Onward Technologies Ltd

ONWARDTEC

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Market Cap

₹ 625 Cr

P/E

15.19

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Investment Checklist

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Performance

STEADY PERFORMER

Valuation

UNDERVALUED

Growth

STABLE

Profitability

MODERATE MARGIN

Technicals

Bearish

Risk

HIGH RISK

Investment Checklist

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Price

PE Ratio

Price

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Overview

Detailed Summary

Onward Technologies Limited specializes in digital, embedded, and mechanical engineering services for global original equipment manufacturers. It actively drives innovation through its vertically-focused approach in Industrial Equipment, Transportation & Mobility, and Healthcare sectors.

The company's revenue grew by 13.0% YoY in Q2 FY26, reflecting a strong order book and diverse client base, with significant earnings in the Industrial Equipment and Heavy Machinery sectors.

Strategic expansion efforts are visible in its increased presence across North America and Europe, aligning with its commitment to deliver local support to global OEM clients.

With a focus on integrating AI and smart factory solutions, Onward Technologies leverages cutting-edge technology to optimize operations for its clients, showcasing its commitment to digital transformation.

Sector

IT - Software

Industry

Computers - Software - Medium / Small

Market Cap

625 Cr

Volatility

High Risk

P/E Ratio

15.2

Industry P/E

38.4

PEG Ratio

0.2

P/B Ratio

2.7

52W High

382.00

52W Low

206.80

Sales CAGR

4.01%

17.59%

16.11%

10Y

17.48%

Profit CAGR

-20.17%

37.77%

35.10%

10Y

41.35%

ROE

TTM

17.71%

11.97%

12.28%

10Y

12.17%

ROCE

TTM

20.39%

15.43%

15.84%

10Y

17.17%

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
SUBEXLTD	11.94	674 Cr	—	2.08	0.00	-1.61	2.08	-1.00
MINDTECK	206.70	665 Cr	22.47	2.37	0.48	11.07	14.06	9.15
VERTOZ	74.46	635 Cr	23.20	2.77	0.00	11.95	13.40	8.99
ONWARDTEC	274.15	625 Cr	15.19	2.69	1.82	17.71	20.39	12.05
IRIS	302.10	621 Cr	72.97	3.29	0.00	4.51	7.04	49.37
TERASOFT	463.60	581 Cr	35.57	4.35	0.00	12.23	16.83	5.63
DIGISPICE	24.47	574 Cr	40.11	2.44	0.00	6.30	11.97	-2.44

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	120	120	114	118	118	123	123	127	133	139
Expenses	103	105	103	109	106	115	112	113	116	119
Operating Profit	17	15	11	9.65	12	7.95	11	14	17	20
OPM %	13.94	12.64	9.35	8.15	9.94	6.46	9.09	10.88	12.87	14.30
Other Income	0.44	1.24	2.78	2.82	1.82	1.56	1.13	2.69	2.47	1.13
Interest	0.36	0.33	0.31	0.34	0.51	0.59	0.59	0.53	0.50	0.96
Depreciation	3.26	3.28	3.31	3.12	3.32	3.33	3.30	3.44	3.18	4.21
Profit Before Tax	14	13	9.83	9.01	9.68	5.60	8.45	13	16	16
Tax %	19.41	25.43	31.03	25.75	26.76	36.79	28.52	17.18	20.04	24.57
Net Profit	11	9.57	6.79	6.68	7.09	3.54	6.04	10	13	12
EPS in Rs	4.69	4.12	2.93	2.88	3.07	1.53	2.62	4.55	5.57	5.23

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	224	244	261	272	240	307	441	472	491	507
Expenses	212	233	239	248	223	286	412	420	447	457
Operating Profit	11	11	22	23	17	21	29	52	45	50
OPM %	5.01	4.61	8.59	8.61	7.17	6.97	6.64	11.05	9.10	9.89
Other Income	2.52	4.75	1.18	1.06	5.34	22	3.39	7.27	7.21	7.85
Interest	2.80	3.03	2.74	3.46	2.32	1.01	1.66	1.34	2.22	2.21
Depreciation	4.33	5.49	5.66	11	10	10	13	13	13	13
Profit Before Tax	6.59	7.51	15	9.64	9.81	32	18	45	36	43
Tax %	37.84	10.56	33.33	35.32	25.22	25.59	36.33	24.89	25.41	23.08
Net Profit	4.10	6.72	10	6.24	7.34	24	11	34	27	33
EPS in Rs	1.87	—	4.28	2.66	3.11	10.45	4.94	14.63	11.78	17.97
Dividend Payout %	39.53	24.57	24.31	39.89	68.97	24.65	59.41	33.76	42.34	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	15	15	16	16	16	16	22	22	23	23
Reserves	21	27	34	45	52	58	141	152	185	202
Borrowings	19	20	19	16	35	25	19	17	28	32
Other Liabilities	36	28	31	30	33	38	48	52	52	57
Total Liabilities	91	90	101	107	136	138	229	242	287	314
Fixed Assets	11	18	16	15	28	30	57	54	63	65
CWIP	0.00	0.00	0.11	0.18	0.00	0.08	0.00	0.00	0.64	1.94
Investments	0.00	0.00	0.00	0.00	0.00	0.10	0.00	0.00	0.00	0.00
Other Assets	80	72	85	91	108	108	173	189	224	247
Total Assets	91	90	101	107	136	138	229	242	287	314

