Revenue triples in FY25 as order book soars to Rs 13,000 crore, margin discipline and client concentration remain key focus areas

Onix Renewable, a player in the renewable energy sector spanning engineering, procurement and construction (EPC), manufacturing, and independent power production (IPP), reported a marked rise in revenues for the fiscal year ended 31 March 2025.

The company’s total operating income surged to Rs 975.98 crore, up from roughly Rs 325.2 crore in FY 2024, reflecting a nearly threefold increase, according to a rating report by Infomerics Ratings. Ebitda margin stood at 14.20 per cent, a modest decline from 15.42 per cent in the preceding year, signalling that rapid scale-up has come with slight pressure on profitability.

Onix’s order book remained robust at Rs 13,000 crore as of 31 March 2025, representing more than 13 times its FY25 revenue, pointing to healthy medium-term visibility.

Analysts note that the company’s growth has been propelled by timely execution of existing orders, but caution over margin discipline and client concentration is warranted. Approximately 30 per cent of the order book is tied to a single client, highlighting potential exposure.

“With a large unexecuted order book, Onix Renewable is well-positioned for continued expansion, provided execution remains efficient,” Infomerics Ratings observed.

The company’s performance underscores the broader momentum in India’s renewable sector, where rising energy demand and government support for clean power projects are driving large-scale project execution and investment.