Onix Renewable Limited is becoming a top name in clean-tech sector. Previously, we explored its IPO-readiness in our blog and why it’s a green energy giant. Now, with an order book worth ₹15,600 crore, the company is proving that it’s not just participating in the renewable race—it’s leading it. And for investors tracking the Onix Renewable Limited unlisted share price, this is a number that speaks volumes.
This is not just a number on paper—it shows how big and well-planned Onix is. From solar to hybrid projects, Onix is working on both government and private sector projects, helping it earn steady income from different sources.
₹15,600 Crore in Orders: Where the Growth Lies
Here’s a snapshot of Onix’s current order pipeline:
- ₹10,871 crore – IPP & PM-KUSUM projects
- ₹2,023 crore – Solar EPC contracts
- ₹574 crore – Hybrid (solar + wind) projects
- ₹143 crore – Wind EPC
- ₹480 crore – T&D and allied works
Almost 70% of the pipeline is tied to government schemes like PM-KUSUM and long-term PPAs—ensuring predictable, long-term income. This directly impacts investor outlook and supports the growing demand around the Onix Renewable Limited share price.
Order-to-Sales Ratio: 12.3x and Climbing
For FY25, Onix posted revenue of ₹1,144 crore. With an order book of ₹15,600 crore, the company boasts a staggering 12.3x order-to-sales ratio—much higher than listed competitors like Waaree Renewable (6.6x) and Oriana Power (4.2x).
- FY25 Revenue: ₹1,144 crore
- Order Book: ₹15,600 crore
- Order-to-Sales Ratio: 12.3x
This ratio highlights Onix’s revenue visibility well into FY28, positioning it for premium valuation in upcoming IPO discussions. Read more in our blog: Why Onix is IPO-Ready.
PM-KUSUM: India’s Rural Solar Push Powered by Onix
The PM-KUSUM scheme is India’s flagship program to solarize agriculture. Onix has emerged as the largest contractor under this scheme, bagging major orders:
- 2,414 MW in Maharashtra – ₹9,897 crore
- 187 MW in Gujarat – ₹768 crore
- 50 MW in Rajasthan – ₹205 crore
These aren’t speculative projects—they are state-subsidized, PPA-backed contracts that guarantee consistent revenue. Dive deeper into this in our analysis: Onix Renewable: Green Energy Giant in the Making.
Manufacturing Capabilities: Building from Within
Onix isn’t just an EPC player—it’s building end-to-end capabilities:
- 2,400 MW solar module production capacity
- 1,200 MW solar cell manufacturing
This backward integration allows Onix to:
- Reduce material costs
- Ensure timely project delivery
- Maintain profit margins even in volatile markets
- Remain self-reliant amid global supply chain risks
This strategy gives Onix an advantage over companies that depend on outside vendors. It also builds investor trust and increases interest in the Onix Renewable Limited share price.
Financial Forecast: Strong Tailwinds Ahead
Here’s how Onix is expected to grow over the next fiscal year:
| Metric | FY25 (Actual) | FY26 (Projected) |
|---|---|---|
| Revenue | ₹1,144 Cr | ₹2,500 Cr |
| EBITDA | ₹160 Cr | ₹457 Cr |
| PAT | ₹110 Cr | ₹400 Cr |
| P/E Ratio (Est. FY26) | — | 8.1x |
With many listed renewable peers trading at 25–40x forward P/E, Onix’s current valuation of ₹3,250 crore suggests there’s considerable room for upside. For comparison, see our blog on another promising IPO: Tata Capital IPO 2025.
Trusted by Institutions. Backed by Prominent Investors.
Onix’s strategic vision is backed by some of the most respected names in the investment world:
- Ashish Kacholiya
- INOX Group (Devansh Trademart LLP)
- Ebisu Global Opportunities Fund
- Al Maha Investment Fund – PCC
These investments don’t just bring capital—they add credibility, strategic guidance, and IPO-readiness. It’s one of the reasons smart investors are already watching the Onix Renewable Limited share price closely in the unlisted market.
India’s Top Power Clients Prefer Onix
When it comes to execution and delivery, Onix is trusted by India’s power giants:
- NTPC
- NHPC
- JSW Energy
- Torrent Power
- GETCO
- WAAREE Group
This kind of client base reinforces Onix’s credibility in project delivery and sector integration.
Conclusion: Why Investors Are Eyeing Onix
With government support, backward integration, blue-chip clients, and a ₹15,600 crore order pipeline, Onix Renewable Limited is poised to scale fast—without taking on excessive risk. It combines growth with stability, manufacturing with execution, and vision with delivery.
As India moves faster toward clean energy, Onix isn’t just taking part—it’s leading the way. Want to track this rising star? Follow real-time updates on the Onix Renewable Limited share price now.