Onix Renewable
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.
- Company typePublic
- Founded2007
- HeadquartersRajkot, India
- Headcount501–1,000
- GTM typeB2B
- OfferingHardware or Manufacturing
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.
Onix Renewable firmographics
Firmographics- 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
Onix Renewable industry classification
Industry- 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
Where Onix Renewable is headquartered
LocationHeadquarters
- HQ city
- Rajkot
- HQ country
- India
- HQ region
- Asia
Markets served
Onix Renewable business model
Business model- 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
Onix Renewable product offering
Product offeringCore 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
Companies that use Onix Renewable
Customer profileNamed customers2 records
Segments1 record
Ideal customer profiles1 record
Onix Renewable technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Onix Renewable partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered core.
- Vikran EngineeringcoreOnix 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 GujaratcoreOnix 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 ProjectscoreNOPL 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
Onix Renewable competitors and assessment
Company assessmentDirect 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
Onix Renewable social profiles
Digital presenceOnix Renewable financial estimates
Financial estimateRevenue estimate
Valuation estimate
Onix Renewable leadership team
Management profileNumber of profiles
Profiles2 records
Onix Renewable funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Onix Renewable M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Onix Renewable
What does Onix Renewable do?
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.
Is Onix Renewable a public or private company?
Onix Renewable is a public company. It is classified as public and is currently operating.
When was Onix Renewable founded?
Onix Renewable was founded in 2007. It employs 501 to 1,000 people.
Where is Onix Renewable based?
Onix Renewable is headquartered in Rajkot, India, in the Asia region.
Who are Onix Renewable's main competitors?
Direct peers on record are Vikran Engineering, Sterling and Wilson Renewable Energy, Waaree Energies, Fourth Partner Energy (now part of Adani) and Acme Solar Holdings. Broad incumbents are Tata Power Solar Systems, Adani Solar, Azure Power and ReNew Power. Sunsure Energy is listed as an emerging player.
Does Onix Renewable have an API?
No public API is recorded for Onix Renewable.
What industry is Onix Renewable in?
Onix Renewable's product category is Solar Power Generation. Its primary akta.pro industry code is EUAMABAB, Solar EPC & Construction (Utility-Scale, Rooftop, Balance of System), with a secondary code of EUAEAAAG, Solar PV Power Plant EPC (Utility-Scale). Its NAICS code is 221114 and its SIC code is 4911.