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Onward Technologies Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹125.85Overvalued by 50.26%vs CMP ₹253.00

P/E (12.1) × ROE (12.5%) × BV (₹102.00) × DY (1.97%)

₹186.13Overvalued by 26.43%vs CMP ₹253.00
MoS: -35.9% (Negative)Confidence: 63/100 (Moderate)Models: 1 Under, 8 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹142.3223%Over (-43.7%)
Graham NumberEarnings₹213.6016%Over (-15.6%)
Earnings PowerEarnings₹75.7711%Over (-70.1%)
DCFCash Flow₹353.8014%Under (+39.8%)
Net Asset ValueAssets₹111.137%Over (-56.1%)
EV/EBITDAEnterprise₹186.249%Over (-26.4%)
Earnings YieldEarnings₹198.807%Over (-21.4%)
ROCE CapitalReturns₹152.507%Over (-39.7%)
Revenue MultipleRevenue₹215.665%Over (-14.8%)
Consensus (9 models)₹186.13100%Overvalued
Key Drivers: Wide model spread (₹76–₹354) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 13.1%

*Investments are subject to market risks

Analyst Summary

Onward Technologies Ltd operates in the IT Consulting & Software segment, current market price is ₹253.00, market cap is 576 Cr.. At a glance, stock P/E is 12.1, ROE is 12.5 %, ROCE is 15.6 %, book value is 102, dividend yield is 1.97 %. The latest intrinsic value estimate is ₹186.13, around 26.4% below the current price, so expectations may already be running ahead of this modelled fair value. On operating trend, latest reported sales are about ₹491 Cr versus the prior period change of 4.0%, while latest net profit is about ₹27 Cr with a prior-period change of -20.6%. The 52-week range shown on this page is 385/208, which helps frame where the current quote sits within its recent trading band. Business context: About the Company - Qualitative AnalysisOnward Technologies Ltd. is a Public Limited Listed company incorporated on 18/07/1991 and has its registered office in the State of Maharashtra, India. Company's Corporate Identification Number(CIN)…

This summary is generated from the stock page data available for Onward Technologies Ltd: Intrinsic Value & Share Price Analysis and is refreshed automatically when the underlying metrics change.

Investment Snapshot

73
Onward Technologies Ltd scores 73/100 (Strong)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health81/100 · Strong
ROCE 15.6% GoodROE 12.5% GoodD/E 0.20 Low debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money50/100 · Moderate
FII holding up 0.09% (6mo) Slight increaseDII holding down 0.96% MF sellingPromoter holding at 39.1% Stable
Earnings Quality65/100 · Strong
OPM expanding (7% → 10%) Improving
Quarterly Momentum90/100 · Strong
Revenue (4Q): +11% YoY GrowingProfit (4Q): +88% YoY StrongOPM: 15.0% (up 6.0% YoY) Margin expansion
Industry Rank65/100 · Strong
P/E 12.1 vs industry 102.8 Cheaper than peersROCE 15.6% vs industry 15.1% Average3Y sales CAGR: 17% Moderate

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: May 5, 2026, 12:47 am

Market Cap 576 Cr.
Current Price 253
Intrinsic Value₹186.13
High / Low 385/208
Stock P/E12.1
Book Value 102
Dividend Yield1.97 %
ROCE15.6 %
ROE12.5 %
Face Value 10.0
PEG Ratio0.92

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Onward Technologies Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Onward Technologies Ltd 576 Cr. 253 385/20812.1 1021.97 %15.6 %12.5 % 10.0
Subex Ltd 561 Cr. 9.97 17.3/6.61171 5.730.00 %6.44 %11.3 % 5.00
Take Solutions Ltd 603 Cr. 40.6 50.1/7.303,015 1.730.00 %11.2 %644 % 1.00
Allied Digital Services Ltd 659 Cr. 116 227/86.317.9 1081.29 %10.9 %5.31 % 5.00
Mindteck (India) Ltd 674 Cr. 211 308/14522.4 87.70.47 %15.5 %12.5 % 10.0
Industry Average16,912.20 Cr473.36102.84123.310.70%15.13%21.17%6.77

All Competitor Stocks of Onward Technologies Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 116121120120114118118123123127133139135
Expenses 109106103105103109106115112113116119115
Operating Profit 715171511101281114172020
OPM % 6%13%14%13%9%8%10%6%9%11%13%14%15%
Other Income 100133221321-2
Interest 0000001111011
Depreciation 3333333333344
Profit before tax 4121413109106813161613
Tax % 36%41%19%25%31%26%27%37%29%17%20%25%23%
Net Profit 2711107774610131210
EPS in Rs 1.113.254.864.273.022.973.141.562.664.595.605.254.44

