MarketFriction

Onix Solar Energy Ltd

NSE ONIXSOLAR · BSE 513119 · Copper
₹339.70 -0.98%
NSE close2026-10-01
52 week range262.45 - 464.20
Market cap₹1,270 Cr.
P/E21.1
ASM long-term Price band 5% Delivery 53.2%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Standalone, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales0000057234543167094
Expenses000005223444424566
Operating Profit-0-0-0-00511-1142528
OPM %-1,600%-23%38%9%2.6%2.7%-1.4%88%36%30%
Other Income001001000000
Interest000000000000
Depreciation000000000000
Profit before tax-0-0100611-1142628
Tax %0%19%2%0%0%0%10%25%36%0%0%25%
Net Profit-0-0100611-1142621
EPS in Rs-0.40-0.571.800.110.4317.891.832.89-2.173.906.965.65
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales24211020029157224
Expenses34212130128117157
Operating Profit-0-0-0-0-0-1-1-0-114067
OPM %-14%-9%-28%-34%-33%-157%-94%-750%-5,300%3.8%25%30%
Other Income000000231011
Interest000000000000
Depreciation000000000000
Profit before tax-0-0-00-0-002024067
Tax %-4%-8%-36%19%-4%0%0%11%19%5%25%
Net Profit-0-0-00-0-002013060
EPS in Rs-0.63-0.34-0.170.37-0.74-1.170.715.970.604.148.1714.34
Dividend Payout %0%0%0%0%0%0%0%0%0%0%0%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth52%227%1888%78%
Compounded Profit Growth62%139%572%646%
Stock Price CAGR37%113%109%90%
Return on Equity7%7%8%8%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital2222222222225
Reserves000-00-0-1-0223749
Borrowings222111201000
Other Liabilities22332226003426
Total Liabilities667755575439801
Fixed Assets000000000000
CWIP000000000000
Investments00000000000572
Other Assets657655574439229
Total Assets667755575439801
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity-00-0-0-0-001-6317-160
Cash from Investing Activity000000-0061-191
Cash from Financing Activity-00-0-0-000-20-10159
Net Cash Flow-00-00000-0-04-20
Free Cash Flow-00-0-0-0-001-13-2-160
CFO/OP325%-15%38%16%38%124%-27%-81%4,060%-640%1,597%-401%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days411893868591,3371,1933,242654004210
Inventory Days4435721986221,0442166818512,7751,4080219
Days Payable1612443008461,0725011,736356,20526151
Cash Conversion Cycle3245162856361,3089072,1867046,5701,1474378
Working Capital Days17025314436381145690432560,9558,760-198426
ROCE %8%-6%-4%-3%5%-8%-13%-48%-1%-14%32%10%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters29.38%19.89%1.21%0.00%0.00%0.00%0.00%0.00%0.00%91.72%74.98%50.22%
DIIs0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.77%0.77%
Public70.63%80.12%98.79%99.99%100.00%100.00%100.01%100.00%99.99%8.29%24.27%49.00%
No. of Shareholders6,5916,4836,5456,1506,0455,9636,3726,4316,9727,0628,14210,452

