1. At a Glance
Onix Solar used to trade gas and now trades on hype. From zero to ₹29 Cr revenue in 1 year, and a business pivoted so hard it left skid marks on the balance sheet. Market cap? ₹75 Cr. ROCE? 32%. Promoters? Ghosted. It’s the most dramatic green makeover since Elon Musk sold flamethrowers.
2. Introduction with Hook
Once upon a time in BSE’s forgotten list, Onix Solar was a gas trader with nothing to show but leaks—literally and financially. Fast-forward to May 2024, and boom: solar energy pivot. Revenues explode from ₹0 to ₹29 Cr in 12 months. Net profits go from LOL to ₹1.45 Cr.
- Stock up 294% in 1 year
- ROE = 30.9%, ROCE = 32.4%
- Promoters now hold 0%. Yes, zero.
This isn’t just a turnaround. It’s a listed company reboot.
3. Business Model (WTF Do They Even Do?)
Welcome to Onix Solar 2.0. Here’s the before & after:
Before (till 2023):
- Trading in non-ferrous metals
- Gas product manufacturing
- Revenue: ₹0.01 Cr (yes, paisa-vasooli level)
After (from May 2024):
- Solar energy products—no full details, but involved in manufacturing/trading
- ₹29 Cr revenue booked post-switch
- Mostly
