Onyx BiotecShare price, financial results, shareholding and management
- Market cap
- ₹63 cr
- Stock P/E
- -peers 14.0
- Book value
- ₹30.6
- Price to book
- 1.13
- EV / operating profit
- 21.7
- Market cap to sales
- 0.90
- ROCE · FY26
- 1.1%
- ROE · FY26
- -0.4%
- ROE, 3-year average
- 9.5%
- Operating margin · FY26
- 4.9%peers 17.7%
- Sales growth, 3 years
- 20.7%
- Profit growth, 3 years
- -104.2%
- Debt to equity
- 0.27peers 0.31
- Borrowings
- ₹15.2 cr
- Interest cover
- 0.7×
- Cash from business / op. profit
- -44%
- Debtor days
- 144
- Pledged
- 0.00%
- Promoter holding
- 65.10%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 586
- 52-week high / low
- ₹50 / ₹24
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Onyx Biotec share price chart
Close on 6 Nov 2026 · -1.14% on the day · Vol 12,000
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -8.5%
- 3 months
- -23.8%
- 6 months
- -0.3%
- 1 year
- -11.3%
- Since IPO
- -43.3%
- Traded a day, 20 days
- ₹0.04 cr
- Taken for delivery
- 98%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +12% | -104% |
| 3 years, a year | +21% | - |
| Latest half, H2 FY26 | +10% | -65% |
About Onyx Biotec: business, products and customers
Onyx Biotec makes sterile water for injections, antibiotic powder injections and dry syrups for other drug companies, at two plants near Nalagarh in Himachal Pradesh. Its shares trade on NSE Emerge.
Onyx Biotec is a contract manufacturer: drug companies such as Mankind Pharma, Sun Pharmaceutical, Aristo, Macleods, Hetero and Akums place purchase orders, and Onyx makes the products for them. Unit I, running since 2010, fills sterile water for injections in small plastic ampoules, the water used to dissolve injectable drugs. Unit II started in 2023 and makes cephalosporin antibiotic powder injections and dry syrups; it received WHO-GMP certification in May 2024.
The company purchases its own materials, so material is the largest cost, and its prices are set order by order with large drug companies that can choose other makers. Sales go almost wholly to plants in India, many in pharma hubs such as Himachal Pradesh, Uttarakhand and Madhya Pradesh, with exports close to nil. The offer document describes its rivals as other contract manufacturers and large drug companies filling spare capacity, but its peer table does not name them.
Read more about the business
What is new: the company listed on NSE Emerge in November 2024, raising ₹29.3 cr. The offer document planned to upgrade Unit I to make large volume intravenous fluids under its own Onyx name, with use from June 2025, and to add a fast cartoning line at Unit II.
From the red herring prospectus (November 2024) and the FY25 annual report.
Read the deeper study ↓In its favour
- Sales have grown fast: 21% a year over three years.
- It has little debt for its size: debt to equity 0.27.
- The promoters own a large part of the company: 65.10%.
To watch
- Start of the large volume intravenous fluid line at Unit I that the offer document planned for use from June 2025.
- The high speed cartoning line at Unit II planned for use from April 2025.
- Whether the share of revenue from the top ten customers keeps falling from the 71.16% of FY24.
- Customers take longer to pay than before: 144 days in FY26, against 69 in FY22.
- It paid no dividend in the past year.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Onyx Biotec revenue and profit growth
Half-yearly results · Profit and lossSales have grown fast. Last year profit fell even as sales rose, so the company kept less from each rupee of sales.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew more slowly than sales, so each rupee of sales left a little less profit.
