Onward Technologies Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2022 • Professional Services & Consultancy: 100.0% • Software Products - Resale: 0.0%
AI Sector View
AI GENERATEDInformation Technology
IT is supported by a still-expanding services backdrop and a weaker rupee. Export of services grew 13.0% YoY (2026-06), services PMI was 54.1 (Aug/26), and the currency at 95.23 (Sep/26) is depreciated versus the previous 95.16, which helps INR translation of export revenues. FPI positioning is only neutral-to-soft with net 3-month flow of INR -5 crore to 2026-08-31, so the positive stance is primarily macro-driven.
PROS
- Company has delivered good profit growth of 20.5% CAGR over last 5 years
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 20.9%
- Company has delivered good sales growth of 19.3% CAGR over last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.92x)
- Company has been maintaining a healthy dividend payout of 55.8%
CONS
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| TCS | 2300.90 | 16.72 | 832485.76 | 4.78 | 13420.00 | 4.69 | 72275.00 | 13.93 | 66.25 | 25.67 |
| INFY | 1130.00 | 15.14 | 458580.27 | 4.25 | 7775.00 | 12.29 | 48211.00 | 14.03 | 42.84 | 23.66 |
| HCLTECH | 1294.00 | 20.15 | 351148.26 | 4.17 | 4626.00 | 20.34 | 34579.00 | 13.94 | 31.20 | 19.87 |
| WIPRO | 176.80 | 13.25 | 175109.01 | 6.22 | 3356.30 | 0.59 | 24478.60 | 10.59 | 18.49 | 18.93 |
| TECHM | 1592.00 | 30.38 | 156037.29 | 3.20 | 1486.30 | 31.67 | 15711.90 | 17.68 | 23.04 | 17.43 |
| LTM | 4550.00 | 25.80 | 134962.70 | 1.65 | 1468.60 | 17.06 | 11608.00 | 17.96 | 30.25 | 17.75 |
| OFSS | 12067.35 | 30.79 | 105086.26 | 3.31 | 1415.50 | 120.52 | 3125.20 | 68.73 | 45.50 | 60.04 |
| PERSISTENT | 5655.00 | 46.38 | 89207.62 | 0.71 | 483.04 | 13.67 | 4303.23 | 29.09 | 35.09 | 16.19 |
| COFORGE | 1967.45 | 49.61 | 87153.72 | 0.80 | 531.70 | 49.19 | 5527.70 | 49.86 | 24.70 | 19.14 |
| MPHASIS | 2425.35 | 24.23 | 46294.46 | 2.56 | 489.51 | 10.82 | 4384.05 | 17.46 | 23.31 | 18.15 |
| LTTS | 3492.45 | 28.07 | 37047.05 | 1.66 | 3571.00 | 1029.71 | 29401.00 | 1014.73 | 27.70 | 18.65 |
| ONWARDTEC | 283.40 | 14.75 | 630.55 | 2.82 | 11.17 | -12.27 | 149.43 | 12.23 | 25.09 | 12.29 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 84 | 87 | 85 | 89 | 90 | 96 | 96 | 99 | 103 | 108 | 102 | 103 | 112 | |
| 73 | 75 | 75 | 81 | 78 | 87 | 86 | 92 | 90 | 91 | 88 | 92 | 102 | |
| Operating Profit | 11 | 12 | 10 | 9 | 12 | 9 | 10 | 7 | 14 | 18 | 14 | 11 | 10 |
| OPM % | 13.27% | 13.46% | 11.57% | 9.54% | 12.93% | 9.40% | 10.53% | 7.38% | 13.29% | 16.19% | 14.00% | 10.94% | 8.70% |
| 1 | 3 | 3 | 3 | 3 | 3 | 2 | 3 | 3 | 2 | -1 | 2 | 3 | |
| Interest | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 4 | 4 | 5 | 5 |
| Profit before Tax | 9 | 11 | 10 | 8 | 10 | 8 | 9 | 7 | 13 | 14 | 8 | 8 | 12 |
| Tax % | 25.42% | 25.37% | 26.02% | 25.28% | 25.32% | 25.52% | 26.73% | 26.72% | 25.42% | 25.47% | 26.10% | 22.33% | 25.78% |
| Net Profit | 7 | 8 | 7 | 6 | 8 | 6 | 6 | 5 | 9 | 10 | 6 | 6 | 9 |
