Tata Consultancy Services Ltd.
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Technology · Information Technology Services
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Research updated
Kpit Technologies Ltd.
NSE: KPITTECHTechnologySoftware - Application
- Last close
- ₹532.65
- Day change
- −₹5.10 (−0.95%)vs
- Market cap
- ₹15,109 crIndian rupees
- Research updated
- 1 report
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About Kpit Technologies
Kpit Technologies Ltd. is a global IT consulting and services company, primarily offering software solutions and technologies to the automotive industry. It focuses on connected, autonomous, shared, and electric mobility solutions, helping automotive companies accelerate their digital transformation and innovation initiatives. With a specialization in embedded systems, Kpit Technologies supports industries through software development services, integrated IT solutions, and product engineering enhancements. Its expertise influences various domains such as powertrain, autonomous driving, connected vehicles, and electric vehicle technology. Headquartered in India, Kpit Technologies operates worldwide, providing tailored technology solutions to major automotive OEMs and Tier 1 suppliers. The firm plays a critical role in shaping the future of mobility by addressing the industry's environmental, safety, and efficiency concerns with its advanced engineering capabilities and technological expertise.
- Sector
- Technology
- Industry
- Software - Application
- Listing
- NSE: KPITTECH
- Next results
- Chief executive
- Mr. Kishor Parshuram Patil C.A., Esq.
- Employees
- 12,520
- Headquarters
- Pune, India
- ISIN
- INE04I401011
- Website
- kpit.com
Public research · Report of
Business model & financial foundation
KPIT Technologies (NSE: KPITTECH), Automotive engineering and software services: revenue of ₹6,455 crore in FY26 (+10.5% on FY25), an EBITDA margin of 20.8%, net profit of ₹637.3 crore and net cash of ₹964.7 crore.
- Revenue, FY26 (₹ crore)
- 6,455
- consolidated
- Revenue growth, FY26
- +10.5%
- on FY25
- EBITDA margin, FY26
- 20.8%
- EBITDA (Company EBITDA (FY26 excludes operating FX loss)) / revenue
- Net profit, FY26 (₹ crore)
- 637.3
- to owners
- Return on equity, FY26
- 19.7%
- on average equity
- Net debt, FY26 (₹ crore)
- -964.7
- Company-disclosed net debt: negative for net cash
- Market capitalisation (₹ crore)
- 15,109
- at the close of 17 Oct 2026
Company profile
KPIT develops embedded software and engineering solutions for automotive OEMs and suppliers, including software-defined vehicles, electrification, autonomous driving and connected mobility. Fixed-price and strategic-client work dominate its delivery mix. Revenue depends on program execution and customer R&D budgets; recent acquisitions broaden benchmarking and in-vehicle platforms while adding contingent obligations.
| Item | Value |
|---|---|
| Legal name | KPIT Technologies Limited |
| Exchange and ticker | NSE: KPITTECH; BSE: 542651 |
| ISIN | INE04I401011 |
| CIN | L74999PN2018PLC174192 |
| Sector | Technology |
| Industry | Automotive engineering and software services |
| Headquarters | Pune, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | B S R & Co. LLP |
| Market capitalisation | ₹15,109 crore (17 Oct 2026) |
| Shares outstanding | 27.22 crore shares (FY26) |
| Price | ₹555.0 (close, 17 Oct 2026) |
| 52-week range | ₹470.1 - ₹1,285 (to 17 Oct 2026) |
| Website | https://www.kpit.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Caresoft Group | 100% | Automotive benchmarking and engineering |
| N-Dream AG | 90% | In-vehicle gaming platform |
| OXI SRL | 100% | Italian automotive engineering |
| PathPartner Technology Private Limited | 100% | Embedded systems; proposed intra-group amalgamation |
26 subsidiaries; equity-accounted Qorix joint venture stake 44.44%.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 39.42% | 39.42% | 38.60% | 38.60% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 13.57% | 13.25% | 13.22% | 9.09% |
| Domestic institutions | 25.35% | 24.65% | 23.60% | 23.48% |
| of which mutual funds | 13.26% | 12.09% | 11.91% | 14.51% |
| Retail | 14.76% | 15.79% | 16.64% | |
| Other | 6.90% | 6.89% | 7.94% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
KPIT Technologies (NSE: KPITTECH) sells embedded software engineering, middleware and integration to passenger-car OEMs and their suppliers, plus commercial vehicle and off-highway makers. Revenue was 6,454.9 cr in FY26 and USD 724.8m. Delivery is from India, with Caresoft and N-Dream added in FY26. The top-25 strategic clients made up 87.3% of revenue in Q1FY27, and two customers were 31.7% of FY26 revenue. Fixed-price work was 67.7% of revenue in Q1FY27. KPIT controls its delivery cost and its platform IP. It does not control its clients' R&D budgets: the 30 Jun 2026 warning blamed "sudden actions by some European OEMs".