Onyx Biotec half-yearly results
SME companies report every six months · ₹ crore
| H1FY24 | H2FY24 | H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|---|---|
| Sales | 23.89 | 29.86 | 30.15 | 31.80 | 34.59 | 34.88 |
| Expenses | 20.47 | 24.95 | 24.44 | 27.17 | 33.64 | 32.43 |
| Operating profit | 3.42 | 4.91 | 5.71 | 4.63 | 0.94 | 2.45 |
| OPM | 14.3% | 16.4% | 18.9% | 14.6% | 2.7% | 7.0% |
| Interest | 0.83 | 1.27 | 1.36 | 0.62 | 0.55 | 0.66 |
| Depreciation | 0.73 | 1.14 | 1.53 | 1.51 | 1.56 | 1.49 |
| Profit before tax | 1.90 | 2.59 | 3.81 | 2.67 | -0.93 | 0.50 |
| Net profit | 1.60 | 2.03 | 2.99 | 1.97 | -0.90 | 0.69 |
Onyx Biotec profit and loss
Full years to March, FY22 to FY26 · ₹ crore, consolidated where reported
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Sales | 44.86 | 39.49 | 53.75 | 61.95 | 69.47 |
| Expenses | 39.09 | 34.99 | 45.36 | 51.61 | 66.07 |
| Operating profit | 5.77 | 4.50 | 8.39 | 10.34 | 3.40 |
| OPM | 12.9% | 11.4% | 15.6% | 16.7% | 4.9% |
| Other income | 0.12 | 0.11 | 0.13 | 1.17 | 0.44 |
| Interest | 0.65 | 0.57 | 2.16 | 1.99 | 1.21 |
| Depreciation | 1.45 | 1.49 | 1.87 | 3.05 | 3.05 |
| Profit before tax | 3.79 | 2.55 | 4.49 | 6.48 | -0.42 |
| Tax rate | 11.6% | 27.8% | 19.2% | 23.6% | 49.1% |
| Net profit | 3.35 | 1.84 | 3.63 | 4.95 | -0.21 |
| EPS ₹ | 5.68 | 3.12 | 2.72 | 3.30 | -0.12 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Onyx Biotec profitability
Margins and returns on capitalLast year the company kept less from each rupee of sales than the year before. It earns a low return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Operating margin | 12.9% | 11.4% | 15.6% | 16.7% | 4.9% |
| Tax rate | 11.6% | 27.8% | 19.2% | 23.6% | 49.1% |
| ROCE | · | 8.2% | 12.9% | 13.6% | 1.1% |
| ROE | · | 10.6% | 16.7% | 12.2% | -0.4% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Onyx Biotec debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has shrunk. Its loans are smaller than its own money. Last year the business used more cash than it brought in. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
Onyx Biotec balance sheet
At each 31 March · ₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Equity capital | 5.90 | 5.90 | 13.32 | 18.13 | 18.13 |
| Reserves | 10.47 | 12.30 | 11.97 | 37.49 | 37.28 |
| Net worth | 16.37 | 18.20 | 25.29 | 55.62 | 55.41 |
| Borrowings | 12.25 | 29.23 | 30.78 | 12.46 | 15.17 |
| Other liabilities | 8.22 | 11.30 | 18.07 | 23.17 | 24.57 |
| Total liabilities | 36.84 | 58.73 | 74.14 | 91.25 | 95.15 |
| Fixed assets | 17.23 | 42.50 | 43.48 | 40.90 | 39.16 |
| Capital work in progress | 4.02 | 0 | 0 | 0 | 3.68 |
| Investments | 0 | 0 | 0 | 0 | 0 |
