NSE: KPITTECH · BSE: 542651
KPIT TECHNOLOGIES LIMITED
Provides software engineering services and solutions to the automotive industry, focused on software-defined vehicles (SDV), advanced driver-assistance systems (ADAS), digital cockpit, electrification, and connected-vehicle programmes. Work is delivered to passenger-car, truck and off-highway OEMs and tier-1 suppliers, and centres on integrating the 100-plus electronic control units inside a vehicle. Revenue is reported by client geography: UK & Europe at Rs 3,309.2 cr (39.8% share), Rest of the World at Rs 3,221.3 cr (38.7%) and Americas at Rs 1,793.9 cr (21.5%). The company is pivoting from pure services toward packaged 'solutions and products', which were 15% of FY26 revenue with a medium-term target of 40–50%; products include the Beacon AI-infused delivery platform and a digital cockpit platform engaged with three OEMs and being expanded to five. New wins in FY26 included a $50M+ off-highway SDV programme with a North American OEM and 13 new client additions (4 truck OEMs, 6 off-highway OEMs, 3 passenger-car OEMs). More than 80% of new contracts are now signed on a fixed-price basis. The cost base is dominated by employees at 61.9% of revenue, with other opex at 17.2%, depreciation 4.7% and materials just 1.5%, reflecting an asset-light delivery model. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. UK & Europe (40%), Rest of the World (39%), Americas (22%). Asset-light IT services business with a specialist automotive software focus
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,432 | 3,365 | 4,872 | 5,842 | 6,455 |
| EBITDA (ex other income) | 439 | 633 | 991 | 1,230 | 1,198 |
| margin % | 18.0 | 18.8 | 20.3 | 21.0 | 18.6 |
| Owners' profit | 274 | 381 | 595 | 840 | 637 |
| EPS, as reported (₹) | 10.17 | 14.10 | 21.95 | 30.93 | 23.43 |
| ROE % · ROCE % | 20.8 · 22.3 | 23.3 · 23.6 | 27.7 · 32.2 | 28.8 · 35.4 | 18.0 · 22.1 |
| Debt / equity (x) | 0.00 | 0.03 | 0.02 | 0.00 | 0.13 |
| Cash from operations | 475 | 462 | 1,002 | 1,390 | 1,195 |
| Capex | (69) | (129) | (155) | (130) | (143) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,471 | 1,478 | 1,528 | 1,539 | 1,588 | 1,617 | 1,711 | 1,675 |
| Profit before tax | 287 | 263 | 302 | 241 | 253 | 185 | 230 | 174 |
| Net profit | 204 | 187 | 245 | 172 | 169 | 133 | 163 | 116 |
| EPS (₹) | 7.51 | 6.89 | 9.01 | 6.32 | 6.22 | 4.90 | 5.99 | 4.30 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Americas | 1,794 | 21.5 |
| UK & Europe | 3,309 | 39.8 |
| Rest of the World | 3,221 | 38.7 |
| Total, before eliminations | 8,324 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TATA CONSULTANCY SERV LT | 8,87,298 | 17.8 | 8.18 | 12.2 | 45.6 | 53.9 | 10.2 | 26.9 |
| INFOSYS LIMITED | 4,55,550 | 15.2 | 4.88 | 9.6 | 31.6 | 38.6 | 12.2 | 25.7 |
| HCL TECHNOLOGIES LTD | 3,78,281 | 21.6 | 5.03 | 13.6 | 22.1 | 26.2 | 11.5 | 20.9 |
| WIPRO LTD | 1,82,720 | 14.6 | 2.07 | 8.7 | 15.0 | 17.1 | 8.4 | 22.9 |
| TECH MAHINDRA LIMITED | 1,74,293 | 30.7 | 5.79 | 19.5 | 16.0 | 18.8 | 8.5 | 16.8 |
| LTM LIMITED | 1,21,357 | 23.2 | 5.03 | 14.7 | 20.7 | 24.8 | 27.9 | 20.0 |
| PERSISTENT SYSTEMS LTD | 91,811 | 47.3 | 11.71 | 31.4 | 23.8 | 28.5 | 28.6 | 17.8 |
| COFORGE LIMITED | 86,606 | 39.8 | 8.95 | 30.9 | 18.0 | 17.2 | 28.6 | 18.6 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 25.8 | 15.0 | 44 of 65 | 33% |
| P/B | 4.2 | 2.6 | 42 of 65 | 36% |
| ROCE | 20.5 | 14.2 | 23 of 76 | 71% |
| ROE | 18.0 | 11.5 | 16 of 64 | 76% |
| Debt / Equity | 0.1 | 0.0 | 43 of 65 | 34% |
| EBITDA margin | 16.7 | 18.4 | 37 of 65 | 44% |
| Revenue growth | 8.8 | 10.6 | 37 of 63 | 42% |
| Profit growth | (32.3) | 6.7 | 49 of 62 | 21% |
| Market cap | 15052 | 419 | 12 of 76 | 85% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Post-earnings conference call recording available | investor communications | low | — | — |
| 28 Oct 2026 · KPIT to incorporate wholly owned subsidiary in Vietnam | strategic transactions | medium | — | — |
| 28 Oct 2026 · Board approves strike-off of wholly owned subsidiary Somit Solutions | strategic transactions | medium | — | — |
| 28 Oct 2026 · Talaulicar appointed independent chairman of KPIT Technologies Inc. | management changes | medium | — | — |
| 28 Oct 2026 · Letter of comfort issued to UK subsidiary | general | low | — | — |
| 28 Oct 2026 · Q2 FY27 revenue stable, EBITDA margin rises to 17.8% | investor communications | medium | — | — |
| 28 Oct 2026 · KPIT approves September 2026 results, Vietnam expansion and UK funding | results | high | — | — |
| 28 Oct 2026 · Q2 FY27 revenue rises 6.5%, but half-year shareholder profit falls 30.3% | results | high | — | — |
| 27 Oct 2026 · 54,100 employee share options granted at Rs 10 each | capital market events | low | — | — |
| 21 Oct 2026 · Post earnings conference call scheduled for October 28, 2026 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.