Revenue and Profit Growth Trends
Onward Technolog’s net sales have shown a robust increase, rising from ₹261.02 crores in March 2019 to ₹491.32 crores by March 2025. This represents an approximate 88% growth over six years, reflecting the company’s expanding market presence and operational scale. The total operating income mirrors this growth, as other operating income remained negligible throughout the period.
Operating profit before other income (PBDIT excl. OI) has also improved, albeit with some fluctuations. It increased from ₹22.41 crores in 2019 to ₹44.70 crores in 2025, with a peak of ₹52.19 crores in 2024. Including other income, operating profit reached ₹51.91 crores in 2025, down from ₹59.46 crores the previous year but still significantly higher than earlier years.
Profit before tax (PBT) rose from ₹15.20 crores in 2019 to ₹36.30 crores in 2025, while profit after tax (PAT) increased from ₹10.13 crores to ₹27.08 crores over the same period. Earnings per share (EPS) followed a similar pattern, climbing from ₹6.41 in 2019 to ₹11.93 in 2025, despite a dip in 2023.
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Cost Structure and Margins
The company’s expenditure, excluding depreciation, rose in line with revenue, reaching ₹446.62 crores in 2025 from ₹238.61 crores in 2019. Employee costs formed the largest expense component, increasing from ₹188.71 crores to ₹380.12 crores over the period, indicating investment in human capital to support growth.
Operating profit margins (excluding other income) have varied, peaking at 11.05% in 2024 before moderating to 9.1% in 2025. Gross profit margins similarly fluctuated, with a high of 13.65% in 2022 and a recent figure of 10.11%. PAT margins have generally improved, reaching 5.51% in 2025 compared to 3.88% in 2019, signalling enhanced bottom-line efficiency.
Balance Sheet and Financial Position
Onward Technolog’s total assets have grown substantially, from ₹133.38 crores in 2020 to ₹310.41 crores in 2025. Shareholders’ funds have nearly tripled, rising from ₹74.48 crores in 2021 to ₹224.30 crores in 2025, reflecting retained earnings and capital infusion. The company has successfully reduced its total debt to zero by 2025, down from ₹18.06 crores in 2020, strengthening its financial stability.
Net block of fixed assets increased from ₹12.10 crores in 2020 to ₹33.16 crores in 2025, alongside capital work in progress and intangible assets under development, indicating ongoing investments in infrastructure and technology.
Current assets have also expanded, with cash and bank balances fluctuating but remaining healthy at ₹24.72 crores in 2025. Sundry debtors rose to ₹109.41 crores, consistent with higher sales volumes. Net current assets improved markedly, supporting operational liquidity.
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Cash Flow and Operational Efficiency
Cash flow from operating activities has shown improvement, reaching ₹31 crores in 2025 after a low of ₹5 crores in 2023. The company experienced negative cash flow from investing activities in recent years, reflecting capital expenditure and strategic investments. Financing activities have generally been cash outflows, consistent with debt repayments and shareholder returns.
Despite some volatility, net cash outflow was limited to ₹6 crores in 2025, with closing cash and cash equivalents at ₹24 crores, indicating prudent cash management and liquidity maintenance.
Overall, Onward Technolog’s historical performance reveals a company on a growth path with improving profitability, strengthened financial health, and disciplined cash flow management. Investors may find these trends encouraging as the company continues to build on its operational and financial foundations.
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