Onix Renewable ()

15800 +0 (0%) 1Y
Price per Unit 15800
Minimum no. of Units 10
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Onix Renewable

DRHP Status : Not Filed

15800

Current Price 15800
Market Cap 3942 Cr
ISIN INE0TG701015
Face Value 10
P/E Ratio 456.9
EPS 34.58
P/B Ratio 219.6
Book Value 72
Debt to Equity Ratio 1
P&L Statement 2021 2022 2023 2024
Revenue 65 100 146 351
Cost of Material Consumed 61 90 98 284
Gross Margins 6.15 10 32.88 19.09
Change in Inventory -5 -5 -12 -66
Employee Benefit Expenses 4 5 6 14
Other Expenses 3 7 42 61
EBITDA 2 3 12 58
OPM 3.08 3 8.22 16.52
Other Income 0.2 0 0 0
Finance Cost 0.8 0.9 1 4.5
D&A 0 0.1 0 1
EBIT 2 2.9 12 57
EBIT Margins 3.08 2.9 8.22 16.24
PBT 1.1 2 11 52.7
PBT Margins 1.69 2 7.53 15.01
Tax 0.1 0 2 13.3
PAT 1 2 9 39.4
NPM 1.54 2 6.16 11.23
EPS 7.87 12.9 58.06 235.93
Financial Ratios
 2021 2022 2023 2024
Operating Profit Margin 3.08 3 8.22 16.52
Net Profit Margin 1.54 2 6.16 11.23
Earning Per Share (Diluted) 7.87 12.9 58.06 235.93
Assets 2021 2022 2023 2024
Fixed Assets 6.4 7.5 7.35 10.8
CWIP 1 0 4 0
Investments 0 0 13 0
Trade Receivables 15 7 16 134
Inventory 7 12 24 106
Other Assets 8.6 9.5 25.65 245
Total Assets 38 36 90 495.8
Liabilities 2021 2022 2023 2024
Share Capital 1.27 1.55 1.55 1.67
FV 10 10 10 10
Reserves 4 8.6 17 95.8
Borrowings 7 10 15 89.7
Trade Payables 17 7 42 143
Other Liabilities 8.73 8.85 14.45 165
Total Liabilities 38 36 90 495.17
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Onix Renewable Ltd. is a company focused on renewable energy, IPP, EPC, energy transition, and infrastructure, with expertise in wind, solar, storage, utility, hybrid, green hydrogen, R&D, and power generation, including solar panel manufacturing. 

Strengths:

  1. Robust Revenue Growth: Onix Renewable has demonstrated significant revenue growth, with revenues increasing from ₹999 million in FY2022 to ₹3,516 million in FY2024. ​

  2. Improved Profitability: The company's net profit margin has risen from 6.16% in FY2023 to 11.24% in FY2024, indicating enhanced operational efficiency. ​

  3. Strong Return on Equity (ROE): ROE has improved from 59.56% in FY2023 to 68.25% in FY2024, reflecting effective utilization of shareholder equity. 

  4. Diversified Operations: The company's involvement in various sectors within renewable energy, including IPP, EPC, and infrastructure, positions it to capitalize on multiple revenue streams

Weaknesses:

  1. High Debt Levels: Despite a slight improvement, the debt-to-equity ratio remains high at 0.92 in FY2024, indicating significant reliance on debt financing. ​

  2. Working Capital Intensity: Operations are working capital-intensive, with gross current asset (GCA) days increasing from 91 days in FY2022 to 163 days in FY2023, suggesting potential liquidity challenges.

  3. Limited Operating History: As a relatively new entrant in the renewable energy sector, Onix Renewable's limited track record may pose risks regarding consistent performance and market credibility. ​

  4. Profitability Susceptible to Raw Material Prices: The company's profit margins are vulnerable to fluctuations in the prices of key raw materials, such as solar cells and aluminum, which could impact financial performance.

  5. Liquidity Risks in Unlisted Shares: Investing in unlisted shares like those of Onix Renewable carries liquidity risks, as these shares are not traded on public stock exchanges, potentially making it challenging to find buyers when seeking to sell.

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