Onix Solar Energy Limited has successfully concluded its Rights Issue Committee meeting held on February 12, 2026, finalizing comprehensive terms for its rights issue worth ₹249.87 crore. The committee, which met from 5:00 PM to 5:45 PM, approved detailed parameters following the in-principle approval received from BSE Limited on February 9, 2026.

Rights Issue Terms Finalized

The committee has established specific terms for the rights offering, setting the issue price at ₹546 per equity share, including a premium of ₹536 each. The company will issue 45,76,305 fully paid-up equity shares with a face value of ₹10 each, targeting a total collection of ₹249.87 crore assuming full subscription.

Entitlement Structure and Record Date

The rights entitlement ratio has been set at 23 rights equity shares for every 103 fully paid-up equity shares held on the record date. The committee has declared February 18, 2026, as the record date for determining eligible shareholders. The International Securities Identification Number (ISIN) for credit of dematerialized rights entitlement is INE173M20012.

Complete Rights Issue Timeline

The committee has established a comprehensive schedule for the rights issue execution:

Share Capital Impact

The rights issue will significantly expand the company's equity base. Prior to the rights issue, Onix Solar Energy has 2,04,93,885 outstanding equity shares. Upon full subscription, the total outstanding equity shares will increase to 2,50,70,190 shares, representing a substantial capital expansion for the solar energy company.

Regulatory Compliance

The announcement has been made in compliance with Regulations 30 and 42 of SEBI Listing Regulations. Managing Director Piyush Savaliya (DIN: 06464445) has signed the official communication to BSE Limited, confirming the company's adherence to regulatory requirements and transparent disclosure practices for the rights issue execution.

Onix Solar Energy has reported a significant decline in its third-quarter financial performance, with revenue dropping substantially compared to the same period in the previous year. The solar energy company's latest quarterly results reflect challenging market conditions and operational headwinds.

Financial Performance Overview

The company's Q3 revenue performance shows a marked deterioration from the previous year's corresponding quarter. The following table summarizes the key revenue metrics:

Revenue Analysis

The company recorded revenue of ₹161.00 million in the third quarter, representing a steep decline from ₹573.00 million achieved in the same quarter of the previous year. This translates to an absolute revenue reduction of ₹412.00 million, indicating substantial operational challenges during the reporting period.

The 72% year-over-year revenue decline represents one of the most significant contractions in the company's recent financial history. The sharp reduction in quarterly revenue highlights the impact of various market and operational factors on Onix Solar Energy's business performance.

Market Context

The substantial revenue decline reflects the challenges faced by the solar energy sector and the company's specific operational environment. The magnitude of the decrease suggests significant disruptions to the company's revenue-generating activities during the quarter.

This financial performance indicates that Onix Solar Energy encountered considerable difficulties in maintaining its revenue levels compared to the robust performance recorded in the corresponding quarter of the previous year.