| 2.97 | 3.57 | 3.16 | 2.68 | 3.38 | 2.53 | 2.76 | 2.12 | 4.11 | 4.54 | 2.70 | 2.89 | 4.14 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 93 | 107 | 118 | 181 | 173 | 234 | 315 | 346 | 381 | 417 | 426 | |
| 88 | 103 | 103 | 166 | 153 | 217 | 287 | 305 | 343 | 360 | 373 | |
| Operating Profit | 5 | 4 | 15 | 15 | 20 | 18 | 28 | 41 | 38 | 57 | 53 |
| OPM % | 4.97% | 3.35% | 12.70% | 8.05% | 11.36% | 7.53% | 9.01% | 11.94% | 9.99% | 13.61% | 12.42% |
| 7 | 7 | 5 | 7 | 8 | 6 | 8 | 10 | 11 | 6 | 6 | |
| Interest | 2 | 2 | 2 | 3 | 2 | 1 | 2 | 1 | 3 | 3 | 3 |
| Depreciation | 4 | 5 | 5 | 10 | 9 | 9 | 13 | 13 | 14 | 17 | 18 |
| Profit before Tax | 5 | 3 | 13 | 8 | 17 | 13 | 22 | 37 | 33 | 43 | 43 |
| Tax % | 44.45% | 34.28% | 28.84% | 28.37% | 24.19% | 28.36% | 25.04% | 25.55% | 26.01% | 24.97% | 25.07% |
| Net Profit | 3 | 2 | 9 | 5 | 13 | 9 | 16 | 28 | 24 | 32 | 32 |
| EPS | 1.83 | 1.33 | 5.70 | 3.26 | 7.50 | 4.79 | 7.16 | 12.31 | 10.75 | 14.33 | — |
| Dividend Payout % | 51.12% | 70.60% | 25.35% | 44.42% | 38.70% | 70.85% | 41.07% | 40.60% | 46.52% | 55.83% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 17%
- 5 Years:
- 19%
- 3 Years:
- 10%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 40%
- 5 Years:
- 20%
- 3 Years:
- 25%
STOCK PRICE CAGR
- 10 Years:
- 15%
- 5 Years:
- 3%
- 3 Years:
- -22%
- 1 Year:
- -15%
RETURN ON EQUITY
- 10 Years:
- 12%
- 5 Years:
- 13%
- 3 Years:
- 15%
- Last Year:
- 16%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 15 | 16 | 16 | 16 | 16 | 22 | 22 | 23 | 23 | 22 |
| 31 | 33 | 42 | 42 | 55 | 123 | 135 | 158 | 175 | 188 | |
| 17 | 18 | 17 | 17 | 6 | 12 | 8 | 18 | 19 | 24 | |
| Trade Payables | 8 | 6 | 5 | 10 | 8 | 10 | 11 | 16 | 19 | 10 |
| 21 | 19 | 22 | 34 | 34 | 48 | 45 | 54 | 62 | 77 | |
| Total Liabilities | 92 | 93 | 102 | 119 | 119 | 215 | 221 | 268 | 298 | 322 |
| 14 | 13 | 13 | 26 | 29 | 38 | 35 | 44 | 44 | 66 | |
| 39 | 39 | 39 | 12 | 12 | 32 | 33 | 33 | 33 | 33 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 71 | 84 | 70 | |
| Cash & Bank | 2 | 2 | 2 | 12 | 13 | 50 | 34 | 22 | 19 | 99 |
| 36 | 39 | 48 | 69 | 65 | 95 | 120 | 99 | 117 | 54 | |
| Total Assets | 92 | 93 | 102 | 119 | 119 | 215 | 221 | 268 | 298 | 322 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 6 | 10 | 12 | 35 | 22 | 13 | 7 | 67 | 34 | 60 | |
| Cash from Investing | -4 | -5 | -3 | -3 | -8 | -34 | 5 | -62 | -15 | -17 |
| Cash from Financing | -1 | -8 | -4 | -22 | -15 | 57 | -15 | -17 | -22 | -33 |
| 5 | -6 | 0 | 5 | 4 | 28 | -6 | -12 | -3 | 10 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | 1.96 | 1.42 | 5.92 | 3.38 | 7.75 | 4.23 | 7.30 | 12.31 | 10.75 | 14.33 |
| Book Value (₹) | 30.25 | 31.24 | 36.62 | 36.27 | 43.45 | 66.04 | 70.49 | 80.14 | 86.95 | 93.98 |
| Dividend per Share (₹) | 1.00 | 1.00 | 1.50 | 1.50 | 3.00 | 3.00 | 3.00 | 5.00 | 5.00 | 8.00 |
| Cash EPS (₹) | 4.45 | 4.35 | 8.96 | 9.73 | 13.44 | 8.42 | 13.00 | 18.04 | 16.74 | 21.69 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 12.02% | 9.47% | 16.94% | 11.66% | 16.26% | 7.53% | 11.45% | 11.94% | 9.99% | 13.61% |
| Net Margin % | 3.20% | 2.07% | 7.91% | 3.00% | 7.34% | 3.98% | 5.17% | 8.02% | 6.40% | 7.72% |