| Other assets | 15.59 | 16.23 | 30.66 | 50.35 | 52.31 |
| Receivables | · | · | · | 20.23 | 27.50 |
| Inventory | · | · | · | 16.10 | 14.04 |
| Cash | · | · | · | 8.61 | 4.04 |
| Trade payables | · | · | · | 16.73 | 17.65 |
Onyx Biotec cash flow
₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Cash from operations | 0.49 | 1.96 | 1.52 | 1.42 | -1.49 |
| Cash from investing | -5.78 | -22.68 | -3.15 | 0.66 | -4.58 |
| Cash from financing | 5.20 | 16.43 | 3.09 | 5.07 | 1.50 |
| Net cash flow | -0.09 | -4.29 | 1.46 | 7.15 | -4.57 |
| Capital spending | · | · | · | 1.05 | 4.99 |
Working capital
Days
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Debtor days | 69 | 47 | 104 | 119 | 144 |
| Inventory days | 42 | 110 | 93 | 150 | 99 |
| Days payable | 59 | 120 | 141 | 156 | 125 |
| Cash conversion cycle | 51 | 37 | 56 | 113 | 119 |
| Working capital days | 36 | -52 | 38 | 87 | 77 |
Onyx Biotec peers and competitors
Listed SME companies in the same industryBy sales, Onyx Biotec is number 21 of the 34 listed SME companies in pharmaceuticals & biotechnology.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Accretion Pharmaceuticals | 215 | 22.2 | 89.6 | 9.7 | 16.7% | 0.23 |
| Walpar Nutritions | 25 | 9.9 | 78.8 | 2.5 | 8.5% | 0.89 |
| Speciality Medicines | 142 | 10.9 | 75 | 13 | 18.0% | 0.10 |
| Shelter Pharma | 85 | 9.5 | 73 | 9 | 17.4% | 0.01 |
| Sunrest Lifescience | 15 | 3.7 | 70.8 | 4.1 | 14.4% | 0.85 |
| Onyx Biotec | 63 | - | 69.5 | -0.2 | 4.9% | 0.27 |
| Curis Lifesciences | 154 | 22.3 | 60.6 | 6.9 | 18.4% | 0.46 |
| Aptus Pharma | 779 | 168.7 | 46.6 | 4.6 | 16.0% | 0.31 |
| Bio Medica Laboratories | 205 | 17.4 | 43.1 | 11.8 | 45.6% | 1.51 |
| Himalaya Nutravedics India | 127 | 17.1 | 43.1 | 7.4 | 18.8% | 0.31 |
| Amwill Health Care | 89 | 8.0 | 43 | 11 | 30.0% | 0.00 |
| Median of the 10 others | 135 | 14 | 65.7 | 8.2 | 17.7% | 0.31 |
Onyx Biotec shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Big foreign and Indian funds own very little. The number of shareholders has come down.
Onyx Biotec shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Nov 24 | Mar 25 | Sep 25 | Mar 26 | |
|---|---|---|---|---|
| Promoters | 65.10% | 65.10% | 65.10% | 65.10% |
| Foreign investors (FIIs) | 8.72% | 5.36% | 1.95% | 1.07% |
| Indian institutions (DIIs) | 3.29% | 2.39% | 2.39% | 2.39% |
| HNIs (over ₹2 lakh each) | 5.66% | 10.11% | 11.64% | 12.89% |
| Small holders (up to ₹2 lakh) | 13.29% | 8.86% | 11.00% | 10.26% |
| Companies and others | 3.94% | 8.18% | 7.92% | 8.29% |
| Number of shareholders | 1,181 | 551 | 640 | 586 |
The named holders are at 31 March 2026, beside 30 Sept 2025, each under the group the pattern files them in.