Last Updated: February 4, 2026, 6:16 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 25, 2026, 6:46 am

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 167189198224244261272240307441472491534
Expenses 158177184212233239248223286412420447464
Operating Profit 9131411112223172229524570
OPM % 5%7%7%5%5%9%9%7%7%7%11%9%13%
Other Income 11235115213775
Interest 3343333212123
Depreciation 45445611101013131315
Profit before tax 358781510103218453657
Tax % 97%37%61%38%11%33%35%25%26%36%25%25%
Net Profit 0334710672411342745
EPS in Rs 0.062.002.142.704.326.413.894.4910.755.1515.0611.9419.88
Dividend Payout % 0%0%47%37%23%23%39%67%28%58%33%42%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)0.00%33.33%75.00%42.86%-40.00%16.67%242.86%-54.17%209.09%-20.59%
Change in YoY Net Profit Growth (%)0.00%33.33%41.67%-32.14%-82.86%56.67%226.19%-297.02%263.26%-229.68%

Onward Technologies Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 10 years from 2015-2016 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:10%
5 Years:13%
3 Years:17%
TTM:8%
Compounded Profit Growth
10 Years:24%
5 Years:34%
3 Years:5%
TTM:9%
Stock Price CAGR
10 Years:18%
5 Years:42%
3 Years:10%
1 Year:-21%
Return on Equity
10 Years:13%
5 Years:13%
3 Years:13%
Last Year:13%

Last Updated: September 5, 2025, 11:55 am

Balance Sheet

Last Updated: May 6, 2026, 2:30 am

MonthMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital 151515161616162222232322
Reserves 17212734455258141152185202231
Borrowings 292325231835251917283240
Other Liabilities 273122282733384550505477
Total Liabilities 889190100106135138227240285311371
Fixed Assets 121118161528305754636589
CWIP 000000000120
Investments 000000000000
Other Assets 7680728591107108170187222244282
Total Assets 889190100106135138227240285311371

Reserves and Borrowings Chart

Cash Flow

MonthMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity + 15101416112933-46623265
Cash from Investing Activity + -4-1-11-5-5-5-10-326-62-17-22
Cash from Financing Activity + -11-9-0-10-9-10-1257-14-16-21-31
Net Cash Flow 0032-3131121-2-16-712
Free Cash Flow 151091262720-26-1612846
CFO/OP 132%111%86%186%86%148%168%30%35%123%84%114%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow9.00-16.00-9.00-14.00-12.004.00-12.00-8.003.0012.0024.0013.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 867571796868676279917881
Inventory Days
Days Payable
Cash Conversion Cycle 867571796868676279917881
Working Capital Days 111426242033913475288102
ROCE %10%14%19%15%15%24%14%12%23%10%22%16%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 45.21%45.07%44.96%38.15%38.12%38.02%37.94%37.86%38.66%39.02%39.02%39.09%
FIIs 0.00%0.06%0.09%2.14%2.50%1.64%8.97%9.18%9.30%9.29%9.21%9.39%
DIIs 0.55%0.87%0.84%6.15%7.65%7.58%7.38%6.38%3.86%3.73%4.00%2.90%
Public 54.24%54.02%54.12%53.56%51.73%52.75%45.73%46.57%48.19%47.88%46.90%47.25%
Others 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.07%0.88%1.36%
No. of Shareholders 10,68112,13314,27815,36516,93119,32721,42222,58222,72123,31022,26722,254

Shareholding Pattern Chart

No. of Shareholders

Onward Technologies Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
ICICI Prudential Technology Fund 442,990 0.09 14.41N/AN/AN/A
WhiteOak Capital Flexi Cap Fund 147,217 0.07 4.79167,7412026-02-23 00:53:43-12.24%
WhiteOak Capital Multi Cap Fund 37,175 0.04 1.2142,3572026-02-23 00:53:43-12.23%
WhiteOak Capital Balanced Hybrid Fund 2,747 0.03 0.09N/AN/AN/A

