Onward Technologies Ltd

Onward Technolog Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Onward Technologies Ltd

₹ 210 -6.68%
30 Mar - close price
onwardgroup.com BSE: 517536 NSE: ONWARDTEC
About

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]

Key Points

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.

Website BSE NSE
  • Market Cap ₹ 478 Cr.
  • Current Price ₹ 210
  • High / Low ₹ 385 / 206
  • Stock P/E 10.1
  • Book Value ₹ 102
  • Dividend Yield 2.38 %
  • ROCE 15.6 %
  • ROE 12.5 %
  • Face Value ₹ 10.0
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Pros

  • Company has been maintaining a healthy dividend payout of 44.5%

Cons

  • Promoter holding is low: 39.1%
  • Company has a low return on equity of 12.5% over last 3 years.
  • Promoter holding has decreased over last 3 years: -6.34%

* 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

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
116 121 120 120 114 118 118 123 123 127 133 139 135
109 106 103 105 103 109 106 115 112 113 116 119 115
Operating Profit 7 15 17 15 11 10 12 8 11 14 17 20 20
OPM % 6% 13% 14% 13% 9% 8% 10% 6% 9% 11% 13% 14% 15%
1 0 0 1 3 3 2 2 1 3 2 1 -2
Interest 0 0 0 0 0 0 1 1 1 1 0 1 1
Depreciation 3 3 3 3 3 3 3 3 3 3 3 4 4
Profit before tax 4 12 14 13 10 9 10 6 8 13 16 16 13
Tax % 36% 41% 19% 25% 31% 26% 27% 37% 29% 17% 20% 25% 23%
2 7 11 10 7 7 7 4 6 10 13 12 10
EPS in Rs 1.11 3.25 4.86 4.27 3.02 2.97 3.14 1.56 2.66 4.59 5.60 5.25 4.44
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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
167 189 198 224 244 261 272 240 307 441 472 491 534
158 177 184 212 233 239 248 223 286 414 420 447 464
Operating Profit 9 13 14 11 11 22 23 17 22 27 52 45 70
OPM % 5% 7% 7% 5% 5% 9% 9% 7% 7% 6% 11% 9% 13%
1 1 2 3 5 1 1 5 21 5 7 7 5
Interest 3 3 4 3 3 3 3 2 1 2 1 2 3
Depreciation 4 5 4 4 5 6 11 10 10 13 13 13 15
Profit before tax 3 5 8 7 8 15 10 10 32 18 45 36 57
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 45
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 19.88
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: 11%
Compounded Profit Growth
10 Years: 24%
5 Years: 34%
3 Years: 5%
TTM: 103%
Stock Price CAGR
10 Years: 12%
5 Years: 11%
3 Years: -10%
1 Year: -19%
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 Sep 2025
Equity Capital 14 15 15 15 16 16 16 16 22 22 23 23 23
Reserves 12 17 21 27 34 45 52 58 141 152 185 202 210
37 29 23 25 23 18 35 25 19 17 28 32 39
23 27 31 22 28 27 33 38 45 50 50 54 70
Total Liabilities 86 88 91 90 100 106 135 138 227 240 285 311 341
12 12 11 18 16 15 28 30 57 54 63 65 84
CWIP 0 0 0 0 0 0 0 0 0 0 1 2 0
Investments 0 0 0 0 0 0 0 0 0 0 0 0 0
74 76 80 72 85 91 107 108 170 187 222 244 257
Total Assets 86 88 91 90 100 106 135 138 227 240 285 311 341

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
Free Cash Flow -1 15 10 9 12 6 27 20 -26 -1 61 28
CFO/OP 70% 132% 111% 86% 186% 86% 148% 168% 30% 35% 123% 84%

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%

Insights

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Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Employee Headcount
Number

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Geographical Revenue Mix - India
%
Active Clients
Number
Client Concentration - Top 10 Clients
%
DSO (Billed + Unbilled)
Days
Revenue Mix by Contract Type - Time & Material
%

Shareholding Pattern

Numbers in percentages

1 Recently
Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
45.21% 45.07% 44.96% 38.15% 38.12% 38.02% 37.94% 37.86% 38.66% 39.02% 39.02% 39.09%
0.00% 0.06% 0.09% 2.14% 2.50% 1.64% 8.97% 9.18% 9.30% 9.29% 9.21% 9.39%
0.55% 0.87% 0.84% 6.15% 7.65% 7.58% 7.38% 6.38% 3.86% 3.73% 4.00% 2.90%
54.24% 54.02% 54.12% 53.56% 51.73% 52.75% 45.73% 46.57% 48.19% 47.88% 46.90% 47.25%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.07% 0.88% 1.36%
No. of Shareholders 10,68112,13314,27815,36516,93119,32721,42222,58222,72123,31022,26722,254

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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