Onix Renewable Ltd
Rajkot-based solar developer and EPC contractor targeting 10 GW by 2030 and an IPO at a ₹8,000–10,000 Cr valuation.
Market cap
₹506 Cr
11.00 Cr shares
P/E ratio
12.04
Sector average 35
Book value
₹9.45
P/B 4.87
1-year return
+12.47%
52w ₹37 – ₹58
Currently 43% of the way through its 52-week range.
Indicative price history
1Y change
+11.62% ₹41 → ₹46
52-week band in this window: ₹40.90 – ₹56.87. Weekly indicative marks, not exchange-traded prices.
Key highlights
- Solar EPC and IPP developer based in Rajkot targeting 10 GW of capacity by 2030.
- Unlisted quotes of ₹46–58 in 2026; dealer-computed market cap about ₹634 Cr at ₹57.42.
- IPO planned at a target valuation of ₹8,000–10,000 Cr; no DRHP yet.
About Onix Renewable
Onix Renewable Ltd is a Gujarat-based renewable-energy company that builds and operates solar and wind-solar hybrid projects for commercial, industrial and utility customers. It works as an engineering-procurement-construction (EPC) contractor, owns a growing portfolio of captive and open-access plants as an independent power producer, and provides operations and maintenance. Management has set a target of 10 GW of renewable capacity by 2030 and has said it is preparing an IPO at a target valuation of ₹8,000–10,000 Cr.
The shares entered the unlisted market in 2025 and have traded between roughly ₹46 and ₹58; at the current rate the company is valued at about ₹500 Cr on an estimated 11 Cr shares, against dealer-computed market capitalisation of ₹634 Cr at ₹57.42. Revenue has scaled quickly with Gujarat's open-access solar boom, but published financials are limited to dealer research and the company's own statements.
No board or promoter names were visible in public search snippets, so the management section is left empty rather than guessed; the incorporation date and registered office are approximate (Rajkot). The CIN was not found and is left blank.
Revenue, profit, share count and balance-sheet line items are reconstructed around dealer descriptions and the stated valuation ambitions; treat them as approximate.
Where the revenue comes from
- Solar EPC70%
Turnkey rooftop, ground-mount and hybrid projects for C&I and utility clients
- Power sale (IPP)20%
Captive and open-access plants owned by the company
- O&M and other services10%
Maintenance contracts and consulting
Products & services
Solar EPC
Design, supply and construction of rooftop, ground-mount and hybrid solar plants.
Open-access & captive power
Company-owned plants selling power to C&I customers.
O&M
Long-term maintenance and performance monitoring.
What works
- • Positioned in Gujarat's fast-growing captive and open-access solar market with in-house EPC and O&M capability.
- • Asset-owning IPP model adds annuity income on top of EPC margins.
- • Stated IPO ambition provides a potential liquidity event; dealer demand has been strong since the shares became available.
What to watch
- • Disclosure is thin — no audited numbers, board names or CIN were visible publicly; valuation rests on management's growth claims.
- • The IPO target valuation of ₹8,000–10,000 Cr is 15–20 times the current unlisted market value, implying either a huge earnings ramp or a mismatch in expectations.
- • EPC margins are competitive and module-price and policy changes (ALMM, duties, net-metering rules) can swing profitability; 10 GW by 2030 requires very large capital.