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 10.0010.0010.0010.0010.00
Basic EPS (Rs.) 11.9715.135.1712.624.52
Diluted EPS (Rs.) 11.8114.815.0512.174.35
Cash EPS (Rs.) 17.8420.8210.9715.3410.88
Book Value[Excl.RevalReserv]/Share (Rs.) 98.8791.9877.9474.0945.57
Book Value[Incl.RevalReserv]/Share (Rs.) 98.8791.9877.9474.0945.57
Revenue From Operations / Share (Rs.) 216.58209.77197.68139.54147.11
PBDIT / Share (Rs.) 22.8826.4114.6519.5013.82
PBIT / Share (Rs.) 16.9820.658.8314.917.43
PBT / Share (Rs.) 16.0020.058.0814.456.00
Net Profit / Share (Rs.) 11.9415.065.1510.764.49
NP After MI And SOA / Share (Rs.) 11.9415.065.1510.764.49
PBDIT Margin (%) 10.5612.587.4113.979.39
PBIT Margin (%) 7.849.844.4610.685.04
PBT Margin (%) 7.389.554.0810.354.08
Net Profit Margin (%) 5.517.172.607.703.05
NP After MI And SOA Margin (%) 5.517.172.607.703.05
Return on Networth / Equity (%) 12.0716.376.6014.519.85
Return on Capital Employeed (%) 14.9719.8410.5218.1114.22
Return On Assets (%) 8.6311.824.7310.325.32
Long Term Debt / Equity (X) 0.000.000.000.000.01
Total Debt / Equity (X) 0.000.000.000.000.20
Asset Turnover Ratio (%) 1.641.791.871.331.36
Current Ratio (X) 3.873.763.013.071.73
Quick Ratio (X) 3.873.763.013.071.73
Dividend Payout Ratio (NP) (%) 41.7319.7857.8822.1533.14
Dividend Payout Ratio (CP) (%) 27.9214.3127.1615.5313.67
Earning Retention Ratio (%) 58.2780.2242.1277.8566.86
Cash Earning Retention Ratio (%) 72.0885.6972.8484.4786.33
Interest Coverage Ratio (X) 23.3644.3519.6442.709.72
Interest Coverage Ratio (Post Tax) (X) 13.1826.297.9024.554.16
Enterprise Value (Cr.) 546.16966.26595.40733.46170.73
EV / Net Operating Revenue (X) 1.112.051.352.390.71
EV / EBITDA (X) 10.5216.2518.2217.087.56
MarketCap / Net Operating Revenue (X) 1.162.111.462.580.76
Retention Ratios (%) 58.2680.2142.1177.8466.85
Price / BV (X) 2.554.823.704.862.48
Price / Net Operating Revenue (X) 1.162.111.462.580.76
EarningsYield 0.040.030.010.020.03

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Onward Technologies Ltd. is a Public Limited Listed company incorporated on 18/07/1991 and has its registered office in the State of Maharashtra, India. Company's Corporate Identification Number(CIN) is L28920MH1991PLC062542 and registration number is 062542. Currently Company is involved in the business activities of Providing software support and maintenance to the clients. Company's Total Operating Revenue is Rs. 416.77 Cr. and Equity Capital is Rs. 22.44 Cr. for the Year ended 31/03/2026.
INDUSTRYADDRESSCONTACT
IT Consulting & SoftwareSterling Centre, 2nd Floor, Dr. A B Road, Mumbai Maharashtra 400018Contact not found
Management
NamePosition Held
Mr. Harish MehtaFounder & Executive Chairman
Mr. Jigar MehtaManaging Director
Mr. Harsha RaghavanNon Exe.Non Ind.Director
Ms. Niranjani ChandramouliInd. Non-Executive Director
Mr. Jai DiwanjiInd. Non-Executive Director
Mr. Dhanpal JhaveriInd. Non-Executive Director
Mr. Jay SonawalaInd. Non-Executive Director

FAQ

What is the intrinsic value of Onward Technologies Ltd and is it undervalued?

As of 10 May 2026, Onward Technologies Ltd's intrinsic value is ₹186.13, which is 26.43% lower than the current market price of ₹253.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (12.5 %), book value (₹102), dividend yield (1.97 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Onward Technologies Ltd?

Onward Technologies Ltd is trading at ₹253.00 as of 10 May 2026, with a FY2026-2027 high of ₹385 and low of ₹208. The stock is currently in the middle of its 52-week range. Market cap stands at ₹576 Cr..

How does Onward Technologies Ltd's P/E ratio compare to its industry?

Onward Technologies Ltd has a P/E ratio of 12.1, which is below the industry average of 102.84. Trading at a steep discount to peers could signal a value opportunity or reflect concerns about the company's fundamentals.

Is Onward Technologies Ltd financially healthy?

Key indicators for Onward Technologies Ltd: ROCE of 15.6 % indicates efficient capital utilization. Dividend yield is 1.97 %.

Is Onward Technologies Ltd profitable and how is the profit trend?

Onward Technologies Ltd reported a net profit of ₹27 Cr in Mar 2025 on revenue of ₹491 Cr. Compared to ₹24 Cr in Mar 2022, the net profit shows an improving trend.

Does Onward Technologies Ltd pay dividends?

Onward Technologies Ltd has a dividend yield of 1.97 % at the current price of ₹253.00. The company pays dividends, though the yield is modest.

Last Updated: May 5, 2026, 12:47 am
Author: Getaka|Social: XLinkedIn
Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Onward Technologies Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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