Onward Technologies · Material risks, their source context, and severity in the latest available quarter.
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Risk intelligence
A former US sales employee has filed a circuit court order related to termination for non-performance. Management claims strong documentation and full contract compliance, with final resolution uncertain but described as going 'very positive in that direction'.
Top-10 clients now represent ~70% of revenue (up from 50% in FY22), creating significant dependency on few large accounts that could reduce outsourcing budgets or switch vendors.
Analyst questioned whether current 14-15% margins are sustainable given original 11-12% annual target; management deflected by emphasizing annual rather than quarterly measurement, noting Q3 is typically slow with appraisals and bottom 5% exits.
Analyst pressed on special dividend or buyback given ₹116 crore cash reserves and stock trading below historical highs (~₹800). Management stated preference for 5% dividend yield sustainability over buybacks, with board evaluating options in Q4.
