Onward Technologies Ltd
NSE: ONWARDTEC · IT Enabled Services · sector
₹426.35NSE close 2026-10-26
Key numbers
Market cap₹934 cr
Price₹426.35
52w high / low₹496 / ₹208
P/E19.9xSector median 20.1x
P/B3.8xSector median 1.6x
Book value₹112.5
Dividend yield1.22%Sector median 0.70%
ROE19.9%Sector median 8.4%
ROCE26.4%Sector median 11.3%
OPM12.9%Sector median 9.6%
Debt / equity0.00xSector median 0.03x
EV/EBITDA10.9xSector median 10.8x
Interest cover23.2x
Current ratio3.27x
Sales growth 3y+7.2%Sector median +11.0%
Profit growth 3y+56.9%Sector median +16.6%
PEG0.35x
Last 12 months to Sep 2026, Consolidated. "Sector median" = middle value of 91 companies in IT Enabled Services (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹111 cr vs borrowings ₹0 cr (FY26): cash is higher (net cash).
- Operating profit covered interest 23.2x in the last 12 months.
- No promoter shares are pledged.
- Promoter holding rose by 1.18 percentage points in a year, to 40.20% (2026-09-30).
- Operating cash flow was below net profit in 2 of the last 5 years (FY23, FY22).
- Revenue was higher than a year earlier in 4 of the last 4 quarters.
- Other income was 13% of net profit in the last 12 months.
- Dividend paid in 5 of the last 5 financial years.
- Price ₹426.35 on 2026-10-26: -14.0% from the 52-week high, +104.7% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹431.85 · low ₹217.05
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 123 | 127 | 133 | 139 | 135 | 137 | 149 | 170 |
| EBITDA | 11 | 14 | 17 | 20 | 16 | 15 | 18 | 27 |
| OPM % | 9.1% | 10.9% | 12.9% | 14.3% | 12.2% | 11.2% | 12.3% | 15.6% |
| Other income | 1 | 3 | 2 | 1 | 2 | 2 | 2 | 1 |
| Net profit | 6 | 10 | 13 | 12 | 10 | 10 | 11 | 17 |
| EPS (₹) | 2.66 | 4.59 | 5.61 | 5.26 | 4.50 | 4.26 | 5.00 | 7.65 |
| Revenue YoY | +9.1% | +7.7% | +12.2% | +22.5% | ||||
| Profit YoY | +67.2% | -8.3% | -12.3% | +40.5% |
Consolidated figures where filed. Latest quarter Sep 2026.
Profit & loss (yearly)
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|---|
| Revenue | 307 | 441 | 472 | 491 | 544 | 591 |
| EBITDA | 21 | 27 | 52 | 45 | 69 | 77 |
| Net profit | 24 | 11 | 34 | 27 | 44 | 48 |
| EPS (₹) | 12.62 | 5.18 | 15.13 | 11.97 | 19.64 | 21.41 |
| Revenue growth | +43.5% | +7.1% | +4.0% | +10.7% | +13.1% | |
| Profit growth | -51.5% | +195.5% | -20.2% | +63.7% | +15.8% | |
| Dividend / share (₹) | 3.00 | 3.00 | 3.00 | 5.00 | 5.00 |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | +7.2% | +17.7% | +13.1% |
| Net profit | +56.9% | +43.3% | +15.8% |
| EPS | +55.9% | +34.2% | – |
| Share price | – | +8.6% (2y) | +37.5% |
Balance sheet
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shareholders' equity | – | 174 | 207 | 224 | 254 |
| Borrowings | – | 1 | 0 | 0 | 0 |
| Cash & equivalents | – | 48 | 31 | 25 | 111 |
| Total assets | – | 242 | 287 | 314 | 371 |
| Fixed assets | – | 36 | 60 | 63 | 85 |
| Capital work in progress | – | 0 | – | 0 | 0 |
| Investments | – | 0 | 0 | 0 | 0 |
| Receivables | – | 110 | 101 | 109 | 120 |
| Inventory | – | 0 | 0 | 0 | 0 |
| Payables | – | 11 | 13 | 9 | 12 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | -4 | 6 | 62 | 32 | 65 |
| Cash from investing | -32 | 6 | -62 | -17 | -22 |
| Cash from financing | 57 | -14 | -16 | -21 | -31 |
| Capex | 22 | 7 | 2 | 4 | 19 |
| Free cash flow | -26 | -1 | 60 | 28 | 46 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ROE % | – | 6.6% | 16.4% | 12.1% | 17.5% |
| ROCE % | – | 11.3% | 22.4% | 17.2% | 23.6% |
| Debtor days | – | 91 | 78 | 81 | 81 |
| Inventory days | – | 0 | 0 | 0 | 0 |
| Payable days | – | 9 | 10 | 7 | 8 |
| Cash conversion cycle (days) | – | 82 | 68 | 74 | 73 |
| Working capital days | – | 92 | 112 | 120 | 128 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 40.20% |
| FIIs | 9.28% |
| DIIs | 1.74% |
| of which Mutual funds | 1.44% |
| Public (non-institutions) | 47.26% |
| Quarter | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 38.66% | 39.02% | 39.02% | 39.09% | 39.07% | 40.02% | 39.97% | 40.20% |
| Promoter group | % |
|---|---|
| Jhm Enterprises Private Limited | 35.39% |
| Jigar Harish Mehta | 1.80% |
| Heral Harish Mehta | 1.12% |
| Harish Shantilal Mehta | 0.99% |
| Prachi Mehta | 0.90% |
| Public holders above 1% | % |
|---|---|
| Infinity Direct Holdings | 8.55% |
| Infinity Portfolio Holdings | 8.29% |
| Onward Technologies Employee Welfare Trust | 1.52% |
| Parish Arun Meghani | 1.51% |
| ICICI Prudential Technology Fund | 1.43% |
| Thermo Capital Private Limited | 1.41% |
21,521 shareholders. Pledged: 0.00% of promoter shares.