| Segment | revenue, FY26 (US$ million) | Share | segment result, FY26 (US$ million) | Share | assets, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Feature Development & Integration (management practice) | 433.4 | 5.0% | ||||
| Architecture & Middleware Consulting (management practice) | 129.8 | 1.5% | ||||
| Cloud Based Connected Services (management practice) | 161.6 | 1.9% | ||||
| US (management geography; overlaps practices) | 198.8 | 2.3% | ||||
| Europe (management geography; overlaps practices) | 348.0 | 4.0% | ||||
| Asia (JKC plus SIMA from Q1FY27) | 178.0 | 2.1% | ||||
| Passenger Cars (management vertical; overlaps geography) | 572.3 | 6.6% | ||||
| Commercial Vehicles and Off-highway (management vertical) | 131.2 | 1.5% | ||||
| Americas (statutory gross intersegment, INR_cr) | 1,794 | 20.8% | 442.7 | 50.8% | 346.8 | 30.7% |
| UK & Europe (statutory gross intersegment, INR_cr) | 3,309 | 38.3% | 612.2 | 70.2% | 522.8 | 46.2% |
| Rest of World (statutory gross intersegment, INR_cr) | 3,221 | 37.3% | 538.9 | 61.8% | 260.8 | 23.1% |
| Statutory eliminations and PBT bridge (signed, INR_cr) | -1,869 | -21.7% | -721.8 | -82.8% | ||
| Others (derived residual management vertical; overlaps practices) | 21.4 | 0.2% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Tata Elxsi (TATAELXSI) | Design-led automotive embedded software specialist; closest listed execution comparator. |
| L&T Technology Services (LTTS) | Diversified engineering R&D, automotive exposure; larger vertical breadth. |
| Tata Technologies (TATATECH) | Automotive engineering concentration, distinct mechanical/PLM mix. |
| Cyient (CYIENT) | Engineering-services cost and delivery benchmark; diversified end markets. |
| Persistent Systems (PERSISTENT) | |
| Coforge (COFORGE) | Midcap offshore delivery and margin benchmark, different vertical risk. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 2,432 | 3,365 | 4,872 | 5,842 | 6,455 |
| Cost of revenue (vendor classification) * | 1,596 | 2,177 | 3,139 | 3,660 | 4,021 |
| Other operating costs (vendor classification) * | 341.4 | 491.6 | 667.7 | 808.6 | 985.4 |
| EBITDA (vendor classification) * | 498.0 | 682.3 | 1,056 | 1,380 | 1,252 |
| Statutory operating EBIT excluding other income | 363.9 | 529.1 | 795.5 | 1,005 | 957.3 |
| Finance costs including leases and acquisition obligations | 19.4 | 32.3 | 54.8 | 42.4 | 73.7 |
| Profit before tax | 344.5 | 496.8 | 800.4 | 1,133 | 872.1 |
| Total current and deferred tax expense | 68.3 | 109.9 | 201.9 | 292.9 | 234.7 |
| Profit for year including non-controlling interests | 276.2 | 386.9 | 598.5 | 839.6 | 637.4 |
| Diluted EPS (₹) | 10.05 | 13.95 | 21.77 | 30.70 | 23.28 |
| Materials consumed plus inventory change | 58.4 | 55.8 | 90.8 | ||
| Employee benefits expense | 3,112 | 3,699 | 3,996 | ||
| Other expenses, full statutory amount | 709.8 | 857.5 | 1,110 | ||
| Company EBITDA (FY26 excludes operating FX loss) | 991.3 | 1,230 | 1,346 | ||
| Revenue less full statutory operating cost stack | 991.3 | 1,230 | 1,258 | ||
| Other income | 60.3 | 167.3 | 85.7 | ||
| Depreciation and amortisation | 195.8 | 225.0 | 300.6 | ||
| Exceptional items (signed earnings impact) | 0.00 | 0.00 | -59.7 | ||
| Share of joint venture and associate profit/(loss), net of tax | -0.54 | 2.80 | -37.6 | ||
| PAT attributable to non-controlling interests | 3.98 | 0.00 | 0.03 | ||
| PAT attributable to owners of KPIT | 594.5 | 839.6 | 637.3 | ||
| Net FX loss inside other expenses (added back in company EBITDA) | 0.00 | 0.00 | 87.8 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total consolidated equity including NCI | 1,325 | 1,663 | 2,163 | 2,912 | 3,549 |
