Onward Technologies Ltd (ONWARDTEC) — share price & stock analysis

Market cap

₹643 Cr

P/E

13.8×

ROE

19.5%

vs own 10-yr valuation

18th pctile

Book value / share

₹111

EPS (TTM)

₹20.5

10-yr median P/E

27.1×

Revenue (FY26)

₹544 Cr

Profit after tax (FY26)

₹44 Cr

Weinstein stage

Stage 4 (40 weeks)

Data as of

1 July 2026

3 of the 6 things we track are currently moving the right way — most of the dashboard is turning up.

Where the levels actually stand: ROCE 23% — a high-quality engine; effectively no debt; margins at an all-time high. Momentum says which way things are moving; these say where they are.

Read this number for what it is: it measures the DIRECTION of change, not the quality of the business. A mediocre business getting better scores high here; a great one having a soft quarter scores low. Profit, sales and margins count double.

The business grew faster than the stock

Since Mar 2016, earnings per share grew 836% while the stock is up 319%. The business has outrun its own share price.pricettm_eps

When profits grow faster than the price, the stock quietly gets cheaper while doing better — the market hasn’t fully caught up.

Today’s P/E of 13.8× sits near the bottom of its own range — it has been cheaper than this only 18% of the time against its own 10-year history.pe_ratio

And the sharper caveat: today’s margins are the best this company has ever printed. The cheap multiple is only real if they hold — earnings at record profitability flatter every valuation ratio.operating_profit

Price is the weekly close (₹). EPS is trailing-twelve-month profit per share, anchored on Screener's own snapshots; between snapshots it is filled from price ÷ P/E (an exact identity), and any fill straying more than 18% from the neighbouring snapshots is dropped rather than shown. The lower panel is the P/E — what the market pays per rupee of profit; the dotted line is its long-run median (27.1×).

The price is in a downtrend — fighting it is expensive

Price trends have a life cycle: they base (1), advance (2), top out (3) and decline (4). This chart is in Stage 4: declining — 40 weeks so far, confirmed.stage

The price is below its falling 200-day average — history says most of the damage in stocks happens here. Cheap can get cheaper in Stage 4.dma_200

Trailing NIFTY 500 for 23 weeks — relative strength is the market’s live opinion, and right now it is against it.rs_mansfield

What would end it: two Friday closes in a row below the 200-day line. That is the house exit rule — mechanical, no debates.dma_200

Profits are at an all-time high

Over 12 years, sales went from ₹167 Cr to ₹544 Cr (about 10% a year), and profit from ₹0.0 Cr to ₹44.0 Cr.revenuenet_profit

Margins widened 7.8 points along the way — growth with improving economics.operating_profit

Sales have gone quiet — growth has stalled

Mar 26 sales were ₹137 Cr, up 8% on the same quarter last year.revenue

That makes 7 quarters of growth in a row — this is a trend, not a blip.revenue

Margins have been rebuilt — 6.1% in FY23 to 13.2% now

Of every ₹100 of sales, the company keeps ₹11.2 as operating profit (a year ago it kept ₹10.9).opm_pct

Zoom out and this is the page's quiet hero: annual operating margin bottomed at 6.1% in FY23 and has been rebuilt to 13.2% — that recovery, not sales alone, is what powers the profit growth elsewhere on this page.operating_profit

Profit declined 8% last quarter

Mar 26 profit after tax was ₹9.6 Cr, down 8% year on year.net_profit

The profits are real — they turn into cash

Over the last 5 profitable years, the business reported ₹140 Cr of profit and collected ₹161 Cr of operating cash — about 115% conversion.operating_cash_flownet_profit

When cash tracks profit this closely, the earnings need no asterisk.

The cash cycle is stable

One rupee now takes about 81 days to go out the door as materials and come back as collected cash.cash_conversion_cycle

The asset base keeps compounding — this company builds

The productive asset base has gone from ₹12.0 Cr (FY14) to ₹89.0 Cr.fixed_assetscwip

The build is self-funded: the last 3 years' investing outflow (₹100 Cr) fits inside the operating cash the business generated (₹159 Cr).investing_cash_flowoperating_cash_flow

Almost no debt — this company cannot be killed by a bad year

For every ₹100 shareholders have put in (and left in), the company has borrowed ₹16.borrowings

Every ₹100 kept in the business now earns ₹23 — and the number is rising

Return on capital employed is 23.0% (a year ago: 16.0%). This is the single best test of business quality: what the company earns on the money it keeps.roce_pct

Rising returns on capital while growing is the rarest combination in investing — it means the new projects earn more than the old ones.roce_pct

Institutions bought the story, then started backing away

Promoters hold 40.0% (up 2.1 points over 8 quarters). Foreign funds own 9.3%, domestic funds 1.8%.promoters_pctfiis_pctdiis_pct

A good business — the question is the price

The numbers are genuinely mixed, and the price hasn’t fully caught up with the improvement.

Best thing in the data: free cash flow rising (₹15.0 Cr → ₹44.0 Cr).operating_cash_flow

Biggest worry: domestic-fund holding falling (3.7% → 1.8%).diis_pct

Machine-written research from Screener data — every number traces to its source column. Sector Alpha is not a SEBI-registered investment adviser; nothing here is a recommendation to buy or sell. Not investment advice.

Straight answers from the data