Fundamentals

Market Cap₹ 1,270 Cr.
Current Price₹ 344
Stock P/E21.1
Book Value₹ 210
ROCE10.3 %
ROE7.74 %
Dividend Yield0.00 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)78%
Compounded Profit Growth (TTM)646%
Standalone figures.
Valuation
Market capRs 852 Cr
Enterprise valueRs 850 Cr
P/E (TTM)14.17x
Price to book1.10x
Price to sales3.81x
EV / EBITDA12.60x
EV / EBIT12.60x
EV / sales3.80x
Earnings yield7.06%
P/E, 3-year average36.02x
P/B, 3-year average3.72x
P/E, 5-year average23.30x
P/B, 5-year average2.63x
Profitability
Operating margin (excl. other income)25.30%
Operating margin (incl. other income)25.65%
EBITDA margin30.17%
Pre-tax margin30.11%
Net profit margin26.89%
Net margin, latest quarter22.22%
ROE7.74%
ROCE10.34%
ROA7.18%
ROE, 3-year average14.70%
ROCE, 3-year average16.42%
ROA, 3-year average6.23%
ROE, 5-year average27.53%
ROCE, 5-year average28.69%
ROA, 5-year average11.49%
ROIC (approx.)6.55%
Tax rate24.98%
Other income / net worth0.07%
Growth
Sales growth (latest year)434.94%
Profit growth (latest year)1980.00%
Sales CAGR, 3 years1888.35%
Sales CAGR, 5 years227.08%
Profit CAGR, 3 years143.46%
Sales growth QoQ33.34%
Profit growth QoQ-18.85%
Sales growth YoY (latest quarter)107.39%
Profit growth YoY (latest quarter)1962.38%
Per share
EPS (TTM)Rs 23.98
EPS (latest year)Rs 12.03
EPS (latest quarter)Rs 8.31
EPS, 3-year averageRs 6.80
EPS, 5-year averageRs 6.45
Book value per shareRs 308.82
Sales per shareRs 89.16
Cash flow per shareRs -63.66
Free cash flow per shareRs -63.82
Efficiency
Asset turnover0.20x
Fixed asset turnover15722.00x
Inventory turnover1.67x
Inventory days219 days
Debtor days210 days
Debtors turnover1.74x
Creditor days51 days
Cash conversion cycle378 days
Working capital days426 days
Leverage
Cash and bankRs 2 Cr
Net debtRs -2 Cr
Net debt / EBITDA-0.03x
Interest coverage612.91x
Owners' fund to total sources96.71%
Cash flow
Cash from Operating Activity (latest year)Rs -160 Cr
Cash from Investing Activity (latest year)Rs 1 Cr
Cash from Financing Activity (latest year)Rs 159 Cr
Net Cash Flow (latest year)Rs 0 Cr
Free cash flow (latest year)Rs -160 Cr
Cash from ops / profit, 5 years-4.39x
Statement figures
Net sales (TTM)Rs 224 Cr
Net sales (latest year)Rs 157 Cr
Sales (latest quarter)Rs 94 Cr
Operating profit excl. other income (latest year)Rs 40 Cr
Operating profit (latest quarter)Rs 28 Cr
Other income (TTM)Rs 1 Cr
EBITDA (TTM)Rs 67 Cr
PBDT (TTM)Rs 67 Cr
Profit before tax (TTM)Rs 67 Cr
Tax (latest year)Rs 10 Cr
Net profit (TTM)Rs 60 Cr
Net profit (latest year)Rs 30 Cr
Net profit (latest quarter)Rs 21 Cr
Depreciation (TTM)Rs 0 Cr
Interest (TTM)Rs 0 Cr
Cost of goods sold (latest year)Rs 108 Cr
Total expenditure (latest year)Rs 117 Cr
Total income (latest year)Rs 158 Cr
Share capitalRs 25 Cr
ReservesRs 749 Cr
Shareholders' fundsRs 774 Cr
Total assetsRs 801 Cr
Net blockRs 0 Cr
InvestmentsRs 572 Cr
ReceivablesRs 90 Cr
InventoryRs 65 Cr
Other liabilitiesRs 26 Cr
Shares outstanding (crore)2.51
Ownership
Promoter holding50.22% (+50.22 in a year)
Computed by MarketFriction from the standalone statements. Returns use average balances.
P/E 14.2 is at the 2th percentile of its own 4.3-year range (median 70.7, low 13.8, high 387.2).
P/B 1.10 is at the 1th percentile (median 19.00).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodONIXSOLARNifty 50Difference
1 week+5.6%-2.8% +8.3 pts
1 month-2.5%-6.8% +4.3 pts
3 years+795.1%+14.2% +781.0 pts
5 years+4173.0%+27.9% +4145.1 pts

Red flags

F-score 4 of 8
explainWeak cash conversion Cash from operations was -437% of net profit over the last 3 years
explainHigh accruals Profit exceeded operating cash by 24% of total assets in 2026
explainReceivables outrunning sales Receivables grew 29058% vs sales +435% in 2026
explainShare dilution Share count up 954% in a year, 954% in three
lookOn NSE surveillance On NSE surveillance: ASM long-term
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026
Sales ₹94 Cr +108.9% vs Jun 2025. Net profit ₹21 Cr +2000.0%.

Activity

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No bulk or block deals on record.
No corporate actions on record.
No announcements in our files yet.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Long Term Additional Surveillance Measure (Long Term ASM): stage 1
Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.Updated 2026-10-03