Date: October 16, 2026

Financial Results (Standalone)

Quarterly Performance (Q2 FY27 vs Q2 FY26)

  • Revenue from Operations: ₹170.2 Cr (vs ₹139.0 Cr), up 22.4% YoY
  • Other Income: ₹1.0 Cr (vs ₹1.1 Cr), down 9.1% YoY
  • Total Revenue: ₹171.2 Cr (vs ₹140.1 Cr), up 22.2% YoY
  • Employee Benefits Expenses: ₹118.1 Cr (vs ₹97.7 Cr), up 20.9% YoY
  • Other Expenses: ₹25.5 Cr (vs ₹21.4 Cr), up 19.2% YoY
  • Total Expenses: ₹143.6 Cr (vs ₹119.1 Cr), up 20.6% YoY
  • EBITDA: ₹26.6 Cr (vs ₹19.9 Cr), up 33.7% YoY
  • EBITDA Margin: 15.6% (vs 14.3%), expansion of 130 bps YoY
  • Depreciation & Amortisation: ₹4.8 Cr (vs ₹4.2 Cr), up 14.3% YoY
  • Finance Costs: ₹0.7 Cr (vs ₹1.0 Cr), down 30.0% YoY
  • Profit Before Tax: ₹22.1 Cr (vs ₹15.8 Cr), up 39.9% YoY
  • Income Tax: ₹5.3 Cr (vs ₹3.9 Cr), up 35.9% YoY
  • Profit After Tax (PAT): ₹16.8 Cr (vs ₹11.9 Cr), up 41.2% YoY
  • Other Comprehensive Income: ₹1.3 Cr (vs ₹1.4 Cr), down 7.1% YoY
  • Total Comprehensive Income: ₹18.1 Cr (vs ₹13.4 Cr), up 35.1% YoY
  • PAT Margin: 9.9% (vs 8.6%), expansion of 130 bps YoY
  • Diluted EPS: ₹7.61 (vs ₹5.23), up 45.5% YoY
  • DSO (Days): 80 days (vs 73 days), increase of 7 days YoY

Quarterly Sequential Performance (Q2 FY27 vs Q1 FY27)

  • Revenue from Operations: ₹170.2 Cr (vs ₹149.4 Cr), up 13.9% QoQ
  • Other Income: ₹1.0 Cr (vs ₹1.7 Cr), down 41.2% QoQ
  • Total Revenue: ₹171.2 Cr (vs ₹151.2 Cr), up 13.2% QoQ
  • Employee Benefits Expenses: ₹118.1 Cr (vs ₹109.3 Cr), up 8.1% QoQ
  • Other Expenses: ₹25.5 Cr (vs ₹21.8 Cr)
  • EBITDA: ₹26.6 Cr (vs ₹18.4 Cr)
  • EBITDA Margin: 15.6% (vs 12.3%), expansion of 330 bps QoQ
  • Depreciation & Amortisation: ₹4.8 Cr (vs ₹4.6 Cr), up 4.3% QoQ
  • Finance Costs: ₹0.7 Cr (vs ₹0.7 Cr), unchanged QoQ
  • Profit Before Tax: ₹22.1 Cr (vs ₹14.8 Cr), up 49.3% QoQ
  • Income Tax: ₹5.3 Cr (vs ₹3.6 Cr), up 47.2% QoQ
  • Profit After Tax (PAT): ₹16.8 Cr (vs ₹11.2 Cr), up 50.0% QoQ
  • Other Comprehensive Income: ₹1.3 Cr (vs -₹0.7 Cr)
  • Total Comprehensive Income: ₹18.1 Cr (vs ₹10.4 Cr), up 74.0% QoQ
  • PAT Margin: 9.9% (vs 7.5%), expansion of 240 bps QoQ
  • DSO (Days): 80 days (vs 75 days), increase of 5 days QoQ

Half-Yearly Performance (H1 FY27 vs H1 FY26)

  • Revenue from Operations: ₹319.6 Cr (vs ₹272.1 Cr), up 17.5% YoY
  • Other Income: ₹2.8 Cr (vs ₹3.6 Cr), down 22.2% YoY
  • Total Revenue: ₹322.4 Cr (vs ₹275.7 Cr), up 16.9% YoY
  • Employee Benefits Expenses: ₹227.4 Cr (vs ₹195.8 Cr), up 16.1% YoY
  • Other Expenses: ₹47.3 Cr (vs ₹39.3 Cr), up 20.4% YoY
  • Total Expenses: ₹274.7 Cr (vs ₹235.1 Cr), up 16.8% YoY
  • EBITDA: ₹44.9 Cr (vs ₹37.0 Cr), up 21.4% YoY
  • EBITDA Margin: 14.0% (vs 13.6%), expansion of 40 bps YoY
  • Depreciation & Amortisation: ₹9.4 Cr (vs ₹7.4 Cr), up 27.0% YoY
  • Finance Costs: ₹1.4 Cr (vs ₹1.5 Cr), down 6.7% YoY
  • Profit Before Tax: ₹36.9 Cr (vs ₹31.7 Cr), up 16.4% YoY
  • Income Tax: ₹9.0 Cr (vs ₹7.1 Cr), up 26.8% YoY
  • Profit After Tax (PAT): ₹27.9 Cr (vs ₹24.6 Cr), up 13.4% YoY
  • Other Comprehensive Income: ₹0.6 Cr (vs ₹0.6 Cr), unchanged YoY
  • Total Comprehensive Income: ₹28.5 Cr (vs ₹25.2 Cr), up 13.1% YoY
  • PAT Margin: 8.7% (vs 9.0%), contraction of 30 bps YoY
  • Diluted EPS: ₹12.56 (vs ₹10.80), up 16.3% YoY
  • DSO (Days): 80 days (vs 73 days), increase of 7 days YoY

