{"id":108,"date":"2025-07-21T10:30:21","date_gmt":"2025-07-21T10:30:21","guid":{"rendered":"https:\/\/unlistedradar.com\/blog\/?p=108"},"modified":"2025-09-22T04:29:34","modified_gmt":"2025-09-22T04:29:34","slug":"onix-renewable-a-green-energy-giant-in-the-making","status":"publish","type":"post","link":"https:\/\/unlistedradar.com\/blog\/onix-renewable-a-green-energy-giant-in-the-making\/","title":{"rendered":"Onix Renewable: A Green Energy Giant in the Making"},"content":{"rendered":"\r\n

As the urgency to combat climate change intensifies, India is making bold strides in renewable energy. Leading this charge is Onix Renewable Limited<\/strong>, a vertically integrated green energy company with an order book exceeding \u20b915,600 crore. With robust financials, cutting-edge technology, and aggressive expansion plans, Onix isn\u2019t just keeping pace with the renewable revolution\u2014it\u2019s shaping the future of it.<\/p>\r\n\r\n\r\n\r\n

A Fully Integrated Renewable Energy Ecosystem<\/h3>\r\n\r\n

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What sets Onix apart is its comprehensive presence across the renewable energy value chain. From solar module and cell manufacturing<\/strong> to engineering, procurement, and construction (EPC)<\/strong>, and from long-term asset ownership through IPP (Independent Power Producer) projects<\/strong> to cutting-edge battery energy storage systems (BESS)<\/strong>, Onix is building a future-ready energy platform.<\/p>\r\n\r\n\r\n\r\n

Its holistic approach ensures both supply-side reliability and execution-side excellence. By handling every critical stage\u2014from manufacturing to commissioning\u2014Onix significantly reduces project risk, enhances cost-efficiency, and guarantees timely delivery.<\/p>\r\n\r\n

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EPC Strength and PM-KUSUM Dominance<\/h3>\r\n\r\n\r\n\r\n

Onix has established itself as a formidable EPC player, executing ground-mounted, rooftop, hybrid, and grid-connected renewable projects. With a solid pipeline including 2,750 MW under the PM-KUSUM scheme<\/strong> across Gujarat & Maharashtra, the renewable energy company has emerged as the most awarded EPC contractor under the scheme<\/strong>.<\/p>\r\n\r\n\r\n\r\n

Backed by government subsidies and long-term PPAs (Power Purchase Agreements), these projects provide stable cash flows and de-risked revenue. Onix\u2019s rural footprint under KUSUM not only supports energy transition but also contributes to agricultural resilience and economic decentralization.<\/p>\r\n\r\n\r\n\r\n

A Powerhouse in Solar Manufacturing<\/h3>\r\n\r\n\r\n\r\n

Onix is aggressively investing in backward integration. Its manufacturing roadmap includes a 2,400 MW solar PV module capacity<\/strong> and a 1,200 MW solar cell facility<\/strong>. The first phase\u2014spanning 100 acres\u2014is already underway, with land acquisition, civil work, and procurement progressing rapidly.<\/p>\r\n\r\n\r\n\r\n

This move is position with India\u2019s Production Linked Incentive (PLI<\/strong>) scheme<\/strong>, while the government\u2019s Make in India<\/strong> initiative. More importantly, it provides Onix with margin control, quality assurance, and insulation from global supply chain volatilities\u2014factors critical in today\u2019s solar market.<\/p>\r\n\r\n\r\n\r\n

IPP: Long-Term Revenue with High Visibility<\/h3>\r\n\r\n\r\n\r\n

With a pipeline of 3 GW in IPP projects<\/strong>, Onix is building a stable base of annuity-style revenues. These projects, which will generate income through long-term PPAs, offer predictable earnings over 25 years<\/strong>, making the business model highly attractive to infrastructure and pension fund investors.<\/p>\r\n\r\n\r\n\r\n

This strategic transition into IPP transforms Onix from a contractor to a long-term energy producer\u2014unlocking new valuation potential. The company is also exploring green bonds and InvITs (Infrastructure Investment Trusts)<\/strong> to monetize its IPP assets, indicating sound financial foresight.<\/p>\r\n\r\n\r\n\r\n

Pioneering in Energy Storage<\/h3>\r\n\r\n\r\n\r\n

In response to India’s increasing demand for round-the-clock renewable energy, Onix is executing a 300 MW Battery Energy Storage System (BESS)<\/strong>. This forward-looking investment will allow the company to serve hybrid energy tenders, improve grid stability, and cater to peak-hour demands.<\/p>\r\n\r\n\r\n\r\n

BESS, often considered the next frontier in renewables, enhances the commercial viability and reliability of Onix\u2019s power infrastructure\u2014making the company a serious contender in tomorrow\u2019s energy landscape.<\/p>\r\n\r\n\r\n\r\n

Robust Financials & IPO-Ready Fundamentals<\/h3>\r\n\r\n\r\n\r\n

Onix\u2019s financial trajectory is as compelling as its business model. Revenue is projected to grow from \u20b91,050 crore in FY25 to \u20b93,000 crore in FY26<\/strong>, with EBITDA and PAT margins maintaining healthy levels at 24% and 13% respectively<\/strong>. At a current share price of \u20b913,000, the company commands a valuation of \u20b93,250 crore<\/strong>, with a P\/E ratio of just 8.1x<\/strong>\u2014remarkably lower than listed peers trading above 25x.<\/p>\r\n\r\n\r\n\r\n

In July 2025, Onix also allocated bonus shares (44:1 ratio), reflecting its shareholder-friendly approach and capital strength. With an IPO filing expected soon, investors are taking notice.<\/p>\r\n\r\n\r\n\r\n

\ud83d\udc49 If you’re looking for an early investment opportunity, check the Onix Renewable Limited unlisted share price<\/a><\/strong> and explore potential returns before it becomes publicly listed. Staying ahead in the unlisted market could be your edge in long-term wealth creation.<\/p>\r\n\r\n\r\n\r\n

Strategic Backing & Marquee Investors<\/h3>\r\n\r\n\r\n\r\n

Backing Onix are renowned institutional and private investors such as:<\/p>\r\n\r\n\r\n\r\n