Onward Technologies Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹777 Cr
- P/E
- 15.59
- ROE
- 19.53%
- PEG
- 0.26
- Price to sales
- 1.31
- Debt to equity
- 0.18
- 52W high / low
- ₹460 / ₹210
- Sales growth (5Y)
- 17.74%
- EBITDA margin
- 13.49%
- Net profit margin
- 8.58%
- Promoter holding
- 40.20%
- Sales (last year)
- ₹591 Cr
Incorporated in 1991, Onward Technologies is a software outsourcing company specializing in Digital and ER&D services.[1]
Guidance scorecard · Q2 FY27 call
What Onward Technolog's management guided
and where it ranks in IT - Services
IT - Services
RevenueQ1 FY27 call
10–20%- Onward Technologies delivered its highest ever quarterly revenue of INR 151.2 crore, crossing the INR 150 crore milestone for the first time in Q1 FY27.
- The company is committed to double-digit revenue growth annually and expects to sustain this momentum over the next few years.
- Strong pipeline and expanding strategic customer base indicate continued healthy growth opportunities.
- Growth driven by expanding offshore delivery model, digital engineering capabilities, domain expertise, and reusable IP.
- Significant large multi-year engagements and offshore development center contracts in key sectors such as data centres, AI, power generation, and energy.
- Expansion into global markets with existing industrial and automotive clients expected to boost revenues.
2 more points from Onward Technolog's call on revenue
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MarginsQ1 FY27 call
Up 2%+See what Onward Technolog said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- Onward Technologies secured a significant offshore ODC contract involving approximately INR 33 crore (~$3-3.5 million) investment to build capacity and capability, starting with about 40 engineers. Revenue from this will start in Q2 FY27, with full impact…
- The company has invested in digital engineering, domain expertise, engineering labs, accelerators, and reusable IP to enhance its competitive positioning and ability to win larger, strategic engagements.
- Expansion plans include opening a fourth design center in Pune (operational from August), with further capacity expansion anticipated later in Chennai.
2 more points from Onward Technolog's call on capex
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FundraisingQ1 FY27 call
See what Onward Technolog said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
Rising- Onward Technologies’ order book (Annual Contract Value - ACV) for the year has already crossed the revenue of the previous year, indicating strong bookings for FY27.
- The pipeline of opportunities is described as amazing, broader, and of much higher quality than a year ago.
- The company is participating in several large multi-year RFQs (Request for Quotations) and engagements, reflecting a healthy and growing order backlog.
2 more points from Onward Technolog's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in IT - Services
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
IT - Services companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹1,016 Cr | 36.8 | |
| 2 | 40%+ | Flat | ₹1,477 Cr | 34.5 | |
| 3 | 40%+ | Flat | ₹1,451 Cr | 124.1 | |
| 4 | 40%+ | Flat | ₹577 Cr | 18.3 | |
| 5 | 40%+ | Flat | ₹361 Cr | 25.7 | |
| 6 | 40%+ | Flat | ₹68 Cr | 6.7 |
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Pro shows every company guiding 40%+ revenue growth →Full IT - Services rankingFinancials of Onward Technolog
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Onward Technolog
Shareholding breakup across reporting periods.
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters + | 38.15% | 38.12% | 38.02% | 37.94% | 37.86% | 38.66% | 39.02% | 39.02% | 39.09% | 39.07% | 39.97% | 40.20% |
| FIIs + | 2.14% | 2.50% | 1.64% | 8.97% | 9.18% | 9.30% | 9.29% | 9.21% | 9.39% | 9.83% | 9.32% | 9.28% |
| DIIs + | 6.15% | 7.65% | 7.58% | 7.38% | 6.38% | 3.86% | 3.73% | 4.00% | 2.90% | 3.54% | 1.80% | 1.74% |
| Public + | 53.56% | 51.73% | 52.75% | 45.73% | 46.57% | 48.19% | 47.88% | 46.90% | 47.25% | 46.20% | 47.53% | 47.25% |
| Others + | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.07% | 0.88% | 1.36% | 1.36% | 1.39% | 1.52% |
| No. of Shareholders | 15,365 | 16,931 | 19,327 | 21,422 | 22,582 | 22,721 | 23,310 | 22,267 | 22,254 | 20,829 | 22,336 | 21,521 |
Financials of Onward Technolog
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 120 | 114 | 118 | 118 | 123 | 123 | 127 | 133 | 139 | 135 | 137 | 149 | 170 |
| Expenses + | 105 | 103 | 109 | 106 | 115 | 112 | 113 | 116 | 119 | 115 | 122 | 131 | 144 |
| Operating Profit | 15 | 11 | 10 | 12 | 8 | 11 | 14 | 17 | 20 | 20 | 15 | 18 | 27 |
