Sarda Proteins is a shell of a commodity trader that has been hollowed out and repurposed as a listed vehicle for a solar-energy group. Incorporated in 1991 to trade edible oils, the company passed through the hands of an Alwar-based agri group before being acquired in 2026 by Onix Renewable Limited, which now holds over 80% of the shares. The recurring pattern is one of clean breaks: each change of control has meant a complete exit from the previous business and a fresh start with a new line of work, leaving behind only the stock-exchange listing and a skeleton staff of three people.
Business segments
Two businesses at opposite ends of the scale - a solar-cell trading operation that is now the entire company, and a tiny manpower-services sideline that came along for the ride - both run from a single room with almost no employees.
1. Solar cell trading: a listed shell turned renewable-energy trader
The company buys and sells solar cells without ever manufacturing them - it is a pure intermediary, earning a margin on the flow of goods between suppliers and buyers.
- A deliberate pivot, not an evolution - the board resolved on 4 September 2024 to switch the main line of business from edible oils to the power industry, specifically to manufacture solar cells and deal in all related machinery. In practice, the company has so far only traded solar cells, generating the majority of its operating revenue in FY25 from that activity.
- No factory, no technology, no R&D - the company has not carried out any technology absorption and spends nothing on research and development; it is not energy-intensive because it does not make anything. The business is classified as a single operating segment called “Renewable Energy Sector Solar Cell Products”.
- The acquirer’s intent is open-ended - Onix Renewable Limited has stated it will continue the existing line of business and may diversify into other businesses if lucrative opportunities arise, so the current trading model could be a placeholder while the group decides what to do with the listed entity.
- A Gujarat-bound identity - alongside the business switch, the board proposed changing the company’s name to “Onix Power Limited” and moving the registered office from Rajasthan to Gujarat, citing the Kutchh and Saurashtra region’s potential in solar energy. The name change was later revised to “Sarda Enterprises Limited” to reflect a broader scope.
2. Manpower services: a residual revenue thread
A tiny ancillary activity that provides a few lakhs of revenue and appears to be a legacy of the company’s bare-bones operating structure.
- Small and steady - revenue from manpower services was ₹14 lakh in FY25, up from ₹6 lakh the year before, making it a rounding error next to the solar-cell trading business.
- Run by the managers themselves - the company has only three people on the payroll, two of them permanent, and operations have historically been handled entirely by the key managerial personnel. The manpower-services line is effectively the company renting out the time of its own tiny team.
Group structure and partners
The company is a tightly held acquisition vehicle with no subsidiaries, a single related-party link to its new parent group, and a board that was entirely reconstituted on a single day in July 2026.
- No corporate family tree - Sarda Proteins has no subsidiaries, joint ventures or associate companies, so the entire business is whatever sits inside the listed entity itself.
- A one-day board reset - on 4 July 2026, the managing director resigned and was replaced by Shirish Dhirajlal Savaliya; the CFO was redesignated as chairperson and a new CFO was appointed; three other directors resigned; and the audit, nomination and remuneration, and stakeholder committees were all reconstituted.
- Capital base being rebuilt - the board approved an increase in authorised share capital from ₹13 crore to ₹100 crore and an alteration to the Memorandum of Association’s object clause, both steps that prepare the company for a larger or different business in the future.
- A single related-party thread - the company had a related-party transaction of about ₹1.09 lakh with Onix Tech Renewable Private Limited, which shares a common director, the only visible operational link to the wider Onix group so far.