Board Change • Jun 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 2 highly experienced directors. Non-Executive Independent Directors Dhanpal Jhaveri was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • May 13
Onward Technologies Limited (BSE:517536) announces an Equity Buyback for 548,780 shares, representing 2.41% for INR 180 million. Onward Technologies Limited announces a share repurchase program. Under the program, the company will repurchase up to 548,780 shares, representing 2.41% of its issued share capital, for INR 180 million. The shares will be repurchased at a price of INR 328 per share. The program will be undertaken on a proportionate basis. The program is subject to applicable statutory approvals, as may be required. The company has set May 18, 2026, as the record date of the offer. As of May 8, 2026, the company had 22,753,870 shares outstanding. New Risk • May 09
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (8.6% average weekly change). Market cap is less than US$100m (₹6.30b market cap, or US$66.8m). Reported Earnings • May 06
Full year 2026 earnings released: EPS: ₹19.64 (vs ₹11.97 in FY 2025) Full year 2026 results: EPS: ₹19.64 (up from ₹11.97 in FY 2025). Revenue: ₹5.51b (up 12% from FY 2025). Net income: ₹443.2m (up 64% from FY 2025). Profit margin: 8.0% (up from 5.5% in FY 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Announcement • Apr 29
Onward Technologies Limited to Report Q4, 2026 Results on May 05, 2026 Onward Technologies Limited announced that they will report Q4, 2026 results at 9:15 AM, Indian Standard Time on May 05, 2026 New Risk • Mar 30
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (8.0% average weekly change). Market cap is less than US$100m (₹4.78b market cap, or US$50.5m). Buy Or Sell Opportunity • Feb 09
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 11% to ₹324. The fair value is estimated to be ₹269, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.4% over the last 3 years. Earnings per share has grown by 29%. Valuation Update With 7 Day Price Move • Feb 01
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹348, the stock trades at a trailing P/E ratio of 17.5x. Average trailing P/E is 24x in the IT industry in India. Total returns to shareholders of 20% over the past three years. Reported Earnings • Jan 17
Third quarter 2026 earnings released: EPS: ₹4.50 (vs ₹2.66 in 3Q 2025) Third quarter 2026 results: EPS: ₹4.50 (up from ₹2.66 in 3Q 2025). Revenue: ₹1.36b (up 10% from 3Q 2025). Net income: ₹101.0m (up 67% from 3Q 2025). Profit margin: 7.4% (up from 4.9% in 3Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Announcement • Jan 09
Onward Technologies Limited to Report Q3, 2026 Results on Jan 16, 2026 Onward Technologies Limited announced that they will report Q3, 2026 results on Jan 16, 2026 Buy Or Sell Opportunity • Jan 05
Now 20% overvalued Over the last 90 days, the stock has fallen 4.5% to ₹306. The fair value is estimated to be ₹255, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.8% over the last 3 years. Earnings per share has grown by 31%. Buy Or Sell Opportunity • Nov 04
Now 20% overvalued Over the last 90 days, the stock has fallen 8.0% to ₹301. The fair value is estimated to be ₹250, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.8% over the last 3 years. Earnings per share has grown by 31%. Announcement • Oct 10
Onward Technologies Limited to Report Q2, 2026 Results on Oct 17, 2025 Onward Technologies Limited announced that they will report Q2, 2026 results on Oct 17, 2025 Announcement • Aug 01
Onward Technologies Announces the Strategic Relocation of its UK Office to Birmingham and its Germany Office to Munich Onward Technologies has announced the strategic relocation of its UK office to Birmingham and its Germany office to Munich. These offices bring Onward Tech’s teams closer to its Transportation & Mobility clients, reinforcing its commitment to delivering value where innovation is happening fastest. Onward Tech partners with automotive and industrial equipment manufacturers to accelerate digital engineering programs through its global delivery model. With growing demand for offshore services across Europe, the company is investing rapidly to support clients’ transformation agendas. Onward Tech is committed to investing further in Europe and has plans to initiate local hiring in the region. Valuation Update With 7 Day Price Move • Jul 15
