 | 100 | 100 | 100 | 100 | 8.28 | 24.26 | 49.01 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.88 | 1.88 | 1.85 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.02 | 0.03 |
| Public | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.17 | 0.61 | 1.81 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 2.05 | 2.51 | 3.69 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | — | +144% | +96% | +22% |
| Operating Profit CAGR | — | — | — | — |
| PAT CAGR | — | — | — | — |
| Share Price CAGR | +72% | +108% | +112% | +37% |
| ROE Average | +31% | +38% | +21% | +8% |
| ROCE Average | +33% | +39% | +24% | +10% |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 1.21 | 0 | 0 | 0 | 0 | 0 | 0 | 91.72 | 74.98 | 50.22 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.77 | 0.77 |
| Public | 98.79 | 100 | 100 | 100 | 100 | 100 | 100 | 8.28 | 24.26 | 49.01 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.88 | 1.88 | 1.85 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.02 | 0.03 |
| Public | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.17 | 0.61 | 1.81 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 2.05 | 2.51 | 3.69 |
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