Press Release

Annual Financial Performance 2024 – 2025 Mumbai (Maharashtra) [India], October 24: Onix Renewable Limited, a leading player in India’s renewable energy sector, announced its audited financial results for the fiscal year 2024–25, marking another year of sustained growth, operational excellence, and strategic expansion across its renewable portfolio. During the financial year, Onix Renewable recorded significant progress across its Renewable energy verticals, reflecting its continued commitment to sustainable development and innovation in clean energy.

Onix Renewable Limited, a leading player in India’s renewable energy sector, announced its audited financial results for the fiscal year 2024–25, marking another year of sustained growth, operational excellence, and strategic expansion across its renewable portfolio.

Renewable energy company Onix Renewable Limited reports diversified strategic growth in operations and its renewable portfolio. In April 2024–March 2025, Onix Renewable, for the first full year of the 2024–2025 fiscal year, captured the Onix Renewable evaluations and trademark position as fully vertically integrated renewable energy specialists, marking the first fiscal year of the 2024–2025 renewable energy strategic vertical branded as the Onix Renewables vertical momentum.

AsiaOne Magazine Recognises Onix Renewable Chairman Mr. Divyesh Savaliya as One of India’s Fastest Growing Leaders 2025

Onix Renewable has won Solar Energy Corporation of India’s (SECI) auction to supply 50,000 metric tons (MT) of green ammonia per annum under the Strategic Interventions for Green Hydrogen Transition (SIGHT) program (Mode-2A-Tranche-I).

Onix Renewable, a solar module manufacturer based in Gujarat and having a mere 200 MW module manufacturing capacity, now plans to increase its capacity 12-fold by April 2026.

Gujarat-based Onix Renewable has offered ₹264 (~$3) per share to acquire 1.6 million equity shares of Onix Solar Energy for approximately ₹429 million (~$5 million).

New Delhi-headquartered steel tubes and pipes manufacturing company Rama Steel Tubes (RSTL) has forayed into the renewable energy sector by participating as a joint venture partner in a 225 MW solar project under the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyaan (PM-KUSUM) program.

Steel tubes and pipes manufacturer Rama Steel Tubes Ltd. (RSTL) has entered the renewable energy space with a 10 percent stake in a 225 MW solar power project, structured under Onix IPP, under the PM-KUSUM scheme in Maharashtra.

In a landmark move reinforcing its leadership in the clean energy sector, Onix Renewable Limited has commenced development of a 1,959 MW solar power project under the Mukhyamantri Saur Krushi Vahini Yojana (under the PM-KUSUM Scheme), spearheaded by the Maharashtra State Electricity Distribution Company Limited (MSEDCL).

India, the world’s third-largest emitter of greenhouse gases, is at a pivotal crossroads in its energy transition journey. With a population exceeding 1.4 billion and an economy set to become the third-largest globally by 2030, India’s energy demands are rising rapidly. However, these demands must be met while navigating the urgent need to decarbonize the economy. India’s commitment to achieving net-zero emissions by 2070 and the goal of obtaining 50% of its energy from non-fossil sources by 2030 presents a colossal challenge—but also a massive opportunity.

In the energy sector, artificial intelligence (AI) is quickly becoming a vital force that is transforming generation, distribution, and consumption in order to create a more intelligent, resilient, and sustainable future. Industry experts highlight AI's crucial role in optimising complex grids, predicting renewable energy output, enhancing operational efficiency, and promoting energy equity.

Onix Renewable plans to invest Rs 25,000 crore to develop 7 GW of renewable energy capacity and 5 GW of solar module and cell production within three years, aiming for 10 GW by 2030.

IPO Alert: गुजरात की रिन्यूएबल एनर्जी और सोलर मॉड्यूल बनाने वाली कंपनी Onix Renewable जल्द ही शेयर बाजार में उतरने वाली है। कंपनी जुलाई तक ₹1,000 करोड़ का आईपीओ (IPO) लाने की तैयारी में है और इसका लक्ष्य करीब ₹10,000 करोड़ का वैल्यूएशन पाने का है।

Since the announcement of Budget 2024, India has made notable strides in advancing sustainability and building climate resilience, underscoring the nation’s strong commitment to achieving net-zero carbon emissions by 2070 while fostering sustainable and inclusive development. With an ambitious target of 500 GW of non-fossil fuel capacity by 2030, the government’s initiatives have driven significant growth in renewable energy projects. Increased investments in renewable energy infrastructure, including grid modernisation and advanced storage solutions, are poised to establish a more resilient and sustainable energy ecosystem.

NHPC Limited’s auction for 1,200 MW ISTS-connected hashtag#solarprojects with 600 MW/1,200 MWh hashtag#ESS has discovered an L1 tariff of INR 3.09/kWh. Onix Renewable, Jindal India Renewable Energy, NTPC Renewable Energy Limited, Kolar Solar Power, ReNew Solar Power and Adani Green Energy Ltd. have emerged as winners.

NHPC Limited hashtag#Awards 1.2 GW Solar-Plus-Storage hashtag#Tender To Six Bidders. NHPC allotted the project to Onix Renewable at Rs. 3.09/kWh and three other companies: Jindal India Renewable Energy, KolarSolar Power, and hashtag#NTPC REL.

