Onix Renewables

Revenue increased from INR 146.0 Cr in FY23 to INR 351.0 Cr in FY24 and INR 1,001.3 Cr in FY25, representing a 161.9% FY23-FY25 2-year CAGR and 185.3% FY25 YoY growth

EBITDA increased from INR 12.5 Cr in FY23 to INR 57.0 Cr in FY24 and INR 164.5 Cr in FY25; FY25 EBITDA margin stood at 16.4%, with EBITDA growth of 188.5% YoY

PAT increased from INR 8.6 Cr in FY23 to INR 39.0 Cr in FY24 and INR 114.8 Cr in FY25; FY25 PAT margin stood at 11.5%, with PAT growth of 194.3% YoY

FY25 D/E stood at 0.21x, compared with 0.56x in FY24, representing a reduction of approximately 62.5% YoY

FY25 ROE stood at 26.7%, compared with 64.2% in FY24; ROE declined by approximately 37.4 percentage points as the equity base expanded materially

Operating cash flow remained negative at approximately INR (60.9) Cr in FY24 and INR (454.1) Cr in FY25, with the FY25 outflow increasing by approximately 645.6% YoY

India had approximately 236.5 GW of renewable capacity excluding large hydro by June 2026, including 162.2 GW solar and 57.4 GW wind

Project execution dependent on tendering, grid connectivity, land, approvals and renewable-policy frameworks, imposing regulatory risk; FY25 alone added 23.8 GW solar and 4.2 GW wind capacity

The reported operating base remains predominantly India-focused.

Divyesh Savaliya has 15+ years of renewable-energy and power-sector experience across power distribution, transmission and large hybrid projects

FY25 Board comprised 3 Directors and 0 Independent Directors, resulting in 0.0% independent representation

0% promoter pledge identified and 0 material regulatory/court orders affecting going concern

The FY25 Secretarial Audit contained 1 reservation/qualification/adverse remark and the proposed Eureka amalgamation remains subject to the NCLT/PPIRP process

FY25 related-party sales were approximately INR 617.8 Cr, equivalent to approximately 61.7% of FY25 revenue of INR 1,001.3 Cr

The valuation of the Company is 4.63x P/E against the stated industry P/E of 65.0x, representing a 92.9% discount to the industry benchmark

Estimated FY25 EV is approximately INR 547.4 Cr against EBITDA of INR 164.5 Cr, resulting in 3.3x EV/EBITDA versus a selected current peer median of approximately 12.9x, representing a 74.2% discount

The valuation of the Company is 0.76x P/B, below 1.0x book value