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.
| ₹ 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) |
| ₹ 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| L&T TECHNOLOGY SER. LTD. | 35,510 | 26.9 | 5.47 | 16.3 | 19.7 | 21.1 | 15.1 | 19.6 |
| TATA TECHNOLOGIES LIMITED | 31,087 | 55.8 | 7.92 | 33.8 | 13.9 | 14.3 | — | 18.3 |
| INVENTURUS KNOWLEDGE SO L | 29,665 | 38.0 | 10.59 | 27.0 | 25.8 | 27.7 | — | 33.6 |
| NETWEB TECH INDIA LTD | 28,723 | 109.9 | 39.71 | — | 28.5 | 37.5 | — | 15.7 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 2 Sept 2026 · Onward Technologies to meet institutional investors on September 7 | board shareholder meetings | low | — | — |
| 21 Aug 2026 · Onward Technologies allots 6,500 equity shares under ESOP 2019 | capital market events | low | — | — |
| 18 Aug 2026 · Promoter Acquires 30,127 Shares from Open Market | ownership changes | high | — | — |
| 14 Aug 2026 · Onward Technologies faces Rs 10.6 lakh income tax penalty for FY20 | compliance | minimal | — | — |
| 22 Jul 2026 · Q1 FY27: Record revenue of INR 151.2 cr, EBITDA up 20 percent QoQ | investor communications | medium | — | — |
| 17 Jul 2026 · Q1 FY27 results published in newspapers | compliance | minimal | — | — |
| 16 Jul 2026 · Audio recording of July 16, 2026 conference call uploaded on website | investor communications | low | — | — |
| 16 Jul 2026 · All 7 AGM resolutions passed; final dividend approved | compliance | minimal | — | — |
| 16 Jul 2026 · Independent Director Jay Sonawala exits after term ends | management changes | medium | — | — |
| 16 Jul 2026 · Onward Technologies 35th AGM held; 7 resolutions passed including dividend | board shareholder meetings | low | — | — |
| 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 |
| AFFLE 3I LIMITED | 22,105 | 46.2 | 6.05 | 30.4 | 12.5 | 15.2 | 39.3 | 25.8 |
| SAGILITY LIMITED | 21,150 | 21.3 | 2.19 | 12.0 | 9.6 | 11.6 | — | 22.3 |
| BLACK BOX LIMITED | 14,299 | 61.3 | 11.11 | 28.4 | 16.9 | 9.5 | 6.2 | 8.4 |
| E2E NETWORKS LIMITED | 12,632 | 287.1 | — | — | — | — | — | 82.5 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 14.9 | 18.9 | 29 of 78 | 64% |
| P/B | 2.5 | 2.2 | 40 of 70 | 44% |
| ROCE | 19.1 | 9.7 | 22 of 87 | 76% |
| ROE | 17.5 | 9.4 | 12 of 72 | 85% |
| Debt / Equity | 0.0 | 0.0 | 3 of 72 | 72% |
| 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 | 623 | 309 | 36 of 87 | 59% |
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| 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 |
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