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Onward Technologies Ltd (ONWARDTEC)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 517536 NSE: ONWARDTEC IT - Software | Small Cap | Onward Technologies Share Price
₹278.15 -3.30 (-1.17%)
As on 16-Sep'26 16:59
Onward Technologies Ltd (ONWARDTEC)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 517536 NSE: ONWARDTEC IT - Software | Small Cap | Onward Technologies Share Price
₹278.15 -3.30 (-1.17%)
As on 16-Sep'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹619 Cr.
Current Price
₹278.2
52-Week Low / High
₹208 / 354
TTM EPS
₹19.2
TTM Sales
₹560 Cr.
Book Value per Share
₹109.7
P/E Ratio
14.47
Lower than its 5-year historical median
Industry PE
20.9
Price to Book (P/B)
2.54
Lower than its 5-year historical median
Price to Sales (P/S)
1.10
Lower than its 5-year historical median
EV/EBITDA
6.40
Lower than its 5-year historical median
Dividend Yield
2.88%
Profitability Efficiency
Return on Equity (ROE)
18.84%
Outperforms industry median
Return on Capital Employed (ROCE)
25.09%
Outperforms industry median
Return on Assets (ROA)
12.55%
Operating Profit Margin
13.1%
Net Profit Margin
8.15%
Gross Profit Margin
14%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
9.37%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
59.04%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
63.66%
Asset Quality
Promoter Holding
39.97%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹222 Cr.
Equity
₹22.3 Cr.
Face Value
₹10
All Time Low / High
₹9.35 / 738.95
Check Before You Invest
Quality
Very GoodValuation
FairCheck Valuation charts
Price Trend
Semi Strong
Is Onward Technologies Ltd a good quality company?
Onward Technologies Ltd is a good quality company, based on a consistently good multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Onward Technologies Ltd performance compare with that of its Peers?
Revenue growth of Onward Technologies Ltd vs industry peers?
Onward Technologies Ltd revenue CAGR is 17.74%, compared to the industry median CAGR of 0%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Onward Technologies Ltd?
Promoters hold 39.97% of the Onward Technologies Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Onward Technologies Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 15.4% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Onward Technologies Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 11.6% | 8.1% | 20.4% | 14.8% | 26.3% | 12.6% | 15.1% | 22.2% | 18.3% | 22.2% | - |
| Value Creation Index ⓘ | -0.2 | -0.4 | 0.5 | 0.1 | 0.9 | -0.1 | 0.1 | 0.6 | 0.3 | 0.6 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 93 | 107 | 118 | 181 | 173 | 234 | 315 | 346 | 381 | 417 | 426 |
| Sales YoY Gr. | - | 14.6% | 10.9% | 52.8% | -4.4% | 35.8% | 34.5% | 9.8% | 10.2% | 9.4% | - |
| Adj EPS ⓘ | 1.6 | 0.9 | 6.3 | 4.3 | 7.5 | 4.2 | 7.4 | 12 | 10.5 | 15.4 | 14.4 |
| YoY Gr. | - | -44.8% | 604.4% | -31.6% | 73.3% | -44.8% | 77.1% | 63.1% | -12.7% | 46.6% | - |
| BVPS (₹) ⓘ | 30.3 | 31.2 | 36.6 | 36.3 | 43.5 | 66 | 70.5 | 80.1 | 87 | 94 | 91 |
| Adj Net Profit ⓘ | 2.5 | 1.4 | 10 | 7 | 12.3 | 9.1 | 16.4 | 27 | 23.8 | 34.4 | 32 |
| Cash Flow from Ops. ⓘ | 9.9 | 6.6 | 7.4 | 29.7 | 26.7 | 4.1 | 3.9 | 67 | 34.4 | 60.2 | - |
| Debt/CF from Ops. ⓘ | 1.7 | 2.8 | 2.4 | 0.2 | 0 | 0.2 | 0.1 | 0 | 0 | 0 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 18.1% | 19.3% | 9.8% | 9.4% | ||||
| Adj EPS ⓘ | 28.3% | 15.3% | 27.8% | 46.6% | ||||
| BVPSⓘ | 13.4% | 16.7% | 10.1% | 8.1% | ||||
| Share Price | 15.3% | 4% | -21.6% | -10% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 5.4 | 2.8 | 17.7 | 11.4 | 18.2 | 8.2 | 10.6 | 15.5 | 12.2 | 16.6 | 15.6 |