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹362, the stock trades at a trailing P/E ratio of 29.9x. Average trailing P/E is 30x in the IT industry in India. Total returns to shareholders of 38% over the past three years. Announcement • Jul 09
Onward Technologies Limited to Report Q1, 2026 Results on Jul 16, 2025 Onward Technologies Limited announced that they will report Q1, 2026 results on Jul 16, 2025 Valuation Update With 7 Day Price Move • Jun 30
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹359, the stock trades at a trailing P/E ratio of 30.1x. Average trailing P/E is 30x in the IT industry in India. Total returns to shareholders of 34% over the past three years. Reported Earnings • Jun 25
Full year 2025 earnings released: EPS: ₹11.97 (vs ₹15.13 in FY 2024) Full year 2025 results: EPS: ₹11.97 (down from ₹15.13 in FY 2024). Revenue: ₹4.91b (up 4.0% from FY 2024). Net income: ₹270.8m (down 20% from FY 2024). Profit margin: 5.5% (down from 7.2% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • Jun 24
Onward Technologies Limited, Annual General Meeting, Jul 16, 2025 Onward Technologies Limited, Annual General Meeting, Jul 16, 2025, at 15:00 Indian Standard Time. Valuation Update With 7 Day Price Move • May 16
Investor sentiment improves as stock rises 35% After last week's 35% share price gain to ₹313, the stock trades at a trailing P/E ratio of 30.4x. Average trailing P/E is 28x in the IT industry in India. Total returns to shareholders of 9.3% over the past three years. Announcement • May 09
Onward Technologies Limited to Report Q4, 2025 Results on May 16, 2025 Onward Technologies Limited announced that they will report Q4, 2025 results on May 16, 2025 Buy Or Sell Opportunity • Apr 11
Now 22% overvalued Over the last 90 days, the stock has fallen 26% to ₹230. The fair value is estimated to be ₹189, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 13%. New Risk • Apr 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (7.8% average weekly change). Profit margins are more than 30% lower than last year (4.8% net profit margin). Market cap is less than US$100m (₹5.52b market cap, or US$64.4m). Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₹208, the stock trades at a trailing P/E ratio of 20.2x. Average trailing P/E is 26x in the IT industry in India. Total loss to shareholders of 46% over the past three years. Buy Or Sell Opportunity • Jan 29
Now 21% overvalued Over the last 90 days, the stock has fallen 24% to ₹255. The fair value is estimated to be ₹210, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 13%. Valuation Update With 7 Day Price Move • Jan 28
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to ₹252, the stock trades at a trailing P/E ratio of 24.5x. Average trailing P/E is 33x in the IT industry in India. Total loss to shareholders of 30% over the past three years. Reported Earnings • Jan 22
Third quarter 2025 earnings released: EPS: ₹2.66 (vs ₹3.02 in 3Q 2024) Third quarter 2025 results: EPS: ₹2.66 (down from ₹3.02 in 3Q 2024). Revenue: ₹1.23b (up 8.2% from 3Q 2024). Net income: ₹60.4m (down 11% from 3Q 2024). Profit margin: 4.9% (down from 5.9% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Announcement • Jan 14
Onward Technologies Limited to Report Q3, 2025 Results on Jan 21, 2025 Onward Technologies Limited announced that they will report Q3, 2025 results on Jan 21, 2025 Recent Insider Transactions • Oct 26
Non-Executive Independent Directors recently bought ₹2.0m worth of stock On the 22nd of October, Jai Diwanji bought around 6k shares on-market at roughly ₹349 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold ₹154m more in shares than they bought in the last 12 months. New Risk • Oct 21
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₹8.32b (US$98.9m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (₹8.32b market cap, or US$98.9m). Reported Earnings • Oct 19
