Abhishek Ashvinbhai Kamdar and his Hindu Undivided Family (HUF) have reduced their combined holding in Onix Solar Energy Limited from 13.76% to 10.82%, following a net sale of 10,82,791 equity shares during July 2026. The transaction, executed through both open market and off-market routes, marks a significant shift in the promoter group’s shareholding structure as the entity exits the promoter category. The disclosure was submitted to the Bombay Stock Exchange (BSE) on July 25, 2026, under Regulation 29(2) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

The filing details a complex series of transactions where Abhishek Ashvinbhai Kamdar individually sold 11,02,941 shares, representing a 2.99% reduction in total voting capital. Concurrently, the Abhishek Ashvinbhai Kamdar HUF acquired 20,150 shares, adding 0.05% to its previously nil holding. These movements resulted in a net decrease of 2.93% in the combined stake of the acquirer and the person acting in concert (PAC). The transactions took place between July 7, 2026, and July 24, 2026.

Shareholding Structure Changes

The table below outlines the change in shareholding before and after the reported transactions:

Prior to these transactions, Abhishek Ashvinbhai Kamdar held 50,74,838 shares, while the HUF had no holdings. Post-transaction, the individual holds 39,71,897 shares (derived from 50,74,838 minus 11,02,941), and the HUF holds 20,150 shares. The combined total stands at 39,92,047 shares.

Capital Structure and Regulatory Context

Onix Solar Energy Limited’s total equity share capital remains unchanged at ₹36,86,79,260, divided into 3,68,67,926 equity shares of ₹10 each. The disclosure confirms that no shares are encumbered by pledges or liens, and there are no warrants or convertible securities affecting the diluted voting capital. The acquirer has explicitly stated that they do not belong to the promoter or promoter group post-transaction, indicating a shift in regulatory classification for future disclosures.

What the Numbers Show

The reduction in stake from 13.76% to 10.82% is notable as it keeps the holding above the 5% threshold mandated for substantial acquisition disclosures under SEBI regulations, but below the typical promoter control levels often seen in listed entities. The simultaneous acquisition by the HUF suggests a potential restructuring of holdings within the family unit, possibly for estate planning or diversification purposes, while the primary exit is driven by the individual shareholder. The use of both open market and off-market mechanisms indicates a strategy to manage liquidity impact while executing a significant volume trade.

Onix Solar Energy reported a consolidated net profit of ₹208.91 crore for the quarter ended June 30, 2026, a substantial increase from ₹71.30 crore in the corresponding quarter of the previous year. Total revenue surged to ₹945.18 crore in Q1FY26, up from ₹103.81 crore in Q1FY25, driven by strong operational performance in the renewable energy sector. On a standalone basis, the company posted a net profit of ₹208 million against ₹10 million in the year-ago period, while standalone revenue from operations reached ₹937 million compared to ₹452 million previously.

The Board of Directors, in its meeting held on July 15, 2026, approved the unaudited standalone and consolidated financial results for the quarter. The results were reviewed by the statutory auditor, A H Mandaliya & Associates, pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The audit committee also approved the results during its meeting on July 15, 2026.

Financial Performance

The company reported a profit before tax of ₹279.19 crore on a consolidated basis for Q1FY26, compared to ₹74.51 crore in the year-ago period. Total expenses for the quarter were ₹665.99 crore, lower than the revenue growth, contributing to the improved profitability. Earnings per share (EPS) on a consolidated basic and diluted basis increased to ₹5.67 for the quarter, up from ₹3.60 in Q1FY25. On a standalone basis, EBITDA stood at ₹278 million compared to ₹12 million in the year-ago period, with the EBITDA margin expanding significantly to 29.69% from 2.74%.

Key Financial Metrics (Consolidated, ₹ in Lakhs)

Standalone Key Metrics (YoY)

Board Decisions

Alongside the financial results, the board approved the establishment of a new corporate office effective July 14, 2026, located at P-212 B, Gate No. 2, Lodhika GIDC, Rajkot, Metoda, Gujarat. The board also reconstituted the Audit Committee, Nomination and Remuneration Committee, and Stakeholders' Relationship Committee with immediate effect.

Mr. Hitesh Kantilal Bhansali was appointed as an Independent Director for a term of five consecutive years, commencing July 15, 2026, subject to shareholder approval. The appointment is intended to strengthen the company's governance structure with his expertise in general management and business strategy.