Onix Renewables Limited - Unlisted Shares
Fundamentals
- Current Price
- ₹0
- Market Cap
- 0
- ISIN
- INE0TG701015
- Face Value
- ₹10
- P/E Ratio
- 0
- EPS
- 58.58
- P/B Ratio
- 0
- Book Value
- 67.83
- Debt / Equity Ratio
- 3.791
Key Financials
Profit & Loss
| Metric | FY2023 | FY2022 |
|---|
| Revenue from Operations | 146.46 | 99.86 |
| Growth % | 46.66% | 0 |
| Operating Expenses | 133.73 | 96.48 |
| Growth % | 38.61% | 0 |
| Operating Profit | 12.73 | 3.38 |
| Op. Profit Margin % | 8.69% | 3.38% |
| Other Income | 0.20 | 0.06 |
| Finance Costs | 1.15 | 0.91 |
| Depreciation | 0.32 | 0.20 |
| Profit Before Tax | 11.46 | 2.33 |
| Tax | 2.38 | 0.08 |
| Tax % | 1.62% | 0.08% |
| Profit After Tax | 9.08 | 2.25 |
| Title 1Growth % | 304.32% | 0 |
| PAT % | 6.20% | 2.25% |
| Diluted EPS | 58.58 | 14.49 |
Company Financials
| Metric | FY2023 | FY2022 |
|---|
| Share capital | 1.55 | 1.55 |
| Reserves | 17.23 | 8.65 |
| long term borrowings | 10.51 | 5.89 |
| other long term liabilities | 6.56 | 8.16 |
| shareholders fund | 35.85 | 24.24 |
| Borrowings | 4.01 | 4.00 |
| Other Current Liabilities | 49.80 | 8.21 |
| Total current Liabilities | 53.81 | 12.21 |
| Equity + Liabilities | 89.66 | 36.45 |
| Fixed Assets (incl. WIP) | 11.29 | 7.56 |
| Other Non Current Assets | 13.09 | 3.17 |
| Total Non current Assets | 24.38 | 10.73 |
| Trade Receivables | 15.98 | 6.84 |
| Cash & Cash Equivalents | 0.98 | 1.46 |
| Other Current Assets | 48.32 | 17.41 |
| Total current Assets | 65.28 | 25.72 |
| Total Assets | 89.66 | 36.45 |
Shareholding Pattern
- MANSUKH CHANABHAI SAVALIA
- 91.81%
- NIKHIL HARESHBHAI SAVALIYA
- 4.1%
- OTHERS
- 4.09%
Strengths & Weaknesses
Strengths
- Consistent Revenue Growth and Profitability ORL’s revenue grew at a robust CAGR of ~50% from FY21 to FY23, reaching ₹146.46 crore, driven by timely order execution. Revenue for 11MFY24 stands at ₹180.93 crore, with an expected ₹250 crore by FY24, supported by pending bills of ₹40 crore and ongoing projects. EBITDA margins improved from 8.58% in FY23 to 10.21% in 11MFY24, with projections to sustain at 10%-11% due to steady order execution and operating leverage benefits.
- Strong Order Book As of February 29, 2024, ORL has an unexecuted order book of ₹542.31 crore (3.7x FY23 revenue), ensuring healthy medium-term revenue visibility. The orders include solar installations, substation construction, underground cabling, solar panel O&M, and wind-solar hybrid projects, with execution expected within 12-18 months.
- Stable Capital Structure ORL’s gearing improved to 0.40x in FY23 (FY22: 0.98x), supported by profit accretion and stable debt levels at ₹9.47 crore. However, TOL/TNW increased to 2.78x in FY23 (FY22: 2.61x) due to higher payables from raw material purchases.
- Regular Equity Infusion by Promoters Promoters infused ₹40.44 crore in FY24 to support working capital needs for order execution, with commitments for additional equity as required.
Weaknesses
- High Geographical and Client Concentration Risks ORL's revenue is heavily concentrated in Gujarat, contributing 90% of revenue over the past three years, with the entire order book focused on Gujarat and Maharashtra. This poses significant geographical concentration risk in the medium term. Additionally, over 65% of revenue is derived from the top two clients, indicating high client concentration. However, new orders from reputed entities are expected to mitigate these risks.
- Competitive and Fragmented Industry Operating in a fragmented and competitive solar EPC industry limits pricing flexibility and bargaining power, affecting margin stability. The lack of a pass-through mechanism further contributes to volatile operating margins.
About Onix Renewables Limited
Onix Renewable Limited (ORL), formerly known as Onix Structure Private Limited, specializes in manufacturing electric filament lamps, including sealed beam lamp units, as per its annual filings.
Senior Management
- Mr Divyesh Savaliya - Chairman & Managing Director