Peers in IT Enabled Services
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| LTTS | ₹42,777 cr | 27.8x | 6.0x | 23.2% | 26.8% | 17.8% | +11.1% | 1.39% |
| IKS | ₹28,359 cr | 36.4x | 10.1x | 33.3% | 30.2% | 34.3% | – | – |
| TATATECH | ₹27,242 cr | 48.4x | 7.1x | 15.2% | 18.1% | 13.9% | – | 1.75% |
| NETWEB | ₹24,404 cr | 93.4x | 33.7x | 41.6% | 37.4% | 13.3% | – | 0.05% |
| SAGILITY | ₹20,823 cr | 21.0x | 2.1x | 11.0% | 13.1% | 23.6% | – | 0.11% |
| AFFLE | ₹18,518 cr | 38.7x | 5.1x | 14.5% | 16.1% | 22.5% | +23.6% | – |
| BBOX | ₹14,137 cr | 60.6x | 11.0x | 22.1% | 20.2% | 8.2% | +0.2% | 0.12% |
| CYIENT | ₹13,821 cr | 36.3x | 2.4x | 6.9% | 11.6% | 11.2% | +6.5% | 2.38% |
| ESDS | ₹12,988 cr | – | – | – | – | – | – | – |
| ONWARDTEC | ₹934 cr | 19.9x | 3.8x | 19.9% | 26.4% | 12.9% | +7.2% | 1.22% |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2026-07-03 | Dividend | Dividend - Rs 8 Per Share |
| 2026-05-18 | Buyback | Buy Back |
| 2025-07-04 | Dividend | Dividend - Rs 5 Per Share |
| 2024-07-12 | Dividend | Annual General Meeting/Dividend - Rs 5 Per Share |
| 2023-07-10 | Dividend | Annual General Meeting/Dividend - Rs 3 Per Share |
| 2022-07-08 | Dividend | Annual General Meeting/Dividend - Rs 3 Per Share |
| 2021-07-07 | Dividend | Annual General Meeting/Dividend - Rs 3 Per Share |
| 2020-07-08 | Dividend | Annual General Meeting/Dividend - Rs 1.50 Per Sh |
| 2019-07-17 | Dividend | Annual General Meeting/ Dividend - Rs 1.5 Per Share |
| 2018-07-12 | Dividend | Annual General Meeting/Dividend- Re 1 Per Share |
| 2017-07-13 | Dividend | Annual General Meeting/Dividend - Re 1 Per Share |
| 2016-07-11 | Dividend | Annual General Meeting/ Dividend - Re 1/- Per Share |
| 2015-07-24 | Other | Annual General Meeting |
| 2013-07-16 | Other | Annual General Meeting |
| 2012-07-23 | Other | Annual General Meeting |
| 2011-07-11 | Other | Annual General Meeting |
| 2010-07-12 | Other | Annual General Meeting |
| 2009-08-25 | Other | Annual General Meeting |
| 2008-07-25 | Other | Annual General Meeting |
| 2006-08-07 | Other | Agm |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Annual report FY22
- Announcements NSE filings
- BRSR FY26
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
- Computer programming activities, consultancy and other information technology related services: Onward Technologies Limited a software outsourcing company specializing in digital and engineering research & development (ER&D) services for global clients. Headquartered in Mumbai, India, the company works closely with customers across North America and Europe, supporting product development and engineering initiatives across sectors such as Industrial Equipment, Off-Highway, Energy, Data Centers, Automotive, Rail Transportation, Healthcare and Life Sciences
| Sector | Information Technology |
| Industry | IT Enabled Services |
| Sub-industry | IT Enabled Services |
| Symbol | ONWARDTEC |
| BSE code | 517536 |
| ISIN | INE229A01017 |
| Face value | ₹10.0 |
| Incorporated | 1991-07-18 |
| Website | www.onwardgroup.com |
| Plants (India / abroad) | 0 / 0 |
From the company's filings (BRSR FY26).
Data built 2026-10-22 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.