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Model Note · ONWARD TECHNOLOGIES LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ONWARD TECHNOLOGIES LTD Discounted cash flow · base FY26
ONWARD TECHNOLOGIES LTD
Value per share, this model₹298
CMP 2026-09-10₹283.95
Difference5.0%
Growth the CMP implies5.6%/yr
This note states the assumptions and the arithmetic of one model of ONWARD TECHNOLOGIES LTD, built on its filed FY26 consolidated statements. The value is the outcome of the assumptions below and nothing else; it is not a fair value, a target or a recommendation.
Assumptions
Input
This model
Filed reference
Revenue growth, 5 years
10.5% a year
FY26 10.7% · 5-yr CAGR 17.7%
EBITDA margin
12.6%
FY26 12.6% · 5-yr average 9.2%
Depreciation · capex, % of revenue
2.9% · 3.3%, fading to 1.2× depreciation
FY26 2.9% · 3.3%
Working capital, % of added revenue · tax
19.9% · 22.3%
73 working-capital days · effective 22.3%
Discount rate
11.00%
1-yr beta 1.28
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(37) · ₹0 · ₹0 cr
FY26 net debt ₹(37) cr
Shares
2.19 crore
2.19 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY26
FY27
FY28
FY29
FY30
FY31
Revenue
544
601
664
734
811
896
growth %
10.7
10.5
10.5
10.5
10.5
10.5
EBITDA
69
76
84
92
102
113
Depreciation
(16)
(17)
(19)
(21)
(24)
(26)
NOPAT
41
45
50
55
61
68
less capex
(18)
(20)
(22)
(25)
(28)
(31)
less working-capital build
—
(11)
(13)
(14)
(15)
(17)
Free cash flow to firm
—
32
35
38
41
45
Present value
30
30
29
29
28
Source: the model; base year as filed.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
Model Note · ONWARD TECHNOLOGIES LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
146
PV of the terminal value (76% of EV)
471
Enterprise value
617
less net debt
37
less non-controlling interest
0
add non-operating investments
0
Equity value
654
÷ 2.19 crore shares
₹298
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
308
329
355
386
425
10.5%
285
303
324
349
380
11.0%
266
281
298
319
344
11.5%
249
262
277
294
314
12.0%
235
245
258
272
289
Source: the model; n/a where terminal growth reaches the discount rate.
Statement
This note is the reader's own model over publicly filed information: SEBI results XBRL filed with BSE and NSE and exchange price data, assembled by MarketPing software; every assumption above is the reader's. It contains no research recommendation, no price target and no opinion by MarketPing 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). Historical per-share figures are on the current share count. Where a figure is unavailable the table shows a dash rather than an estimate. Nothing here constitutes investment advice, an offer or a solicitation.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
