Onix Solar Q2 FY27 Results (NSE: ONIXSOLAR)
Signal: Loss reversed
The read
The key inflection is a return to consolidated profitability at ₹148.87 lakh from a ₹73.61 lakh loss, supported by gross-margin expansion to 12.21% from 2.53% YoY; however, revenue contracted 25.24% YoY and 65.70% QoQ, while H1 operating cash flow was -₹5,403.28 lakh. This follows the prior quarter's 30% OPM and extends the recent margin volatility rather than confirming a stable earnings trajectory.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹32.42 Cr | -25.24% | -65.70% |
| Net profit | ₹1.49 Cr | N/M; versus loss of ₹73.61 lakh | |
| EPS | ₹0.4 | N/M; versus negative EPS of ₹0.37 | |
| EBIT margin | N/A |
P&L walk
Consolidated revenue fell to ₹3,242.09 lakh, -25.24% YoY and -65.70% QoQ, while gross margin expanded to 12.21% from 2.53% YoY; PAT recovered to ₹148.87 lakh from a ₹73.61 lakh loss, but operating cash flow remained -₹5,403.28 lakh for H1FY27.
Segments
The filing reports a single Renewable Energy Sector Solar Module Products segment; standalone PAT of ₹191.54 lakh exceeded consolidated PAT of ₹148.87 lakh by ₹42.67 lakh, indicating the 99%-owned Nexgenix subsidiary dragged group earnings.
Key positives
- Consolidated PAT recovered to ₹148.87 lakh from a ₹73.61 lakh YoY loss, with pre-tax profit improving to ₹205.87 lakh from a ₹55.54 lakh loss.
- Gross margin expanded to 12.21% from 2.53% YoY, a +968bps improvement, while purchase of stock-in-trade declined to 87.78% of revenue from 97.47%.
- Finance cost remained low at ₹6.16 lakh, down 5.23% YoY, limiting balance-sheet drag on earnings.
- PPE and intangible assets increased to ₹854.35 lakh versus ₹173.67 lakh in the comparative balance-sheet column, alongside depreciation of ₹12.56 lakh.
Key concerns
- Consolidated revenue fell to ₹3,242.09 lakh, down 25.24% YoY and 65.70% QoQ, after ₹9,451.03 lakh in the immediately preceding quarter.
- Operating cash flow was negative at ₹5,403.28 lakh for H1FY27 despite reported pre-tax profit of ₹2,997.81 lakh, driven primarily by a ₹14,006.13 lakh increase in trade and other receivables.
- Standalone PAT of ₹191.54 lakh exceeded consolidated PAT of ₹148.87 lakh by ₹42.67 lakh, showing that the subsidiary reduced group profitability.
- Paid-up equity share capital increased to ₹368.68 lakh from ₹198.00 lakh YoY, requiring monitoring for dilution as earnings scale.
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