| Op. Profit Mgn % ⓘ | 5 | 3.4 | 13.5 | 9.3 | 11.4 | 7.6 | 9.1 | 11.9 | 10 | 13.6 | 13.7 |
| Net Profit Mgn % ⓘ | 2.7 | 1.3 | 8.5 | 3.9 | 7.1 | 3.9 | 5.2 | 7.8 | 6.2 | 8.3 | 7.5 |
| Debt to Equity ⓘ | 0.4 | 0.4 | 0.3 | 0.1 | 0 | 0 | 0 | 0 | 0 | 0 | - |
| Working Cap Days ⓘ | 173 | 127 | 133 | 118 | 142 | 124 | 124 | 152 | 176 | 142 | 81 |
| Cash Conv. Cycle ⓘ | 13 | 30 | 39 | 39 | 43 | 42 | 62 | 64 | 54 | 52 | 55 |
Valuation of Onward Technologies - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 224 | 244 | 261 | 272 | 240 | 307 | 441 | 472 | 491 | 544 |
| Operating Expenses > ⓘ + | 212 | 233 | 239 | 248 | 223 | 286 | 412 | 420 | 447 | 473 |
| Operating Profit > ⓘ | 11 | 11 | 22 | 23 | 17 | 21 | 29 | 52 | 45 | 71 |
| Operating Profit Margin (%) | 5.0% | 4.6% | 8.6% | 8.6% | 7.2% | 7.0% | 6.6% | 11.1% | 9.1% | 13.1% |
| Other Income > ⓘ + | 3 | 5 | 1 | 1 | 5 | 22 | 3 | 7 | 7 | 8 |
| Interest > ⓘ | 3 | 3 | 3 | 3 | 2 | 1 | 2 | 1 | 2 | 3 |
| Depreciation > ⓘ | 4 | 5 | 6 | 11 | 10 | 10 | 13 | 13 | 13 | 16 |
| Profit Before Tax > ⓘ | 7 | 8 | 15 | 10 | 10 | 32 | 18 | 45 | 36 | 57 |
| Tax > ⓘ | 2 | 1 | 5 | 3 | 2 | 8 | 7 | 11 | 9 | 13 |
| Profit After Tax | 4 | 7 | 10 | 6 | 7 | 24 | 11 | 34 | 27 | 44 |
| PAT Margin (%) | 1.8% | 2.8% | 3.9% | 2.3% | 3.1% | 7.7% | 2.6% | 7.2% | 5.5% | 8.2% |
| Adjusted EPS (₹) | 2.7 | 4.3 | 6.4 | 3.9 | 4.5 | 10.8 | 5.2 | 15.1 | 11.9 | 19.8 |
| Dividend Payout Ratio (%) | 37.10% | 23.10% | 23.40% | 38.60% | 66.80% | 27.90% | 58.30% | 33.20% | 41.90% | 40.50% |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 39 | 46 | 58 | 65 | 72 | 160 | 170 | 200 | 220 | 251 | |
| Debt + | 20 | 19 | 16 | 18 | 15 | 1 | 0 | 0 | 0 | 0 | |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Trade Payables | 3 | 8 | 6 | 6 | 7 | 12 | 11 | 13 | 9 | 12 | |
| Others Liabilities ⓘ | 28 | 26 | 25 | 45 | 40 | 54 | 64 | 83 | 98 | 117 | |
| Total Liabilities ⓘ | 90 | 100 | 105 | 133 | 134 | 227 | 246 | 296 | 327 | 379 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 18 | 16 | 15 | 28 | 30 | 57 | 54 | 63 | 65 | 89 | |
| CWIP ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 2 | 0 | |
| Investments ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Inventories | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Trade Receivables | 49 | 46 | 49 | 50 | 41 | 67 | 110 | 101 | 109 | 120 | |
Cash Equivalents 
ⓘ
| 4 | 8 | 5 | 22 | 29 | 60 | 47 | 31 | 25 | 111 | |
| Others Assets ⓘ | 20 | 30 | 35 | 33 | 34 | 43 | 35 | 101 | 126 | 60 | |
| Total Assets ⓘ | 90 | 100 | 105 | 133 | 134 | 227 | 246 | 296 | 327 | 379 | |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 14 | 16 | 11 | 29 | 33 | -4 | 6 | 62 | 32 | 65 |
| Cash Flow From Investing Activity ⓘ + | -11 | -5 | -5 | -6 | -10 | -32 | 6 | -62 | -17 | -22 |
| Cash Flow From Financing Activity ⓘ + | -0 | -10 | -9 | -10 | -12 | 57 | -14 | -16 | -21 | -31 |
| Net Cash Flow ⓘ | 3 | 2 | -3 | 13 | 11 | 21 | -2 | -16 | -7 | 12 |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 10.99 | 15.67 | 19.45 | 10.19 | 10.75 | 20.39 | 6.95 | 18.34 | 12.89 | 18.84 |
| ROCE (%) | 14.79 | 15.05 | 23.74 | 15.89 | 13.79 | 25.89 | 11.65 | 24.38 | 17.86 | 25.09 |
| Asset Turnover Ratio | 2.47 | 2.58 | 2.55 | 2.28 | 1.8 | 1.7 | 1.87 | 1.74 | 1.58 | 1.54 |
| PAT to CFO Conversion(x) | 3.5 | 2.29 | 1.1 | 4.83 | 4.71 | -0.17 | 0.55 | 1.82 | 1.19 | 1.48 |
| Working Capital Days | ||||||||||
| Receivable Days | 70.90 | 70.30 | 66.10 | 66.30 | 68.80 | 63.80 | 73 | 81.40 | 78.10 | 77 |
| Inventory Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Payable Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
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Onward Technologies Ltd FAQs
