Onward Technologies Ltd is an ISO 9001 TUV Nord and Tusax certified software outsourcing company specializing in Digital & Data Engineering, Electronics & Embedded Engineering, and ER&D services. Founded in August 1991 by Harish Mehta, a first-generation entrepreneur and one of the founders and the first elected Chairman of the National Association of Software and Service Companies (NASSCOM), the company has established itself as a trusted partner in the engineering research and development sector.
The company is headquartered in Mumbai, with a global presence in approximately 13 countries including North America, Europe, and offshore delivery centres in India. The company listed on the BSE & NSE in 1995 and has been trading under the NSE symbol ONWARDTEC and BSE code 517536.
Onward Technologies operates across multiple verticals, with a primary focus on two industry verticals: industrial equipment and heavy machinery, and transportation and mobility (automotive and rail transportation). The Company is focused on three key verticals: transportation and mobility, industrial equipment and heavy machinery, and healthcare and medical technology (MedTech).
The company provides services in mechanical, electrical and controls engineering, embedded products and systems development, mobile and enterprise software development, data analytics and digital transformation, robotic business process automation, and enterprise managed services for infrastructure, applications and databases.
Its service lines include digital services, mechanical engineering services, embedded and electronics engineering services, and information technology services. Its digital services encompass engineering automation, big data analytics, cloud and DevOps, artificial intelligence/machine learning, and digital with virtual reality/augmented reality.
The company achieved revenue of ₹472.4 Cr. in FY24, reflecting a 7.1% YoY growth. According to its filing with the BSE, Onward Technologies reported revenue of ₹240.6 Cr. for H1FY25. On a consolidated basis, Onward Technologies Ltd reported a profit of Rs 10.41 crore on a total income of Rs 129.98 crore for the quarter ended 2025. For the year ended 2024, Onward Technologies Ltd had posted a profit of Rs 33.92 crore on a total income of Rs 472.39 crore.
The company's financial strength is evident from its operational metrics. An annual revenue growth of 7% is good, a Pre-tax margin of 10% is healthy, and an ROE of 16% is good. The company is debt-free and has a strong balance sheet, enabling it to report stable earnings growth.
• FY24 Revenue: ₹472.4 Cr. (7.1% YoY growth)
• H1FY25 Revenue: ₹240.6 Cr.
• Latest Quarterly Profit (Q-ended 2025): Rs 10.41 crore
• FY24 Annual Profit: Rs 33.92 crore
• Operating Revenue (TTM): Rs. 482.47 Cr.
• Stock P/E: 28.6
• Book Value: ₹98.9
• Dividend Yield: 1.47%
• ROCE: 15.6%
• ROE: 12.5%
• Market Capitalization: ₹772 Crore
• Promoter Holding: 38.66% (as of Mar 2025)
Onward Technologies has a market cap of ₹772 Crore (down -25.4% in 1 year) as of the latest available data. The company's 52-week high share price is Rs 504.55 and 52-week low share price is Rs 206.80. The stock currently trades at ₹340 with a 52-week High/Low of ₹508/206.
Promoter holding has shown some fluctuations, with a decrease over the last 3 years (-7.13%). Current Promoter Holding stands at 38.66% as of Mar 2025, an increase from 38.02% as of Jun 2024.
In 1997, the company expanded into the US with its subsidiary, Onward Technologies, Inc., becoming operational. In 1998, the company also set up a branch office in London. Between 2001 and 2010, the company diversified into the Engineering, Research & Development (ER&D) industry while also achieving ISO 9001 & ISO 27001 certifications for its offshore development centers in India.
Onward Technologies schedules its Q1FY26 earnings call on July 16, 2025, at 4:30 PM IST. A Board Meeting Intimation has been issued for considering and approving the Unaudited Consolidated and Standalone Financial Results of the Company for the quarter ended June 30, 2025. This demonstrates the company's commitment to maintaining transparent communication with investors and stakeholders.
Onward Technologies Ltd (ONWARDTEC) belongs to the Information Technology sector and Outsourced services sub-sector. The company is part of BSE Information Technology, BSE SmallCap, and BSE Allcap indices.
The company presents a mixed investment profile with both strengths and challenges. On the positive side, Onward Technologies maintains a debt-free balance sheet and has shown consistent revenue growth. However, the company has a low return on equity of 12.5% over the last 3 years, which may be a concern for investors seeking higher returns.
The company's strategic positioning in high-growth sectors such as digital transformation, embedded systems, and engineering research and development positions it well for future opportunities in an increasingly technology-driven global economy.
