Results - Sept 2025
Awaiting price reaction for this filing.
Onix Solar Energy Ltd (formerly ABC Gas International Ltd) reported standalone revenue from operations of Rs 4,336.63 lakhs for Q2 FY26 and Rs 8,846.68 lakhs for H1 FY26, a sharp jump from Rs 38.96 lakhs in H1 FY25 after the company shifted focus to the renewable energy segment. However, Q2 FY26 swung to a loss after tax of Rs 75.54 lakhs (EPS of Rs -3.82) versus a profit of Rs 93.13 lakhs in Q1 FY26, leaving H1 FY26 profit at a modest Rs 17.59 lakhs (EPS Rs 0.89) compared with Rs 19.09 lakhs in H1 FY25. Trade receivables ballooned to Rs 2,363.30 lakhs (from Rs 31.32 lakhs) and trade payables spiked to Rs 3,537.79 lakhs (from Rs 86.68 lakhs), while cash on hand plunged from Rs 164.24 lakhs to just Rs 4.26 lakhs. Operating cash flow was negative at Rs -31.95 lakhs versus positive Rs 1,723.55 lakhs for FY25. The auditor (A H Mandaliya & Associates) issued an unqualified review report with no qualifications.
Despite blockbuster revenue growth, the H1 profit picture is weak and Q2 turned loss-making, suggesting thin margins on the new trading business. Sharply rising receivables, soaring payables and dwindling cash are red flags for short-term financial health, though the auditor's clean report offers some comfort.