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 driven by “new business vertical”, which we assume = solar EPC/supply/infra trading
- Still holds “abcgas.co.in” as its website. Baby steps.
4. Financials Overview
| Year | Sales (₹ Cr) | Net Profit (₹ Cr) | OPM (%) | ROE (%) |
|---|---|---|---|---|
| FY23 | ₹0.01 | ₹0.21 | -5300% | -13.5% |
| FY24 | ₹29.39 | ₹1.45 | 3.78% | 30.9% |
Observations:
- Sales grew 293,800% YoY
- Net Profit up 590%
- ROE/ROCE flipped from negative to 30%+
- Either they installed a solar plant or just bought the sun.
5. Valuation
a) P/E Method
- EPS FY25 = ₹7.32
- P/E Range: 20x to 35x (early-stage solar, microcap, no promoter)
→ FV = ₹146 to ₹256
b) Price/Book Method
- Book Value = ₹27.4
- P/B Range: 3x to 5x (reasonable for asset-light solar biz)
→ FV = ₹82 to ₹137
Current Price: ₹379
Verdict: Running 100% on sentiment and 0% on fundamentals.
6. What’s Cooking – News, Triggers, Drama
- May 2024: Company officially pivots to solar energy
- Jun 2025: EGM clears ₹27 Cr capital increase & preferential allotment
- Open Offer @ ₹264/share for 6.44%—massive discount to market
- Promoter Holding = 0%
- Company renamed from ABC Gas to Onix Solar but website still shows gas cylinders
Either the solar play is genuine… or this is the greatest pump-and-dump since crypto pizza.
7. Balance Sheet
| Item | Mar ’23 | Mar ’24 | Mar ’25 |
|---|---|---|---|
| Equity Capital | ₹1.98 Cr | ₹1.98 Cr | ₹1.98 Cr |
| Reserves | ₹1.77 Cr | ₹1.98 Cr | ₹3.44 Cr |
| Borrowings | ₹0.57 Cr | ₹0.00 Cr | ₹0.00 Cr |
| Total Liabilities | ₹4.66 Cr | ₹4.03 Cr | ₹39.38 Cr |
| Total Assets | ₹4.66 Cr | ₹4.03 Cr | ₹39.38 Cr |
Takeaways:
- Liabilities up 10x in FY25 → funding expansion?
- Borrowings cleared → debt-free
- Asset growth = mystery unless clarified in filings
8. Cash Flow – Sab Number Game Hai
| Year | CFO (₹ Cr) | CFI (₹ Cr) | CFF (₹ Cr) | Net Cash |
|---|---|---|---|---|
| FY23 | ₹-6.14 | ₹5.66 | ₹0.45 | ₹-0.03 |
| FY24 | ₹3.20 | ₹1.05 | ₹-0.59 | ₹3.66 |
| FY25 | ₹17.24 | ₹-19.29 | ₹0.00 | ₹-2.05 |
Key Point:
Cash is flowing… just mostly out. Probably funding that “solar transformation” everyone keeps talking about.
9. Ratios – Sexy or Stressy?
| Metric | FY23 | FY24 | FY25 |
|---|---|---|---|
| ROE (%) | -13.5% | 1.06% | 30.9% |
| ROCE (%) | -1.31% | -13.53% | 32.4% |
| Debtor Days | 0 | 0 | 3.85 |
| Cash Conv. Cycle | 6570 | 1095 | 3.85 |
| Working Capital | 71,540 | 8,760 | 46.57 |
Conclusion:
- These ratios make more sense if you consider FY24 a dead zone
- FY25 is the first “normal” year post solar pivot
10. P&L Breakdown – Show Me the Money
| FY | Sales | EBITDA | EBITDA % | PAT | EPS |
|---|---|---|---|---|---|
| FY23 | ₹0.01 | ₹-0.53 | NEGATIVE | ₹0.21 | ₹1.06 |
| FY24 | ₹29.4 | ₹1.11 | 3.78% | ₹1.45 | ₹7.32 |
Commentary:
- Margins still low, but flipped to profit
- EPS of ₹7.32 on ₹29 Cr sales is solid… if sustainable
11. Peer Comparison
| Company | MCap (Cr) | Sales (Cr) | PAT (Cr) | P/E | ROE (%) |
|---|---|---|---|---|---|
| Hindustan Copper | ₹25,399 | ₹2,070 | ₹468.5 | 54.2 | 18.9 |
| Bhagyanagar Ind | ₹266 | ₹1,625 | ₹14.0 | 19.0 | 7.0 |
| Onix Solar | ₹75 | ₹29.4 | ₹1.45 | 51.8 | 30.9 |
Verdict:
Onix looks “expensive” per rupee of sales/profit. But growth & solar pivot justify some hope premium—just not 52x earnings.
12. Miscellaneous – Shareholding, Promoters
| Holder | Mar ’23 | Jun ’24 | Mar ’25 |
|---|---|---|---|
| Promoters | 29.93% | 0.00% | 0.00% |
| Public | 70.07% | 99.99% | 100.01% |
| No. of SH | 6,398 | 6,150 | 6,372 |
Key Points:
- Promoters have exited fully
- New owners likely came via preferential allotment
- Open Offer at ₹264/share → fishy considering CMP = ₹379
13. EduInvesting Verdict™
Onix Solar is either India’s most under-reported solar pivot success story—or a cautionary tale in the making. With zero promoters, a vague business description, and recent shareholding reshuffles, this one deserves extra sunlight (and scrutiny). Sure, the financials are glowing—but will it last once the hype burns out?
Verdict: Handle with green-tinted goggles. Solar? Yes. Clarity? No.
Metadata
– Written by EduInvesting Research Team | July 13, 2025
– Tags: Onix Solar, Solar Energy Stocks, SME Turnaround, Microcap Mania, Zero Promoter Company, Energy Transition
