The note is the current scenario (Base). Download PDF renders this page on the server, fonts and colours exact; Print uses the browser.
Model Note · ONIX SOLAR ENERGY LTD. · 9 October 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ONIX SOLAR ENERGY LTD. Discounted cash flow · base FY26
ONIX SOLAR ENERGY LTD.
Value per share, this model₹207
CMP, 8 Oct 2026₹372.85
Difference(44.4)%
Growth the CMP implies—
This note states the assumptions and the arithmetic of one model of ONIX SOLAR ENERGY LTD., built on its filed FY26 consolidated statements. The value is the outcome of the assumptions below and nothing else; it is not a fair value, a target or a recommendation.
Assumptions
Input
This model
Filed reference
Revenue growth, 5 years
8% a year
FY26 —% · 5-yr CAGR —%
EBITDA margin
22.5%
FY26 22.5% · 5-yr average 22.5%
Depreciation · capex, % of revenue
0.3% · 0%, fading to 1.2× depreciation
FY26 0.3% · 0.0%
Working capital, % of added revenue · tax
76.2% · 0%
278 working-capital days · effective 0.0%
Discount rate
11.00%
1-yr beta —
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹37 · ₹0 · ₹0 cr
FY26 net debt ₹37 cr
Shares
3.69 crore
3.69 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY26
FY27
FY28
FY29
FY30
FY31
Revenue
241
260
281
303
328
354
growth %
—
8.0
8.0
8.0
8.0
8.0
EBITDA
54
59
63
68
74
80
Depreciation
(1)
(1)
(1)
(1)
(1)
(1)
NOPAT
53
58
62
67
73
79
less capex
0
0
(0)
(1)
(1)
(1)
less working-capital build
—
(15)
(16)
(17)
(18)
(20)
Free cash flow to firm
—
44
47
51
54
58
Present value
42
40
39
38
36
Source: the model; base year as filed.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
Model Note · ONIX SOLAR ENERGY LTD. · 9 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
195
PV of the terminal value (76% of EV)
606
Enterprise value
801
less net debt
(37)
less non-controlling interest
0
add non-operating investments
0
Equity value
764
÷ 3.69 crore shares
₹207
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
214
231
251
275
305
10.5%
197
211
227
246
270
11.0%
182
194
207
223
242
11.5%
170
179
191
204
219
12.0%
159
167
177
188
200
Source: the model; n/a where terminal growth reaches the discount rate.
Statement
This note is the reader's own model over publicly filed information: SEBI results XBRL filed with BSE and NSE and exchange price data, assembled by MarketPing software; every assumption above is the reader's. It contains no research recommendation, no price target and no opinion by MarketPing on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Historical per-share figures are on the current share count. Where a figure is unavailable the table shows a dash rather than an estimate. Nothing here constitutes investment advice, an offer or a solicitation.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
