KPIT Technologies Limited (KPITTECH)
Mid CapIT stocks · Mid cap · NSE
KPIT Technologies is a global technology company providing software solutions for the mobility industry, focusing on autonomous, clean, smart, and connected future. With over 12,000 'Automobelievers', KPIT specializes in embedded software, AI, and digital solutions to accelerate next-generation mobility technologies for clients.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is acceptable, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
high confidence · 12/16 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Bad · 0/100PAT -33% YoY · margin compression · Rev +9% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,675 Cr | +8.8% | -2.1% |
| EBITDA | ₹257 Cr | -12.9% | -18.9% |
| Operating margin | 15.0% | -400 bps | -300 bps |
| PAT | ₹116 Cr | -32.6% | -28.8% |
| PAT margin | 6.9% | -425 bps | -260 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
KPIT reports Q4FY26 revenue growth of 12.0% YoY (5.8% QoQ) and EBITDA growth of 9.4% YoY (6.0% QoQ), with margins maintained. PAT declined 33.4% YoY but grew 22.2% QoQ. Healthy deal wins of $349M closed.
KPIT delivered decent Q4FY26 revenue and EBITDA growth, with margins maintained. Healthy deal wins and a strong pipeline, particularly in Products & Solutions, support future growth. However, a significant YoY PAT decline and declining headcount warrant scrutiny, especially as the company plans increased investments and two large SDV programs conclude in H1 FY27.
Q4FY26 Revenue by Business Unit
Latest issuer-disclosed distribution across 3 reported categories.
Off-Highway and Connected Domains
Q4FY26 growth was led by Off-Highway and Connected segments. Commercial (On & Off-Highway) is expected to show solid growth in FY27.
Products and Solutions
Products and Solutions contribute ~21% to the total pipeline, with growth acceleration expected in H2 FY27.
AI-defined Machines
KPIT is guiding OEMs in trucks and off-highway sectors on their journey towards AI-defined machines.
Key Market Expansion
A nuanced strategy is crafted to expand business presence in key markets such as India, China, and Southeast Asia.
Improved Mobility Industry Outlook
Management states the situation has improved, with enough growth headroom available in automotive software as FY27 begins.
AI in Automotive Engineering
AI is now core to Automotive Engineering and favors domain-focused players, which aligns with KPIT's strategy.
OEM Pressure for Faster Time-to-Market
OEMs are under immense pressure to swiftly introduce new products and features, which KPIT's products and AI-infused solutions aim to address.
KPIT Mobility Intelligence Product (Beacon)
KPIT's Beacon product is in 'pole position', corroborated by enhanced interest from major OEMs.
Forex Loss
Q4FY26 results include a forex loss of ₹ 312M, up from ₹ 182M in Q3FY26, due to rupee depreciation of ~5% across major currencies.
Wage Bill Impact
There was a wage bill impact of 15 bps on an ongoing basis in Q4FY26.
Conclusion of Large SDV Programs
Two of the largest Software-Defined Vehicle (SDV) programs are coming to an end in H1 FY27.
Trade and Geopolitical Uncertainties
Management noted that trade and geopolitical uncertainties impacted the mobility industry last year, hindering investment in new platforms.
Currency Fluctuations
The company reported increased forex losses in Q4FY26 due to rupee depreciation, highlighting exposure to currency volatility.
Talent Attraction and Retention
The company's total headcount declined QoQ and YoY, indicating potential challenges in attracting and retaining qualified personnel.
Client Spending Reduction
Forward-looking statements acknowledge market conditions that could cause clients to reduce spending for services.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Both YoY and QoQ comparisons are crucial for IT services. YoY provides a clearer picture of underlying growth trends by smoothing out seasonality, while QoQ highlights sequential momentum, project execution, and immediate business shifts.
Revenue (INR Mn)
Q4FY26 Revenue from Operations stood at 17,110.00 Mn, a YoY growth of 12.0% and QoQ growth of 5.8%.
Revenue (USD Mn)
Q4FY26 Revenue was $185M, a YoY growth of 4.3% and QoQ growth of 1.9%. FY26 revenue was $724.8M, growing 4.8% YoY ($) and 1.3% YoY (CC).
EBITDA Margin
Q4FY26 EBITDA margin was maintained at 20.6%. FY26 EBITDA margin was 20.8%.
PAT (INR Mn)
Q4FY26 PAT was 1,629.74 Mn, a QoQ growth of 22.2% (6.3% w/o one-time gain) but a YoY decline of 33.4%.
Optimistic FY27 Outlook
Management states FY27 looks more promising than FY26 in terms of revenue growth visibility and market opportunity.
Strategic Acquisition for Cybersecurity
KPIT will acquire a strategic stake in Cymotive to strengthen AI-led automotive cybersecurity capabilities, with full ownership expected by mid-2029.
FY27 EBITDA Margin Target
Management targets an EBITDA margin of 20.5-21.2% for FY27, post increased investments in AI, Products & Solutions, Competency Development, and New Markets.