Onyx Biotec study: the business from its own documents
Read from 2 of the company's own documentsOnyx Biotec so far
From the company's own record
- 22 Nov 2024Listed on NSE Emerge at ₹61
- 31 March 2026Promoters at 65.10%
- 2 Jan 2025Highest close since listing, ₹64.74
Onyx Biotec key facts from the filings
Each figure with the document it comes from
- Sterile water share
- 59.55%
- Share of FY24 revenue from sterile water for injections, down from all of it in FY22 as powder injections grew to 38.21%.Red herring prospectus, p.119
- Unit I capacity
- 6,38,889 a day
- Ampoules of sterile water the first plant can fill in a day; Unit II can make 40,000 powder injections a day in one shift.Red herring prospectus, p.115
- Unit I use
- 59.87%
- Capacity used in FY24, down from 69.20% in FY22; Unit II used 40.90%.Red herring prospectus, p.135
- Top ten customers
- 71.16%
- Share of FY24 revenue, with the top five at 51.22%; in FY22 the top ten gave 93.98%.Red herring prospectus, p.29
- Clients
- 100+
- Clients served as of May 2024, of whom 35 gave repeat orders over three years.Red herring prospectus, p.117
Show 5 more facts
- Sales
- ₹62.0 cr
- FY25 revenue from operations, up 15.26% from ₹53.7 cr in FY24.Annual report FY25, p.23
- IPO
- ₹29.3 cr
- Raised at ₹61 a share in November 2024; the company reported no change from the stated uses.Annual report FY25, p.24
- Intravenous fluid plan
- ₹6.1 cr
- IPO money set aside to upgrade Unit I for large volume intravenous fluids under the Onyx name, planned for use from June 2025.Red herring prospectus, p.84 and p.115
- One-off gain
- ₹0.95 cr
- Profit on the sale of a building, booked in FY25 other income.Annual report FY25, p.90
- Employees
- 357
- Permanent employees on the rolls at March 2025, against 175 on payroll in July 2024.Annual report FY25, p.41; Red herring prospectus, p.135
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Onyx Biotec earns money by making sterile water and antibiotic injections to order for larger drug companies, which then market them under their own names.
Its weak spots are a few large customers who can switch makers, plants that run well below capacity, and products that many others can make.
WatchCan it set its own prices?Little. It makes generic products to order for large drug companies and purchases materials whose prices move.
AverageHow strong is it against rivals?It has approvals and long client ties in a niche product, but many contract makers and big drug companies can do the same work.
WatchWho are its customers?Well known drug companies, but a handful give most of the revenue.
AverageDoes it need a lot of money?Sterile plants need steady spending on machines and quality systems, and customers take time to pay.
AverageCan it keep finding new work?It has widened from sterile water into powder injections and plans intravenous fluids, while its plants still have room to make more.
AverageDo good and bad years swing a lot?Medicines are a steady need, but its own sales have moved up and down with orders from a few clients.
Who runs Onyx Biotec?
Promoters, directors and officers; tap a name for the background
SJSanjay JainPromoter and Managing Director · holds 21.48%
An undergraduate with more than 16 years in the pharmaceutical industry, covering product development, distribution and marketing; with the company since May 2008 and Managing Director since July 2024, responsible for overall management. The offer document lists Sanjay Jain as the father of Lakshya Jain.
Red herring prospectus, p.157 and p.159NKNaresh KumarPromoter and Whole-time Director · holds 23.97%
An undergraduate with more than 16 years in the pharmaceutical industry, covering product development, distribution and marketing; oversees manufacturing at Unit I. The offer document lists Naresh Kumar as the father of Harsh Mahajan.
Red herring prospectus, p.157 to p.159FPFateh Pal SinghPromoter and Admin Head · holds 19.64%
Bachelor of Science (Hotel Management) from Amity University; with the company since February 2021 as Admin Head, and a partner in Imperial India.
Red herring prospectus, p.169HMHarsh MahajanPromoter, Whole-time Director, Chief Executive Officer and Chief Financial Officer
Bachelor of Commerce from Punjab University and an MBA from the University of Wales, with more than five years in the pharmaceutical industry; oversees manufacturing at both units, strategy, risk, finance and marketing.
Red herring prospectus, p.158LJLakshya JainPromoter and Whole-time Director
Bachelor of Pharmacy from Chitkara University and a master's in biopharmaceuticals from King's College London, with more than eight years in the pharmaceutical industry; oversees quality control and assurance at both units.
Red herring prospectus, p.158PKParmjeet KaurPromoter and Non-Executive Director
No formal educational qualification, with more than five years in the pharmaceutical industry; associated with the company since December 2019.
