Date: October 16, 2026

Financial Performance Summary

Quarterly Performance (Q2 FY27 vs Q2 FY26)

  • Total Revenue: ₹171.2 crore, up 22.2% YoY from ₹140.1 crore
  • EBITDA: ₹26.6 crore, up 33.7% YoY from ₹19.9 crore
  • EBITDA Margin: 15.6%, expanded 130 bps from 14.3%
  • Profit After Tax (PAT): ₹16.8 crore, up 41.2% YoY from ₹11.9 crore
  • PAT Margin: 9.9%, expanded 130 bps from 8.6%
  • Diluted EPS: ₹7.61, up 45.5% YoY from ₹5.23

Sequential Performance (Q2 FY27 vs Q1 FY27)

  • Total Revenue: ₹171.2 crore, up 13.2% QoQ from ₹151.2 crore
  • EBITDA: ₹26.6 crore, up 44.6% QoQ from ₹18.4 crore
  • EBITDA Margin: 15.6%, expanded 330 bps from 12.3%
  • PAT: ₹16.8 crore, up 50.0% QoQ from ₹11.2 crore
  • PAT Margin: 9.9%, expanded 240 bps from 7.5%
  • Diluted EPS: ₹7.61, up 52.8% QoQ from ₹4.98

Half-Yearly Performance (H1 FY27 vs H1 FY26)

  • Total Revenue: ₹322.4 crore, up 16.9% YoY from ₹275.7 crore
  • EBITDA: ₹44.9 crore, up 21.4% YoY from ₹37.0 crore
  • EBITDA Margin: 14.0%, expanded 40 bps from 13.6%
  • PAT: ₹27.9 crore, up 13.4% YoY from ₹24.6 crore
  • PAT Margin: 8.7%, declined 30 bps from 9.0%
  • Diluted EPS: ₹12.56, up 16.3% YoY from ₹10.80

Performance Drivers

The improved performance reflects progress in operational efficiency, offshore execution and strategic customer engagements. Key drivers included:

  • Better utilization rates
  • Improved productivity
  • Operating leverage benefits
  • Disciplined offshore execution
  • Healthy pipeline of opportunities across key engineering verticals

Business Highlights

Strategic Account Expansion

  • Secured multi-year contract renewal valued at ₹44.46 crore

Data Centre Engineering

  • Company continues to develop opportunities in engineering solutions for AI-driven data centre infrastructure
  • Focus areas include power management, cooling and electrical systems

Workforce Expansion

  • Added 432 net new employees during H1 FY27
  • Global workforce now stands at 2,917 professionals as of September 30, 2026
  • Strengthened ability to support larger and more strategic customer engagements globally

Financial Strength

  • Maintained debt-free balance sheet
  • Net cash position of ₹97.1 crore as of September 30, 2026
  • Paid dividends for 11 consecutive years

Revised FY27 Outlook

Based on Q2 performance, H1 execution and business visibility for the second half of the year:

  • Revenue growth outlook upgraded to 15%-18%
  • EBITDA margin outlook set at 13.8%-14.3%

Management Commentary

Mr. Jigar Mehta, Managing Director, stated that Q2 FY27 represents a significant step forward in both scale and profitability. The company is seeing encouraging traction across:

  • Digital Engineering
  • AI-led transformation initiatives across existing customer base in USA and Europe

Focus areas for second half of FY27 include:

  • Delivery-led growth
  • Improving revenue productivity
  • Expanding wallet share within existing accounts
  • Driving operational excellence through greater automation, AI adoption, and offshore leverage

Company Overview

Onward Technologies Limited is a pure-play digital engineering and engineering research & development (ER&D) services company serving global clients across:

  • Industrial Equipment
  • Off-Highway
  • Energy
  • Data Centers
  • Automotive
  • Rail Transportation
  • Healthcare and Life Sciences

Operations include 12 global offices and India-based delivery centers with over 2,900 professionals.