NSE: ONWARDTEC · BSE: 517536
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Mechanical Engineering Design Services (76%), Information Technology Services (24%). People-heavy engineering and IT services business, asset-light, with a time-and-material-led delivery model.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 307 | 441 | 472 | 491 | 544 |
| EBITDA (ex other income) | 21 | 27 | 52 | 45 | 69 |
| margin % | 7.0 | 6.2 | 11.1 | 9.1 | 12.6 |
| Owners' profit | 24 | 11 | 34 | 27 | 44 |
| EPS, as reported (₹) | 12.62 | 5.18 | 15.13 | 11.97 | 19.64 |
| ROE % · ROCE % | 14.5 · 18.1 | 6.6 · 10.5 | 16.4 · 19.8 | 12.1 · 15.0 | 17.5 · 20.1 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | (4) | 6 | 62 | 32 | 65 |
| Capex | (22) | (5) | (1) | (2) | (18) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 123 | 123 | 127 | 133 | 139 | 135 | 137 | 149 |
| Profit before tax | 6 | 8 | 13 | 16 | 16 | 13 | 12 | 15 |
| Net profit | 4 | 6 | 10 | 13 | 12 | 10 | 10 | 11 |
| EPS (₹) | 1.57 | 2.66 | 4.59 | 5.61 | 5.26 | 4.50 | 4.26 | 5.00 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| L&T TECHNOLOGY SER. LTD. | 43,370 | 32.9 | 6.68 | 20.0 | 19.7 | 21.1 | 15.1 | 19.6 |
| INVENTURUS KNOWLEDGE SO L | 28,839 | 37.0 | 10.30 | 26.2 | 25.8 | 27.7 | — | 33.6 |
| TATA TECHNOLOGIES LIMITED | 26,430 | 47.4 | 6.74 | 28.7 | 13.9 | 14.3 | — | 18.3 |
| NETWEB TECH INDIA LTD | 25,071 | 95.9 | 34.66 | — | 28.5 | 37.5 | — | 15.7 |
| SAGILITY LIMITED | 21,192 | 21.4 | 2.19 | 12.0 | 9.6 | 11.6 | — | 22.3 |
| AFFLE 3I LIMITED | 19,968 | 41.7 | 5.47 | 27.3 | 12.5 | 15.2 | 39.3 | 25.8 |
| BLACK BOX LIMITED | 14,418 | 61.8 | 11.20 | 28.7 | 16.9 | 9.5 | 6.2 | 8.4 |
| CYIENT LIMITED | 12,888 | 33.8 | 2.09 | 11.7 | 7.5 | 9.7 | 12.0 | 13.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 20.2 | 17.9 | 44 of 76 | 43% |
| P/B | 3.3 | 2.2 | 53 of 70 | 25% |
| ROCE | 19.1 | 9.6 | 21 of 86 | 77% |
| ROE | 17.5 | 9.2 | 10 of 70 | 87% |
| Debt / Equity | 0.0 | 0.0 | 1 of 70 | 74% |
| EBITDA margin | 13.4 | 13.0 | 31 of 69 | 56% |
| Revenue growth | 12.2 | 20.8 | 46 of 67 | 32% |
| Profit growth | (12.3) | 14.6 | 46 of 64 | 29% |
| Market cap | 844 | 325 | 31 of 87 | 65% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Q2 FY27 growth accelerates as management raises FY27 outlook | investor communications | low | — | — |
| 17 Oct 2026 · Newspaper publication of Q2 and H1 FY26-27 financial results | compliance | minimal | — | — |
| 17 Oct 2026 · Conference call audio recording uploaded post Q2 FY26 results | investor communications | low | — | — |
| 16 Oct 2026 · Q2 FY27 Results: Revenue up 22%, PAT up 41% YoY; FY27 Outlook Upgraded | compliance | low | — | — |
| 16 Oct 2026 · Onward Tech Q2 FY27: Revenue up 22%, PAT up 41%, margins expand 130 bps | investor communications | medium | — | — |
| 16 Oct 2026 · Q2 FY27: revenue up 22%, PAT up 41% YoY on strong growth | results | high | — | — |
| 16 Oct 2026 · Onward Technologies Q2 FY27 results: Revenue up 22.5%, PAT jumps 40.5% YoY | results | high | — | — |
| 12 Oct 2026 · Onward Technologies grants 38,000 ESOPs to employees | business updates | medium | — | — |
| 9 Oct 2026 · Onward Technologies schedules Q2 FY27 earnings call on Oct 16, 2026 | board shareholder meetings | low | — | — |
| 9 Oct 2026 · Board meeting on Oct 16, 2026 to approve Q2 FY27 results | results | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.