Onward Technologies Limited (ONWARDTEC) AI Stock Analysis

• Market Cap: ₹6.98B
• Dividend Yield: 1.65%
• Average Volume (3M): 6.81K
• Price to Earnings (P/E): 17.0
• Beta (1Y): 1.95
• 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: 22,731,970
• 10 Day Avg. Volume: 14,774
• 30 Day Avg. Volume: 6,808
• 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: ₹339.00
• Price Target Upside: 10.33% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1

• Rating: 70 Outperform
• Price Target: ₹339.00 ▲(10.33% Upside)

Onward Technologies Limited demonstrates strong financial performance with consistent revenue growth and efficient cost management. However, technical indicators suggest potential short-term weakness, and valuation metrics indicate the stock is fairly valued. The absence of earnings call and corporate events data limits further insights.

Onward Technologies Limited Business Overview & Revenue Model

Company Description

Onward Technologies Limited provides mechanical engineering design and IT consulting services in India and internationally. The company offers digital transformation, embedded systems, engineering technology, data analytics, artificial intelligence, and machine learning products and services. It also offers digital engineering, embedded electronics, mechanical engineering, and enterprise IT related services. The company serves automotive, manufacturing, e-commerce, semiconductor, ICT, and medical technology industries. The company was incorporated in 1991 and is based in Mumbai, India. Onward Technologies Limited is a subsidiary of Onward Network Technologies Private Limited.

How the Company Makes Money

Onward Technologies Limited makes money through a diversified revenue model that includes providing engineering services, digital transformation solutions, and IT consulting. The company earns revenue by offering specialized services such as product design, development, and testing for sectors like automotive and aerospace. Additionally, it provides IT services such as software development, system integration, and maintenance which are crucial for digital transformation initiatives. The company also forms strategic partnerships and alliances with global technology firms to enhance its service offerings and expand its client base. Revenue is generated through long-term contracts and project-based engagements with clients, which ensures a steady income stream. Key factors contributing to its earnings include its ability to deliver cost-effective, high-quality engineering solutions, and its strong customer relationships across various industrial sectors.

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 suggest 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: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

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 above the 20-day moving average (MA) of 305.29, below the 50-day MA of 316.72, and above the 200-day MA of 296.62, indicating a neutral trend. The MACD of -1.63 indicates Negative momentum. The RSI at 48.29 is Neutral, neither overbought nor oversold. The STOCH value of 22.07 is Neutral, 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
MINDTECK	74 Outperform	₹9.35B	29.08	―	0.36%	4.32%	10.71%
ONWARDTEC	70 Outperform	₹6.98B	16.95	―	1.65%	10.49%	69.49%
INSPIRISYS	69 Neutral	₹3.64B	10.28	―	―	-27.51%	278.69%
INFOBEAN	68 Neutral	₹12.13B	22.77	―	0.20%	9.57%	99.67%
VERTOZ	66 Neutral	₹5.80B	22.09	―	―	33.61%	-29.88%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
SUBEXLTD	50 Neutral	₹7.67B	―	―	―	-8.61%	95.97%

Onward Technologies Limited Corporate Events

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.