Earnings Presentation
ONWARDTEC · price
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Onward Technologies reported record FY26 performance with revenue of ₹550.9 crore (up 10.5% YoY) and EBITDA of ₹71.9 crore (up 60.9% YoY), with EBITDA margins expanding to 13.2% from 9.1% in FY25. For Q4 FY26 specifically, revenue was ₹139.0 crore with EBITDA of ₹15.3 crore (11.2% margin) and PAT of ₹9.5 crore, representing a sequential decline from Q3 margins. The company highlighted a 4-year revenue CAGR of 15.3% and EBITDA CAGR of 35.4% (FY22-FY26). Revenue is diversified across IEHM (65%), Transportation & Mobility (32%), and Healthcare (3%), with geographic presence in USA (38%), India (50%), and Europe (12%). The Board recommended a record dividend of ₹8 per share for the 11th consecutive year. Management indicated FY27 focus on delivery-led growth, scaling offshore model, and deepening strategic accounts to drive sustained double-digit growth in both Revenue and EBITDA.
Strong full-year results with significant margin expansion reflect successful operating leverage and cost discipline. However, Q4 sequential margin decline may raise near-term concerns. The forward guidance of sustained double-digit growth signals management confidence in continued momentum, though the macro environment remains dynamic.