Onward Technologies shares rose 1.63% to ₹273.85 following the announcement of securing an engineering services contract worth ₹33 crore from a leading global power management company. According to Business Standard, the stock gained as investors responded positively to the contract win, which positions the company for sustained revenue growth in the engineering services segment.
Onward Technologies has secured an engineering services contract worth ₹33 crore to establish a Dedicated Offshore Development Centre (ODC) for a leading global power management company. As per Business Standard, the contract has an aggregate value of approximately ₹33 crore and is scheduled to run for 3 years. This strategic partnership will enable the power management company to expand its dedicated R&D capacity for faster execution in supporting their Data Center Segment/Business Unit.
The contract represents a significant expansion of Onward Technologies' engineering services portfolio, particularly in the power management sector. According to Business Standard, this dedicated R&D capacity will enable the power management company to accelerate their Data Center Segment operations through the established offshore development infrastructure. The 3-year contract duration provides Onward Technologies with sustained revenue visibility in the engineering services segment, with the company stating that neither its promoters nor promoter group entities have any interest in the contract awarding process.
Despite the contract win, Onward Technologies reported mixed financial results for the quarter ended March 2026. As per Business Standard, the company's consolidated net profit declined 8.26% to ₹9.55 crore compared to ₹10.41 crore in the previous quarter ended March 2025. However, sales rose 7.72% to ₹137.12 crore in the quarter ended March 2026, up from ₹127.29 crore in the previous quarter. The company operates as a software outsourcing firm specializing in digital and ER&D services.
The contract win positions Onward Technologies to serve a leading global power management company, demonstrating the company's capabilities in the power sector. According to Business Standard, this engineering services contract will strengthen Onward Technologies' presence in the dedicated offshore development centre segment, supporting the company's growth strategy in the engineering services market. The contract will enable the power management company to accelerate execution and support their data centre business segment through the established offshore development infrastructure.