Red herring prospectus, p.158VSVineet SinghIndependent Director
Bachelor of Commerce from the University of Delhi and a chartered accountant, with more than twelve years in accounting, finance, tax and audit at KPMG, Inox Wind and others; assistant general manager, finance at Medicover Healthcare. Independent Director since July 2024.
Red herring prospectus, p.158Onyx Biotec latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹34.9 cr (+10%), net profit ₹0.7 cr (-65%) on H2 FY25.
- Shareholding, 31 March 2026: promoters unchanged at 65.10%.
Onyx Biotec announcements
27 on record, latest first; each opens the filing on the exchange
- Public Announcement-Open Offerof offer opening public announcement cum corrigendum to the detailed public statement to the public shareholders of the Onyx Biotec Limited (Target Company)PDF ↗
- Quarterly Compliance Report on Corporate governance - within 21 days from the enOnyx Biotec Limited has informed regarding Submission of the Non-Applicability of the provisions relating to Corporate Governance as specified in the SEBI (ListPDF ↗
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Certificate under SEBI (Depositories and Participants) Regulations, 2018PDF ↗
- Updatesa newspaper copy of the Recommendation of the Independent Director Committee ("IDC") of the company in relation to the Open Offer made by Mr. Kunal Bhardwaj ( APDF ↗
- Committee Meeting UpdatesOnyx Biotec Limited has Submitted to the Exchange the outcome of the meeting of the committee of the Independent Directors held today i.e. October 07, 2026 to PDF ↗
- Updatesof Letter of OfferPDF ↗
- Shareholders meetingSrutinizers report of Annual General Meeting held on September 28, 2026. Further, the company has informed the Exchange regarding voting resultsPDF ↗
- Shareholders meetingProceedings of Annual General Meeting held on September 28, 2026PDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- Copy of Newspaper PublicationCopy of Newspaper PublicationPDF ↗
- Shareholders meetingNotice of Annual General Meeting to be held on September 28, 2026PDF ↗
- Copy of Newspaper PublicationCopy of Newspaper PublicationPDF ↗
Onyx Biotec annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
Onyx Biotec share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Onyx Biotec's data · 9
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,81,32,200 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- ✓Earnings per share moves in line with profit across the years shown.
- ✓Revenue and profit are reported for every year shown, FY22 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Onyx Biotec
What does Onyx Biotec do?
Onyx Biotec makes sterile water for injections, antibiotic powder injections and dry syrups for other drug companies, at two plants near Nalagarh in Himachal Pradesh. Its shares trade on NSE Emerge.
What is the share price of Onyx Biotec?
₹34.6 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Onyx Biotec?
₹63 cr at the close on 6 Nov 2026, on 1,81,32,200 shares.
What are Onyx Biotec's revenue and profit?
Revenue ₹69 cr and profit after tax -₹0 cr in FY26.
Who are the promoters of Onyx Biotec?
Sanjay Jain, Naresh Kumar, Fateh Pal Singh, Harsh Mahajan, Lakshya Jain, Parmjeet Kaur; promoters held 65.10% at 31 March 2026.
What was the IPO price of Onyx Biotec?
₹61 a share; it listed on 22 Nov 2024.
What is Onyx Biotec's website?
www.onyxbiotec.com
More SME companies like Onyx Biotec
Other listed SME companies in pharmaceuticals & biotechnology, the closest in size first, each read from its own documents.
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- Amwill Health CareAMWILL · BSE SME · Pharmaceuticals & BiotechnologyMarket cap ₹88 cr
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Every listed SME company in Pharmaceuticals & Biotechnology → · SME companies listed in 2024 →
Built from 1 offer document, 1 annual report, 27 exchange announcements, 4 shareholding patterns and 5 years of reported results. Every figure carries its source; where the documents are silent, the page says so.