Focus on Products and AI-infused Solutions
The company is actively deploying its products and AI-infused solutions to help OEMs reduce time to market and enhance market share.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Revenue Growth | Q4FY26 ₹ YoY +12.0%, QoQ +5.8%. FY26 $ YoY +4.8% (CC +1.3%). | FY27 revenue growth visibility, especially acceleration in H2 led by Products and Solutions, to compensate for ending SDV programs. |
| EBITDA Margin | Q4FY26: 20.6%. FY26: 20.8%. | Achievement of FY27 target of 20.5-21.2% amidst planned increased investments in AI, Products & Solutions, and new markets. |
| New Engagements & Pipeline | Q4FY26 TCV $349M. Pipeline satisfactory, ~21% from Products & Solutions. | Continued healthy deal wins and conversion of pipeline, particularly the contribution from Products & Solutions. |
| Headcount & Talent Management | Total headcount declined 1.6% QoQ and 2.7% YoY to 12,520. | Stabilization or growth in development headcount to support future growth and execution of new engagements. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
Q4FY26 will also have wage hikes.
"Q4FY26 will also have hikes"
Outcome check: OPM moved from 19.0% to average 16.5% (-2.5 pp).
Q4FY26 will also have wage hikes.
"Q4FY26 will also have hikes"
KPIT will focus on China and India markets for expansion.
"Focus on China and India markets."
KPIT will focus on China and India markets for expansion.
"Focus on China and India markets."
KPIT is positioned to fortify its leadership and enable steady high-quality growth in medium term.
"enable steady high-quality growth in medium term"
KPIT is positioned to fortify its leadership and enable steady high-quality growth in medium term.
"enable steady high-quality growth in medium term"
Outcome check: Revenue YoY averaged 10.4% across 2 later quarter(s).
New vehicle programs in existing partnerships, addition of new logos, expanding into new geographic markets, mobility adjacencies like off-highway, solutions on cost reduction and cybersecurity will propel medium-term growth.
"will propel medium-term growth"
New vehicle programs in existing partnerships, addition of new logos, expanding into new geographic markets, mobility adjacencies like off-highway, solutions on cost reduction and cybersecurity will propel medium-term growth.
"will propel medium-term growth"
Outcome check: Revenue YoY averaged 10.4% across 2 later quarter(s).
Trend score and candlestick chart
48NeutralSMA20 +1.9% / mo · MACD − · near 52W low
Technical chart
KPITTECHdaily · 1Y · AUTO-19.8%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 41.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 rising (~1.9% over last month) — short-term momentum positive.
- RSI(14) at 41 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 57% off 52W high · 6% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is 17.0% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -8.7%.
- Both 3-month and 6-month returns are negative.
Valuation & score drivers
U-Score 55 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 55 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 19.9%.
- Growth contributes 20/25 to the score.
Main drags
- Valuation is weaker at 5/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
- Quality is weaker at 11/20; verify the latest quarterly trend.
IT valuation: PE and EV/EBITDA against growth and margins
Asset-light IT companies deserve valuation support only when growth, margins, and cash conversion hold up.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +1 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Management has 58% delivered/partly-delivered outcomes on 12 checked claims, with 5 adverse claim outcomes. It ranks around the 38th percentile of the scored universe and 36th percentile within IT. Main check: results consistency is weak at 39/100.
Healthy Trust: 12/16 extracted management claims have outcome checks; 58% were fully delivered and 0 were partially delivered. 5 claim(s) were contradicted or failed. Key concern: 5/12 matched management claims were contradicted or failed.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · IT: 36th pctile, median 69 · Mid: 21st pctile, median 76
12/16 claims have outcome checks.
12/16 claims checked · 5 contradicted/failed claims
How to read this Trust Score
Mixed Trust · high confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0%.
- ▸8 years of positive FCF.
- ▸ROCE is 26.3%.
Trust risks
- ▸3 latest quarters had PAT decline worse than 25% YoY.
- ▸5/12 matched management claims were contradicted or failed.
- ▸ROCE trend is -8.4%.
- ▸0/4 latest quarters had positive YoY PAT growth.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 25.30
- P/B
- 4.46
- EV/EBITDA
- 11.05
- Market Cap
- 15776.00Cr
Profitability
- ROE
- 20.90%
- ROCE
- 26.30%
- ROA
- 8.17%
- Dividend Y
- 1.30%
Growth (CAGR)
- Revenue 5Y
- 26.00%
- EPS 5Y
- 37.00%
- Revenue 3Y
- 24.00%
- EPS 3Y
- 21.00%
Balance Sheet
- Debt/Equity
- 0.24
- Interest Coverage
- 13.92×
- Altman Z
- 4.94
- Book Value
- 129.00
Cash Flow
- FCF Yield
- 0.04%
- FCF Positive Y
- 8/5
- OCF
- 1195.00 Cr
- EPS TTM
- 21.25
Shareholding
- Promoter Hold
- 38.59%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 4%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in IT, ranked by similarity
Peers
Business-comparable names in IT, ranked by similarity
Peers
Business-comparable peers in IT — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.