Onward Technologies Q2 FY27 Revenue Surges 22.4% YoY to ₹170.2 Cr, PAT Jumps 41.2%
Onward Technologies reported Q2 FY27 revenue of ₹170.2 crore, up 22.4% YoY. PAT increased 41.2% to ₹16.8 crore, with EBITDA margins reaching 15.6%. The company renewed a 3-year digital engineering contract worth ₹44.5 crore. FY27 revenue growth is now projected at 15-18%, with EBITDA margins of 13.8-14.3%. The company increased its $1 million annual billing customers to 18.
The significant year-on-year growth in key financial metrics, record-high margins, and an upgraded full-year outlook suggest a substantial positive impact on the company's financial performance and investor confidence.
The company reported strong year-on-year growth in revenue, EBITDA, and PAT, along with record-high EBITDA margins. The revised and increased full-year outlook further reinforces the positive sentiment.
Onward Technologies Limited announced its financial results for the second quarter and first half of fiscal year 2027, ending September 30, 2026. The company reported its highest-ever quarterly revenue of ₹170.2 crore, marking a 22.4% year-on-year growth and a 13.9% sequential increase. Total income stood at ₹171.2 crore. EBITDA grew by 33.7% year-on-year to ₹26.6 crore, with margins expanding to a record high of 15.6%. Profit After Tax (PAT) increased by 41.2% year-on-year to ₹16.8 crore.
Jigar Mehta, Managing Director, highlighted that the growth was driven by deeper engagement with strategic customers, improved utilization, higher productivity, and strong offshore execution. The company saw an increase in customers billing over $1 million annually, from 16 to 18. A significant development was the renewal of a 3-year digital engineering engagement valued at approximately ₹44.5 crore with a global construction and mining equipment leader, representing a 70% increase in contract value.
Onward Technologies has revised its full-year FY27 outlook, now expecting revenue growth between 15% to 18% and an EBITDA margin in the range of 13.8% to 14.3%. The company is investing in hiring across its four delivery centers in India to support future growth and is seeing opportunities in digital engineering, AI-led transformation programs, and data center infrastructure engineering in the U.S. and Europe.
During the earnings call, discussions also covered the company's strategy for scaling customer engagements towards $10 million annual revenue per customer, investments in subject matter experts, and a gradual ramp-up in hiring, particularly for Q4 FY27 and Q1 FY28. The company also clarified that an R&D credit of ₹2.9 crore was related to FY26 and not the current quarter.
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