Onix Solar Energy Limited saw its promoter group holding rise to 51.73% after Onix Renewable Limited acquired 7,46,000 equity shares in the open market on October 13, 2026.

The acquisition was disclosed under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Onix Renewable Limited, which belongs to the promoter group, executed the purchase through open market transactions.

Shareholding Details

The transaction increased the acquirer's stake by 2.02%. The table below outlines the change in shareholding before and after the acquisition:

Note: The total number of shares reported in the "After" column of the source document (1,90,71,885) appears inconsistent with the addition of acquired shares to the previous holding. The percentage figures reflect a decrease in total holding despite an acquisition entry, suggesting a potential data discrepancy in the source filing or a concurrent disposal not detailed in the summary.

Regulatory Context

Onix Renewable Limited is listed on the Bombay Stock Exchange. The target company, Onix Solar Energy Limited, has an equity share capital of ₹36,86,79,260 divided into 3,68,67,926 equity shares of ₹10 each. This capital structure remained unchanged following the transaction.

The disclosure was signed by Divyeshkumar Savaliya, Director of Onix Renewable Limited, from Rajkot.

Onix Solar Energy Limited reported a standalone net profit of ₹191.54 lakh for the quarter ended September 30, 2026 (Q2FY27), marking a turnaround from a loss of ₹75.54 lakh in the corresponding period last year.

The company’s revenue from operations declined to ₹3,187.60 lakh in Q2FY27 from ₹4,336.63 lakh in Q2FY26. Despite the top-line contraction, profitability improved significantly as total expenses dropped to ₹2,939.06 lakh from ₹4,403.12 lakh a year earlier. The Board of Directors approved these unaudited standalone and consolidated financial results on October 8, 2026.

Financial Performance Overview

The shift to profitability was driven by lower operational costs and the absence of exceptional items. Employee benefit expenses decreased to ₹82.45 lakh in Q2FY27 from ₹131.41 lakh in Q2FY26. Other expenses remained stable at ₹38.22 lakh compared to ₹38.27 lakh in the previous year.

Consolidated Results

On a consolidated basis, Onix Solar reported a net profit of ₹148.87 lakh for Q2FY27, compared to a loss of ₹73.61 lakh in Q2FY26. Consolidated revenue from operations fell to ₹3,242.09 lakh from ₹4,336.63 lakh in the year-ago quarter. The consolidated entity includes Nexgenix Solar Manufacturing Private Limited, a 99% owned subsidiary.

What the Numbers Show

A significant divergence exists between profit growth and cash flow generation. While the standalone entity posted a net profit of ₹191.54 lakh, cash flow from operating activities was negative at ₹5,500.75 lakh for the half-year ended September 30, 2026. This outflow was primarily driven by a substantial increase in trade receivables, which rose by ₹15,394.87 lakh during the period. The balance sheet reflects this pressure, with trade receivables standing at ₹17,009.18 lakh as on September 30, 2026, up from ₹9,039.26 lakh as on March 31, 2026. Cash and cash equivalents dwindled to ₹4.12 lakh from ₹188.88 lakh over the same period.

Corporate Actions

The Board also approved the shifting of the registered office from Mumbai, Maharashtra, to Gujarat. This move is subject to shareholder approval via special resolution and regulatory clearances. The results were reviewed by A H Mandaliya & Associates, Chartered Accountants.