Onward Technologies Ltd
Incorporated in 1991, Onward Technologies is a software and technology services outsourcing company specializing in digital, embedded, mechanical engineering for global original equipment manufacturers (OEMs) in Industrial Equipment, Heavy Machinery, Power Generation, Renewables, Hydro Energy, Construction, Agricultural and Mining Equipment, Automotive, Rail Transportation Healthcare and Life Sciences.[1]
Strengths
- +Company has delivered good profit growth of 22.3% CAGR over last 5 years
- +Company has been maintaining a healthy dividend payout of 47.6%
- +Debtor days have improved from 64.2 to 37.5 days.
- +Company's working capital requirements have reduced from 72.8 days to 29.6 days
Weaknesses
- −Promoter holding has decreased over last 3 years: -6.14%
Shareholding Pattern
| Category | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters | 38.02% | 37.94%▼0.1 | 37.86%▼0.1 | 38.66%▲0.8 | 39.02%▲0.4 | 39.02% | 39.09%▲0.1 | 39.07%▼0.0 |
| FIIs | 1.64% | 8.97%▲7.3 | 9.18%▲0.2 | 9.3%▲0.1 | 9.29%▼0.0 | 9.21%▼0.1 | 9.39%▲0.2 | 9.83%▲0.4 |
| DIIs | 7.58% | 7.38%▼0.2 | 6.38%▼1.0 | 3.86%▼2.5 | 3.73%▼0.1 | 4%▲0.3 | 2.9%▼1.1 | 3.54%▲0.6 |
| Public | 52.75% | 45.73%▼7.0 | 46.57%▲0.8 | 48.19%▲1.6 | 47.88%▼0.3 | 46.9%▼1.0 | 47.25%▲0.4 | 46.2%▼1.0 |
Financial Statements
| Metric | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 85.19 | 89.18 | 89.55 | 95.73 | 96.5 | 99.3 | 103.32 | 108.25 | 101.86 | 103.35 |
| Expenses | 75.34 | 80.66 | 77.97 | 86.73 | 86.35 | 91.98 | 89.6 | 90.72 | 87.6 | 92.05 |
| Operating Profit | 9.85 | 8.52 | 11.58 | 9 | 10.15 | 7.32 | 13.72 | 17.53 | 14.26 | 11.3 |
| OPM % | 11.56% | 9.55% | 12.93% | 9.4% | 10.52% | 7.37% | 13.28% | 16.19% | 14% | 10.93% |
| Net Profit | 7.08 | 6.02 | 7.61 | 5.72 | 6.25 | 4.8 | 9.33 | 10.3 | 6.06 | 6.48 |
| EPS ₹ | 3.15 | 2.67 | 3.37 | 2.53 | 2.76 | 2.12 | 4.1 | 4.53 | 2.66 | 2.85 |
AI Insights
Mar 2026 revenue at ₹417Cr, up 9.4% YoY. OPM at 14%.
Borrowings at ₹34Cr. Debt-to-equity ratio: 0.18x. Healthy balance sheet.
DIIs: 3.54% (+2.67pp change). FIIs: 9.83% (+9.77pp change). Promoters hold 39.07%.
ROCE improving from 9% (Mar 2015) to 21% (Mar 2026). Working capital days: 30.
PE 16.6x with 20.6% ROCE. Price is 168% above book value of ₹94. Dividend yield: 1.94%.
Recent Announcements
- Announcement under Regulation 30 (LODR)-Public Announcement-Buyback of Shares 14 May - Public announcement of buyback for 5,48,780 shares at ₹328 each, aggregating ₹18 crore.
- Public Announcement 14 May - Board approves buyback of up to 5,48,780 shares at ₹328, aggregating ₹18 crore; record date May 18, 2026.
- Intimation Of Record Date For The Purpose Of Buyback Of Equity Shares 12 May - Record date fixed as 18 May 2026 for proposed equity share buyback.
- Board Meeting Outcome for Outcome Of Board Meeying 12 May - Onward Technologies approved buyback of 5,48,780 shares at ₹328 each, up to ₹18 crore, on May 12, 2026.
- Announcement under Regulation 30 (LODR)-Earnings Call Transcript 11 May
- Financial Year 2025 from bse
- Financial Year 2024 from bse
- Financial Year 2023 from bse