Onward Technologies Limited — Q4 FY26

Onward Technologies delivered a record FY26 with revenue of ₹550 crore (+10.5% YoY) and EBITDA of ₹71.9 crore (+60.9% YoY), achieving an EBITDA margin of 13.2% — the highest in company history. Growth was driven by operating leverage, client concentration (top 25 clients now 88% of revenue), and cost discipline. The company exited low-value clients, reducing headcount to 2,485 while revenue per employee rose to ~₹22 lakh. Management reiterated guidance for double-digit revenue and EBITDA growth in FY27, citing strong visibility from existing clients (95-98% of revenue). A dividend of ₹8 per share was recommended. Key risk: slower-than-expected ramp-up in the transportation vertical, which declined 1% YoY due to tier-1/2 exits and delayed OEM growth.