Onix Renewable

What Onix Renewable does

Onix Renewable Ltd is an Indian renewable energy project developer headquartered in Rajkot, Gujarat, founded in 2007 and operating with 501-1,000 employees. The company develops and commissions utility-scale and feeder-level solar power projects, with its flagship activity being participation in the central government's PM-KUSUM Component-C programme, under which it has commissioned 115 MW of solar capacity in Gujarat and is recognized by the Government of Gujarat as the leading developer under the scheme in the state. It is also developing a significantly larger 969 MW AC solar portfolio in Maharashtra through an EPC arrangement with Vikran Engineering, restructured from an original 600 MW contract worth Rs 2,035.26 crore into a Rs 3,517.98 crore arrangement following Vikran's acquisition of NOPL Solar Projects.

The company monetizes through project-based EPC contracts structured via special purpose vehicles (SPVs) tied to 25-year power purchase agreements, targeting state electricity distribution utilities (e.g., MSEDCL) and rural/agricultural consumers via government-backed schemes. It is listed on the Bombay Stock Exchange under ticker BO:ONIX. Operations are currently concentrated in Gujarat and Maharashtra, with no disclosed revenue figures, no disclosed AI/ML or proprietary technology stack, and an ongoing regulatory overhang from Mumbai EOW investigations into alleged fake bank guarantees worth Rs 122.9 crore in the Solar Agriculture Energy Channel 2.0 tender process, where three of four FIRs were subsequently closed via C summary reports. Leadership consists of Founder and Chairman/MD Divyesh Savaliya and a digital marketing manager, Chiman Maru.

Name

Onix Renewable

Legal name

Onix Renewable Ltd

Website

https://onixrenewable.com

Company type

Public

Founded year

2007

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Onix Renewable is an Indian solar EPC developer headquartered in Rajkot, commissioning solar projects under the PM-KUSUM scheme for state utilities and rural/agricultural consumers in Gujarat and Maharashtra, with 115 MW commissioned and a 969 MW pipeline.

Ownership category

akta.pro rank

Product category

Solar Power Generation

NAICS

Solar Electric Power Generation (221114)

SIC

Electric Services (4911)

akta.pro primary industry

Solar EPC & Construction (Utility-Scale, Rooftop, Balance of System) (EUAMABAB)

akta.pro secondary industries

Solar PV Power Plant EPC (Utility-Scale) (EUAEAAAG), Renewable Distributed Generation (Rooftop/Onsite Solar, Small Wind, Small Hydro) (EUACALAJ), Solar Financing, Leasing & Ownership Platforms (Tax Equity, PPA, Securitization) (EUAMABAJ)

Keywords

• Solar project development
• EPC solar contracts
• Renewable energy infrastructure
• Solar panel manufacturing
• Rural electrification projects

Headquarters

HQ city

Rajkot

HQ country

India

HQ region

Asia

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Personnel, Operations, Infrastructure, Technology or R&D

Distribution channels1 record

Marketing channels1 record

Core offering

Onix Renewable manufactures solar panels and develops solar power projects under India's PM-KUSUM scheme, focusing on rural and agricultural solar power generation. The company provides turnkey EPC (Engineering, Procurement, and Construction) services for solar power plants and operates commissioned solar capacity primarily in Gujarat and Maharashtra. Its projects target agricultural feeder solarization and grid-connected solar power generation for state electricity distribution utilities.

Product overview

Onix Renewable is a renewable energy development company specializing in solar power project development. The company operates as a special purpose vehicle (SPV) for developing solar projects, with its primary offering being PM-KUSUM Solar Projects that focus on rural and agricultural energy access through feeder-level solarization. The company has commissioned 115 MW of capacity under the PM-KUSUM Component-C programme in Gujarat, positioning it as a leading developer of solar projects under the scheme in the state.