Managing Director's Message

Mr. Jigar Mehta, Managing Director, stated that Q2 FY27 represents a significant step forward in both scale and profitability. Performance was driven by deeper engagement with strategic customers, improved utilization, higher productivity, operating leverage, and disciplined offshore execution. The company is seeing encouraging traction across Digital Engineering and AI-led transformation initiatives across existing customer base in USA and Europe.

Focus for the second half of FY27 remains on delivery-led growth, improving revenue productivity, expanding wallet share within existing accounts, and driving operational excellence through greater automation, AI adoption, and offshore leverage. The strong Q2 performance, coupled with a healthy first half and strong business visibility, reinforces confidence in delivering sustainable growth over the next three years.

Operational Highlights

  • Global workforce reached 2,917 professionals, adding 432 net new employees during H1 FY27
  • Renewed a ₹44.5 Cr contract for managed digital services over three years (Aug 2026 – Aug 2029), representing a 72% increase in contract value from the previous term
  • Revenue per client has grown 3.6x since FY22
  • Top-25 client revenue share increased from 84% in FY24 to 87% in FY26
  • Company maintains net cash position and strong cash flow

Strategic Priorities and Outlook

  • Targeting double-digit Revenue and EBITDA growth over mid and long term
  • Focus on Strategic Account Expansion & Higher Wallet Share, AI-Led Digital Engineering, Offshore Scale, Operational Excellence & Domain Capability
  • Aspire to achieve ₹30-40L Revenue/Employee through Higher-Value Digital Engineering Services, AI-Powered Engineering Efficiency, and Domain Expertise & SME Capability Building
  • AI-Led Capability Build-Out through Domain-Specific AI & Engineering Accelerators, Chennai AI Lab, PoCs & Innovation
  • Key growth drivers include USA-led client expansion, deepening wallet share in existing accounts, and scale with 2,900+ employees

Industry Overview

  • Global ER&D Market (TAM) >$2.5 Trillion by 2030, growing at 8-9% CAGR
  • India engineering offshoring projected to compound at ~22% CAGR
  • Company serves industries including automotive, industrial manufacturing, rail mobility, and technology through smart solutions across concept to service phases
  • Technology areas include Artificial Intelligence, Machine Learning, Data & Advanced Analytics, Automation & Robotics, Industry 4.0 & IoT Solutions, Cloud, Cyber Security and Networks, Software (ADAS, SDV etc.), connectivity, electrification, and Autonomous Plant

Consolidated Income Statement (Historical)

| Particulars | FY26 | FY25 | FY24 |

| Revenue from Operations | ₹543.9 Cr | ₹491.3 Cr | ₹472.4 Cr |

| Other Income | ₹7.0 Cr | ₹7.2 Cr | ₹7.3 Cr |

| Total Revenue | ₹550.9 Cr | ₹498.5 Cr | ₹479.7 Cr |

| Employee Benefits Expenses | ₹395.8 Cr | ₹380.1 Cr | ₹357.7 Cr |

| Other Expenses | ₹76.2 Cr | ₹66.5 Cr | ₹62.5 Cr |

| Total Expenses | ₹472.0 Cr | ₹446.6 Cr | ₹420.2 Cr |

| EBITDA | ₹71.9 Cr | ₹44.7 Cr | ₹52.2 Cr |

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

| Depreciation & Amortisation | ₹15.8 Cr | ₹13.4 Cr | ₹13.0 Cr |

| Finance Costs | ₹2.9 Cr | ₹2.2 Cr | ₹1.3 Cr |

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

| Exceptional Items | (₹3.1 Cr) | ₹0 | ₹0 |

| Profit Before Tax | ₹57.0 Cr | ₹36.3 Cr | ₹45.2 Cr |

| Income Tax | ₹12.7 Cr | ₹9.2 Cr | ₹11.2 Cr |

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

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

| Total Comprehensive Income | ₹49.6 Cr | ₹26.9 Cr | ₹34.2 Cr |

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

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

Investor Relations Contact

  • 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