ONIX RENEWABLE LIMITED

Onix Renewable Limited (ORL) is a Gujarat-based renewable energy company incorporated in Rajkot in 2014 (originally as Eletro Trans Products Private Limited), subsequently renamed to Onix Structure Private Limited and later Onix Renewable Private Limited. In August 2023, it converted into a public limited company. The company was co-founded by Mr. Nikhil Hareshbhai Savaliya and Mr. Khilan Hareshbhai Savaliya, who have over a decade of experience in diversified business operations. Onix operates across the full spectrum of the clean energy value chain: Engineering, Procurement & Construction (EPC), Independent Power Producer (IPP), operations & maintenance (O&M), solar PV module manufacturing, wind energy, hybrid power systems, energy storage, and green hydrogen. The company has successfully commissioned over 1,000 projects for 400+ clients, with a dedicated team of 850+ employees. It has launched over 500 MW of renewable energy projects and its annual solar PV module production capacity is currently 100 MW, with plans to scale to 2,400 MW. Revenue has grown approximately 7x from ₹147 crore to over ₹1,013 crore in two years (FY25 revenue: ₹1,001 crore), with PAT of ₹115 crore and EBITDA margins of ~16%. The company signed an MoU with the Government of Gujarat at Vibrant Gujarat 2026 for clean energy expansion. Onix is expected to gain a stock exchange listing through a reverse merger with BSE-listed Eureka Industries, through which the unlisted renewable energy business will be absorbed into the listed shell entity.