Onward Technologies Limited (ONWARDTEC) AI Stock Analysis

• Market Cap: ₹6.69B
• Dividend Yield: 1.73%
• Average Volume (3M): 6.16K
• Price to Earnings (P/E): 16.2
• Beta (1Y): 1.93
• Revenue Growth: 10.49%
• EPS Growth: 69.49%
• Country: IN
• Employees: 2,529
• Sector: Technology
• Sector Strength: 88
• Industry: Information Technology Services
• EPS (TTM): 5.26
• Shares Outstanding: 22,738,470
• 10 Day Avg. Volume: 2,156
• 30 Day Avg. Volume: 6,157
• PEG Ratio: -1.05
• Price to Book (P/B): 2.64
• Price to Sales (P/S): 1.20
• P/FCF Ratio: 20.29
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 4,275.84
• Revenue Forecast (FY): ₹825.92B

• Rating: 72 Outperform
• Price Target: ₹338.00 ▲(10.01% Upside)

Onward Technologies Limited shows strong financial performance with consistent revenue growth and efficient cost management. However, technical indicators suggest a bearish trend, and valuation metrics indicate the stock is fairly valued. The absence of earnings call data and corporate events limits further insights.

Onward Technologies Limited Business Overview & Revenue Model

Company Description

Onward Technologies Limited (ONWARDTEC) is a leading provider of technology solutions and services, primarily focusing on engineering and IT services. The company operates across various sectors including automotive, aerospace, and manufacturing, offering a wide array of services such as product engineering, software development, and digital transformation. With a commitment to innovation and quality, ONWARDTEC aims to empower businesses by optimizing their processes and enhancing their technological capabilities.

How the Company Makes Money

Onward Technologies Limited generates revenue through multiple channels, primarily by providing engineering and IT services to clients in various industries. The company charges fees for its consulting, product development, and software services, often structured as project-based contracts or retainer agreements. Key revenue streams include long-term partnerships with major corporations in sectors like automotive and aerospace, which provide a steady flow of income. Additionally, ONWARDTEC may also earn revenue from licensing proprietary software solutions and offering maintenance and support services. Strategic alliances with technology leaders further enhance its service offerings, allowing the company to tap into new markets and increase its earnings potential.

Onward Technologies Limited Financial Statement Overview

Summary

Onward Technologies Limited exhibits strong financial health with consistent revenue growth and efficient cost management, supporting a solid balance sheet. However, fluctuations in net profit margins and return on equity indicate potential challenges in maintaining profitability.

Income Statement

Onward Technologies Limited has demonstrated robust revenue growth over the years, with a consistent increase in total revenue from 2020 to 2025. The gross profit margin is healthy, reflecting efficient cost management. However, there is a noticeable fluctuation in net profit margin, with a decline in recent years, indicating potential challenges in maintaining profitability.

Balance Sheet

The company maintains a strong equity position, with a healthy equity ratio indicating stability. The debt-to-equity ratio is low, suggesting manageable leverage and financial health. However, the return on equity has shown some volatility, reflecting fluctuations in profitability relative to equity.

Cash Flow

Operating cash flow remains positive, allowing for reinvestment and debt servicing. Despite a decline in free cash flow in some years, the overall trend shows improvement. The operating cash flow to net income ratio suggests effective cash management relative to reported earnings.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	5.07B	4.91B	4.72B	4.41B	3.07B	2.40B
Gross Profit	674.97M	608.58M	1.12B	420.41M	500.18M	330.29M
EBITDA	552.13M	446.96M	594.73M	326.77M	429.40M	225.81M
Net Income	327.21M	270.78M	339.18M	114.80M	236.84M	73.38M
Balance Sheet
Total Assets	0.00	3.14B	2.87B	2.42B	2.29B	1.38B
Cash, Cash Equivalents and Short-Term Investments	913.46M	933.62M	853.73M	482.01M	495.15M	285.90M
Total Debt	0.00	321.60M	282.72M	167.26M	186.98M	250.99M
Total Liabilities	-2.24B	894.54M	798.09M	683.84M	662.31M	632.00M
Stockholders Equity	2.24B	2.24B	2.07B	1.74B	1.63B	744.81M
Cash Flow
Free Cash Flow	0.00	291.46M	603.32M	-14.55M	-262.84M	196.00M
Operating Cash Flow	0.00	315.23M	623.49M	57.46M	-39.29M	329.62M
Investing Cash Flow	0.00	-171.77M	-623.38M	60.09M	-315.96M	-98.70M
Financing Cash Flow	0.00	-212.19M	-161.66M	-142.14M	565.71M	-122.63M

Onward Technologies Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 307.25
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:ONWARDTEC, the sentiment is Negative. The current price of 307.25 is below the 20-day moving average (MA) of 308.37, below the 50-day MA of 312.67, and above the 200-day MA of 296.31, indicating a bearish trend. The MACD of -3.51 indicates Positive momentum. The RSI at 38.07 is Neutral, neither overbought nor oversold. The STOCH value of 9.56 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:ONWARDTEC.

Onward Technologies Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
INFOBEAN	73 Outperform	₹15.02B	23.73	―	0.16%	14.57%	80.44%
ONWARDTEC	72 Outperform	₹6.69B	16.23	―	1.73%	10.49%	69.49%
MINDTECK	70 Outperform	₹8.32B	26.73	―	0.41%	4.32%	10.71%
VERTOZ	63 Neutral	₹6.07B	22.36	―	―	33.61%	-27.46%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
INSPIRISYS	61 Neutral	₹3.66B	10.36	―	―	-27.51%	278.69%
SUBEXLTD	48 Neutral	₹7.26B	-96.42	―	―	-8.61%	95.97%

Onward Technologies Limited Corporate Events

Onward Technologies Releases Q2 2025 Financial Results

Onward Technologies Limited announced the publication of its unaudited financial results for the quarter and half-year ending September 30, 2025. These results were published in the Free Press Journal and Navshakti newspapers and are available on the company’s website. This disclosure, made in compliance with SEBI regulations, provides stakeholders with updated financial performance data, potentially impacting investor decisions and market perception.

Onward Technologies Expands Chennai Operations with New Design Center

Onward Technologies has announced the expansion of its operations in Chennai, India, by relocating to its largest design center in the country. This strategic move is part of the company’s effort to enhance its global delivery network, catering to the increasing demand for offshore services from clients in the USA and Europe. The Chennai center will function as an extended digital and ER&D team for clients, featuring state-of-the-art training centers and software labs. This expansion aims to double the employee capacity in Chennai to 2,000, thereby strengthening Onward Technologies’ position in the digital engineering services market.