Onix Solar BSE RI review - (Not Rated)

•    The company is engaged in trading and distribution of solar modules.
•    It has plans to enter solar asset development segment.
•    The counter is not having regular trades and posting thin volumes.
•    Based on its recent financial data, the issue is exorbitantly priced.
•    Just stay away from this dicey and risky bet.

ABOUT COMPANY:
Onix Solar Energy Ltd., (OSEL) is engaged in the trading and distribution of solar modules. It has recently acquired Nexgenix Solar Manufacturing Private Limited; a company engaged in the manufacturing of solar modules. With this strategic acquisition, Onix Solar Energy Limited has strengthened its position in the solar manufacturing segment. The company is further planning to expand its operations into solar module components and solar cell manufacturing, enhancing vertical integration and manufacturing capabilities.

Looking ahead, the company has ambitious plans to enter the solar asset development segment, including the development of solar IPP (Independent Power Producer) projects. OSEL also focuses on solar investments, aiming to contribute to sustainable energy growth while creating long-term value. Through strategic trading activities, project development, and targeted investments, it is committed to supporting the renewable energy transition and building a strong presence across the solar value chain. The offer document is silent on its employees’ strength data.

ISSUE DETAILS:
The company is coming out with its Rights Issue (RI) of 4576305 equity shares of Rs. 10 each at a fixed price of Rs. 546 per share to mobilize Rs. 249.87 cr. The RI opens for subscription on February 26, 2026, and will close on March 06, 2026. The company is offering RI in the ratio of 23 for 103 to its eligible stakeholders as of the record date of February 18, 2026. The company is asking for full money on application for number of shares applied. Post allotment, RI shares will be listed on BSE. The company is spending Rs. 0.50 cr. for this RI process, and from the net proceeds, it will utilize Rs. 50.00 cr. investment (24% equity stake) in its subsidiary NOPL Pace Green Energy, Rs. 36.00 cr. for capex on purchase of machineries, Rs. 125.00 cr. for working capital, and Rs. 38.50 cr. for general corporate purposes. There is come mismatch in its Issue Proceeds data on page no. 52 of the offer document. Higher trade receivables estimate raise concern. 

The RI is solely lead managed by the company itself., and MUFG Intime India Pvt. Ltd. is the registrar to the issue. 

Post-RI, company’s current paid-up equity capital of Rs. 20.49 cr. will stand enhanced to Rs. 25.07 cr. Based on the RI pricing, the company is looking for a market cap of Rs. 1368.83 cr. 

FINANCIAL PERFORMANCE:
On the financial performance front, for the last two fiscals, the company has posted total income / net profit/ - (loss), of Rs. 0.02 cr. / Rs. 0.21 cr. (FY24), Rs. 29.81 cr. / Rs. 1.45 cr. (FY25). For H1 of FY26 ended on September 30, 2025, it posted a profit of Rs. 0.18) cr. on a total income of Rs. 88.78 cr. Its NAV stood at Rs. 31.36 as of September 30, 2025. The company has posted dicey financial performances for the reported periods.

DIVIDEND POLICY:
The company has not paid any dividends for the reported periods. It will adopt a prudent dividend policy, based on its financial performance and future prospects. The offer document is silent on its dividend policy.

SCRIP PERFORMANCE: BASED ON BSE WEBSITE DATA: SCRIP CODE: 513119 (FV Rs. 10).
The scrip last closed on cum-right basis at Rs. 729.10 on February 16, 2026, and opened on an ex-right basis at Rs. 702.50 on February 23, 2026. Since then, it has marked a high/low of Rs. 702.50 / Rs. 702.50. The scrip last closed at Rs. 702.50 as of February 23, 2026. For the last 52 weeks’ it has posted a high/low of Rs. 729.10 / Rs. 160.05. The counter is currently under ESM: Stage 1. The counter has irregular trades and thin volumes.

The promoters’ holding has been at NIL for the quarter ended December 31, 2025, against 91.72% for the quarter ended September 30, 2025. The counter is currently well managed by vested interests and traded above the RI price, to lure investors.