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	10	14	16	11	29	33	-3.93	5.75	62	32
Cash from Investing Activity	-0.83	-11	-4.87	-5.13	-5.63	-9.87	-32	6.01	-62	-17
Cash from Financing Activity	-9.34	-0.26	-9.91	-8.75	-9.95	-12	57	-14	-16	-21
Net Cash Flow	0.18	2.97	1.63	-3.30	13	11	21	-2.46	-16	-6.87

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	45.43%	45.21%	45.07%	44.96%	38.15%	38.12%	38.02%	37.94%	37.86%	38.66%	39.05%	39.37%
FIIs	0.01%	0.00%	0.06%	0.09%	2.14%	2.51%	1.64%	8.97%	9.18%	9.30%	9.30%	9.29%
DIIs	0.32%	0.56%	0.87%	0.85%	6.16%	7.66%	7.59%	7.39%	6.39%	3.86%	3.74%	4.04%
Public	54.24%	54.23%	53.99%	54.11%	53.55%	51.72%	52.75%	45.71%	46.58%	48.18%	47.92%	47.31%
Total Shareholders	10,911	10,681	12,133	14,278	15,365	16,931	19,327	21,422	22,582	22,721	23,310	22,267

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
May 27, 2025	Jhm enterprises private limited	Insider - Promoter Group	Acquisition	305.79	1.07 Cr	35,000	0.15
May 27, 2025	Jhm enterprises private limited	Insider - Promoter Group	Acquisition	306.08	0.46 Cr	15,000	0.06
May 22, 2025	Jhm enterprises private limited	Insider - Promoter Group	Acquisition	300.32	1.50 Cr	50,000	0.22
Mar 20, 2025	Jhm enterprises private limited	Insider - Promoter Group	Acquisition	259.34	1.30 Cr	50,000	0.22
Feb 28, 2025	Jhm enterprises private limited	Insider - Promoter Group	Acquisition	302.12	1.51 Cr	50,000	0.22
Feb 20, 2025	Jhm enterprises private limited	Insider - Promoter Group	Acquisition	283.09	1.42 Cr	50,000	0.22
Feb 05, 2025	Heral mehta	Insider - Promoter	Acquisition	261.93	0.18 Cr	6,963	0.03
Feb 05, 2025	Harish mehta	Insider - Promoter	Acquisition	262.81	0.09 Cr	3,472	0.01
Feb 05, 2025	Jhm enterprises private limited	Insider - Promoter Group	Acquisition	260.66	0.06 Cr	2,134	0.00
Feb 05, 2025	Jigar mehta	Insider - Promoter	Acquisition	260.42	0.62 Cr	23,701	0.10

Projection

Actions

Action Type

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Announcements

Last 7 days

Newest

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Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

Investor Presentation

Q3 FY25

Investor Presentation

Q2 FY25

Investor Presentation

Q1 FY25

Investor Presentation

Q4 FY24

Investor Presentation

Q3 FY24

Investor Presentation

Q2 FY24

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Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	120	120	114	118	118	123	123	127	133	139
Expenses	103	105	103	109	106	115	112	113	116	119
Operating Profit	17	15	11	9.65	12	7.95	11	14	17	20
OPM %	13.94	12.64	9.35	8.15	9.94	6.46	9.09	10.88	12.87	14.30
Other Income	0.44	1.24	2.78	2.82	1.82	1.56	1.13	2.69	2.47	1.13
Interest	0.36	0.33	0.31	0.34	0.51	0.59	0.59	0.53	0.50	0.96
Depreciation	3.26	3.28	3.31	3.12	3.32	3.33	3.30	3.44	3.18	4.21
Profit Before Tax	14	13	9.83	9.01	9.68	5.60	8.45	13	16	16
Tax %	19.41	25.43	31.03	25.75	26.76	36.79	28.52	17.18	20.04	24.57
Net Profit	11	9.57	6.79	6.68	7.09	3.54	6.04	10	13	12
EPS in Rs	4.69	4.12	2.93	2.88	3.07	1.53	2.62	4.55	5.57	5.23