NHPC's Tender Auction Results for Selection of Solar PV & BESS Generators for Supply of 1200 MWh Power from Solar PV + BESS Projects Anywhere in India with “GREENSHOE OPTION” of additional capacity up to1200 MW.

Onix Renewable, Jindal India Renewable Energy, NTPC Renewable Energy, Kolar Solar Power (Rays Power Infra), ReNew Solar Power, and Adani Renewable Energy Holding Nine (Adani Green) won NHPC’s auction to set up 1,200 MW inter-state transmission system-connected solar power projects with 600 MW/1,200 MWh energy storage systems (ESS).

Capacity building in domestic manufacturing and renewable energy generation will build the energy transition pathway for the country to achieve the target to reach 500 GW of renewable energy by 2030. In line with that vision, the renewable energy sector expects the Union Budget 2025-26 to announce some proposals and targeted measures to reduce import dependence in sourcing equipment while strengthening the storage, transmission and distribution network. The budget needs to reflect policy continuity in terms of the PLI scheme to build domestic manufacturing capacity of solar panels, modules and PV cells, which is pivotal in attaining self-reliance and competitiveness. In addition, the budget should announce incentives for banks and financial institutions to boost lending to the renewable energy sector. Moreover, we expect the budget to propose measures to incentivize renewable energy adoption in mobility as well as energy consumption and offer fiscal support to develop renewable energy infrastructure development and catalyze renewable energy projects, building a sustainable future.

The Onix Group, a prominent name in Gujarat, has launched an ambitious environmental initiative aimed at making the Saurashtra region greener and more sustainable. In a move that highlights the group’s commitment to environmental welfare and social responsibility, Onix Group has pledged to plant one lakh trees across the region. This initiative is part of their broader effort to create awareness about the importance of environmental conservation while addressing the pressing issue of climate change.

Onix Renewable Ltd has consistently demonstrated its commitment to sustainability, with a remarkable track record of over 500 MW of renewable energy projects successfully implemented to date. As the company prepares for its Initial Public Offering (IPO) in 2025, it is set to redefine green energy investments in India.

At Onix Renewable, our commitment to sustainable energy solutions is at the heart of everything we do. We are thrilled to announce our latest initiative: an Expression of Interest (EoI) for the development of 1,959 MW of ground-mounted, fixed-tilt solar power projects across 252 strategically selected locations in Maharashtra. This ambitious project underscores our dedication to transforming India's energy landscape with clean, renewable sources.

We are thrilled to share an exciting milestone in our journey towards a sustainable future. Our first Kusum-C 2.16MW solar project has been successfully charged and commissioned in Satodad, Gujarat. This accomplishment is not just a testament to our commitment to renewable energy but also a significant step in supporting India’s ambitious goals for clean energy generation.

The Global Patidar Business Summit (GPBS) 2025 marked a momentous occasion for businesses, innovators, and visionaries from around the world. Held from January 9 to 12, 2025, at the Helipad Exhibition Centre in Gandhinagar, Gujarat, this summit brought together over 800 exhibitors and attracted more than 1 million visitors. At the heart of this grand event was Onix Renewable, serving as the proud title sponsor, and showcasing its unwavering commitment to sustainability and innovation.

Gujarat-based Onix Renewable has invited expressions of interest (EoI) to set up 1,959 MW ground-mounted, fixed-tilt solar power projects across 252 locations in Maharashtra.

Onix Renewables Ltd., a leading force in India’s renewable energy sector, continues to pave the way with groundbreaking advancements and strategic growth across multiple energy domains. From Renewable Energy and IPP (Independent Power Producer) projects to EPC (Engineering, Procurement, and Construction) services and Energy Transition initiatives, Onix Renewables is at the forefront of transforming India’s energy landscape.

Energy and environment solutions company Thermax has acquired 100% equity share capital of Onix-Two Enersol (OTEPL) through its wholly owned subsidiary, First Energy. The acquisition is valued at ₹100,000 (~$1,190), with Thermax acquiring 10,000 equity shares.

The Government of Gujarat has awarded 479 MW of solar projects to various developers under the Pradhan Mantri Kisan Urja Suraksha Evam Uthan Mahabhiyaan (PM KUSUM).

Onix Renewable Ltd announced this week that its arm Onix Trans Stellar has secured 187 MW of solar projects in Gujarat under the PM KUSUM Scheme (Pradhan Mantri Kisan Urja Suraksha Evam Uthan Mahabhiyaan). The projects will be distributed across 60 varied locations in Gujarat.

Onix Renewable Ltd. won the bid for 187 MW solar projects under Pradhan Mantri Kisan Urja Suraksha Evam Uthan Mahabhiyaan (PM KUSUM) Yojana at 60 different locations in Gujarat. These projects are expected to be operational by December 2024.

Gujarat: A combination of renewable energy sources, wind and solar energy are used to generate power known as wind-solar hybrid systems. The system is designed using solar panels and wind turbine generators to generate electricity. Recently, Onix Renewable Limited, the leader in wind and solar energy sector. Gujarat's first and India's fastest hybrid project has been commissioned by its power generation capacity is 45.80 MW. This environmentally beneficial project is currently benefiting many industries with electricity.

The IPO will serve to finance substantial investments in renewable energy, encompassing solar, wind, and hybrid solar-wind projects, and green hydrogen, in addition to bolstering its solar panel manufacturing division.