Onward Technologies

Onward Technologies
TypePublic
BSE: 517536
NSE: ONWARDTEC
IndustryIndustrial Equipment
Transportation
Healthcare
Founded1991 (1991)
HeadquartersMumbai, Maharashtra, India
Key peopleHarish Mehta, (Executive Chairman) & Jigar Mehta (MD)[1]
ServicesEngineering R&D Services
Digital Engineering Services
Business Consulting [2]
RevenueIncrease ₹550.9 crore (US$57 million) (FY26)[3]
Increase ₹46.7 crore (US$4.8 million) (FY26)[3]
Number of employees
2,485 (FY26)
Websiteonwardgroup.com

Onward Technologies is an Indian multinational software technology outsourcing company specializing in digital and ER&D services for the transportation & mobility, industrial equipment, heavy machinery, and healthcare & med-tech industries.

As per its filings with the BSE, it is reported to be headquartered in Mumbai and has 2,485 employees across 12 offices in 6 countries as well as offshore development centers in India. As of 31 March 2026, it has one Indian subsidiary and four foreign subsidiaries.[4][5]

Revenues

According to its filing with the BSE Limited, Onward Technologies reported FY26 revenue of ₹550.9 crore, reflecting a 10.5% YoY growth.[6] The company also reported EBITDA of ₹71.9 crore, up 60.9% YoY, and PAT* of ₹46.7 crore, up 72.3% YoY.[7][8]

History

1991–1996

Onward Technologies was founded in August 1991 by Harish Mehta, a first-generation entrepreneur, one of the founders and the first elected Chairman[9] of the National Association of Software and Service Companies (NASSCOM). The company listed on the BSE & NSE in 1995. Harish Mehta served as a CEO.[10]

1997–2010

In 1997, the company expanded into the US with its subsidiary, Onward Technologies, Inc. becoming operational.[11] In 1998, the company also set up a branch office in London[12] Between 2001 and 2010, the company had diversified into the Engineering, Research & Development (ER&D) industry while also achieving ISO 9001 & ISO 27001 certifications for its offshore development centers in India. It had also opened offices in Chicago in this interim.[13]

2010 – present

In May 2016, Jigar Mehta (Harish Mehta's son) was appointed as the managing director.[14] As per the annual report of the company for 2020-21 filed with BSE, the company has achieved Zero Net-Debt[15] and the annual report of the company for 2021–22 filed with BSE confirms that it continues to be Net-Debt Free.[16] It also delivered a record 28% year-on-year organic revenue growth in financial year ended 31 March 2022.[17] In 2021, the company set up offices in Amsterdam[18] and Canada[19] By the end of 2021, Convergent Finance LLP, a private equity firm invested in the company and today owns approximately 24.7% stake.[20]

In November 2021, Onward Technologies was awarded a Business Excellence Award by Dun & Bradstreet, as part of its Business Enterprises of Tomorrow recognition program[21] and was recognized as the Engineering Partner of the Year in the Overall Technology Excellence category at the 4th Annual Innovation and Technology Inn-Tech 2022 awards.[22] Subsequently, in October 2022, Onward Technologies was awarded Best ER&D Partner for Automotive and Industrial Equipment OEMs at the Quantic Technology Excellence Awards.

Services

Onward Technologies works across industries that include transportation and mobility, industrial equipment & heavy machinery as well as healthcare & Med Tech. It offers services across the following business lines:[23][24]

Locations

Country State / Province City
India Maharashtra Mumbai
Pune
Tamil Nādu Chennai
Karnataka Bengaluru
Telangana Hyderabad
United States Illinois Chicago
Michigan Detroit
Canada[25] Ontario Toronto
United Kingdom West Midlands Birmingham
Germany Bavaria Munich
Netherlands[26] North Holland Amsterdam

Awards

  • In November 2021, Onward Technologies was recognized by Dun & Bradstreet as a 'Business Enterprise of Tomorrow' for helping its clients accelerate innovation, drive competitiveness, and maximize returns on their R&D investments.[27]
  • In June 2022, Onward Technologies was recognized as the Engineering Partner of the Year in the Overall Technology Excellence category at the 4th Annual Innovation and Technology Inn-Tech 2022 awards.[28]
  • In October 2022, Onward Technologies was awarded Best ER&D Partner for Automotive and Industrial Equipment OEMs at the Quantic Technology Excellence Awards