| ROE % | 6.72% | 4.66% | 17.57% | 9.34% | 19.61% | 8.62% | 10.77% | 16.42% | 12.91% | 15.76% |
| ROCE % | 11.56% | 8.11% | 20.43% | 14.77% | 26.33% | 12.58% | 15.06% | 22.15% | 18.33% | 22.24% |
| 3.24% | 2.39% | 9.62% | 4.91% | 10.68% | 5.59% | 7.47% | 11.33% | 8.62% | 10.37% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 58 | 61 | 63 | 56 | 66 | 58 | 76 | 82 | 74 | 68 |
| Inventory Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Payable Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 58 | 61 | 63 | 56 | 66 | 58 | 76 | 82 | 74 | 68 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 0.37x | 0.38x | 0.30x | 0.12x | 0.01x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x |
| Interest Coverage (x) | 3.62x | 2.54x | 7.34x | 3.30x | 9.04x | 13.86x | 14.12x | 26.85x | 13.18x | 13.84x |
| 0.72x | 0.75x | 0.95x | 1.27x | 1.83x | 2.36x | 2.67x | 3.09x | 2.94x | 3.06x | |
| GROWTH | ||||||||||
| Revenue Growth % | 4.07% | 14.58% | 10.89% | 52.77% | -4.37% | 35.75% | 34.46% | 9.77% | 10.15% | 9.37% |
| Operating Profit Growth % | -1.26% | -9.74% | 98.46% | 5.10% | 33.39% | -17.22% | 55.32% | 42.92% | -4.53% | 33.78% |
| Net Profit Growth % | 174.66% | -25.94% | 324.72% | -42.06% | 133.84% | -26.39% | 74.73% | 70.20% | -12.07% | 31.89% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | -45.38% | 0.00% | 68.58% | -12.72% | 33.31% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 85.08x | 0.00x | 35.98x | 23.41x | 14.66x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 5.46x | 0.00x | 5.53x | 2.89x | 2.23x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.83% | 0.00% | 1.13% | 1.99% | 3.81% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 32.00x | 0.00x | 18.92x | 11.20x | 5.66x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-02 - Onward Technologies Limited has informed the Exchange about Schedule of meet
2026-08-21 - Onward Technologies Limited has informed the Exchange regarding allotment of 6500 securities pursuant to ESOP/ESPS at its meeting held on August 21, 2026
2026-08-18 - Onward Technologies Limited has informed the Exchange regarding 'Acquisition of 30,127 Equity Shares by Mrs Prachi Mehta, Promoter of the Company fromthe Open Market'.
2026-08-14 - Onward Technologies Limited has informed the Exchange regarding 'Disclosure under Regulation 30 of the SEBI (Listing Obligations and DisclosureRequirements) Regulations, 2015'.
2026-07-22 - Onward Technologies Limited has informed the Exchange about Transcript
2026-07-17 - Onward Technologies Limited has informed the Exchange about Copy of Newspaper Publication
2026-07-16 - Onward Technologies Limited has informed the Exchange about Link of Recording
2026-07-16 - Onward Technologies Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on July 16, 2026
2026-07-16 - Onward Technologies Limited has informed the Exchange regarding Cessation of Mr Jay Sonawala as Non- Executive Independent Director of the company w.e.f. July 20, 2026.
News
Recent coverage and analyst commentary for ONWARDTEC
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