| OPM % | 13% | 9% | 8% | 10% | 6% | 9% | 11% | 13% | 14% | 15% | 11% | 12% | 16% |
| Other Income + | 1 | 3 | 3 | 2 | 2 | 1 | 3 | 2 | 1 | -2 | 2 | 2 | 1 |
| Interest | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 0 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 4 | 4 | 4 | 5 | 5 |
| Profit before tax | 13 | 10 | 9 | 10 | 6 | 8 | 13 | 16 | 16 | 13 | 12 | 15 | 22 |
| Tax % | 25% | 31% | 26% | 27% | 37% | 29% | 17% | 20% | 25% | 23% | 21% | 24% | 24% |
| Net Profit + | 10 | 7 | 7 | 7 | 4 | 6 | 10 | 13 | 12 | 10 | 10 | 11 | 17 |
| EPS in Rs | 4.27 | 3.02 | 2.97 | 3.14 | 1.56 | 2.66 | 4.59 | 5.60 | 5.25 | 4.44 | 4.20 | 5.02 | 7.54 |
Financials of Onward Technolog
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 189 | 198 | 224 | 244 | 261 | 272 | 240 | 307 | 441 | 472 | 491 | 544 | 591 |
| Expenses + | 177 | 184 | 212 | 233 | 239 | 248 | 223 | 286 | 414 | 420 | 447 | 472 | 512 |
| Operating Profit | 13 | 14 | 11 | 11 | 22 | 23 | 17 | 22 | 27 | 52 | 45 | 72 | 80 |
| OPM % | 7% | 7% | 5% | 4.6% | 9% | 9% | 7% | 7% | 6% | 11% | 9% | 13% | 13% |
| Other Income + | 1 | 2 | 3 | 5 | 1 | 1 | 5 | 21 | 5 | 7 | 7 | 4 | 3 |
| Interest | 3 | 4 | 3 | 3 | 3 | 3 | 2 | 1 | 2 | 1 | 2 | 3 | 3 |
| Depreciation | 5 | 4 | 4 | 5 | 6 | 11 | 10 | 10 | 13 | 13 | 13 | 16 | 18 |
| Profit before tax | 5 | 8 | 7 | 8 | 15 | 10 | 10 | 32 | 18 | 45 | 36 | 57 | 62 |
| Tax % | 37% | 61% | 38% | 11% | 33% | 35% | 25% | 26% | 36% | 25% | 25% | 22% | |
| Net Profit + | 3 | 3 | 4 | 7 | 10 | 6 | 7 | 24 | 11 | 34 | 27 | 44 | 48 |
| EPS in Rs | 2.00 | 2.14 | 2.70 | 4.32 | 6.41 | 3.89 | 4.49 | 10.75 | 5.15 | 15.06 | 11.94 | 19.48 | 21.20 |
| Dividend Payout % | 0% | 47% | 37% | 23% | 23% | 39% | 67% | 28% | 58% | 33% | 42% | 41% |
Financials of Onward Technolog
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 15 | 15 | 15 | 16 | 16 | 16 | 16 | 22 | 22 | 23 | 23 | 22 | 22 |
| Reserves | 17 | 21 | 27 | 34 | 45 | 52 | 58 | 141 | 152 | 185 | 202 | 231 | 225 |
| Borrowings + | 29 | 23 | 25 | 23 | 18 | 35 | 25 | 19 | 17 | 28 | 32 | 40 | 44 |
| Other Liabilities + | 27 | 31 | 22 | 28 | 27 | 33 | 38 | 45 | 50 | 50 | 54 | 74 | 87 |
| Total Liabilities | 88 | 91 | 90 | 100 | 106 | 135 | 138 | 227 | 240 | 285 | 311 | 367 | 377 |
| Fixed Assets + | 12 | 11 | 18 | 16 | 15 | 28 | 30 | 57 | 54 | 63 | 65 | 89 | 94 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 2 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets + | 76 | 80 | 72 | 85 | 91 | 107 | 108 | 170 | 187 | 222 | 244 | 279 | 283 |
| Total Assets | 88 | 91 | 90 | 100 | 106 | 135 | 138 | 227 | 240 | 285 | 311 | 367 | 377 |
Financials of Onward Technolog
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 15 | 10 | 14 | 16 | 11 | 29 | 33 | -4 | 6 | 62 | 32 | 65 |
| Cash from Investing Activity + | -4 | -1 | -11 | -5 | -5 | -5 | -10 | -32 | 6 | -62 | -17 | -21 |
| Cash from Financing Activity + | -11 | -9 | -0 | -10 | -9 | -10 | -12 | 57 | -14 | -16 | -21 | -31 |
| Net Cash Flow | 0 | 0 | 3 | 2 | -3 | 13 | 11 | 21 | -2 | -16 | -7 | 13 |
| Free Cash Flow | 15 | 10 | 9 | 12 | 6 | 27 | 20 | -26 | -1 | 61 | 28 | 46 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 132% | 111% | 86% | 186% | 86% | 148% | 168% | 30% | 35% | 123% | 84% | 114% |
Financials of Onward Technolog
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 75 | 71 | 79 | 68 | 68 | 67 | 62 | 79 | 91 | 78 | 81 | 81 |
| Inventory Days | ||||||||||||
| Days Payable | ||||||||||||
| Cash Conversion Cycle | 75 | 71 | 79 | 68 | 68 | 67 | 62 | 79 | 91 | 78 | 81 | 81 |
| Working Capital Days | 14 | 26 | 24 | 20 | 33 | 9 | 13 | 47 | 52 | 88 | 102 | 54 |
| ROCE % | 14% | 19% | 15% | 15% | 24% | 14% | 12% | 23% | 10% | 22% | 16% | 23% |
Guidance history
How Onward Technolog's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 10–20% | Up 2%+ | Planned | — | Rising |
| Q4 FY26 call → | 10–20% | Up 2%+ | Planned | — | Rising |
| Q3 FY26 call → | 10–20% | Flat | Planned | — | — |
| Q2 FY26 call → | 10–20% | Up 2%+ | Planned | None planned | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
42 out of 100 — Steady
Over the past year its share price has moved roughly in the middle of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | +20.0% | 74% |
| Last 6 months | +44.1% | 88% |
| Last 3 months | +24.2% | 91% |
The price is 46.7% below its all-time high of ₹685.05 (15 Dec 2023). Stocks more than 20% below their peak have their score halved, so 83 became 42.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Onward Technolog: 0.4 × 74 + 0.4 × 88 + 0.2 × 91 = 83, halved to 42 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 2 Nov 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Onward Technolog's management said in earlier quarters
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