NSE: ONWARDTEC · BSE: 517536 · ISIN INE229A01017
Onward Technologies Limited stock analysis
Onward Technologies Limited ranks #916 in the TickerSutra evidence-ranked universe with a score of 59/100 and 95% data confidence. The latest captured fundamentals show ROCE of 22.9%, quarterly sales growth of 12.2% and quarterly profit growth of -12.3%.Monitor only
INVESTMENT EVIDENCE
What supports—and challenges—the thesis
Evidence in favour
- ROCE is 22.9%
- Low debt/equity of 0.16×
- Strong CFO/EBITDA of 0.9×
- No promoter shares are reported as pledged
Risks and constraints
- No calculated threshold risk in the current snapshot.
Still unresolved: Related-party exposure · Broad media sentiment
FINANCIAL TRAJECTORY
Recent operating history
| Period | Revenue | Operating profit | Net profit | Operating margin |
|---|---|---|---|---|
| 2022 | ₹307cr | ₹22cr | ₹24cr | 7.0% |
| 2023 | ₹441cr | ₹27cr | ₹11cr | 6.0% |
| 2024 | ₹472cr | ₹52cr | ₹34cr | 11.0% |
| 2025 | ₹491cr | ₹45cr | ₹27cr | 9.0% |
| 2026 | ₹544cr | ₹72cr | ₹44cr | 13.0% |
| TTM | ₹560cr | ₹73cr | ₹43cr | 13.0% |
EXCHANGE EVENT TRIGGERS
Latest corporate disclosures
Onward Technologies Limited has informed the Exchange about General Updates
RoutineOnward Technologies Ltd - 517536 - Intimation Under Regulation 30 Of SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015BSE · 28 Sept 2026Intimation under Regulation 30 of SEBI (Listing Obligations Disclosure Requirements) Regulations, 2015
RoutineTrading WindowBSE · 25 Sept 2026Onward Technologies Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
Positive CatalystBagging/Receiving of orders/contracts (Sub-para 4-Para B)NSE · 23 Sept 2026 · Structured filingONWARD TECHNOLOGIES LIMITED has informed the Exchange about Bagging/Receiving of orders/contracts (Sub-para 4-Para B)
ONWARD TECHNOLOGIES LIMITED has informed the Exchange about Bagging/Receiving of orders/contracts (Sub-para 4-Para B)
Open original XBRL sourceIntimation of Schedule of Investors/Analysts Meeting
MANAGEMENT COMMENTARY
Signals from filed documents
Jigar Mehta: Our priority is not just growing revenue. It is building larger, higher -quality, more scalable engineering engagements with our customers, which can deliver sustainable growth, margin improvement and, of course, shareholder value. So, we are seeing that al ready from last year.
These are the outcomes of strategic investments we have made over the last few years in digital engineering, ER&D, and offshore delivery expansion, leadership capability, and account mining. Today, we are beginning to see these investments translate into greater scale, stronger execution and improving operating leverage. We continue to invest in subject matter experts across all three lines of business, which is mech
Jigar Mehta: We don't have a particular timeline, its an aspiration to move up the technology value chain. What we do have a very clear timeline for, which we have shared with everybody, is that we are confident of delivering double-digit revenue growth and bottom-line growth. And as the overall numbers improve from our existing customers, I think revenue per person will increase as well.
We've been supporting them across multiple geographies, multiple areas, including controls, embedded, electronics, mechanical, digital. The customer is growing exponentially, thanks to the data centre boom in North America and Europe, and they have floated multiple RFPs for multiple capacity expansion. We participated in one of them, the first one, and that's the one we have won, which goes live.
His/her global presence, rational, physical and mental fitness, broader thinking, vision on corporate social responsibility etc; ix. Quality of decision making on source of raw material/procurement of roughs, export marketing, understanding financial statements and business performance, raising of finance, best source of finance, working capital requirement, forex dealings, geopolitics, human resources etc; x. His/he
Compliance Risk Compliance risk arises from failure to comply with applicable laws, regulations, or internal policies, which may lead to financial penalties or reputational impact. Operating across multiple geographies increases regulatory complexity. The Company has established dedicated compliance teams that continuously monitor regulatory changes across all operating regions.
that may have potential conflict with the interests of the Company at large. The related party transactions entered into with the related parties as defined under Companies Act, 2013 and Regulation 23 of Listing Regulations during the financial year were in the ordinary course of business and the same have been approved by the Audit Committee. The disclosure of transactions with related parties is disclosed in the No
Sir, if you could help us understand in our main segment of heavy engineering and industrial. So how has been the R&D trend of our -- so you don't like tell what your customers are, but if you could help us understand the Top 5 customers that we have. How has their R&D budget moved over the past 3 years?
News and Media releases: Official news and media releases are disseminated to stock exchanges and displayed on the Company’s website. Presentations to institutional investors/analysts: Presentations are made to institutional investors and financial analysts on the Company’s financial results on quarterly basis. These presentations are disseminated to the stock exchanges and also available on the Company’s website.
HOW TO READ THIS PAGE
Evidence, freshness and limitations
What does the TickerSutra score mean?
The score ranks captured evidence across financial quality, growth, moat and margins, regulatory catalysts, governance, institutional trend and valuation comfort. It is a research-prioritization tool—not a buy recommendation or price target.
Which sources support this page?
Financial history, ownership and pledge data, NSE and BSE filings, annual reports and available earnings-call transcripts are combined here. Use the source trail and original exchange document before relying on a decision-critical fact.
Why can an item be unresolved?
Unresolved means the current captured source window did not provide enough evidence for that check. It does not establish that a risk or relationship is absent.
Maintained by TickerSutra Research · Snapshot updated 29 Sept 2026 · Read the methodology · Read the disclaimer
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