Onix Solar Q1 FY27 Results (BSE: 513119)
Signal: Revenue declined
The read
Consolidated Q1FY27 revenue declined YoY (-8.5%) for the first time in recent quarters, a sharp reversal from prior triple-digit growth; EBITDA margin compressed 1760bps YoY to 29.5% as purchase costs and inventory swing absorbed gains. PAT grew 193% YoY but fell 26% QoQ, driven by higher tax charge. The 2.1x equity dilution (from 19.8 mn to 36.9 mn shares) continues to suppress EPS growth. The standalone vs consolidated gap is negligible, confirming the subsidiary is not yet material.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹94.51 Cr | -8.5% | +23.2% |
| EBIT | ₹27.92 Cr | +274.7% | |
| Net profit | ₹20.9 Cr | +193.0% | |
| EPS | ₹5.67 | +57.5% | |
| EBIT margin | 29.5% |
P&L walk
Revenue declined YoY (-8.5%) but grew QoQ (+23.2%); EBITDA margin contracted sharply YoY (-1760bps) to 29.5%, driven by inventory swing (₹5,276 Cr debit vs ₹2,432 Cr credit last year) and purchase costs; PAT rose 193% YoY to ₹2,090 Cr (lakhs) but falls from prior quarter.
Key positives
- PAT up 193% YoY to ₹2,089.74 lakh on a consolidated basis.
Key concerns
- Revenue declined 8.5% YoY (first YoY drop in recent history), signaling volume or pricing headwinds.
- EBITDA margin contracted 1760bps YoY to 29.5%, driven by higher purchase costs and inventory swing.
- EPS grew only 57.5% YoY vs PAT growth of 193% due to 2.1x equity dilution from additional shares issued.
- QoQ PAT fell 25.6% as prior quarter had no tax charge.
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