An excellent question, and any useful answer must define what's meant by "technical and grammatical". At the very least, we must mean that the meaning is intelligible from the words. Thus we judge ungrammatical
[1a] *Love John Mary did about what.
because the rules of English syntax won't suffice to tell us even the direction of the flow of affection. Unlike the grammatical offering
[1b] What did Mary love about John?
There are also technical rules that apply to tell us something is wrong even when we get the sense. Thus in
[2a] *Mary hit he
we can tell the direction of the (apparent lack of) affection, but will insist on the "right" version
[2b] Mary hit him.
The application of these rules often relies on the context and venue of the utterance. So what about
[3a] on time, on budget, on quality
It certainly meets the rules of English syntax -- it's three prepositional phrases, all with the preposition on, and each preposition followed by an acceptable object, namely a noun phrase consisting of a single noun.
And it's certainly intelligible. It describes a company that does good work on schedule and within the agreed-upon costs. True, as written, it's not a complete sentence, but the context makes that acceptable: it's a slogan that you saw at a booth at an exhibition. In venues where space is at a premium -- headlines, warnings, instructions, hurried conversation, and so on -- we elide some syntactical elements without loss of meaning. I think it's safe to say that people understand the slogan to mean
[3b] [Our company does its work] on time, [brings projects in] on budget, [and produces results that are] on [a high level of] quality.
But this isn't going to fit on a brochure or a gimme cap. However, we can ask whether the shortened slogan violates any idiomatic usage. The first preposition is fine. On time is a common usage meaning a schedule met.
The second preposition is borderline. On here is more often used in the sense of about and usually with budget as an attributive noun, as in
[4a] We have to have a discussion on budget issues.
However, there are usages with the additional preposition in that mean to make a target budget:
[4b] One is determined to bring this project in on budget and on time.
The third time is not a charm: on quality seems unidiomatic. I think either at or with would be expected.
[5a] Not only did the units produce high-octane gasoline at quality and yield levels never before seen,....
[5b] ECOS consulting: "We promise to do our work with quality."
Call it the license of commercial poetry.