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	224	244	261	272	240	307	441	472	491	507
Expenses	212	233	239	248	223	286	412	420	447	457
Operating Profit	11	11	22	23	17	21	29	52	45	50
OPM %	5.01	4.61	8.59	8.61	7.17	6.97	6.64	11.05	9.10	9.89
Other Income	2.52	4.75	1.18	1.06	5.34	22	3.39	7.27	7.21	7.85
Interest	2.80	3.03	2.74	3.46	2.32	1.01	1.66	1.34	2.22	2.21
Depreciation	4.33	5.49	5.66	11	10	10	13	13	13	13
Profit Before Tax	6.59	7.51	15	9.64	9.81	32	18	45	36	43
Tax %	37.84	10.56	33.33	35.32	25.22	25.59	36.33	24.89	25.41	23.08
Net Profit	4.10	6.72	10	6.24	7.34	24	11	34	27	33
EPS in Rs	1.87	—	4.28	2.66	3.11	10.45	4.94	14.63	11.78	17.97
Dividend Payout %	39.53	24.57	24.31	39.89	68.97	24.65	59.41	33.76	42.34	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	15	15	16	16	16	16	22	22	23	23
Reserves	21	27	34	45	52	58	141	152	185	202
Borrowings	19	20	19	16	35	25	19	17	28	32
Other Liabilities	36	28	31	30	33	38	48	52	52	57
Total Liabilities	91	90	101	107	136	138	229	242	287	314
Fixed Assets	11	18	16	15	28	30	57	54	63	65
CWIP	0.00	0.00	0.11	0.18	0.00	0.08	0.00	0.00	0.64	1.94
Investments	0.00	0.00	0.00	0.00	0.00	0.10	0.00	0.00	0.00	0.00
Other Assets	80	72	85	91	108	108	173	189	224	247
Total Assets	91	90	101	107	136	138	229	242	287	314

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	10	14	16	11	29	33	-3.93	5.75	62	32
Cash from Investing Activity	-0.83	-11	-4.87	-5.13	-5.63	-9.87	-32	6.01	-62	-17
Cash from Financing Activity	-9.34	-0.26	-9.91	-8.75	-9.95	-12	57	-14	-16	-21
Net Cash Flow	0.18	2.97	1.63	-3.30	13	11	21	-2.46	-16	-6.87

Oscillators

BearishNeutralBullish

Neutral

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
SUBEXLTD	11.94	674 Cr	—	2.08	0.00	-1.61	2.08	-1.00
MINDTECK	206.70	665 Cr	22.47	2.37	0.48	11.07	14.06	9.15
VERTOZ	74.46	635 Cr	23.20	2.77	0.00	11.95	13.40	8.99
ONWARDTEC	274.15	625 Cr	15.19	2.69	1.82	17.71	20.39	12.05
IRIS	302.10	621 Cr	72.97	3.29	0.00	4.51	7.04	49.37
TERASOFT	463.60	581 Cr	35.57	4.35	0.00	12.23	16.83	5.63
DIGISPICE	24.47	574 Cr	40.11	2.44	0.00	6.30	11.97	-2.44

Overview

Detailed Summary

The company's revenue grew by 13.0% YoY in Q2 FY26, reflecting a strong order book and diverse client base, with significant earnings in the Industrial Equipment and Heavy Machinery sectors.

Strategic expansion efforts are visible in its increased presence across North America and Europe, aligning with its commitment to deliver local support to global OEM clients.

Sector

IT - Software

Industry

Computers - Software - Medium / Small

Market Cap

625 Cr

Volatility

High Risk

P/E Ratio

15.2

Industry P/E

38.4

PEG Ratio

0.2

P/B Ratio

2.7

52W High

382.00

52W Low

206.80

Sales CAGR

4.01%

17.59%

16.11%

10Y

17.48%

Profit CAGR

-20.17%

37.77%

35.10%

10Y

41.35%

ROE

TTM

17.71%

11.97%

12.28%

10Y

12.17%

ROCE

TTM

20.39%

15.43%

15.84%

10Y

17.17%