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Onward Technologies Limited (IN:ONWARDTEC)
:ONWARDTEC
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Onward Technologies Limited (ONWARDTEC) AI Stock Analysis

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IN:ONWARDTEC

Onward Technologies Limited

(ONWARDTEC)

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Neutral 67 (OpenAI - 4o)
Rating:67Neutral
Price Target:
₹337.00
▲(16.45% Upside)
Onward Technologies Limited shows strong financial performance with consistent revenue growth and efficient cost management. However, technical indicators suggest bearish momentum, and the valuation is neutral. The absence of significant earnings call insights or corporate events means these factors do not influence the score.

Onward Technologies Limited (ONWARDTEC) vs. iShares MSCI India ETF (INDA)

Onward Technologies Limited Business Overview & Revenue Model

Company DescriptionOnward 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 MoneyOnward 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 shows strong financial health with consistent revenue growth and efficient cost management. The balance sheet is solid with low leverage, but there are fluctuations in net profit margins and return on equity, indicating some challenges in maintaining profitability.
Income Statement
82
Very Positive
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
78
Positive
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
75
Positive
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.
BreakdownTTMDec 2025Dec 2024Dec 2023Dec 2022Dec 2021
Income Statement
Total Revenue4.91B4.91B4.72B4.41B3.07B2.40B
Gross Profit1.11B1.11B1.12B878.38M770.09M559.08M
EBITDA472.99M446.96M594.73M326.77M429.40M225.81M
Net Income270.78M270.78M339.18M114.80M236.84M73.38M
Balance Sheet
Total Assets3.14B3.14B2.87B2.42B2.29B1.38B
Cash, Cash Equivalents and Short-Term Investments247.22M247.22M853.73M482.01M495.15M285.90M
Total Debt321.60M321.60M282.72M167.26M186.98M250.99M
Total Liabilities894.54M894.54M798.09M683.84M662.31M632.00M
Stockholders Equity2.24B2.24B2.07B1.74B1.63B744.81M
Cash Flow
Free Cash Flow0.00291.46M603.32M-14.55M-262.84M196.00M
Operating Cash Flow0.00315.23M623.49M57.46M-39.29M329.62M
Investing Cash Flow0.00-171.77M-623.38M60.09M-315.96M-98.70M
Financing Cash Flow0.00-212.19M-161.66M-142.14M565.71M-122.63M

Onward Technologies Limited Technical Analysis

Technical Analysis Sentiment
Negative
Last Price289.40
Price Trends
50DMA
325.03
Negative
100DMA
316.89
Negative
200DMA
297.72
Negative
Market Momentum
MACD
-8.90
Positive
RSI
32.32
Neutral
STOCH
10.51
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 289.4 is below the 20-day moving average (MA) of 315.75, below the 50-day MA of 325.03, and below the 200-day MA of 297.72, indicating a bearish trend. The MACD of -8.90 indicates Positive momentum. The RSI at 32.32 is Neutral, neither overbought nor oversold. The STOCH value of 10.51 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

Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
73
Outperform
₹7.77B24.9911.04%0.42%4.32%10.71%
69
Neutral
₹3.86B10.9254.21%-27.51%278.69%
67
Neutral
₹6.61B20.161.75%7.76%7.69%
66
Neutral
₹6.29B23.9613.66%33.61%-29.88%
62
Neutral
₹12.33B23.1511.43%0.20%9.57%99.67%
45
Neutral
₹6.77B-89.92-10.33%-8.61%95.97%
61
Neutral
$37.18B12.37-10.20%1.83%8.50%-7.62%
* Technology Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
IN:ONWARDTEC
Onward Technologies Limited
289.40
-119.21
-29.17%
IN:INFOBEAN
InfoBeans Technologies Ltd.
486.00
59.92
14.06%
IN:INSPIRISYS
lnspirisys Solutions Limited
97.50
-19.30
-16.52%
IN:MINDTECK
Mindteck (India) Limited
236.55
-54.94
-18.85%
IN:SUBEXLTD
Subex Limited
11.81
-16.14
-57.75%
IN:VERTOZ
Vertoz Ltd
73.57
-231.43
-75.88%

Onward Technologies Limited Corporate Events

Onward Technologies Expands Chennai Operations with New Design Center
Aug 11, 2025

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.

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.Date of analysis: Sep 23, 2025