Results for the quarter and financial year ended on 31st March 2026
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Onix Solar Energy Ltd reported exceptional revenue and profit growth for FY 2025-26. Revenue from operations surged to Rs. 15,711.79 Lakhs from Rs. 2,938.53 Lakhs in the prior year, representing over 435% growth. Profit after tax jumped to Rs. 4,019.39 Lakhs from Rs. 145.39 Lakhs, with EPS of Rs. 196.13 versus Rs. 7.34 previously. However, the company reported a massive negative operating cash flow of Rs. 73,879.64 Lakhs, raising concerns about cash conversion despite strong profitability. The company raised Rs. 73,863.28 Lakhs through share capital issuance during the year. Balance sheet shows total assets at Rs. 80,544.31 Lakhs with current assets dominating at Rs. 80,402.33 Lakhs, including significant inventory of Rs. 6,452.35 Lakhs and trade receivables of Rs. 9,557.63 Lakhs. Statutory auditors issued an unmodified opinion on the standalone audited financial results.
While revenue and profit showed extraordinary growth, the severe negative operating cash flow despite profits is a major red flag for shareholders. The company's heavy reliance on equity funding and large working capital buildup suggests potential sustainability concerns despite the audit giving an unmodified opinion.