The current trading price of Onward Technologies on 16-Sep-2026 16:59 is ₹278.1.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 15-Sep-2026 the market cap of Onward Technologies stood at ₹618.9 Cr
The latest P/E ratio of Onward Technologies as of 15-Sep-2026 is 19.30.
The latest P/B ratio of Onward Technologies as of 15-Sep-2026 is 3.06.
The 52-week high of Onward Technologies is ₹354.0 and the 52-week low is ₹207.7.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Onward Technologies is ₹426 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that Onward Technologies Ltd is a good quality company.
The key valuation ratios of Onward Technologies Ltd's currently when compared to its past seem to suggest it is in the Fair zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Onward Technologies Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.
About Onward Technologies Ltd
Onward Technologies Ltd was incorporated as a Private Limited Company on July 18,1991 in the state of Maharashtra.
Onward Technologies Ltd. (OTL) is an ISO 9001-2000 certified company serving customers in the areas of Engineering Design Services, IT Services and IT driven Banking Products & Financial Services.
The company is headquartered in India with offices globally in USA, UK, Germany and Japan. Development centres are located at Mumbai and Pune, in India - the outsourcing capital of the world. Through these development centres, the company is well positioned to offer customers the established benefits of off-shore outsourcing.
Onward employs over 800 people with over 4000 man-years of experience, in mechanical engineering design analysis, testing & simulation, Bespoke Software Application Development, Support & Maintenance and Software Product Development.
Onward's global clients include fortune 1000 companies in the IT Consultancy, Automotive, Agricultural, Heavy Engineering, Electrical Equipments and Aerospace Industry.
In India, Onward is one of the fastest growing Independent Engineering Design Services Company. Onward is one of the largest ISVs for banking software solutions with more than 3000 client-site installations. Onward plans to leverage it's deep domain and technology expertise in the engineering, IT & BFS sector in the International Market.
The company's stocks are publicly traded at the Bombay Stock Exchange, the premier stock exchange in India.
Services offered by the company:
- Engineering Design Services- Onward Technologies Ltd. is one of the fastest growing engineering design service providers - it is a service partner to the manufacturing industry, with a range of engineering services. It is supporting manufacturing companies in engineering to create innovative products, reduce costs, shorten development cycles and bring products to the market faster.
- IT Services- Software Development Services Unit strikes a perfect balance between domain knowledge (of BFSI) and software technology. They specialize in software technology based solutions and offer software services that are of international standards, lower competitive costs, and delivered on-time-every-time through their unique global delivery model.
- Banking Products & Financial Services- Onward provides solutions for Retail Banking, Service Branches, Foreign Exchange/Trade Finance, Back Office, SWIFT Connectivity, e-banking, Tele-Banking, Mobile Banking, Government Accounts and customer centric solutions available with different delivery channels like Kiosks, Internet, ATM's, Mobiles.
Achievements/ recognition:
- An ISO 9001-2000 certified company
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