ONWARD TECHNOLOGIES LTD.

Delivers mechanical engineering design and information technology services to industrial, automotive, power management and healthcare customers, primarily on time-and-material contracts out of India and via subsidiaries in the US and Europe. The two reported business lines are Mechanical Engineering Design Services, which made up 76.3% of segment revenue (Rs 198.01 cr in the FY19 segment period), and Information Technology Services at 23.7% (Rs 61.49 cr). In Q1 FY27, the business hit a record Rs 151.2 cr in revenue, up 11.5% year-on-year and 8.7% sequentially, with EBITDA of Rs 18.4 cr at a 12.3% margin. The customer base spans 70+ clients, with $1M+ annual recurring revenue clients rising from 16 to 18. A Rs 33 cr multi-year offshore development centre contract was won from a North American power management company to support its data-centre work, with delivery run from India, including a 200-staff AI lab in Chennai and a fourth Pune design centre opening in August. The cost structure is heavily people-driven, with employee costs at 72.8% of FY26 revenue and other operating expenses at 14.0%. FY26 revenue stood at Rs 543.85 cr with an EBITDA margin of 13.93%, and the company was net debt-free with Rs 127.3 cr of cash on the balance sheet.