Onix Solar posts consolidated PAT of ₹1.49 Cr in Q2 FY27, reversing year-ago loss

Onix Solar Energy (formerly ABC Gas International) reported consolidated PAT of ₹1.49 Cr for Q2 FY27, against a standalone net loss of ₹0.76 Cr in Q2 FY26 — a year-on-year turnaround to profit, the anchor read for this quarter. Revenue, however, fell on both comparisons: consolidated revenue from operations of ₹32.42 Cr is down roughly 25% YoY from the year-ago standalone ₹43.37 Cr, and down about 66% sequentially from Q1 FY27's ₹94.51 Cr. Solar module manufacturing/EPC revenue is order-linked and lumpy rather than smooth quarter-to-quarter — Q1 FY27's consolidated P&L carried an outsized ₹52.76 Cr inventory drawdown that inflated that quarter's print, so this quarter's drop reads as reversion from an unusually large base rather than a fresh deterioration trend, though the scale of the sequential fall is still material. Margins moved accordingly: consolidated NPM was 4.59% and OPM (EBITDA margin) 6.93% this quarter, sharply below Q1 FY27's 22.11%/29.74% but an improvement on the year-ago quarter's negative 1.74%/1.38%. No exceptional or extraordinary items were booked in any period shown, so these are clean operating-basis moves. Standalone PAT (₹1.92 Cr) was actually higher than the consolidated figure (₹1.49 Cr) — the gap is explained by the first-time consolidation of 99%-owned subsidiary Nexgenix Solar Manufacturing Pvt Ltd, which appears to have dragged on group profit this quarter per the auditor's review note. There is no street consensus to grade this against — a web search turned up no analyst previews or brokerage estimates for this micro-cap, so vs-street is unknown. The company also has no formal prior guidance on record and no prior concall notes in our files, so there is nothing to grade the print against on that front either; management's outcome letter for this filing covered only the results approval and a proposed shift of the registered office from the Maharashtra (Mumbai) RoC to Gujarat, pending shareholder approval — an administrative item with no P&L impact this quarter. The next print should clarify whether the business is reverting to a steadier run rate: FY26 full-year consolidated revenue was ₹240.85 Cr (~₹60 Cr/quarter average), above which Q1 FY27 sat and below which Q2 FY27 now sits.