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Onward Technologies Limited
(ONWARDTEC)
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Rating:73Outperform
Price Target:
₹317.00
▲(3.17% Upside)
Action:Reiterated
Date:08/11/26
The score is driven primarily by improved financial performance and a low-leverage balance sheet, supported by reasonable valuation (P/E ~15) and a ~2.8% dividend yield. Technical indicators are neutral-to-mixed, with modest near-term softness (below 20-DMA) despite longer-term trend support (above 50/100/200-DMAs).
Positive Factors
Conservative balance sheet
Sustained low leverage and a growing equity base provide financial flexibility to absorb project timing swings, fund working capital and selective investments, and pursue opportunities without heavy reliance on external debt, supporting long-term resilience through cycles.
Negative Factors
Volatile margins and cash conversion
Past swings in margins and intermittent negative free cash flow indicate sensitivity to project mix, timing and working-capital swings. This variability undermines predictability of earnings and cash for reinvestment or distributions, increasing operational and planning risk.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Sustained low leverage and a growing equity base provide financial flexibility to absorb project timing swings, fund working capital and selective investments, and pursue opportunities without heavy reliance on external debt, supporting long-term resilience through cycles.
Read all positive factors
Onward Technologies Limited (ONWARDTEC) vs. iShares MSCI India ETF (INDA)
Market Cap
₹6.42B
Dividend Yield2.78%
Average Volume (3M)2.12K
Price to Earnings (P/E)15.1
Beta (1Y)1.81
Revenue Growth10.51%
EPS Growth31.80%
CountryIN
Employees2,485
SectorGeneral
Sector StrengthN/A
IndustryInformation Technology Services
Share Statistics
EPS (TTM)19.02
Shares Outstanding22,242,890
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 IT services to enterprise customers under services contracts. Revenue is largely services-led and typically billed on (a) time-and-materials (T&M) arrangements—where the compan...
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 | 5.60B | 5.44B | 4.91B | 4.72B | 4.41B | 3.07B |
| Gross Profit | 897.64M | 1.58B | 608.58M | 1.12B | 989.25M | 755.64M |
| EBITDA | 742.98M | 757.33M | 446.96M | 594.73M | 326.77M | 429.40M |
| Net Income | 427.62M | 443.24M | 270.78M | 339.18M | 114.80M | 236.84M |
Balance Sheet | ||||||
| Total Assets | 0.00 | 3.71B | 3.14B | 2.86B | 2.42B | 2.29B |
| Cash, Cash Equivalents and Short-Term Investments | 1.28B | 1.28B | 920.88M | 844.52M | 482.01M | 496.84M |
| Total Debt | 0.00 | 398.43M | 321.60M | 279.54M | 167.26M | 186.98M |
| Total Liabilities | -2.54B | 1.17B | 894.54M | 798.09M | 683.84M | 662.31M |
| Stockholders Equity | 2.54B | 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
274.82
Positive
259.02
Positive
270.14
Positive
Market Momentum
2.56
Positive
52.68
Neutral
56.20
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 288.56, above the 50-day MA of 274.82, and above the 200-day MA of 270.14, indicating a neutral trend. The MACD of 2.56 indicates Positive momentum. The RSI at 52.68 is Neutral, neither overbought nor oversold. The STOCH value of 56.20 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 (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
83 Outperform | ₹12.76B | 10.82 | ― | 6.23% | 8.12% | 20.09% | |
73 Outperform | ₹6.42B | 15.11 | ― | 1.84% | 10.51% | 31.80% | |
69 Neutral | ₹379.74B | 28.95 | ― | 1.70% | 5.66% | 3.90% | |
68 Neutral | ₹341.39B | 63.29 | ― | 1.17% | 15.21% | -18.75% | |
62 Neutral | ₹167.67B | 28.98 | ― | 1.41% | 9.55% | -27.98% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
52 Neutral | ₹29.17B | 43.78 | ― | 1.83% | 68.15% | 66.19% |
* General Sector Average
IN:ONWARDTEC
Onward Technologies Limited
287.80
-20.52
-6.66%
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Onward Technologies Limited Corporate Events
Onward Technologies Wins ₹33-Crore Engineering Services Deal for Data Center Client
Jun 25, 2026
Onward Technologies has secured an engineering services contract to establish a Dedicated Offshore Development Centre for a leading global power management company. The three-year engagement, valued at about ₹33 crore, will provide engineeri...
Onward Technologies Wins ₹33-Crore Engineering Services Deal for Data Center ODC
Jun 25, 2026
Onward Technologies has secured an engineering services contract to establish a dedicated offshore development centre for a leading global power management company. The three-year engagement, valued at about ₹33 crore, will provide specializ...
Onward Technologies Publishes Notice for 35th AGM and E-Voting Details
Jun 23, 2026
Onward Technologies Limited has notified stock exchanges that it has published a newspaper advertisement announcing its 35th Annual General Meeting and providing e-voting information for shareholders. The notice has been published in English and M...
Onward Technologies Issues 31,000 Shares Under 2019 ESOP
Jun 19, 2026
Onward Technologies has allotted 31,000 equity shares to eligible employees following the exercise of stock options granted under its Employee Stock Option Scheme 2019. The shares, carrying a face value of ₹10 and issued at an exercise price...
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...
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.