Onix Solar Energy Limited (ONIXSOLAR.BO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+191.3%

₹911.62

vs ₹313.00 price

Levered DCF

-₹535.32

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

5.02

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	52.23×	41.57×	57.75×	4.11×	9.92×	-4.83×	-3.49×	18.46×
P/B	3.5×	11.16×	3.06×	1.52×	1.5×	1.4×	0.49×	1.14×
P/S	16.58×	2.06×	925.78×	238.59×	1.62×	4.68×	0.77×	3.09×
EV / EBITDA	58.9×	52.97×	28.14×	2.6×	6.36×	-9.05×	-9.36×	17.33×
Gross margin	32.3%	10.0%	-469.5%	-570.3%	-10.2%	0.2%	-0.1%	14.9%
Operating margin	27.9%	4.5%	-1213.0%	-768.6%	-18.8%	-11.0%	-23.8%	-1.7%
Net margin	19.0%	4.9%	1603.1%	8744.4%	16.4%	-97.1%	-22.0%	16.6%
Current ratio	37.92×	0.58×	59.83×	4.71×	1.25×	1.33×	1.5×	1.58×
Debt / equity	0×	0×	0×	0.15×	0.07×	1.08×	0.73×	0.49×
Interest coverage	20.48×	0×	-14.32×	-12.41×	-2.21×	-155.67×	-1,349.56×	-3.6×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	4.0%	26.8%	5.3%	55.7%	15.1%	-29.1%	-14.1%	6.2%
Return on invested capital	4.2%	23.1%	-3.3%	-3.8%	-16.2%	-1.6%	-8.5%	-0.4%
Return on assets	3.9%	3.7%	5.2%	44.8%	3.4%	-8.4%	-5.2%	2.5%
Free cash flow yield	-26.9%	-4.1%	26.4%	-111.1%	45.2%	7.2%	-49.7%	-5.2%
Earnings yield	1.1%	2.4%	1.7%	36.6%	10.1%	-20.8%	-28.7%	5.4%
Enterprise value	₹27.4B	₹588M	₹84.3M	₹62.4M	₹25.4M	₹34M	₹21.5M	₹33.3M
Net debt / EBITDA	-0×	-1.48×	-12.34×	0.23×	0.13×	-3.79×	-5.48×	4.97×
Cash conversion cycle (days)	420	207	1,111	407	702	2,289	909	1,313