Second quarter 2025 earnings released: EPS: ₹1.57 (vs ₹4.27 in 2Q 2024) Second quarter 2025 results: EPS: ₹1.57 (down from ₹4.27 in 2Q 2024). Revenue: ₹1.25b (up 3.6% from 2Q 2024). Net income: ₹35.4m (down 63% from 2Q 2024). Profit margin: 2.8% (down from 8.0% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Aug 17
Now 20% overvalued Over the last 90 days, the stock has fallen 7.6% to ₹403. The fair value is estimated to be ₹335, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 11%. Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹488, the stock trades at a trailing P/E ratio of 32.7x. Average trailing P/E is 40x in the IT industry in India. Total returns to shareholders of 95% over the past three years. Announcement • Jul 12
Onward Technologies Limited to Report Q1, 2025 Results on Jul 19, 2024 Onward Technologies Limited announced that they will report Q1, 2025 results on Jul 19, 2024 Reported Earnings • Jun 28
Full year 2024 earnings released: EPS: ₹15.13 (vs ₹5.18 in FY 2023) Full year 2024 results: EPS: ₹15.13 (up from ₹5.18 in FY 2023). Revenue: ₹4.72b (up 7.1% from FY 2023). Net income: ₹339.2m (up 195% from FY 2023). Profit margin: 7.2% (up from 2.6% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Jun 27
Dividend of ₹5.00 announced Shareholders will receive a dividend of ₹5.00. Ex-date: 12th July 2024 Payment date: 18th August 2024 Dividend yield will be 1.3%, which is lower than the industry average of 1.7%. Sustainability & Growth Dividend is well covered by both earnings (33% earnings payout ratio) and cash flows (19% cash payout ratio). The dividend has increased by an average of 22% per year over the past 8 years and payments have been stable during that time. Earnings per share has grown by 18% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Jun 26
Onward Technologies Limited, Annual General Meeting, Jul 19, 2024 Onward Technologies Limited, Annual General Meeting, Jul 19, 2024, at 15:00 Indian Standard Time. New Risk • Jun 04
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₹8.07b (US$96.6m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (₹8.07b market cap, or US$96.6m). Reported Earnings • May 19
Full year 2024 earnings released: EPS: ₹15.13 (vs ₹5.18 in FY 2023) Full year 2024 results: EPS: ₹15.13 (up from ₹5.18 in FY 2023). Revenue: ₹4.80b (up 8.8% from FY 2023). Net income: ₹339.2m (up 195% from FY 2023). Profit margin: 7.1% (up from 2.6% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 55% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 18
Onward Technologies Limited Recommends Final Dividend for the Financial Year Ended March 31, 2024 Onward Technologies Limited at its board meeting held on May 17, 2024 recommended dividend of Final Dividend of INR 5/- (Rupees Five only) per equity share having face value of INR 10/- each for the financial year ended March 31, 2024, subject To Approve the shareholders at the ensuing 33rd Annual General Meeting (AGM). Announcement • May 11
Onward Technologies Limited to Report Q4, 2024 Results on May 17, 2024 Onward Technologies Limited announced that they will report Q4, 2024 results on May 17, 2024 Buy Or Sell Opportunity • Mar 11
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 14% to ₹482. The fair value is estimated to be ₹609, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Earnings per share has grown by 20%. For the next 3 years, revenue is forecast to grow by 25% per annum. Earnings are also forecast to grow by 36% per annum over the same time period. Reported Earnings • Jan 21
Third quarter 2024 earnings released: EPS: ₹3.02 (vs ₹1.11 in 3Q 2023) Third quarter 2024 results: EPS: ₹3.02 (up from ₹1.11 in 3Q 2023). Revenue: ₹1.14b (down 1.5% from 3Q 2023). Net income: ₹67.9m (up 176% from 3Q 2023). Profit margin: 5.9% (up from 2.1% in 3Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 8.4% growth forecast for the IT industry in India. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has increased by 93% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jan 11