Differentiator

Problem solved

Functional benefit

Products and services

• PM-KUSUM Solar Power Projects Grid-connected solar power projects developed and commissioned under India's PM-KUSUM scheme for solarization of agricultural feeders, supplying daytime power to rural and farming consumers. The company has commissioned 115 MW of such capacity in Gujarat through direct engagement with state nodal agencies and the Government of Gujarat.
• Solar Panel Manufacturing In-house manufacturing of solar photovoltaic (PV) panels to supply the company's own project pipeline and third-party customers, supporting both captive EPC consumption and external product sales.
• Solar EPC Services Turnkey Engineering, Procurement, and Construction (EPC) services for utility-scale solar power plants, including a 600 MW solar park in Maharashtra executed under partnership with Vikran Engineering for MSEDCL and related state utilities.

Quantifiable outcome

• 115 MW of solar power commissioned under PM-KUSUM Component-C programme in Gujarat

Named customers2 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered core.

• Vikran EngineeringcoreStrategic or Co-development Partner · 23 December 2025Onix Renewables issued a Rs 2,035.26 crore work order to Vikran Engineering for 600 MW AC solar power projects in Maharashtra. The contract was for end-to-end EPC activities to be completed within 12 months. Following Vikran's acquisition of 100% equity in NOPL Solar Projects, the contract was restructured and replaced with a larger direct arrangement worth Rs 3,517.98 crore for 969 MW.
• Government of GujaratcoreGTM or Marketing PartnerOnix Renewable was recognized during the Vibrant Gujarat 2026 summit as the leading developer of solar projects under the PM-KUSUM scheme in Gujarat. The government acknowledged the company's contribution to feeder-level solarization and rural energy access.
• NOPL Solar ProjectscoreStrategic or Co-development PartnerNOPL Solar Projects is a special purpose vehicle that became a wholly owned subsidiary of Vikran Engineering. The restructuring of the 600 MW solar project contract was related to this acquisition, with the original contract from Onix Renewable being cancelled and replaced by direct arrangements.

Scale indicators4 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Vikran Engineering: Indian EPC contractor that was Onix's execution partner on the 600/969 MW Maharashtra solar projects and acquired Onix's SPV (NOPL Solar Projects). Now both an EPC counterparty and a competing solar developer/asset owner in the same geography.
• Sterling and Wilson Renewable Energy: One of India's largest solar EPC companies executing utility-scale and distributed solar projects. Competes with Onix for the same government tenders and large-scale turnkey EPC mandates.
• Waaree Energies: Largest Indian solar module manufacturer with an EPC arm that competes for utility-scale and distributed solar projects, including agricultural and government-backed tenders across states.
• Fourth Partner Energy (now part of Adani): Specialist in distributed and C&I solar projects including agricultural and rural deployments, overlapping with Onix's PM-KUSUM feeder-level solarization focus.
• Acme Solar Holdings: Indian solar IPP executing multi-state utility-scale solar projects under government tenders. Comparable business model combining EPC execution with PPA-based asset ownership in states like Gujarat and Maharashtra.

Broad incumbents

• Tata Power Solar Systems: Subsidiary of Tata Power with vertically integrated solar EPC, manufacturing, and project development capabilities. Competes for the same government utility-scale and PM-KUSUM-adjacent tenders with deeper balance sheet.
• Adani Solar: Vertically integrated solar manufacturer and project developer within the Adani Group, executing multi-GW utility-scale solar projects. Competes directly for large government EPC and IPP mandates in India.
• Azure Power: India-focused solar IPP developing and operating utility-scale solar farms under long-term PPAs with state utilities — directly comparable ownership/PPA model to Onix's SPV structure.
• ReNew Power: One of India's largest renewable IPPs (solar + wind). Competes for utility-scale solar tenders and operates SPVs with long-tenor PPAs alongside state utilities — analogous asset ownership model to Onix's growth path.

Emerging players

• Sunsure Energy: Emerging Indian solar developer focused on C&I and utility-scale projects with SPV-based structures. Competes for similar state-tender mandates with comparable scale and execution profile.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks5 records

Key highlights5 records

Customer concentration

• Xx.com/onixrenewable
• Facebookfacebook.com/onixrenewablelimited

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Onix Renewable