Onix Renewables Limited

Onix Renewables Limited

Fundamentals

Quick Insights

  • 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.
Market Cap-
PE Ratio-
EPS₹58.58
Dividend Yield-
Book Value₹67.83 Cr
Debt/Equity3.791
Price/Book-
Price/Sales-
Industry PE-
Sales₹146.46 Cr
Profit After Tax₹9.08 Cr
Share Capital₹1.55 Cr
Shares Outstanding-
ISININE0TG701015
SectorRenewables
Symbol-
About Company

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.

Latest News
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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.
Annual Reports
FY
Balance SheetFY2023FY2022
Share capital1.551.55
Reserves17.238.65
long term borrowings10.515.89
other long term liabilities6.568.16
shareholders fund35.8524.24
Borrowings4.014.00
Other Current Liabilities49.808.21
Total current Liabilities53.8112.21
Equity + Liabilities89.6636.45
Fixed Assets (incl. WIP)11.297.56
Other Non Current Assets13.093.17
Total Non current Assets24.3810.73
Trade Receivables15.986.84
Cash & Cash Equivalents0.981.46
Other Current Assets48.3217.41
Total current Assets65.2825.72
Total Assets89.6636.45
Profit & LossFY2023FY2022
Revenue from Operations146.4699.86
Growth %46.66%0
Operating Expenses133.7396.48
Growth %38.61%0
Operating Profit12.733.38
Op. Profit Margin %8.69%3.38%
Other Income0.200.06
Finance Costs1.150.91
Depreciation0.320.20
Profit Before Tax11.462.33
Tax2.380.08
Tax %1.62%0.08%
Profit After Tax9.082.25
Title 1Growth %304.32%0
PAT %6.20%2.25%
Diluted EPS58.5814.49
Shareholding Pattern
ColorShareholderHolding
MANSUKH CHANABHAI SAVALIA91.81%
NIKHIL HARESHBHAI SAVALIYA4.10%
OTHERS4.09%
Board of Directors
No board of directors information available.
Senior Management
Mr Divyesh SavaliyaChairman & Managing Director

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