Onward Technologies Q1 FY27 Revenue Up 11.5% YoY

Date: July 16, 2026

Financial Results (Standalone & Consolidated)

Q1 FY27 Performance (All figures in ₹ crore):

Revenue from Operations: ₹149.4 (Q1 FY26: ₹133.2, +12.2% YoY; Q4 FY26: ₹137.1, +9.0% QoQ)
Other Income: ₹1.7 (Q1 FY26: ₹2.5, -29.9% YoY; Q4 FY26: ₹1.9, -10.1% QoQ)
Total Revenue: ₹151.2 (Q1 FY26: ₹135.6, +11.5% YoY; Q4 FY26: ₹139.0, +8.7% QoQ)
Employee Benefits Expenses: ₹109.3 (Q1 FY26: ₹98.1, +11.3% YoY; Q4 FY26: ₹102.0, +7.1% QoQ)
Other Expenses: ₹21.8 (Q1 FY26: ₹17.9, +21.9% YoY; Q4 FY26: ₹19.8, +10.2% QoQ)
Total Expenses: ₹131.1 (Q1 FY26: ₹116.0, +13.0% YoY; Q4 FY26: ₹121.8, +7.6% QoQ)
EBITDA: ₹18.4 (Q1 FY26: ₹17.1, +7.2% YoY; Q4 FY26: ₹15.3, +20.0% QoQ)
EBITDA Margin: 12.3% (Q1 FY26: 12.9%, -60 bps; Q4 FY26: 11.2%, +113 bps)
Depreciation & Amortisation: ₹4.6 (Q1 FY26: ₹3.2, +45.8% YoY; Q4 FY26: ₹4.4, +6.3% QoQ)
Finance Costs: ₹0.7 (Q1 FY26: ₹0.5, +35.8% YoY; Q4 FY26: ₹0.7, -4.4% QoQ)
Profit Before Tax: ₹14.8 (Q1 FY26: ₹15.9, -7.2% YoY; Q4 FY26: ₹12.1, +21.6% QoQ)
Income Tax: ₹3.6 (Q1 FY26: ₹3.2, +13.1% YoY; Q4 FY26: ₹2.6, +38.7% QoQ)
Profit After Tax (PAT): ₹11.2 (Q1 FY26: ₹12.7, -12.3% YoY; Q4 FY26: ₹9.5, +16.9% QoQ)
PAT Margin: 7.5% (Q1 FY26: 9.6%, -210 bps; Q4 FY26: 6.9%, +52 bps)
Other Comprehensive Income: -₹0.7 (Q1 FY26: -₹0.8, -10.9% YoY; Q4 FY26: ₹4.1, -118.3% QoQ)
Total Comprehensive Income: ₹10.4 (Q1 FY26: ₹11.9, -12.4% YoY; Q4 FY26: ₹13.6, -23.6% QoQ)
Diluted EPS: ₹4.98 (Q1 FY26: ₹5.57, -10.6% YoY; Q4 FY26: ₹4.23, +17.8% QoQ)
DSO (Days): 75 (Q1 FY26: 71 days, +4 days; Q4 FY26: 75 days, no change)

Annual Performance (Consolidated, ₹ crore):

| Particulars | FY26 | FY25 | FY24 |

| Revenue from Operations | 543.9 | 491.3 | 472.4 |

| Other Income | 7.0 | 7.2 | 7.3 |

| Total Revenue | 550.9 | 498.5 | 479.7 |

| Employee Benefits Expenses | 395.8 | 380.1 | 357.7 |

| Other Expenses | 76.2 | 66.5 | 62.5 |

| Total Expenses | 472.0 | 446.6 | 420.2 |

| EBITDA | 71.9 | 44.7 | 52.2 |

| EBITDA Margin (%) | 13.2% | 9.1% | 11.1% |

| Depreciation & Amortisation | 15.8 | 13.4 | 13.0 |

| Finance Costs | 2.9 | 2.2 | 1.3 |

| PBT before Exceptional Items | 60.2 | 36.3 | 45.2 |

| Exceptional Items | (3.1) | 0 | 0 |

| Profit Before Tax | 57.0 | 36.3 | 45.2 |

| Income Tax | 12.7 | 9.2 | 11.2 |

| Profit After Tax (PAT) | 44.3 | 27.1 | 33.9 |

| Other Comprehensive Income | 5.3 | (0.2) | 0.2 |

| Total Comprehensive Income | 49.6 | 26.9 | 34.2 |

| PAT Margin (%) | 8.1% | 5.5% | 7.2% |

| Diluted EPS (₹) | 19.52 | 11.81 | 14.81 |

Balance Sheet Highlights (Consolidated, ₹ crore):