Onward Technologies Limited to Report Q3, 2024 Results on Jan 19, 2024 Onward Technologies Limited announced that they will report Q3, 2024 results at 12:15 PM, Indian Standard Time on Jan 19, 2024 Recent Insider Transactions • Dec 25
MD & Executive Director recently sold ₹124m worth of stock On the 21st of December, Jigar Mehta sold around 200k shares on-market at roughly ₹619 per share. This transaction amounted to 35% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Jigar's only on-market trade for the last 12 months. Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₹693, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 28x in the IT industry in India. Total returns to shareholders of 655% over the past three years. Valuation Update With 7 Day Price Move • Oct 27
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₹485, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 23x in the IT industry in India. Total returns to shareholders of 711% over the past three years. Reported Earnings • Oct 21
Second quarter 2024 earnings released: EPS: ₹4.27 (vs ₹0.26 in 2Q 2023) Second quarter 2024 results: EPS: ₹4.27 (up from ₹0.26 in 2Q 2023). Revenue: ₹1.22b (up 11% from 2Q 2023). Net income: ₹95.7m (up ₹89.9m from 2Q 2023). Profit margin: 7.9% (up from 0.5% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the IT industry in India. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has increased by 106% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Oct 21
Onward Technologies Limited Appoints Vinav Agarwal as Company Secretary and Compliance Officer Onward Technologies Limited announced the Board of Directors of the Company has appointed Mr. Vinav Agarwal as the Company Secretary and Compliance Officer of the Company with effect from October 20, 2023. Brief profile: Company Secretary with over 10 years of experience of Secretarial activities. Announcement • Oct 13
Onward Technologies Limited to Report Q2, 2024 Results on Oct 20, 2023 Onward Technologies Limited announced that they will report Q2, 2024 results at 12:15 PM, Indian Standard Time on Oct 20, 2023 Recent Insider Transactions • Sep 16
Senior VP & Head of IT Services recently sold ₹2.5m worth of stock On the 8th of September, Satish Ramanan sold around 4k shares on-market at roughly ₹617 per share. This transaction amounted to 29% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth ₹3.1m. Insiders have been net sellers, collectively disposing of ₹63m more than they bought in the last 12 months. Announcement • Jul 12
Onward Technologies Limited to Report Q1, 2024 Results on Jul 17, 2023 Onward Technologies Limited announced that they will report Q1, 2024 results on Jul 17, 2023 Upcoming Dividend • Jul 03
Upcoming dividend of ₹3.00 per share at 0.6% yield Eligible shareholders must have bought the stock before 10 July 2023. Payment date: 16 August 2023. Payout ratio is a comfortable 58% but the company is not cash flow positive. Trailing yield: 0.6%. Lower than top quartile of Indian dividend payers (1.5%). Lower than average of industry peers (2.0%). Reported Earnings • Jun 24
Full year 2023 earnings released: EPS: ₹5.18 (vs ₹12.62 in FY 2022) Full year 2023 results: EPS: ₹5.18 (down from ₹12.62 in FY 2022). Revenue: ₹4.41b (up 44% from FY 2022). Net income: ₹114.8m (down 52% from FY 2022). Profit margin: 2.6% (down from 7.7% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has increased by 108% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • Jun 02
Insider recently sold ₹1.3m worth of stock On the 26th of May, Pratish Mehta sold around 3k shares on-market at roughly ₹461 per share. This transaction amounted to 4.5% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth ₹5.4m. Insiders have been net sellers, collectively disposing of ₹14m more than they bought in the last 12 months. Recent Insider Transactions • May 26
Insider recently sold ₹5.4m worth of stock On the 22nd of May, Pratish Mehta sold around 14k shares on-market at roughly ₹395 per share. This transaction amounted to 18% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₹9.7m more than they bought in the last 12 months. Announcement • May 13
