KPIT Technologies Ltd(KPITTECH)

NSE: KPITTECHBSE: 542651

₹ 534.5-0.82%refreshed 23 Oct, 03:56 pm ISTMarket cap: ₹ 14,653 crNext results: 28 Oct 2026Website: www.kpit.comUpdated: 24 Oct 2026

About

KPIT Technologies is a pure-play automotive software and engineering services company, helping global OEMs and Tier-1 suppliers develop software-defined vehicles across powertrain, connected, autonomous, and body domains. The company generated revenue of ₹6,454.93 Cr in FY26 and employed 12,303 people as of Q1 FY27. It is pivoting from time-and-materials services toward outcome-based fixed-price and products-and-solutions contracts, with solutions accounting for ~15% of FY26 revenue.^[1][2][3]

Geographic segments

UK & Europe was the largest geography at 39.8% of FY26 revenue (₹3,309.2 Cr), with an EBIT margin of 18.5%.^[4]
Rest of the World contributed 38.7% of FY26 revenue (₹3,221.3 Cr), with an EBIT margin of 16.7%.^[4]
Americas contributed 21.5% of FY26 revenue (₹1,793.86 Cr), with the highest EBIT margin of 24.7%.^[4]
US revenues grew 10.5% QoQ and 4.0% YoY to $53.93M in Q1 FY27, with balanced growth across commercial vehicles and passenger cars.^[2]
JKC (Japan-Korea-China) revenue fell 25.0% QoQ and 29.7% YoY to $28.00M in Q1 FY27, as one European SDV programme reached start-of-production and one Japanese programme was cancelled.^[2]

Business mix by vertical

Cloud-based connected services grew 40.1% YoY in Q4 FY26 and 31% for full-year FY26, making it the fastest-growing business unit.^[3]
Commercial Vehicles (trucks and off-highway) grew 43% YoY in Q4 FY26 and 18.7% for full-year FY26.^[3]
Architecture & Middleware Consulting fell 20.1% YoY in Q4 FY26 and 13.7% for FY26, as OEMs postponed new vehicle architecture programmes.^[3]
Products and solutions accounted for ~15% of FY26 revenue and ~21% of the total pipeline as of Q4 FY26.^[3]

Key operating metrics

TCV of new engagements won was $257M in Q1 FY27, $349M in Q4 FY26, and $202M in Q3 FY26.^[2][3][5]
Constant-currency revenue growth was +0.1% YoY in Q1 FY27; full-year FY26 USD revenue was $724.8M, up 4.8% YoY.^[2][3]
Fixed-price contract mix reached 67.7% of revenue in Q1 FY27, up from 62.5% a year earlier; more than 80% of new contracts are fixed-price.^[2][3]
Revenue per development employee was $61,716 in Q1 FY27, compared with $63,177 in Q4 FY26 and $60,980 in Q3 FY26.^[2][3][5]
Total headcount was 12,303 in Q1 FY27, down from 12,520 in Q4 FY26 and 12,879 in Q2 FY26.^[2][3][6]
R&D expenditure was $4.37M in Q1 FY27 and $13.76M for full-year FY26, up from $12.28M in FY25.^[2][3]

Products and platforms

Beacon is the unified AI platform connecting N-Dream (in-vehicle gaming), i-Dart (aftersales), Technica (validation), and Cymotive (cybersecurity) across the product portfolio.^[2]
N-Dream (brand: AirConsole) entered India through an exclusive launch on the Tata Motors Sierra.ev in Q1 FY27 under a per-vehicle licence model; it is already embedded in approximately 2 million vehicles.^[2][5]
Qorix is a joint venture focused on vehicle middleware and new architecture programmes; it recorded an equity loss of ₹140M in Q1 FY27, up from ₹55M in Q4 FY26, due to revenue postponement in Europe.^[2]

Customers and client concentration

Strategic clients accounted for 84.6% of revenue in Q4 FY26, compared with 87.8% in Q4 FY25.^[3]
KPIT added 4 truck OEMs and 6 off-highway OEMs as new clients in FY26; in Q1 FY27 it opened engagements with 7 new off-highway OEMs and 4 truck/bus OEMs across the US, Europe and Asia.^[3][2]
In Q3 FY26 KPIT won a second Chinese OEM in the connected domain, and a large multi-year, multi-domain European OEM deal with TCV in excess of $100M over three years was won in Q2 FY26.^[5][6]

Expansion and new market moves

KPIT announced acquisition of up to 100% of Cymotive (automotive cybersecurity, co-founded with Volkswagen's CARIAD) for total consideration of $60M - $120M; initial $10M buys a 26% stake, with full ownership expected by mid-2029.^[3]
Caresoft was acquired and consolidated from Q2 FY26, contributing approximately 2.5% of QoQ reported revenue growth and adding roughly 800 headcount; cash payout was ₹4,723M.^[6]
A partnership with HMC HIVE (Hero Motors) was signed for light electric vehicle software, formally relaunching micromobility as a Horizon 2 growth segment to be extended to Southeast Asia.^[3][5]
A technology centre in Hanoi, Vietnam, is expanding with 100+ job opportunities as part of the Southeast Asia delivery footprint build.^[2]

Recent developments

Honda cancelled all its new EV platform programmes in H1 FY27, directly removing a major revenue base; management estimated continuation would have added ~4 - 5% sequential growth.^[3]
European OEM conversations shifted in Q1 FY27 from feature development to cost reduction: OEMs are seeking 30 - 40% cuts in vehicle product cost to compete with Chinese manufacturers.^[2]
A Q4 FY26 off-highway SDM deal worth in excess of $50M was closed, covering large-scale software-defined transformation of next-generation machine platforms.^[3]
Microsoft named KPIT a 'Frontier Firm' in AI in Q3 FY26.^[5]
EBITDA margin fell to 17.2% in Q1 FY27 from 20.6% in Q4 FY26, with the compression driven by fixed costs on lower revenue, a forex loss of ₹163M, and Qorix equity losses of ₹140M.^[2]

Market Cap

₹14,653 Cr

High / Low

₹1,285 / 471

Stock P/E

24.8

Price / Book

4.1

Book Value

₹129

EPS

₹23.3

No. of Shares

27.41 Cr

ROCE

26.3%

ROE

19.8%

OPM

16.0%

Debt / Equity

0.13

Sales

₹6,455 Cr

Net Profit

₹637 Cr

Promoter holding

38.6%

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KPIT Technologies Ltd(KPITTECH)

About

Geographic segments

Business mix by vertical

Key operating metrics

Products and platforms

Customers and client concentration

Expansion and new market moves

Recent developments

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