Overview

Onix is a leading player in Renewable Energy sector providing end-to-end solutions such as Solar EPC + IPP + Wind + BESS + Module Manufacturing + Green Hydrogen Generation. Founded in 2014, Onix is spearheaded by Divyesh Savaliya serving as Chairman and Managing Director. The company has roots in Rajkot, Gujrat with Global footprints. 

• The company has scaled exponentially from generating 100Cr revenue in FY22 to crossing 1000 Cr in FY25.

• PAT grew from 2 Cr in FY22 to 115 Cr in FY25.

• The company has unexecuted INR 15600 Cr order book across green energy projects, unlocking multi-year revenue 

This rapid growth has attracted increasing investor attention towards Onix Renewable Limited Share and Onix Renewable Unlisted Share opportunities, particularly among investors seeking exposure to India's expanding renewable energy sector. 

Foundational History

• The original company started in 2007 as small-scale manufacturer of electrical components. The business was founded and spearheaded by Savaliya Family. 

• Between 2010-2012 the company has expanded from a regional player to executing national level, large-scale infra development projects. 

• In October 2014 the company registered itself under the name: Electro Trans Products Private Limited as corporate legal entity with CIN: U31501GJ2014PTC080979. The company was focused on manufacturing electrical components and transport-related engineering. 

• As the company scaled, it changed its name to Onix Structure Private Limited, it pivoted towards structural execution, engineering procurement, and large-scale industrial assembly. 

• In 2017, the company ventured into wind energy expansion – capturing both utility scale wind and solar installations. 

• In 2020, the company executed a backward integration where it ventured into manufacturing of solar PV modules. They set up the 100 MW facility in Rajkot Gujrat, to supply its own projects internally.

• In 2022, the company become the Independent Power Producer (IPP) by launching its first 25 MW Wind Solar hybrid power project.

• In 2025, the company is also increasing its footprints in Green Hydrogen production. 

• By the end of 2026, Onix aims to achieve 1200 MW Solar Module production line. 

What Does Onix Do? – Operational Model

Onix has the one of the most mature and diversified business segments among its competitors. It has 5 business segments fueling one another and representing future growth engine.

Segment 1 – Energy Generation & EPC

Onix leverage its existing engineering capabilities and execute end-to-end EPC project across solar, wind and hybrid power plant and rooftop renewable energy solutions. 

Onix has become Independent Power Producer as well, generating and distributing electricity to industrial and commercial players. It creates a sustainable revenue stream for the company.

1. Utility Scale Solar

   • Onix has been recognized as one of the top utility scale renewable energy providers with either installed and committed solar capacity of 3.5 GW.

   • Onix offers following solar park models:

     1. CAPEX: Suitable for entities with space and initial capital expenditure.

     2. RESCO: Under this arrangement, the developer assumes the full responsibility of project development and execution at your property. 

     3. OPEX: Under this arrangement, third party developer or RESCO invest, install, and manage solar plant on your property. Here the land owner does not bear any upfront cost but enters into PPA with the developer to purchase electricity at fixed price per unit. 

   • Some of the notable significant projects include: 

     1. PM KUSAM Solar Project Gujrat with an installed capacity of 187 MW

     2. PM-KUSAM Solar Project Maharashtra with an installed capacity of 2896 MW.

2. Utility Scale Wind 

Onix has India’s largest wind energy portfolio aggregating to 4.5 MW and accounts for 5% of country’s overall capacity. The company design, develop, run, and manage utility-scale grid connected power plants. In addition, it also act as an Independent Power Producer – selling in house power generated to C&I, state and government agencies. Some of the notable projects include:

• Charkha Gujrat, commissioning 100 MW capacity,

• Khambhalia, Gujrat – 400 MW capacity

• Wankenar Gujrat – 170 MW capacity

1. Hybrid Energy 

Onix boasts its 52 MW installed capacity in Hybrid (Wind + Solar) Energy generation. Wind and Solar energy model are complementary to each other, thus facilitates higher capacity utilization. In addition, by sharing transmission lines, expenses can be mitigated.

Some of the notable projects are:

• Neknam Gujrat – carrying capacity of 52 MW

• Sutrapada Gujrat - carrying capacity of 85 MW

1. Solar Rooftop

The company has a portfolio of 9 GW of installed capacity within months. Onix caters to Residential and C&I clients. The system enables the users to reduce their reliance on fossil fuels and contribute towards Net Zero commitment of India. It creates a sustainable and cost-effective source of energy. Some of the notable projects include:

• Rajkot Gujrat with an installed capacity 1200 MW, 1300 MW and 500 KW. 

Segment 2 – Products 

• Solar Module 

• Powerwall

• BESS

Segment 3 – Clean Energy

• Green PPA

• Green Credits

• Energy Management Solution

• Green Hydrogen 

Segment 4 – Grid Enhancement 

• Transmission

• Substation

• Distribution

• Operations & Management 

SWOT Analysis

Strength

• Exponential Growth

• Massive Order Book – unexecuted order book value estimated at INR 13000 Cr

• Vertically Integrated Ecosystem

• Deep In-house EPC 

Weakness

• Highly Capital Intensive 

• Long working capital & collection cycle

• Geographical and Client Concentration

Opportunities

• Extending PM-KUSAM scheme to 2027

• Aggressive expansion of manufacturing capacity

• Next-Gen Clean Energy Pivots

• Unlocking value via Onix Renewable IPO targeting to raise 1000-1200 Cr 

Threats

• Cut-throat competition from clean energy giants like Adani Green Energy, Tata Power and ReNew can compress margin.

• Supply chain and raw materials market vulnerability – any changes in global supply of raw materials and compliance can impact pricing of product 

• Delayed PPA, tariff renegotiation, or grid-curtailment is very common while ealing with DISCOMs – it creates execution and offtaker default risk.

Key People 

Promoters

 Divyeshkumar Mansukhlal Savaliya

 Savaliya Piyushkumar Mansukhbhai

 Rashilaben Mansukhbhai Savaliya

 Nikhil Hareshbhai Savaliya

Key Managerial Personnel

 Divyesh Savaliya: Founder, Chairman, and Managing Director

 Harpreet Singh: Chief Executive Officer (CEO)

 Hardik Adhiya: Chief Operating Officer (COO)

 Piyush Mansukhbhai Savaliya: Managing Director

 Sagar Sureshbhai: Chief Financial Officer (CFO)

 Lavesh Gupta: Company Secretary

Shareholding Pattern

 Founders/Promoters: ~41.18%

 Other Investors/Individuals: ~35.37%

 Angel Investors: ~10.05%

 Enterprises: ~7.16%

 Funds & Institutions: ~6.24%