Onward Technologies Ltd

Allotment Details

• 6,500 equity shares issued under ESOP 2019 to eligible employees.
• Exercise price ₹20 per share; premium ₹10 per share.
• Issue date: 21 August 2026.
• Total issued equity shares after issue: 22,249,390.
• Distinctive numbers: 2,27,91,671 to 2,27,98,170.
• ISIN: INE229A01017.
• Total issued share capital after this issue: ₹22,24,93,900.
• Par value: ₹10 per share.
• All shares rank pari-passu with existing equity shares.
• Lock-in not applicable.

Promoter share acquisition

• Promoter Prachi Mehta acquired 30,127 equity shares from open market.
• The stake represents 0.13% of the company's paid-up share capital.
• Acquisition does not change control and complies with SEBI regulations.

Tax penalty update

• Order dated 28 July 2026 imposes ₹10,59,664 penalty under Section 270A of the IT Act.
• Penalty relates to disallowance of expenses and taxation relief claim for FY2019-20.
• This is due to retrospective changes in tax law and interpretation, causing re-assessment of declared income for FY2019-20.
• The penalty will have a financial impact; no material impact on operations.
• Company has recourse to appeal the order.
• Receipt date of the order: 31 July 2026.

Conference call recording

• Audio recording of July 16, 2026 conference call on Q1 2026 results uploaded.

AGM Details

• Date/time: July 16, 2026, 3:00 PM IST; mode: VC/OAVM.
• Cut-off date for voting: July 9, 2026.
• Remote e-voting window: July 13–15, 2026.

Resolutions & Voting Outcomes

• Resolution 1 (Ordinary): Adoption of audited financial statements; passed.
• Resolution 2 (Ordinary): Declaration of final dividend; passed.
• Resolution 3 (Ordinary): Re-appointment of Harsha Raghavan; retire by rotation.
• Resolution 4 (Special): Harish Mehta as Whole-time Director and Executive Chairman; passed.
• Resolution 5 (Special): Hem Mehta as Managing Director; passed.
• Resolution 6 (Special): Dhanpal Jhaveri as Independent Director for second term.
• Resolution 7 (Special): Jai Diwanji as Independent Director for second term; passed.

Director Changes

• Harsha Raghavan re-appointed as Director; liable to retire by rotation.
• Harish Mehta re-appointed as Whole-time Director and Executive Chairman.
• Hem Mehta re-appointed as Managing Director.
• Dhanpal Jhaveri independent director; second term.
• Jai Diwanji independent director; second term.

Director Cessation

• Mr Jay Sonawala, Independent Director; retirement due to completion of tenure; effective end of day July 20, 2026.

AGM Details

• Held on 16 July 2026 via VC/OAVM at 3:00 PM.
• Meeting concluded at 3:34 PM.
• Remote e-voting from 13 to 15 July 2026.
• Scrutinizer appointed: Nilesh A. Pradhan & Co. LLP, Company Secretaries.

Resolutions

• Adopt standalone and consolidated financial statements for FY2026.
• Declare final dividend on equity shares for FY2026.
• Re-appoint Harsha Raghavan as Ordinary Resolution.
• Re-appoint Harish Mehta as Whole-time Director; Executive Chairman; remuneration.
• Re-appoint Jigar Mehta as Managing Director; remuneration.
• Re-appoint Dhanpal Jhaveri as Independent Director for second term.
• Re-appoint Jai Diwanji as Independent Director for second term.

Voting Status

• Result of e-voting to be intimated separately.

Director Changes

• Harsha Raghavan retires by rotation and seeks re-appointment (Ordinary Resolution).
• Harish Mehta re-appointed as Whole-time Director and Executive Chairman; remuneration approved.
• Jigar Mehta re-appointed as Managing Director; remuneration approved.
• Dhanpal Jhaveri re-appointed as Independent Director for second term (3 years).
• Jai Diwanji re-appointed as Independent Director for second term (3 years).

Auditors

• No auditor appointments or changes disclosed.

Material Related Party Transactions

• No material related party transactions disclosed at AGM.

Other Approvals

• No other material approvals disclosed.

Financial highlights

• Total revenue ₹151.2 crore, up 11.5% YoY and 8.7% QoQ.
• EBITDA ₹18.4 crore; margin 12.3%, up 7.2% YoY and 20% QoQ.
• PAT ₹11.2 crore; PAT margin 7.5%; diluted EPS ₹4.98.

Key developments

• Won ₹33 crore contract to set up a dedicated Offshore Development Center for a global power management company.
• Share buyback programme completed in Q1 FY27.
• Number of clients billing over US$1 million rose to 18.

Outlook and strategy

• Outlook for FY27 unchanged; targets double-digit revenue and EBITDA growth.

Operational highlights

• Expanded offshore delivery footprint and strengthened Digital Engineering and ER&D capabilities.

Q1 FY27 highlights and outlook

• Q1 FY27 revenue ₹151.2 cr, up 11.5% YoY and 8.7% QoQ.
• EBITDA ₹18.4 cr; margin 12.3%; QoQ growth 20%.
• PAT ₹11.2 cr; PBT ₹14.8 cr; margins improving.
• Net cash ₹127.3 cr; net debt ₹0; debt-free balance sheet.
• Won ₹33 cr contract to set up offshore development center for a global power-management firm.
• Outlook: double-digit revenue and EBITDA growth for FY27; ongoing offshore expansion and AI-led digital engineering.