Onix Solar BSE RI - May 2026- review - (Not Rated)

•    This is the 2nd RI from the company since February 2026.
•    2nd RI within 3 months raise eyebrows and suspense over its credentials.
•    It posted bumper financial performance from FY25 onwards for the reported periods 
•    Based on its last traded price, the RI appears lucratively priced, but irregular trade hints alarm.
•    Only well-informed/risk seekers may park moderate funds for long term.

ABOUT COMPANY:
Onix Solar Energy Ltd., (OSEL), (erstwhile known as Brassco Extrusions Ltd., - changed to ABC Gas (Intl.) Ltd., was engaged in the trading and distribution of solar modules started manufacturing activities and to expand its horizon, is now considering acquisition of NOPL Pace Green Energy Pvt. Ltd., and investing in it with additional equity buying to increase its stake.

According to OSEL, this acquisition of NOPL augurs well to enhance its business strategy in green energy segment. Post-acquisition of NOPL, OSEL will be able to enhance its role in solar power projects and enhance its solar power assets. The offer document is silent on its employees’ strength.

ISSUE DETAILS:
The company is coming out with its 2nd Rights Issue (RI) of 11797736 equity shares of Rs. 10 each at a fixed price of Rs. 51 per share to mobilize Rs. 60.17 cr. The RI opens for subscription on May 25, 2026, and will close on June 01, 2026. The company is offering RI in the ratio of 8 for 17 to its eligible stakeholders as of the record date of May 15, 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. 58.50 cr. for investment in NOPL Pace Green energy Pvt. Ltd., and Rs. 1.17 cr. for general corporate purposes. 

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. 25.07 cr. will stand enhanced to Rs. 36.87 cr. Based on the RI pricing, the company is looking for a market cap of Rs. 188.03 cr. The company has given wrong figure of Rs. 25.07 cr. as its post-RI paid up equity capital in Capital Structure on page no. 47 of the offer document.

FINANCIAL PERFORMANCE:
On the financial performance front, for the last two fiscals, the company has (on a consolidated basis) posted total income / net profit, of Rs. 0.02 cr. / Rs. 0.21 cr. (FY24), Rs. 29.81 cr. / Rs. 1.45 cr. (FY25). For 9M of FY26 ended on December 31, 2025, it posted a net loss of Rs. 14.32 cr. on a total income of Rs. 87.15 cr. Its NAV stood at Rs. 100.71 as of December 31, 2025.

DIVIDEND POLICY:
The company has not paid any dividends for the reported periods of the offer document. 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. 1107.15 on May 11, 2026, and opened on an ex-right basis at Rs. 754.10 on May 18, 2026. Since then, it has marked a high/low of Rs. 754.10 / Rs. 754.10. The scrip last closed at Rs. 754.10 as of May 18, 2026. For the last 52 weeks’ it has posted a high/low of Rs. 782.50 / Rs. 142.41. 

The promoters’ holding which was at 91.72% as of March 09, 2026, declined to 74.98% as of March 31, 2026. The counter is currently under restricted trades on account of GSM: Stage 3 tag. It has thin volume amidst restricted trades, and is well managed by operators.