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Onward Technologies Limited
(ONWARDTEC)
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Rating:70Outperform
Price Target:
₹470.00
▲(52.97% Upside)
Action:Reiterated
Date:10/17/26
The score is primarily supported by solid financial performance—especially the low-leverage balance sheet and improving profitability/cash flow. This is tempered by elevated technical overbought signals (RSI/Stoch) that raise near-term downside risk and a valuation that appears moderate rather than clearly attractive.
Positive Factors
Conservative Balance Sheet
Very low leverage gives Onward Technologies financial flexibility to fund operations and pursue growth without heavy interest burdens. A growing equity base and improving returns on equity further support resilience, allowing the company to withstand business variability while retaining capacity for investment.
Negative Factors
Margin Volatility
Volatile profitability makes future earnings less predictable and weakens confidence that recent margin improvement will persist. The decline in gross margin suggests the company may face pressure in preserving economics across its services mix, limiting the quality and durability of earnings growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative Balance Sheet
Very low leverage gives Onward Technologies financial flexibility to fund operations and pursue growth without heavy interest burdens. A growing equity base and improving returns on equity further support resilience, allowing the company to withstand business variability while retaining capacity for investment.
Read all positive factors
Onward Technologies Limited (ONWARDTEC) vs. iShares MSCI India ETF (INDA)
Market Cap
₹9.51B
Dividend Yield1.87%
Average Volume (3M)29.67K
Price to Earnings (P/E)19.9
Beta (1Y)2.09
Revenue Growth13.11%
EPS Growth18.12%
CountryIN
Employees2,485
SectorGeneral
Sector StrengthN/A
IndustryInformation Technology Services
Share Statistics
EPS (TTM)19.02
Shares Outstanding22,249,390
10 Day Avg. Volume84,337
30 Day Avg. Volume29,671
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
310.45
Positive
292.28
Positive
277.86
Positive
Market Momentum
40.74
Negative
70.62
Negative
71.08
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 below the 20-day moving average (MA) of 347.20, below the 50-day MA of 310.45, and above the 200-day MA of 277.86, indicating a bullish trend. The MACD of 40.74 indicates Negative momentum. The RSI at 70.62 is Negative, neither overbought nor oversold. The STOCH value of 71.08 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 | ₹12.49B | 9.49 | ― | 13.65% | 10.42% | 38.06% | |
77 Outperform | ₹427.68B | 27.80 | ― | 1.49% | 2.45% | 20.32% | |
70 Outperform | ₹9.51B | 19.91 | ― | 1.87% | 13.11% | 18.12% | |
69 Neutral | ₹272.89B | 48.41 | ― | 1.27% | 21.87% | -18.85% | |
64 Neutral | ₹146.97B | 25.06 | ― | 1.40% | 9.55% | -27.98% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
53 Neutral | ₹27.86B | 40.12 | ― | 1.37% | 68.15% | 66.19% |
* General Sector Average
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Onward Technologies Limited Corporate Events
Onward Technologies Plans Investor Meet in Pune, Reaffirms Compliance Focus
Sep 2, 2026
Onward Technologies Limited has scheduled an interaction with institutional investors in Pune on 7 September 2026, between 4:00 p.m. and 6:00 p.m., as part of its regular investor relations activities. The company has clarified that the meeting wi...
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.