Onward Technologies Limited, Annual General Meeting, Jul 17, 2023 Onward Technologies Limited, Annual General Meeting, Jul 17, 2023. Reported Earnings • May 13
Full year 2023 earnings released: EPS: ₹5.17 (vs ₹12.62 in FY 2022) Full year 2023 results: EPS: ₹5.17 (down from ₹12.62 in FY 2022). Revenue: ₹4.46b (up 45% from FY 2022). Net income: ₹114.8m (down 52% from FY 2022). Profit margin: 2.6% (down from 7.7% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has increased by 117% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • Feb 02
Insider recently sold ₹3.3m worth of stock On the 27th of January, Raju Samtani sold around 10k shares on-market at roughly ₹325 per share. This transaction amounted to 8.9% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought ₹4.7m more than they sold in the last 12 months. Reported Earnings • Jan 23
Third quarter 2023 earnings released: EPS: ₹1.11 (vs ₹2.60 in 3Q 2022) Third quarter 2023 results: EPS: ₹1.11 (down from ₹2.60 in 3Q 2022). Revenue: ₹1.17b (up 51% from 3Q 2022). Net income: ₹24.6m (down 51% from 3Q 2022). Profit margin: 2.1% (down from 6.4% in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has increased by 74% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jan 21
Onward Technologies Limited Announces Resignation of Devanand Ramandasani as CFO The Board of Directors of the Onward Technologies Limited at their meeting held January 20, 2023, approved the resignation tendered by Mr. Devanand Ramandasani from the position of CFO of the Company. Announcement • Jan 14
Onward Technologies Limited to Report Q3, 2023 Results on Jan 20, 2023 Onward Technologies Limited announced that they will report Q3, 2023 results at 12:15 PM, Indian Standard Time on Jan 20, 2023 Recent Insider Transactions • Dec 09
Insider recently sold ₹1.1m worth of stock On the 2nd of December, Vishnu Waghmare sold around 4k shares on-market at roughly ₹303 per share. This transaction amounted to 99% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₹6.3m more than they bought in the last 12 months. Valuation Update With 7 Day Price Move • Nov 29
Investor sentiment improved over the past week After last week's 22% share price gain to ₹354, the stock trades at a trailing P/E ratio of 71x. Average trailing P/E is 24x in the IT industry in India. Total returns to shareholders of 444% over the past three years. Reported Earnings • Oct 22
Second quarter 2023 earnings released: EPS: ₹0.26 (vs ₹3.18 in 2Q 2022) Second quarter 2023 results: EPS: ₹0.26 (down from ₹3.18 in 2Q 2022). Revenue: ₹1.11b (up 52% from 2Q 2022). Net income: ₹5.79m (down 90% from 2Q 2022). Profit margin: 0.5% (down from 7.7% in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has increased by 60% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jul 01
Upcoming dividend of ₹3.00 per share Eligible shareholders must have bought the stock before 08 July 2022. Payment date: 17 August 2022. Payout ratio is a comfortable 24% but the company is not cash flow positive. Trailing yield: 1.1%. Lower than top quartile of Indian dividend payers (1.9%). Lower than average of industry peers (1.9%). Reported Earnings • Jun 29
Full year 2022 earnings released: EPS: ₹12.62 (vs ₹4.52 in FY 2021) Full year 2022 results: EPS: ₹12.62 (up from ₹4.52 in FY 2021). Revenue: ₹3.07b (up 28% from FY 2021). Net income: ₹236.8m (up 223% from FY 2021). Profit margin: 7.7% (up from 3.1% in FY 2021). Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has increased by 62% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • Jun 01
Insider recently bought ₹1.3m worth of stock On the 26th of May, Varsha Meghani bought around 5k shares on-market at roughly ₹274 per share. In the last 3 months, there was an even bigger purchase from another insider worth ₹4.9m. Despite this recent purchase, insiders have collectively sold ₹12m more in shares than they bought in the last 12 months. Reported Earnings • May 14
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: ₹12.62 (up from ₹4.52 in FY 2021). Revenue: ₹3.29b (up 37% from FY 2021). Net income: ₹236.8m (up 223% from FY 2021). Profit margin: 7.2% (up from 3.1% in FY 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 3.3%. Earnings per share (EPS) also missed analyst estimates by 43%. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has increased by 79% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • Apr 07