References

  1. ↑ "Interview of Mr. Harish Mehta, Chairman & Managing Director, Onward Technologies Ltd". Indiainfoline.com. Retrieved 5 August 2010.
  2. ↑ "Onward Technologies wins Dun & Bradstreet's Business Excellence Award" (PDF). onwardgroup.com. 24 November 2021. Retrieved 13 May 2022.
  3. 1 2 "Press Release and Consolidated Audited Financial Results of the Company for Year ended March 31, 2026" (PDF). bseindia.com.
  4. ↑ "Press Release and Consolidated Audited Financial Results of the Company for Year ended March 31, 2026" (PDF). bseindia.com.
  5. ↑ "Outcome of Board Meeting held on May 5, 2026" (PDF). bseindia.com.
  6. ↑ "Press Release and Consolidated Audited Financial Results of the Company for Year ended March 31, 2026" (PDF). bseindia.com.
  7. ↑ "Press Release and Consolidated Audited Financial Results of the Company for Year ended March 31, 2026" (PDF). bseindia.com.
  8. ↑ "Submission of Earnings Presentation for the Quarter and year ended March 31, 2026" (PDF). bseindia.com.
  9. ↑ "Microsoft or Google may not spring from India, says IT industry veteran Harish Mehta". indiatoday.in. 5 May 2022.
  10. ↑ "INVESTOR PRESENTATION MARCH 2021" (PDF). bseindia.com.
  11. ↑ "ONWARD TECHNOLOGIES LTD MARCH 1997" (PDF). bseindia.com.
  12. ↑ "ONWARD TECHNOLOGIES LIMITED". find-and-update.company-information.service.gov.uk.
  13. ↑ "Corpfiling" (PDF). bseindia.com.
  14. ↑ "Annual Report" (PDF). bseindia.com. Archived from the original (PDF) on 29 March 2024. Retrieved 20 July 2022.
  15. ↑ "Submission of Annual Report of the Company for the financial year" (PDF). bseindia.com. Archived from the original (PDF) on 16 June 2024. Retrieved 20 July 2022.
  16. ↑ "Submission of Annual Report of Onward Technologies Limited" (PDF). bseindia.com. Archived from the original (PDF) on 7 May 2024. Retrieved 20 July 2022.
  17. ↑ "Onward Technologies Limited delivers growth in Operating Revenues" (PDF). archives.nseindia.com.
  18. ↑ "Onward Technologies incorporates wholly owned subsidiary in Amsterdam". business-standard.com. 5 June 2021.
  19. ↑ "Onward Technologies Limited records 15% QoQ growth in Q4 FY21 with Revenues of INR 663 Mn" (PDF). onwardgroup.com.
  20. ↑ "Convergent Finance LLP announces upto USD 9.6 Mn investment in Onward Technologies Limited". theprint.in. 27 May 2021.
  21. ↑ "Onward Technologies wins Dun & Bradstreet's Business Excellence Award" (PDF). onwardgroup.com.
  22. ↑ "Innovation and Technology Awards". inntechawards.com.
  23. ↑ "Convergent Finance LLP announces upto USD 9.6 Mn investment in Onward Technologies Limited". theprint.in/. 27 May 2021.
  24. ↑ "Submission of Annual Report of Onward Technologies Limited ("the Company") for the financial year ended March 31 2022" (PDF). bseindia.com. Archived from the original (PDF) on 7 May 2024. Retrieved 20 July 2022.
  25. ↑ "Onward Technologies Limited records 15% QoQ growth in Q4 FY21 with Revenues of INR 663 Mn" (PDF). onwardgroup.com.
  26. ↑ "Onward Technologies incorporates wholly owned subsidiary in Amsterdam". business-standard.com. 5 June 2021.
  27. ↑ "Onward Technologies wins Dun & Bradstreet's Business Excellence Award" (PDF). onwardgroup.com/.
  28. ↑ "Innovation and Technology Award". inntechawards.com.
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