FY26 erased the IPO story — operating margin collapsed by two-thirds in the first full year as a listed company.

• The break. Revenue rose 10.8% to ₹69.5 Cr in FY26 but operating margin fell from 16.76% (FY25) to 4.89%, with H1 FY26 printing 2.72%. Net income went negative for the first time in five years.
• Trough or new base. H2 FY26 OPM rebounded to 7.02% — a 430bps sequential improvement, but still less than half of FY25 and 400bps below the historical 11–17% band.
• What it cost holders. The stock fell from ₹61 IPO to ₹30.30 by March 2026 (−50%); FII holding dropped from 8.72% to 1.07%; ₹32 today sits within a rupee of book value (₹30.6).

Cumulative net income of ₹13.6 Cr produced ₹3.9 Cr of operating cash and burned ₹32.4 Cr of free cash flow.

Onyx finances roughly five months of revenue for its customers — Sun Pharma, Mankind, Dr Reddy's, Aristo, Macleods — who run captive injectable lines and use Onyx for peak load. The IPO repaired the balance sheet (gross debt ₹30.8 Cr → ₹12.5 Cr); the operating engine never started converting paper profits into bank-account cash. At the FY26 burn rate the post-IPO cushion is consumed inside 24 months, forcing a choice between re-levering, dilution at sub-book, or further working-capital strain.

Both bulls and bears anchor on ₹30.6 book — yet the receivable line inside that book has never been audited at ageing detail.

• What the market sees. Market cap ₹58 Cr against ₹55.4 Cr equity, ₹39 Cr net fixed assets and ₹52 Cr other current assets. Even the bear target (₹20) takes only a 15% haircut to the receivable book; the floor frame is shared.
• What the cash flow says. Other current assets are 55% of total assets, anchored on a 144-day debtor book that tripled since FY23. A 15–25% real-cash haircut would imply adjusted book closer to ₹22–25 than ₹30.6.
• When it tests. The FY26 Annual Report (~September 2026) discloses receivables ageing at full granularity for the first time. A new provision-for-doubtful-debts line would test the asset floor before the H1 FY27 margin print arrives.

The IPO-era setup carries the markings that turn forensic flags from cosmetic to credible.

• The auditor and the board. Statutory auditor R C A & Co LLP appointed under a 'casual vacancy' EGM in May 2024, six months pre-IPO; all three independent directors appointed in a single tranche in July 2024, three months pre-listing, with no prior board service.
• The committee design. Harsh Mahajan sits on the audit committee while simultaneously serving as CEO, CFO and Whole-Time Director — the executive being overseen sits on the body that oversees the audit.
• The IPO-year flatterers. All four executive directors took identical 100% pay raises (median staff +23%); other income jumped 9× to ₹1.17 Cr, contributing ~16% of pre-tax profit; reported PAT grew 36% while debtor days stretched from 104 to 119.
• The offset. Promoter holding has printed exactly 65.10% across all four post-IPO quarters with zero pledges, through a 47.5% drawdown — the most positive single signal in the file.