Onward Technologies Ltd
Incorporated in 1991, Onward Technologies is a software and technology services outsourcing company specializing in digital, embedded, mechanical engineering for global original equipment manufacturers (OEMs) in Industrial Equipment, Heavy Machinery, Power Generation, Renewables, Hydro Energy, Construction, Agricultural and Mining Equipment, Automotive, Rail Transportation Healthcare and Life Sciences.[1]
- Market Cap ₹ 732 Cr.
- Current Price ₹ 320
- High / Low ₹ 443 / 206
- Stock P/E 22.4
- Book Value ₹ 98.9
- Dividend Yield 1.56 %
- ROCE 15.6 %
- ROE 12.5 %
- Face Value ₹ 10.0
Pros
- Company has been maintaining a healthy dividend payout of 44.5%
Cons
- Company has a low return on equity of 12.5% over last 3 years.
- Promoter holding has decreased over last 3 years: -6.67%
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Information Technology Information Technology IT - Services IT Enabled Services
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
167 | 189 | 198 | 224 | 244 | 261 | 272 | 240 | 307 | 441 | 472 | 491 | 507 | |
158 | 177 | 184 | 212 | 233 | 239 | 248 | 223 | 286 | 412 | 420 | 447 | 457 | |
Operating Profit | 9 | 13 | 14 | 11 | 11 | 22 | 23 | 17 | 22 | 29 | 52 | 45 | 50 |
OPM % | 5% | 7% | 7% | 5% | 5% | 9% | 9% | 7% | 7% | 7% | 11% | 9% | 10% |
1 | 1 | 2 | 3 | 5 | 1 | 1 | 5 | 21 | 3 | 7 | 7 | 8 | |
Interest | 3 | 3 | 4 | 3 | 3 | 3 | 3 | 2 | 1 | 2 | 1 | 2 | 2 |
Depreciation | 4 | 5 | 4 | 4 | 5 | 6 | 11 | 10 | 10 | 13 | 13 | 13 | 13 |
Profit before tax | 3 | 5 | 8 | 7 | 8 | 15 | 10 | 10 | 32 | 18 | 45 | 36 | 43 |
Tax % | 97% | 37% | 61% | 38% | 11% | 33% | 35% | 25% | 26% | 36% | 25% | 25% | |
0 | 3 | 3 | 4 | 7 | 10 | 6 | 7 | 24 | 11 | 34 | 27 | 33 | |
EPS in Rs | 0.06 | 2.00 | 2.14 | 2.70 | 4.32 | 6.41 | 3.89 | 4.49 | 10.75 | 5.15 | 15.06 | 11.94 | 14.41 |
Dividend Payout % | 0% | 0% | 47% | 37% | 23% | 23% | 39% | 67% | 28% | 58% | 33% | 42% |
Compounded Sales Growth | |
---|---|
10 Years: | 10% |
5 Years: | 13% |
3 Years: | 17% |
TTM: | 8% |
Compounded Profit Growth | |
---|---|
10 Years: | 24% |
5 Years: | 34% |
3 Years: | 5% |
TTM: | 9% |
Stock Price CAGR | |
---|---|
10 Years: | 16% |
5 Years: | 38% |
3 Years: | 9% |
1 Year: | -24% |
Return on Equity | |
---|---|
10 Years: | 13% |
5 Years: | 13% |
3 Years: | 13% |
Last Year: | 13% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 14 | 15 | 15 | 15 | 16 | 16 | 16 | 16 | 22 | 22 | 23 | 23 |
Reserves | 12 | 17 | 21 | 27 | 34 | 45 | 52 | 58 | 141 | 152 | 185 | 202 |
37 | 29 | 23 | 25 | 23 | 18 | 35 | 25 | 19 | 17 | 28 | 32 | |
23 | 27 | 31 | 22 | 28 | 27 | 33 | 38 | 45 | 50 | 50 | 54 | |
Total Liabilities | 86 | 88 | 91 | 90 | 100 | 106 | 135 | 138 | 227 | 240 | 285 | 311 |
12 | 12 | 11 | 18 | 16 | 15 | 28 | 30 | 57 | 54 | 63 | 65 | |
CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 2 |
Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
74 | 76 | 80 | 72 | 85 | 91 | 107 | 108 | 170 | 187 | 222 | 244 | |
Total Assets | 86 | 88 | 91 | 90 | 100 | 106 | 135 | 138 | 227 | 240 | 285 | 311 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
3 | 15 | 10 | 14 | 16 | 11 | 29 | 33 | -4 | 6 | 62 | 32 | |
-3 | -4 | -1 | -11 | -5 | -5 | -5 | -10 | -32 | 6 | -62 | -17 | |
-1 | -11 | -9 | -0 | -10 | -9 | -10 | -12 | 57 | -14 | -16 | -21 | |
Net Cash Flow | -1 | 0 | 0 | 3 | 2 | -3 | 13 | 11 | 21 | -2 | -16 | -7 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 86 | 75 | 71 | 79 | 68 | 68 | 67 | 62 | 79 | 91 | 78 | 81 |
Inventory Days | ||||||||||||
Days Payable | ||||||||||||
Cash Conversion Cycle | 86 | 75 | 71 | 79 | 68 | 68 | 67 | 62 | 79 | 91 | 78 | 81 |
Working Capital Days | 11 | 14 | 26 | 24 | 20 | 33 | 9 | 13 | 47 | 52 | 88 | 102 |
ROCE % | 10% | 14% | 19% | 15% | 15% | 24% | 14% | 12% | 23% | 10% | 22% | 16% |
Documents
Announcements
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Intimation Regarding 100 Days Campaign - 'Saksham Niveshak'.
21 Aug - 100-days Saksham Niveshak campaign Jul28–Nov6,2025 urging shareholders to update KYC and claim unpaid dividends.
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Intimation Under Regulation 30 Of SEBI (LODR) Regulations, 2015
14 Aug - Court orders Onward subsidiary to pay $414K damages for unpaid wages; impact under evaluation.
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
11 Aug - Onward Tech expands Chennai design center to 2000 employees, enhancing global delivery capabilities.
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Relocation Of European Offices
1 Aug - Onward Technologies relocates European offices to Birmingham and Munich for strategic alignment.
- Announcement under Regulation 30 (LODR)-Earnings Call Transcript 22 Jul
Annual reports
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Financial Year 2025
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2013
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Financial Year 2012
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Concalls
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Jul 2025Transcript PPT
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Oct 2019TranscriptNotesPPT
Business Overview:[1]
Onward Technologies works with 80 plus North American & European original equipment manufacturers (OEMs) companies and helps them accelerate innovation and drive smarter products to market, while maximizing total returns on their R&D investments. With 6 global Sales offices and India delivery excellence centres across Pune, Chennai, Bangalore and Hyderabad, the company offers its global clients the benefits of both global presence and local reach, access to an expert talent pool and the agility to ramp up complex engineering projects rapidly. OTL is ISO 9001 TUV Nord and TISAX certified.