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.

Onix Solar Energy Limited shareholders approved all six resolutions proposed at the 46th Annual General Meeting, including a special resolution to authorize borrowings up to ₹1,000 crore. The consolidated scrutinizer's report submitted to BSE on October 1, 2026, confirms the adoption of audited financial statements for FY26.

The meeting, held virtually on September 30, 2026, saw overwhelming support for the board's proposals. Voting data indicates that out of 19,975,350 shares voted, 19,975,282 were cast in favor of each resolution, representing a 99.99966% approval rate across all items. Only 68 votes were recorded against any of the proposals.

Key resolutions and voting outcomes

The board sought shareholder approval for significant financial authorizations and governance changes. The following table details the voting results for the critical resolutions:

Governance and attendance details

Hardik Kantilal Adhiya chaired the meeting, which commenced at 2:00 pm and concluded at 2:19 pm. A total of 37 shareholders participated through the InstaMeet platform, while remote e-voting was facilitated via the InstaVote platform from September 26 to September 29, 2026.

The board included Managing Director Piyush Mansukhbhai Savaliya, Directors Naman Madhavjibhai Viradiya and Hardik Kantilal Adhiya, and Independent Directors Umeshkumar Singh and Yesha Aagam Shah. Hitesh Kantilal Bhansali attended as an additional independent director pending regularization, which was subsequently approved by shareholders.

Financial and audit updates

The statutory auditors and secretarial auditors did not raise any qualifications, reservations, or adverse remarks in their reports for the period. The company noted that the notice of the AGM along with the Annual Report 2025-26 had been circulated to all members prior to the meeting.

CS Himanshu K. Togadiya of H Togadiya & Associates served as the scrutinizer, appointed by the board on September 7, 2026, to conduct the remote e-voting process and scrutinize votes cast during the virtual meeting.