Onward Technologies Limited (IN:ONWARDTEC)
:ONWARDTEC
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Onward Technologies Limited
(ONWARDTEC)
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Rating:73Outperform
Price Target:
₹276.00
▼(-10.17% Downside)
Action:Upgraded
Date:05/10/26
The score is driven primarily by improving fundamentals (stronger profitability and cash generation alongside low leverage and rising ROE). Technicals add support with short- to medium-term bullish momentum, while valuation appears reasonable but not especially cheap.
Positive Factors
Conservative balance sheet
Sustained low leverage and a growing equity base provide durable financial flexibility, reducing refinancing risk and supporting investment in delivery capacity. Improved ROE (~17.5% in FY2026) indicates capital is being deployed effectively, underpinning long-term solvency and strategic optionality.
Negative Factors
Historical FCF volatility
Past negative free cash flow in FY2022–FY2023 highlights that cash conversion can swing materially, often from working-capital or project timing. This variability can constrain reinvestment, dividend policy, or opportunistic M&A in down cycles, creating a recurring operational risk to monitor.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Sustained low leverage and a growing equity base provide durable financial flexibility, reducing refinancing risk and supporting investment in delivery capacity. Improved ROE (~17.5% in FY2026) indicates capital is being deployed effectively, underpinning long-term solvency and strategic optionality.
Read all positive factors
Onward Technologies Limited (ONWARDTEC) vs. iShares MSCI India ETF (INDA)
Market Cap
₹5.73B
Dividend Yield1.84%
Average Volume (3M)2.12K
Price to Earnings (P/E)13.0
Beta (1Y)1.90
Revenue Growth10.69%
EPS Growth64.16%
CountryIN
Employees2,529
SectorTechnology
Sector Strength88
IndustryInformation Technology Services
Share Statistics
EPS (TTM)18.12
Shares Outstanding22,760,670
10 Day Avg. Volume1,578
30 Day Avg. Volume2,118
Financial Highlights & Ratios
PEG Ratio0.17
Price to Book (P/B)1.87
Price to Sales (P/S)0.87
P/FCF Ratio8.73
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)64.23
Revenue Forecast (FY)₹11.65B
Onward Technologies Limited Business Overview & Revenue Model
Company Description
Operating both domestically in India and on a global scale, Onward Technologies Limited specializes in delivering mechanical engineering design and information technology consulting expertise. Their extensive portfolio includes a wide array of pro...
How the Company Makes Money
Onward Technologies primarily makes money by providing engineering and technology services to business customers under services contracts, earning revenue as fees for work performed. The company’s core revenue model is services-led and typically i...
Onward Technologies Limited Financial Statement Overview
Summary
Income Statement
73
Positive
Balance Sheet
82
Very Positive
Cash Flow
70
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 5.23B | 5.44B | 4.91B | 4.72B | 4.41B | 3.07B |
| Gross Profit | 580.96M | 560.49M | 608.58M | 1.12B | 420.41M | 500.18M |
| EBITDA | 666.99M | 718.46M | 446.96M | 594.73M | 326.77M | 429.40M |
| Net Income | 411.18M | 443.24M | 270.78M | 339.18M | 114.80M | 236.84M |
Balance Sheet | ||||||
| Total Assets | 3.41B | 3.71B | 3.14B | 2.87B | 2.42B | 2.29B |
| Cash, Cash Equivalents and Short-Term Investments | 666.72M | 1.28B | 933.62M | 853.73M | 482.01M | 495.15M |
| Total Debt | 393.70M | 398.43M | 321.60M | 282.72M | 167.26M | 186.98M |
| Total Liabilities | 1.09B | 1.17B | 894.54M | 798.09M | 683.84M | 662.31M |
| Stockholders Equity | 2.32B | 2.54B | 2.24B | 2.07B | 1.74B | 1.63B |
Cash Flow | ||||||
| Free Cash Flow | 228.03M | 543.13M | 291.46M | 603.32M | -14.55M | -262.84M |
| Operating Cash Flow | 350.25M | 723.63M | 315.23M | 623.49M | 57.46M | -39.29M |
| Investing Cash Flow | 51.48M | -288.69M | -171.77M | -623.38M | 60.09M | -315.96M |
| Financing Cash Flow | -239.35M | -313.20M | -212.19M | -161.66M | -142.14M | 565.71M |
Onward Technologies Limited Technical Analysis
Positive
307.25
Price Trends
254.73
Positive
265.47
Negative
282.85
Negative
Market Momentum
-1.27
Positive
50.76
Neutral
39.34
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:ONWARDTEC, the sentiment is Positive. The current price of 307.25 is above the 20-day moving average (MA) of 259.12, above the 50-day MA of 254.73, and above the 200-day MA of 282.85, indicating a neutral trend. The MACD of -1.27 indicates Positive momentum. The RSI at 50.76 is Neutral, neither overbought nor oversold. The STOCH value of 39.34 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:ONWARDTEC.
Onward Technologies Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | ₹12.91B | 10.96 | ― | 4.95% | 8.12% | 20.09% | |
73 Outperform | ₹5.73B | 13.02 | ― | 1.84% | 10.69% | 64.16% | |
69 Neutral | ₹367.13B | 28.61 | ― | 1.19% | 8.97% | 0.85% | |
68 Neutral | ₹207.50B | 32.12 | ― | 0.69% | 10.49% | -24.27% | |
66 Neutral | ₹312.21B | 57.44 | ― | 1.26% | 6.52% | -19.28% | |
63 Neutral | ₹33.29B | 67.72 | ― | 1.83% | 102.06% | 6.87% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% |
* Technology Sector Average
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Onward Technologies Limited Corporate Events
Onward Technologies Releases Q4 FY26 Earnings Call Transcript for Investors
May 11, 2026
Onward Technologies Limited notified the stock exchanges that it has released the transcript of its analyst and investor conference call for the quarter and year ended March 31, 2026. The call, held on May 5, 2026, covered the company’s Q4 F...
Onward Technologies Publishes FY26 Financial Results Extract in Newspapers
May 6, 2026
Onward Technologies Limited, a listed engineering and IT services firm with a global delivery footprint, has notified the stock exchanges about a regulatory disclosure tied to its latest financial reporting. The company has published an extract of...
Onward Technologies Posts Earnings Call Recording to Website for Investor Access
May 5, 2026
Onward Technologies Limited has notified the stock exchanges that it has uploaded the audio recording of its May 5, 2026 conference call, held after announcing financial results for the quarter and year ended March 31, 2026, to its corporate websi...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.