Onix Solar Energy Reports Significant Revenue Growth in Q2 FY26, Despite Quarterly Loss

Onix Solar Energy Limited (formerly known as ABC Gas International Limited) has released its financial results for the second quarter of fiscal year 2026, showcasing a remarkable increase in revenue but also reporting a net loss for the quarter.

Revenue Surge

The company reported a substantial year-over-year growth in revenue from operations:

Period	Q2 FY26	Q2 FY25	YoY Growth
Revenue	4,336.63	13.00	33,258.69

This exponential growth indicates a significant expansion in the company's operations or a major shift in its business model over the past year.

Quarterly Performance

Despite the impressive revenue growth, Onix Solar Energy faced challenges in profitability:

Metric	Q2 FY26
Net Loss	75.54

The company's ability to convert its increased revenue into profit appears to be constrained, possibly due to higher operational costs or investments in growth.

Half-Year Results

The half-year performance provides a more balanced view of the company's financial health:

Metric	H1 FY26
Revenue	8,846.68
Net Profit	17.59

These figures suggest that while the company is managing to maintain profitability over a longer period, there is significant volatility in its quarterly performance.

Historical Perspective

Examining the company's performance over the past few years reveals a trend of rapid growth:

Metric	FY25	FY24	FY23
Revenue	29.80	0.00	0.20
Net Profit	1.50	0.20	2.10

The company has shown remarkable revenue growth from FY24 to FY25, though profitability has been inconsistent.

Operating Efficiency

The Operating Profit Margin (OPM) provides insight into the company's operational efficiency:

Year	OPM (%)
FY25	3.78
FY24	-4140.46
FY23	-640.59

The positive OPM in FY25 marks a significant turnaround from the negative margins in previous years, indicating improved operational efficiency.

Conclusion

Onix Solar Energy Limited is experiencing a period of rapid growth and transformation. While the company has achieved impressive revenue growth, it faces challenges in maintaining consistent profitability. The volatile quarterly performance suggests that the company may be in a phase of significant investment or market expansion, which could lead to fluctuations in short-term results.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+4.47%	+3.19%	-4.69%	+19.47%	+152.25%	+152.25%

Onix Solar Energy Limited has undergone a significant change in its ownership structure as Onix Renewable Limited substantially increased its stake through a preferential allotment, according to recent regulatory filings. This move has been followed by an announcement of an open offer for additional shares.

Key Details of the Acquisition

Aspect	Before Acquisition	After Acquisition
Shares Held by Onix Renewable	2,82,942	1,87,96,827
Shareholding Percentage	14.29%	91.72%
Total Share Capital of Onix Solar Energy	19,80,000	2,04,93,885
Face Value of Shares	10.00	10.00

Transaction Highlights

Date of Acquisition: October 13, 2025
Mode of Acquisition: Preferential Allotment
Number of Shares Acquired: 1,85,13,885
Consideration: Other than cash

Open Offer Details

Onix Renewable Limited has announced an open offer to acquire 16,27,698 equity shares.
This represents 6.44% of the emerging voting share capital of Onix Solar Energy Limited.
The offer price is set at ₹264.00 per share.
The offer is being made by Onix Renewable Limited along with three persons acting in concert (PACs): Divyesh Mansukhbhai Savaliya, Piyush Mansukhbhai Savaliya, and Khilan Hareshbhai Savaliya.
Grow House Wealth Management Private Limited is serving as the manager to the offer.
The pre-offer advertisement and corrigendum were published on October 17, 2025 in Financial Express, Jansatta, and Mumbai Lakshadeep newspapers.

Implications of the Acquisition and Open Offer

Majority Control: Through the preferential allotment, Onix Renewable Limited has gained majority control over Onix Solar Energy Limited, increasing its stake from 14.29% to 91.72%.
Further Consolidation: The open offer aims to acquire an additional 6.44% stake, potentially further consolidating Onix Renewable's control.
Capital Structure Change: The equity share capital of Onix Solar Energy Limited has expanded significantly, from 19,80,000 shares to 2,04,93,885 shares, indicating a substantial infusion of resources.
Strategic Alignment: This move suggests a potential strategic alignment between the two companies, which may lead to synergies in the renewable energy sector.
Regulatory Compliance: Both the preferential allotment and the open offer are being conducted in compliance with SEBI regulations, ensuring transparency for all stakeholders.

Market Implications

This acquisition and subsequent open offer may have significant implications for both companies and the broader renewable energy sector. Investors and market watchers will likely be keen to observe how this change in ownership affects Onix Solar Energy Limited's operations, strategy, and market position.

The preferential allotment, being made for consideration other than cash, also raises questions about the nature of the transaction and the potential assets or services exchanged. This aspect may warrant further attention from analysts and shareholders.

As the renewable energy sector continues to evolve, such strategic moves could signal broader trends in consolidation and vertical integration within the industry. Stakeholders will be watching closely to see how this acquisition and open offer impact the competitive landscape and drive innovation in solar energy solutions.

It's worth noting that Onix Solar Energy Limited was formerly known as ABC Gas (International) Limited, indicating a shift in the company's focus towards renewable energy.