On 6 Nov 2026, Onward Technologies was priced at ₹377.30, or 17.7× trailing earnings, against an industry P/E of 17.7×, and the shares are 24% below their 52-week high. Sales and net profit grew 7.2% and 57% a year over 3 years, with ROCE of 20% and ROE of 20%. Debt is 0.18× equity, and its dividend yield is 2.2%. It is a small-cap company with a market cap of ₹827 Cr, ranked 46th of 126 Information Technology Services companies by market cap; the shares rose 19% over the past year.
- ₹358.45
- ₹377.30
- ₹357.00
- ₹359.35
- 64.2K
Health check
- ReturnsAhead
+19.3% over a year, better than 6 of 7 peers.
- Price tagIn line
P/E 17.7 vs industry 17.7.
- GrowthStrong
Sales +7.2%, profit +56.9% a year over 3 years.
- ProfitabilityAverage
ROCE 20.1% vs peer median 27.2%.
- Balance sheetSolid
Debt 0.18× equity, interest covered 25.1×.
- Red flagsNone found
No warning signs in the headline numbers.
Small cap
Defensive
Key metrics
- Market cap
- ₹827 Cr
- Small cap
- P/E
- 17.7
- Industry 17.7
- Price to book
- 3.36
- Peers 5.20
- Dividend yield
- 2.23%
- ROE
- 19.9%
- Peers 22.9%
- ROCE
- 20.1%
- Peers 27.2%
- Debt to equity
- 0.18
- Debt ₹44 Cr
- EPS (TTM)
- ₹21.26
- Face value ₹10
- OPM (TTM)
- 13.5%
- Net margin 8.0%
- Sales growth
- +22.5%
- Latest quarter vs a year ago
- Profit growth
- +45.5%
- Latest quarter vs a year ago
- Price to sales
- 1.40
- EV/EBITDA 11.3
Strengths and risks
Strengths
- Return on equity of 19.9%.
- Return on capital employed of 20.1%.
- Dividend yield of 2.23%.
- Quarterly profit up 45.5% on a year ago.
- Quarterly sales up 22.5% on a year ago.
About Onward Technologies
Onward Technologies Limited operates as a software and technology services outsourcing company India, the United States, Europe, Canada, and the United Kingdom, and internationally. The company offers digital and engineering research and development services for original equipment manufacturers (OEMs) in industrial equipment and heavy machinery, transportation, mobility, and healthcare and life sciences sectors. It also provides digital services, such as…
- Headquarters
- Mumbai
- Employees
- 2,359
- Sector
- Technology
- ISIN
- INE229A01017
- Website
- onwardgroup.com
Price range
- Avg volume (3M)
- 1.6 L
- 1-year return
- plus 19.3%
- From 52-week high
- minus 23.9%
Peers · Information Technology Services
| Company | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| TCSTata Consultancy Services | 2,498.50 | plus 0.11% | 9,03,979 | 17.5 | 7.60 | 54.9% | 45.6% | 26.5% | 5.8% | 5.3% | 1.92% | minus 16.5% |
| INFYInfosys | 1,181.40 | plus 1.20% | 4,78,511 | 15.7 | 4.91 | 41.7% | 30.0% | 23.1% | 3.4% | 3.6% | 4.45% | minus 20.5% |
| HCLTECHHCL Technologies | 1,440.00 | plus 0.66% | 3,89,754 | 21.3 | 5.20 | 27.2% | 24.6% | 35.3% | 8.7% | 3.9% | 3.36% | minus 6.4% |
