Onward Technologies Announces Strongest‑Ever Quarter and Raises FY27 Outlook

On October 17, 2026, Onward Technologies Limited (BSE: 517536; NSE: ONWARDTEC) disclosed its financial results for the second quarter and the first half of FY27, ending September 30, 2026. The company reported total revenue of ₹171.2 crore, representing a 22.2% year‑on‑year (YoY) increase over Q2 FY26 (₹140.1 crore). EBITDA rose to ₹26.6 crore, up 33.7% YoY, delivering an EBITDA margin of 15.6%, compared with 14.3% in the prior year (a 130‑basis‑point improvement). Profit after tax (PAT) reached ₹16.8 crore, a 41.2% YoY rise, and earnings per share (diluted) climbed 45.5% to ₹7.61.

Quarterly and Half‑Year Performance

  • Q2 FY27 vs Q2 FY26: Revenue ₹171.2 crore (+22.2% YoY); EBITDA ₹26.6 crore (+33.7% YoY); PAT ₹16.8 crore (+41.2% YoY); EPS ₹7.61 (+45.5%).
  • Q1 FY27 vs Q1 FY26: Revenue grew 13.2% QoQ to ₹151.2 crore; EBITDA increased 44.6% QoQ to ₹18.4 crore.
  • H1 FY27 vs H1 FY26: Consolidated revenue of ₹322.4 crore, up 16.9% YoY; EBITDA of ₹44.9 crore, up 21.4% YoY; PAT of ₹27.9 crore, up 13.4% YoY.
  • EBITDA margin improved from 13.6% in H1 FY26 to 14.0% in H1 FY27 (40‑basis‑point rise). PAT margin moved from 9.0% to 8.7% (30‑basis‑point decline).

Business Highlights

  • Secured a multi‑year contract renewal valued at ₹44.46 crore with a strategic account.
  • Continued development of engineering solutions for AI‑driven data‑centre infrastructure, covering power management, cooling, and electrical systems.
  • Added 432 net new employees during H1 FY27, bringing the global workforce to 2,917 professionals across 12 global offices and India‑based delivery centres.

Management Commentary

Mr. Jigar Mehta, Managing Director, stated that Q2 FY27 marked a “significant step forward in both scale and profitability,” driven by deeper strategic customer engagement, higher utilization, productivity gains, operating leverage, and disciplined offshore execution. He highlighted traction in digital engineering and AI‑led transformation initiatives across the United States and Europe, and reaffirmed confidence in delivering sustainable growth over the next three years.

FY27 Outlook Revision

Based on the strong Q2 performance and H1 visibility, the company upgraded its full‑year FY27 guidance:

  • Revenue growth target: 15%–18% YoY for the full FY27.
  • EBITDA margin target: 13.8%–14.3% for the full FY27.

Financial Strength and Shareholder Returns

  • The balance sheet remained debt‑free, with net cash of ₹97.1 crore as of September 30, 2026.
  • Onward Technologies has paid dividends for 11 consecutive years, underscoring its commitment to financial discipline and shareholder returns.

About Onward Technologies Limited

Onward Technologies Limited is a pure‑play digital engineering and engineering research & development (ER&D) services firm headquartered in Mumbai. It serves global clients in North America and Europe across sectors such as industrial equipment, off‑highway, energy, data centres, automotive, rail transportation, healthcare, and life sciences. The company employs over 2,900 professionals, operates through 12 global offices and multiple India‑based delivery centres, and offers scalable offshore delivery, domain expertise, and integrated engineering solutions.