Insider recently sold ₹1.2m worth of stock On the 31st of March, Santosh Upadhyay sold around 3k shares on-market at roughly ₹362 per share. In the last 3 months, there was an even bigger sale from another insider worth ₹3.3m. Insiders have been net sellers, collectively disposing of ₹15m more than they bought in the last 12 months. Valuation Update With 7 Day Price Move • Apr 06
Investor sentiment improved over the past week After last week's 15% share price gain to ₹426, the stock trades at a trailing P/E ratio of 39.7x. Average trailing P/E is 33x in the IT industry in India. Total returns to shareholders of 588% over the past three years. Recent Insider Transactions • Mar 19
Chief Financial Officer recently sold ₹361k worth of stock On the 15th of March, Devanand Ramandasani sold around 1k shares on-market at roughly ₹361 per share. In the last 3 months, there was an even bigger sale from another insider worth ₹3.3m. Devanand has been a seller over the last 12 months, reducing personal holdings by ₹3.6m. Valuation Update With 7 Day Price Move • Mar 11
Investor sentiment improved over the past week After last week's 25% share price gain to ₹357, the stock trades at a trailing P/E ratio of 32.9x. Average trailing P/E is 31x in the IT industry in India. Total returns to shareholders of 538% over the past three years. Recent Insider Transactions • Mar 05
Non-Executive Independent Director recently bought ₹4.9m worth of stock On the 2nd of March, Parish Meghani bought around 17k shares on-market at roughly ₹291 per share. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold ₹14m more in shares than they bought in the last 12 months. Recent Insider Transactions • Feb 25
Non-Executive Independent Director recently bought ₹1.8m worth of stock On the 21st of February, Parish Meghani bought around 6k shares on-market at roughly ₹326 per share. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold ₹20m more in shares than they bought in the last 12 months. Recent Insider Transactions • Feb 16
Insider recently sold ₹2.3m worth of stock On the 7th of February, Sandip Mahajan sold around 6k shares on-market at roughly ₹389 per share. In the last 3 months, there was an even bigger sale from another insider worth ₹3.3m. Insiders have been net sellers, collectively disposing of ₹24m more than they bought in the last 12 months. Recent Insider Transactions • Feb 04
Chief Financial Officer recently sold ₹2.1m worth of stock On the 1st of February, Devanand Ramandasani sold around 6k shares on-market at roughly ₹353 per share. In the last 3 months, there was an even bigger sale from another insider worth ₹3.3m. This was Devanand's only on-market trade for the last 12 months. Recent Insider Transactions • Feb 01
Insider recently sold ₹2.9m worth of stock On the 25th of January, Pratish Mehta sold around 8k shares on-market at roughly ₹342 per share. In the last 3 months, there was an even bigger sale from another insider worth ₹3.3m. Insiders have been net sellers, collectively disposing of ₹14m more than they bought in the last 12 months. Recent Insider Transactions • Jan 28
Insider recently sold ₹3.3m worth of stock On the 20th of January, V. Sankar sold around 9k shares on-market at roughly ₹365 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₹12m more than they bought in the last 12 months. Reported Earnings • Jan 16
Third quarter 2022 earnings: EPS and revenues miss analyst expectations Third quarter 2022 results: EPS: ₹2.60 (up from ₹1.45 in 3Q 2021). Revenue: ₹775.5m (up 34% from 3Q 2021). Net income: ₹49.8m (up 112% from 3Q 2021). Profit margin: 6.4% (up from 4.1% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 3.3%. Earnings per share (EPS) also missed analyst estimates by 43%. Earnings per share (EPS) missed analyst estimates by 43%. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has increased by 75% per year, which means it is tracking significantly ahead of earnings growth.