Onix Renewable Increases Stake in Onix Solar Energy to 53.75%
Onix Renewable Limited has increased its stake in BSE and NSE-listed Onix Solar Energy Limited to 53.75% after acquiring 10.83 lakh shares through open-market purchases on August 25, 2026. The transaction, valued at approximately ₹30 crore, represents a 2.94% stake acquisition and takes the promoter's total holding to 1.98 crore shares.
The purchase was split across both exchanges — 6.40 lakh shares were bought on the NSE at ₹276.15 per share and 4.43 lakh shares on the BSE at ₹277.81 per share. Prior to the transaction, Onix Renewable held 50.82% of Onix Solar Energy's equity.
Why this matters
The decision to deploy ~₹30 crore through the open market — rather than through a preferential allotment or off-market deal — is notable. Open-market purchases at prevailing prices signal genuine skin-in-the-game conviction from the promoter group, and the move pushes the holding comfortably above the 50% majority threshold after a period of dilution.
Onix Renewable's stake had declined from a high of 91.72% (post the October 2025 preferential allotment) to 50.22% over the course of 2026, primarily due to equity dilution from a ₹60.17 crore rights issue in May 2026 and two off-market sales in June 2026 that together reduced the holding by over 6 percentage points. The latest acquisition reverses that trend and reaffirms the promoter's intent to maintain control over the listed entity.
Onix Solar's transformation story
Onix Solar Energy has undergone a rapid transformation over the past year — from a micro-cap entity (formerly ABC Gas International Limited) to a vertically integrated solar manufacturing company. The October 2025 share swap brought Nexgenix Solar Manufacturing Private Limited's 100 MW Mono PERC solar module facility under Onix Solar's ownership, with plans to scale to 1,200 MW capacity each for TOPCon solar modules and solar cell production.
The financial trajectory reflects this pivot. In Q1 FY27, the company reported standalone revenue of ₹93.7 crore (up from ₹45.2 crore in Q1 FY26) and a net profit of ₹20.8 crore versus just ₹1 crore a year earlier, with an EBITDA margin of approximately 29.69%. Management has guided for revenue of ₹1,004.50 crore for FY27.
The stock was also recently permitted to trade on the NSE from August 17, 2026 — a development that has broadened the investor base and improved liquidity.
Context worth noting
The parent company, Onix Renewable Limited (unlisted), has been scaling aggressively on its own — reporting FY25 revenue of ₹1,001 crore (up ~186% YoY) and a PAT of ₹115 crore, backed by an unexecuted order book exceeding ₹13,000 crore. The group's operations now span solar module manufacturing, EPC, green ammonia, IPP projects under PM-KUSUM, and AI-driven O&M services.
However, investors should note that Onix Renewable has pledged approximately 40.98 lakh shares (~20% stake) in Onix Solar with HDFC Bank to secure borrowings, as disclosed in February 2026. Additionally, former promoter group member Abhishek Ashvinbhai Kamdar reduced his stake to 10.82% in July 2026, exiting the promoter classification.
Disclaimer: This article is for informational and educational purposes only and does not constitute investment advice. Investors should conduct their own research and consult a qualified financial advisor before making investment decisions.