Property, Plant & Equipment: ₹47.8 (FY25: ₹31.4, FY24: ₹32.4)
Right-of-use Assets: ₹37.3 (FY25: ₹31.4, FY24: ₹27.7)
Intangible Assets: ₹3.7 (FY25: ₹3.7, FY24: ₹3.1)
Trade Receivables: ₹120.0 (FY25: ₹109.4, FY24: ₹100.8)
Cash & Bank Balances: ₹110.9 (FY25: ₹24.7, FY24: ₹31.5)
Total Assets: ₹370.6 (FY25: ₹313.8, FY24: ₹286.9)
Total Equity: ₹253.5 (FY25: ₹224.3, FY24: ₹207.1)
Total Liabilities: ₹117.1 (FY25: ₹89.5, FY24: ₹79.8)

Cash Flow Statement (Consolidated, ₹ crore):

Net Cash from Operating Activities: ₹65.1 (FY25: ₹31.5, FY24: ₹62.3)
Net Cash from Investing Activities: -₹21.6 (FY25: -₹17.2, FY24: -₹62.3)
Net Cash from Financing Activities: -₹31.3 (FY25: -₹21.2, FY24: -₹16.2)
Net Change in Cash: ₹12.2 (FY25: -₹6.9, FY24: -₹16.2)

Strategic Updates & Operational Highlights

Contract Wins:

Won ₹33 crore contract to set up dedicated offshore development center (ODC) for leading global power management company

Business Overview:

Global Engineering & Research partner with 100% overseas clients (70% North America, 30% Europe)
70+ active clients globally
2,400+ digital-certified and value-certified engineers
12 offices in 6 countries across North America, Europe, and India
ROCE FY26: 25.4%

Technology Focus Areas:

Artificial Intelligence, Machine Learning, Data & Advanced Analytics
Automation & Robotics, Industry 4.0 & IoT Solutions
Cloud, Cyber Security and Networks
Software (ADAS, SDV etc.) and connectivity
Electrification, Autonomous Plant

Management Commentary:

Mr. Jigar Mehta, Managing Director, stated: "Q1 FY27 was a solid start to the year. We delivered a total revenue of ₹151.2 crore, representing a strong YoY growth of 11.5% and a sequential growth of 8.7% over Q4 FY26. We continued to make progress across our strategic accounts, expanded our offshore delivery footprint, and strengthened our Digital Engineering and ER&D capabilities. Operationally, we remain focused on profitable growth, improving delivery efficiency and deepening client relationships, and I am pleased to share that our EBITDA for the quarter was ₹18.4 crore, a 20% sequential growth, with EBITDA margins at 12.3%. While quarterly performance in our industry can vary based on programme rampups and customer decision cycles, our outlook for the year remains unchanged. We continue to target double-digit revenue growth and double-digit EBITDA growth for FY27 and remain confident in our ability to create long-term value through disciplined execution and operational excellence."

Strategic Priorities:

Targeting double-digit Revenue and EBITDA growth over mid and long term
Strategic Account Expansion & Higher Wallet Share
AI-Led Digital Engineering
Offshore Scale, Operational Excellence & Domain Capability
Aspire to achieve ₹30-40L Revenue/Employee
Top-25 revenue share increased from 84% in FY24 to 87% in FY26
3.6x growth in revenue per client since FY22

Industry Context:

Global ER&D Market (TAM) >$2.5 Trillion by 2030 growing at 8-9% CAGR
India engineering offshoring projected to compound at ~22% CAGR
Sector shifting from mechanical engineering to high-growth digital engineering
~25% EV share of global auto sales by 2030
>$1 Tn Semiconductors market by 2030
~$320 Bn Industrial Automation market by 2030

Investor Relations Contacts:

Luv Gupta, Go India Advisors: luv@goindiaadvisors.com, +91-8690588581
Priya Sen, Go India Advisors: priya@goindiaadvisors.com, +91-8334841047
Company Contact: investors@onwardgroup.com