| WIPROWipro | 198.00 | minus 0.20% | 1,95,898 | 15.6 | 2.46 | 17.8% | 15.9% | 19.2% | 0.8% | 5.2% | 4.03% | minus 16.6% |
| TECHMTech Mahindra | 1,831.00 | plus 0.46% | 1,79,476 | 29.4 | 5.47 | 19.8% | 19.2% | 17.2% | 2.2% | −0.1% | 2.80% | plus 29.3% |
| LTMLTM | 4,338.00 | minus 1.25% | 1,28,620 | 24.6 | 4.97 | 25.4% | 21.0% | 17.9% | 8.4% | 4.4% | 1.78% | minus 21.8% |
| PERSISTENTPersistent Systems | 6,053.50 | minus 0.92% | 99,859 | 53.0 | 11.12 | 29.4% | 22.9% | 16.9% | 20.9% | 26.5% | 0.59% | plus 4.3% |
| ONWARDTECOnward Technologies | 377.30 | plus 5.00% | 827 | 17.7 | 3.36 | – | 19.9% | 13.5% | – | – | 2.23% | plus 19.3% |
| Median of 7 peers | – | 0.11% | 1,95,898 | 21.3 | 5.20 | 27.2% | 22.9% | 19.2% | 5.8% | 4.4% | 2.80% | −16.5% |
Quarterly results
| ₹ Cr | Jun 25 | Dec 25 | Mar 26 | Jun 26 | Sep 26 |
|---|---|---|---|---|---|
| 133 | 135 | 137 | 149 | 170 | |
| 116 | 115 | 122 | 131 | 144 | |
| 17.1 | 19.5 | 15.3 | 18.4 | 26.5 | |
| 12.9% | 14.5% | 11.2% | 12.3% | 15.6% | |
| 2.5 | 1.5 | 1.9 | 1.7 | 1 | |
| 0.5 | 0.7 | 0.7 | 0.7 | 0.7 | |
| 3.2 | 4 | 4.4 | 4.6 | 4.8 | |
| – | −3.2 | – | – | – | |
| 15.9 | 13.1 | 12.2 | 14.8 | 22.1 | |
| 20.0% | 23.1% | 21.4% | 24.4% | 24.2% | |
| 12.7 | 10.1 | 9.6 | 11.2 | 16.8 | |
| 5.57 | 4.47 | 4.23 | 4.98 | 7.61 |
Profit & loss
- Sales CAGR 3Y
- +7.2%
- Profit CAGR 3Y
- +56.9%
- EPS CAGR 3Y
- +56.9%
- ROE
- 19.9%
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 441 | 472 | 491 | 544 | |
| – | +7.1% | +4.0% | +10.7% | |
| 411 | 420 | 447 | 471 | |
| 29.9 | 52.3 | 44.7 | 72.6 | |
| 6.8% | 11.1% | 9.1% | 13.3% | |
| 2.7 | 7 | 7.2 | 7 | |
| 1.7 | 1.3 | 2.2 | 2.9 | |
| 13 | 13 | 13.4 | 15.8 | |
| 0.1 | 0.2 | 0 | −3.9 | |
| 18 | 45.2 | 36.3 | 57 | |
| 36.3% | 24.9% | 25.4% | 22.3% | |
| 11.5 | 33.9 | 27.1 | 44.3 | |
| – | +195.4% | minus 20.2% | +63.7% | |
| 5.05 | 14.81 | 11.81 | 19.52 |
Forecast
Balance sheet
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 22.3 | 22.5 | 22.7 | 22.4 | |
| 152 | 185 | 202 | 231 | |
| 16.7 | 28.3 | 32.2 | 39.8 | |
| 51.7 | 51.5 | 57.3 | 77.2 | |
| 242 | 287 | 314 | 371 | |
| 50.3 | 60 | 62.8 | 85.3 | |
| – | – | 0.3 | 0.2 | |
| – | 10.2 | 15.8 | 0.5 | |
| 48.2 | 86.5 | 93.4 | 128 | |
| 144 | 130 | 141 | 157 | |
| 242 | 287 | 314 | 371 |
Cash flow
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 5.7 | 62.3 | 31.5 | 65.1 | |
| 6 | −62.3 | −17.2 | −21.6 | |
| −14.2 | −16.2 | −21.2 | −31.3 | |
| −2.5 | −16.2 | −6.9 | 12.2 | |
| −7.2 | −2 | −3.7 | −19.1 | |
| −1.5 | 60.3 | 27.9 | 46 | |
| −6.6 | −6.7 | −11.2 | −11.3 |
Shareholding pattern
NSE hasn’t returned a shareholding pattern for this company. Institutions hold about 1.5% (Yahoo estimate).
Major shareholders
Filings & events
News
No recent news coverage found.