Onward Technologies reports record Q2 FY26 revenue, EBITDA growth

Onward Technologies Limited announced record revenue and EBITDA growth for the quarter and half-year ended September 30, 2025, with EBITDA margins improving to 14.3%. The company attributes this performance primarily to increased utilization and productivity, despite a negative impact from the US dollar's performance. Headcount remained steady at 2,525 employees. Revenue grew from 100 crores to 500 crores over five years, predominantly from North American and European markets.

The company's three verticals—Industrial Equipment & Heavy Machinery, Transportation & Mobility, and Healthcare—are showing steady progress. Notably, the first vertical is performing well, while the latter two are in investment mode, transitioning to digital and software services. Onward Technologies invested approximately 18 crores in upgrading its infrastructure across Indian delivery centers, including new facilities in Bangalore and Hyderabad, and substantial upgrades in Pune and Chennai, to support anticipated offshore growth.

Onward Technologies aims for double-digit revenue and EBITDA growth for FY26 and FY27, with an ambition for 15% EBITDA margins and 15% revenue growth by FY27. The company's strategy focuses on deepening engagements with existing clients, targeting 50-60 key accounts for scale, rather than acquiring new clients or pursuing M&A for new geographies. LTM attrition for Q2 stood at 15.49%, and DSO remained under control at 73 days.