Company Overview

Onix Solar Energy Ltd (the "Company") is engaged in the manufacturing of solar modules and delivering high-efficiency, quality-driven products for utility-scale, commercial, and residential applications. The Company supports the country's renewable energy transition through scalable, domestically manufactured solutions.

Vision & Market Opportunity

The Company's vision includes: becoming the optimum cost manufacturer of modules in India; becoming one of the largest exporters of modules to international markets; and establishing robust distribution networks for domestic and international markets.

Management Team

The management team consists of:

  • Mr. Naman Viradiya, Director: 8+ years of experience in renewable energy project execution, specializing in solar EPC, rooftop solutions, and utility-scale projects.
  • Mr. Piyush Savaliya, Managing Director: 17+ years of experience in renewable energy infrastructure, leading large-scale solar, wind, and hybrid projects.
  • Mr. Hardik Adhiya, Executive Director: 10+ years of experience in renewable energy, business management, and project engineering.

Product Portfolio & Manufacturing

The company offers high-quality, highly efficient solar modules that undergo rigorous testing in its in-house PV Module Test Lab. A new 200 MW manufacturing facility is nearing completion, significantly expanding production capacity. The facilities are designed to accommodate multiple technologies including Mono PERC, TOPCon, and bifacial modules with a focus on automation.

Market Outlook & Government Support

Strong government policy support includes Basic Customs Duty (BCD) on imported modules (40%) and cells (25%), introduction of ALMM-I & II, and an ₹18,000 crore PLI scheme to incentivize domestic manufacturing. India currently has approximately 70 GW module and 8 GW cell capacity (as of March 2024), with 80 GW modules and 50 GW cells in the pipeline, requiring capex of approximately ₹21 lakh crore.

Indian module exports to the US surged to USD 1.97 billion in FY24 as global buyers seek alternatives to Chinese modules post-UFLPA sanctions. India added 18.5 GW of renewable energy capacity in FY24, with annual installations expected to surpass 35 GW driven by government tenders (50 GW/year), rooftop programs (25 GW), and open access projects.

Parent Company Integration

Onix Renewable Limited (ORL), the parent company, has acquired a stake in Onix Solar Energy Ltd to support its solar module manufacturing business. ORL operates a fully integrated sustainable business model encompassing Engineering, Procurement, Independent Power Producer (IPP) operations, Operation & Maintenance (O&M), Transmission & Distribution (T&D), Land, Wind, Hydropower, and E-mobility.

Financial Projections

The company provided the following financial projections:

| Financial Metric | FY25 | FY26 | FY27P | FY28P | FY29P |

| Revenue (INR Cr.) | 29.81 | 157.75 | 1,004.50 | 1,226.37 | 1,471.60 |

| Revenue Growth | 29.81% | 157.75% | 1004.50% | 1226.37% | 1471.60% |

| EBITDA (INR Cr.) | 16 | 40.37 | 121.81 | 168.8 | 202.8 |

| EBITDA Margin | -405% | 2423% | 202% | 39% | 20% |

| PAT (INR Cr.) | 1.45 | 30.12 | 86.84 | 122.58 | 148.5 |

| PAT Margin | 605% | 1978% | 188% | 41% | 21% |

Capacity Forecasts

The presentation included capacity forecasts for solar module business showing progression from TOPCon to HJT/BC technologies with increasing capacities up to 600MW HJT/BC, alongside IPP capacity expansion from 200MW to 500MW and Green Hydrogen production scaling from R&D to 150,000MT/PA.

Disclaimer

The Presentation has been prepared by Onix Solar Energy Ltd solely for informational purposes and does not constitute an offer, invitation, recommendation, or solicitation to purchase or subscribe for any securities. The information contained herein has been prepared from sources believed to be reliable but the Company makes no representation or warranty as to its accuracy, completeness, or fairness.