Onward Technologies Ltd
NSE:ONWARDTEC
Onward Technologies Ltd
Onward Technologies Ltd. engages in the provision of consultancy services. The company is headquartered in Mumbai, Maharashtra and currently employs 2,641 full-time employees. The firm is engaged in providing services in the areas of engineering R&D, digital transformation and information technology (IT) services. The firm 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. The company provides mechanical, embedded, digital and IT services to companies across various industry verticals, including transportation and mobility, industrial equipment and heavy machinery, and pharma, healthcare and medical devices industries. The company helps customers in product development initiatives with its approach of Analytically Driven Design & Development (AD3).
Onward Technologies Ltd. engages in the provision of consultancy services. The company is headquartered in Mumbai, Maharashtra and currently employs 2,641 full-time employees. The firm is engaged in providing services in the areas of engineering R&D, digital transformation and information technology (IT) services. The firm 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. The company provides mechanical, embedded, digital and IT services to companies across various industry verticals, including transportation and mobility, industrial equipment and heavy machinery, and pharma, healthcare and medical devices industries. The company helps customers in product development initiatives with its approach of Analytically Driven Design & Development (AD3).
Revenue Growth: Onward Technologies delivered INR 411 crores in the first 9 months of FY '26, up 11.7% year-on-year and in line with its budget.
Margin Expansion: EBITDA margin for the first 9 months reached 13.9%, exceeding internal expectations due to more offshore work and operational improvements.
Leadership Transition: The company has moved from a promoter-driven to a professional, vertical-led leadership team to support growth ambitions.
Consistent Guidance: Management reaffirmed its goal of sustaining double-digit revenue and EBITDA growth for FY '26 and '27, with no change in near-term guidance.
Offshore Focus & CapEx: Major investments in offshore delivery centers (notably in Chennai) are supporting capacity expansion and margin improvement.
Business Mix & Model: The time-and-materials model will remain dominant (around 90% of revenue) until the company crosses INR 1,000 crores in revenue.
Customer Concentration: Top 10 customers now contribute around 70% of revenue, up from below 50% two years ago, showing deeper client relationships.
Cash Position & M&A: Cash reserves are strong at INR 116 crores; company is open to acquisitions but will act only for strategic fits, not just to boost revenue.
