As the urgency to combat climate change intensifies, India is making bold strides in renewable energy. Leading this charge is Onix Renewable Limited, a vertically integrated green energy company with an order book exceeding ₹15,600 crore. With robust financials, cutting-edge technology, and aggressive expansion plans, Onix isn’t just keeping pace with the renewable revolution—it’s shaping the future of it.
A Fully Integrated Renewable Energy Ecosystem
What sets Onix apart is its comprehensive presence across the renewable energy value chain. From solar module and cell manufacturing to engineering, procurement, and construction (EPC), and from long-term asset ownership through IPP (Independent Power Producer) projects to cutting-edge battery energy storage systems (BESS), Onix is building a future-ready energy platform.
Its holistic approach ensures both supply-side reliability and execution-side excellence. By handling every critical stage—from manufacturing to commissioning—Onix significantly reduces project risk, enhances cost-efficiency, and guarantees timely delivery.
EPC Strength and PM-KUSUM Dominance
Onix has established itself as a formidable EPC player, executing ground-mounted, rooftop, hybrid, and grid-connected renewable projects. With a solid pipeline including 2,750 MW under the PM-KUSUM scheme across Gujarat & Maharashtra, the renewable energy company has emerged as the most awarded EPC contractor under the scheme.
Backed by government subsidies and long-term PPAs (Power Purchase Agreements), these projects provide stable cash flows and de-risked revenue. Onix’s rural footprint under KUSUM not only supports energy transition but also contributes to agricultural resilience and economic decentralization.
A Powerhouse in Solar Manufacturing
Onix is aggressively investing in backward integration. Its manufacturing roadmap includes a 2,400 MW solar PV module capacity and a 1,200 MW solar cell facility. The first phase—spanning 100 acres—is already underway, with land acquisition, civil work, and procurement progressing rapidly.
This move is position with India’s Production Linked Incentive (PLI) scheme, while the government’s Make in India initiative. More importantly, it provides Onix with margin control, quality assurance, and insulation from global supply chain volatilities—factors critical in today’s solar market.
IPP: Long-Term Revenue with High Visibility
With a pipeline of 3 GW in IPP projects, Onix is building a stable base of annuity-style revenues. These projects, which will generate income through long-term PPAs, offer predictable earnings over 25 years, making the business model highly attractive to infrastructure and pension fund investors.
This strategic transition into IPP transforms Onix from a contractor to a long-term energy producer—unlocking new valuation potential. The company is also exploring green bonds and InvITs (Infrastructure Investment Trusts) to monetize its IPP assets, indicating sound financial foresight.
Pioneering in Energy Storage
In response to India’s increasing demand for round-the-clock renewable energy, Onix is executing a 300 MW Battery Energy Storage System (BESS). This forward-looking investment will allow the company to serve hybrid energy tenders, improve grid stability, and cater to peak-hour demands.
BESS, often considered the next frontier in renewables, enhances the commercial viability and reliability of Onix’s power infrastructure—making the company a serious contender in tomorrow’s energy landscape.
Robust Financials & IPO-Ready Fundamentals
Onix’s financial trajectory is as compelling as its business model. Revenue is projected to grow from ₹1,050 crore in FY25 to ₹3,000 crore in FY26, with EBITDA and PAT margins maintaining healthy levels at 24% and 13% respectively. At a current share price of ₹13,000, the company commands a valuation of ₹3,250 crore, with a P/E ratio of just 8.1x—remarkably lower than listed peers trading above 25x.
In July 2025, Onix also allocated bonus shares (44:1 ratio), reflecting its shareholder-friendly approach and capital strength. With an IPO filing expected soon, investors are taking notice.
👉 If you’re looking for an early investment opportunity, check the Onix Renewable Limited unlisted share price and explore potential returns before it becomes publicly listed. Staying ahead in the unlisted market could be your edge in long-term wealth creation.
Strategic Backing & Marquee Investors
Backing Onix are renowned institutional and private investors such as:
- Ashish Kacholiya – a reputed name in India’s equity markets
- Ebisu Global Opportunities Fund Ltd
- Al Maha Investment Fund – PCC
- Devansh Trademart LLP (INOX Group)
These investors bring more than just capital—they offer strategic networks, global visibility, and long-term vision. Their involvement validates Onix’s fundamentals and accelerates its credibility in capital markets.
Trusted by India’s Energy Leaders
Onix’s client list reads like a who’s who of Indian power infrastructure: NTPC, NHPC, JSW Group, WAAREE Group, Torrent Power, GETCO, and the Hinduja Group, among others. This wide acceptance across both public and private sectors underscores Onix’s reputation for execution excellence, technology quality, and financial reliability.
Comparable Market Movements in the Unlisted Space
Investors evaluating opportunities in the unlisted equity market should also explore how infrastructure-focused entities are performing ahead of their IPOs. For instance, NSDL’s unlisted share price movement has caught investor attention for its strong fundamentals and upcoming public listing.
Comparing NSDL and Onix share price investors identify valuation opportunities, potential entry points, and key trends in India’s high-growth sectors.
Conclusion: The Road Ahead
India’s renewable energy sector is poised to reach USD 50 billion in market size by 2030. With tailwinds from industrial expansion, policy incentives, carbon reduction targets, and technology deflation, the sector offers exponential opportunities.
And Onix Renewable is perfectly placed to seize them.
With a unique combination of diversified capabilities, execution pedigree, capacity expansion, institutional trust, and financial discipline, Onix is not just another renewable player—it is a green energy giant in the making.
For long-term partners and investors, the story of Onix is not only compelling—it’s a front-row seat to India’s clean energy future.