Onix Solar Energy Limited returned to profitability in the financial year ended March 31, 2026, reporting a consolidated net profit of ₹5,253.57 lakh compared to a net loss of ₹168.34 lakh in the previous year. The company's revenue from operations for FY26 rose to ₹24,085.24 lakh, driven by the inclusion of its newly acquired subsidiary, Nexgenix Solar Manufacturing Private Limited. The Board of Directors approved the audited standalone and consolidated financial results on April 23, 2026, and subsequently submitted a revised audit report to the Bombay Stock Exchange on May 26, 2026, pursuant to Regulation 33 of the SEBI (LODR) Regulations, 2015.

The company's standalone performance also showed strong growth, with a net profit of ₹4,019.39 lakh for FY26, up from ₹145.39 lakh in the prior year. Standalone revenue from operations increased to ₹15,711.79 lakh. The financial results were subject to a limited review and audit by M/s. A H Mandaliya & Associates, Statutory Auditors, who issued an unmodified opinion on the consolidated financial statements. The audit confirmed that the results present a true and fair view in conformity with Indian Accounting Standards.

Consolidated Financial Performance

The turnaround in the consolidated results was primarily attributed to the acquisition of a 99% equity stake in Nexgenix Solar Manufacturing Private Limited during the year, which became a subsidiary under Ind AS 110. Consequently, the consolidated financial statements include the results of this subsidiary from the date of acquisition, making prior period figures not fully comparable. The subsidiary contributed total assets of ₹7,286.82 lakh and revenues of ₹8,37,345 lakh for the year ended March 31, 2026.

Standalone Financial Results

On a standalone basis, the company recorded a significant increase in profitability and revenue. The total comprehensive income for the year stood at ₹4,019.39 lakh. The company raised capital through the issue of shares, which bolstered its equity base. The balance sheet reflects a total asset base of ₹80,544.31 lakh as of March 31, 2026, a substantial increase from ₹3,937.94 lakh in the previous year, largely due to investments and trade receivables.

The company noted that there were no investor complaints pending or received during the quarter ended March 31, 2026. The revised submission to the exchange clarified that there was no change in the financial figures themselves, but addressed a procedural query regarding the attachment of the consolidated audit report.

Onix Solar Energy Limited has opened its proposed Rights Issue of up to 1,17,97,736 fully paid-up Equity Shares on May 25, 2026. The issue, which closes on June 01, 2026, is offered at a price of ₹51 per share, including a premium of ₹41 per Rights Equity Share. The total issue size aggregates up to ₹6016.85 lakhs, assuming full subscription. The Rights Issue is offered to eligible shareholders in the ratio of 8 Rights Equity Shares for every 17 fully paid-up Equity Shares held on the record date of Friday, May 15, 2026. The Equity Shares have a face value of ₹10 each.

Specific Investor Application

Onix Solar Energy Limited has confirmed receiving an application from a specific investor on the Issue Opening Date. Abhishek Kamdar applied for 63,16,486 Rights Entitlements before 11:00 A.M. on May 25, 2026. This application was submitted in compliance with Regulation 77B(2) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The details of the specific investor were previously disclosed in a newspaper advertisement dated May 20, 2026.

Objects of the Issue

The company proposes to utilize the net proceeds from the issue towards investment in NOPL Pace Green Energy Private Limited, general corporate purposes, and meeting issue expenses. The primary allocation involves an investment of up to ₹5,850 lakhs in NOPL Pace Green Energy Private Limited. The company has already invested ₹50 crore in NOPL and proposes to invest additional amounts to acquire further equity stake. The balance of the proceeds will be used for general corporate purposes, not exceeding 25% of the Gross Proceeds.

Issue Schedule

The key dates for the Rights Issue are outlined below:

The Rights Entitlements (REs) will be credited to the demat accounts of eligible shareholders before the issue opens. The ISIN for the Rights Entitlements is INE173M20020. The issue requires a minimum subscription of at least 90% of the issue size. Brickwork Ratings India Private Limited is the Monitoring Agency, and MUFG Intime India Private Limited is the Registrar to the Issue.