Onward Technologies Limited · NSE:ONWARDTEC
Onward Technologies — Q2 FY27 Earnings Presentation
30 slides from Onward Technologies's earnings presentation, Oct 16, 2026
Slide 1: Exchange submission cover letter
Ref No.: OTL/Secretarial/SE/2026-27/63 Date: October 16, 2026 To, Bombay Stock Exchange Limited National Stock Exchange of India Ltd., Phiroz Jeejeebhoy Towers, Plot No. C/1 'G' Block Dalal Street, Mumbai – 400023 Bandra – Kurla Complex Bandra East, Mumbai 400051 Ref: Scrip Code - BSE: 517536 NSE:
Slide 2: Earnings Presentation Q2 & H1FY27
EARNINGS PRESENTATION Q2 & H1FY27 October 16, 2026
Slide 3: Agenda
Agenda 01 Financial 02 Industry and 03 Annexure Performance Company Overview
Slide 4: Disclaimer
Disclaimer No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. Such information and opinions are in all events not current after the d
Slide 5: A Global Engineering & Research Partner
A Global Engineering & Research Partner GLOBAL SCALE REVENUE MIX (H1FY27) FINANCIALS (H1FY27) CLIENT STRENGTH 2,917 65% ₹97.1 Cr 100% Global Industrial & Heavy Net Cash Overseas clients; 70% Employees Machinery North America, 30% Europe 12+ 32% ~₹0 72 Offices Transportation & Net Debt Active Clients
Slide 6: Financial Performance
01 Onward Technologies Financial Performance
Slide 7: Managing Director's Message
Managing Director’s Message “ Q2 FY27 represents a significant step forward in both scale and profitability for Onward Technologies. Our performance was driven by deeper engagement with strategic customers, improved utilization, higher productivity, operating leverage, and disciplined offshore execu
Slide 8: Q2 & H1FY27 Performance Highlights
Q2 & H1FY27 Performance Highlights All Figures in Rs Cr Financial & Operational Q2 FY27 HIGHLIGHTS - STRATEGIC WINS • Renewed a ₹44.5 cr contract for managed digital services over three years Performance (Aug 2026 – Aug 2029), with contract value up 72% on the previous term Total Revenue ▲ 22.2% YOY
Slide 9: Quarterly Income Statement
Quarterly Income Statement Particulars (₹ cr) Q2FY27 Q2FY26 Y-o-Y Q1FY27 Q-o-Q Revenue from Operations 170.2 139.0 22.4% 149.4 13.9% Other Income 1.0 1.1 (9.1%) 1.7 (41.2%) Total Revenue 171.2 140.1 22.2% 151.2 13.2% Employee Benefits Expenses 118.1 97.7 20.9% 109.3 8.1% Other Expenses 25.5 21.4 19.
Slide 10: Half-yearly Income Statement
Half-yearly Income Statement ₹ Crore Particulars H1FY27 H1FY26 Y-o-Y Revenue from Operations 319.6 272.1 17.5% Other Income 2.8 3.6 (22.2%) Total Revenue 322.4 275.7 16.9% Employee Benefits Expenses 227.4 195.8 16.1% Other Expenses 47.3 39.3 20.4% Total Expenses 274.7 235.1 16.8% EBITDA 44.9 37.0 21
Slide 11: Revenue Mix Across Four Dimensions
Revenue Mix Across Four Dimensions Revenue by Industry (%) Revenue by Geography (%) 3% 4% 3% 34% 31% 32% 53% 47% 47% 13% 12% 63% 65% 65% 13% 34% 40% 41% Q2 FY26 Q1 FY27 Q2 FY27 Q2 FY26 Q1 FY27 Q2 FY27 IEHM T&M HCLS USA Europe India Revenue by Contract Type (%) Revenue by Engagement Model (%) 11% 16%
Slide 12: Revenue by Client base
Revenue by Client base Revenue by Client Concentration (%) Number of clients billed over US$1mn Average Revenue per Client (₹ cr) Q2FY26 Q1FY27 Q2FY27 87 63 18 18 87 2.4 47 16 2.1 63 1.9 46 87 64 48 Top 5 clients Top 10 clients Top 25 clients Q2FY26 Q1FY27 Q2FY27 Q2FY26 Q1FY27 Q2FY27 11
Slide 13: Strategic Priorities
Strategic Priorities Targeting double-digit Revenue and Wallet Share & EBITDA growth over mid and long term Billing Growth To be driven by: AI-Led Capability Enabled by: Aspire to achieve ₹30 - 40L Build-Out • Deeper Customer • Strategic Account Revenue/Employee To be achieved by: Expansion & Higher
Slide 14: Outlook and Key Growth Drivers for FY27
Outlook and Key Growth Drivers for FY27 FY27 Financial Outlook Key Growth Drivers Full-year outlook AI & Data Center Infrastructure Data center Infrastructure engagements driving incremental revenue. We engineer for the OEMs Revenue Growth (YoY) that equip and power data centers, creating multi-year
Slide 15: Investment Thesis
Investment Thesis All figures as of FY26 Sticky, High-Value Client Base • Top-25 clients ~87% of revenue (up from 84% in FY24) on multi-year MSAs • $1mn+ accounts up to 16 (from 11 in FY22) as active clients focus from 145 to 72, lifting revenue per client 3.6x since FY22 Pivot to High-Margin Digita
Slide 16: Sticky & High-value Client Base
Sticky & High-value Client Base Pruning clients, increasing wallet-share from high-value clients, and deepening client stickiness Revenue by Client Concentration (%) 16 clients now bill over US$1mn Growing Revenue per Client (₹ cr) FY24 FY25 FY26 87 64 7.6 84 16 48 13 13 6.1 66 5.6 50 84 66 50 Top 5
Slide 17: Shift to High-Margin Digital Engineering
Shift to High-Margin Digital Engineering Revenue by Engagement Type (%) Revenue by Contract Type (%) 14 14 12 31 28 29 86 86 88 69 72 71 FY24 FY25 FY26 FY24 FY25 FY26 Offshore Onsite Time & Material Fixed 16
Slide 18: Strong Financial Position
Strong Financial Position ROCE & ROE (%) CFO / EBITDA (x) 1.19 25 0.91 23 0.71 18 17 19 13 FY24 FY25 FY26 FY24 FY25 FY26 ROCE ROE Net Working Capital (₹ Crore) DSO (Days) 72 76 75 191 145 162 FY24 FY25 FY26 FY24 FY25 FY26 17
Slide 19: Industry and Company Overview
02 Onward Technologies Industry and Company Overview
Slide 20: Global ER&D: A Structural Spending Supercycle
Global ER&D: A Structural Spending Supercycle GLOBAL ER&D MARKET (TAM) ER&D Outsourcing ($ Bn) >$2.5 Trillion by 2030 • growing at 8-9% CAGR 133 135 81.5 India engineering offshoring is the prime beneficiary, projected to compound at ~22% CAGR as OEMs deepen outsourcing. CY2024 CY2030P (low) CY2030P
Slide 21: Industries Onward Technologies Cater
Industries Onward Technologies Cater Advancing rail mobility through digital twins, intelligent signaling, Supporting power generation IoT, and smart passenger systems, electrification, experiences for safer, greener, Driving off-highway innovation thermal management, and and more efficient operatio
Slide 22: Smart Solutions Product Lifecycle
Smart Solutions How we help engineering & manufacturing clients embed smart solution at every phase from concept to service Smart Smart Thinking Products Product Owner Product Lifecycle Smart Smart Experience Manufacturing Customer 21
Slide 23: Smart Offerings
Smart Offerings How we help engineering & manufacturing clients embed smart solution at every phase from concept to service Technology Areas Smart Thinking Smart Products • Market & feasibility • Connected Products analysis • NPI / CPI • Artificial Intelligence • Technology roadmap & • Analysis and
Slide 24: Strategic Positioning
Strategic Positioning Global leader in Digital and engineering research & development (ER&D) Agile & cost efficiency Digital Investments Ensuring efficient resource allocation and Active Investments in Gen AI, AI/ML, IoT, and optimized billing rates driving significant cybersecurity to drive digital
Slide 25: Competitive Advantage
Competitive Advantage Consistent delivery of value and innovation positions Onward Technologies as the preferred partner over its competition. Complete Cost advantage ownership across Consistent 20% cost saved the entire delivery, by proven product and underpinned by Razor-Sharp Opex-to-Capex long-t
Slide 26: Deployment of IoT Asset Utilisation Monitoring Platform
Deployment of IoT Asset Utilisation Monitoring Platform - CASE STUDY Limited Customisation Rising Licensing Costs PROBLEM No Real-Time Visibility The client operated a fleet of 180+ industrial machines across three manufacturing sites and relied on a third-party SaaS platform for asset Integration C
Slide 27: Liquid Cooling Distribution Unit for Data Center OEM
Liquid Cooling Distribution Unit for Data Center OEM - CASE STUDY High Product Cost UL 62368 Compliance PROBLEM Hard to Manufacture A data center liquid cooling OEM needed its 5 MW cooling distribution unit (CDU) re- engineered for lower cost, UL 62368 compliance Scale-Up Readiness and volume produc
Slide 28: Annexure
03 Annexure
Slide 29: Consolidated Income Statement
Consolidated Income Statement ₹ 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
Slide 30: Thank You
Thank You Investor Relations Contact: Luv Gupta Priya Sen Go India Advisors Go India Advisors E: luv@goindiaadvisors.com E: priya@goindiaadvisors.com M: +91 - 8690588581 M: +91 - 8334841047 Company Contact: E: investors@onwardgroup.com