| Interest-bearing bank/institution debt excluding leases | 227.2 | 286.5 | 44.7 | 1.53 | 462.2 |
| Cash and cash equivalents, FY25 reclassified | 342.1 | 454.2 | 655.0 | 1,223 | 1,318 |
| Billed plus unbilled trade receivables, net | 371.5 | 592.4 | 955.8 | 889.5 | 1,075 |
| Inventories | 0.00 | 58.8 | 90.2 | 84.7 | 88.1 |
| Total trade payables including accrued expenses | 137.2 | 164.3 | 239.8 | 178.2 | 260.8 |
| Net property plant and equipment excluding ROU/intangibles | 444.0 | 473.8 | 239.5 | 234.4 | 249.2 |
| Capital work in progress | 1.12 | 6.23 | 0.52 | 9.35 | 0.43 |
| Total consolidated assets | 2,336 | 3,401 | 4,168 | 5,033 | 7,256 |
| Equity attributable to owners | 2,146 | 2,912 | 3,541 | ||
| Current and non-current lease liabilities | 284.0 | 343.3 | 376.2 | ||
| Current investments (see liquidity definition) | 86.3 | 238.2 | 49.2 | ||
| Company-disclosed net debt: negative for net cash | -851.4 | -1,585 | -964.7 | ||
| Debt less liquidity per financial-risk note (excluding leases) | -1,578 | -949.9 | |||
| Billed trade receivables, net | 748.9 | 754.8 | 927.8 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operations after income taxes paid | 376.7 | 362.1 | 1,002 | 1,390 | 1,195 |
| Free cash flow (vendor definition) * | 406.4 | 333.0 | 846.4 | 1,260 | 1,052 |
| Dividends paid, positive cash outlay | -74.1 | -89.2 | 128.7 | 192.8 | 224.4 |
| PPE and intangible purchases, positive cash outlay | -68.5 | -127.6 | 155.3 | 129.5 | 142.6 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Year-end equity shares net of treasury shares | 26.95 | 27.01 | 27.12 | 27.17 | 27.22 |
| Gross issued equity shares including treasury | 27.41 | 27.41 | |||
| Weighted average diluted shares used in EPS | 27.31 | 27.35 | 27.38 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,471 | 1,478 | 1,528 | 1,539 | 1,588 | 1,617 | 1,711 | 1,675 |
| Cost of revenue (vendor classification) * | 959.1 | 937.4 | 881.8 | 996.4 | 996.2 | 1,023 | 1,072 | 1,078 |
| Other operating costs (vendor classification) * | 228.4 | -388.6 | 218.4 | 2.79 | 317.3 | 325.8 | ||
| EBITDA (vendor classification) * | 309.7 | 325.3 | 383.3 | 310.7 | 321.5 | 315.0 | 328.6 | 265.8 |
| Statutory operating EBIT (excl other income/JV/exceptional) | 245.7 | 253.8 | 265.1 | 237.0 | 246.0 | 234.2 | 240.1 | 189.0 |
| Finance costs | 10.2 | 10.3 | 9.19 | 12.0 | 16.3 | 23.3 | 22.0 | 23.0 |
| Profit before tax | 283.1 | 256.6 | 316.2 | 235.8 | 230.6 | 181.0 | 224.6 | 160.3 |
| Total tax expense | 79.4 | 69.6 | 71.5 | 63.9 | 61.5 | 47.6 | 61.7 | 43.9 |
| Profit for period (consolidated, after investee share) | 203.7 | 187.0 | 244.7 | 171.9 | 169.1 | 133.4 | 163.0 | 116.4 |
| Diluted EPS (not annualised) (₹) | 7.45 | 6.83 | 8.94 | 6.28 | 6.18 | 4.87 | 5.95 | 4.28 |
| Materials consumed + change in inventories | 14.3 | 12.2 | 21.3 | 21.0 | 18.3 | 26.3 | 25.1 | 17.5 |
| Employee benefits expense | 944.8 | 925.2 | 955.0 | 975.4 | 977.9 | 996.3 | 1,046 | 1,060 |
| Other expenses (incl net FX loss) | 210.5 | 228.4 | 229.0 | 242.5 | 270.9 | 279.7 | 317.3 | 325.8 |
| EBITDA (company definition, excl FX loss) | 306.4 | 312.2 | 323.0 | 323.9 | 335.1 | 333.4 | 353.3 | 287.8 |
| EBITDA statutory (revenue less full cost stack) | 301.8 | 312.2 | 323.0 | 299.9 | 320.7 | 315.2 | 322.1 | 271.5 |
| Net FX loss inside other expenses (added back in company EBITDA) | 4.66 | 0.00 | 0.00 | 24.0 | 14.4 | 18.2 | 31.2 | 16.3 |
| Other income (statutory incl FMV changes) | 51.9 | 19.5 | 46.2 | 16.0 | 23.6 | 34.1 | 12.1 | 8.34 |
| Depreciation and amortisation | 56.1 | 58.4 | 57.9 | 62.9 | 74.7 | 81.0 | 82.0 | 82.5 |
| Exceptional items (signed PBT contribution) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -59.7 | 0.00 | 0.00 |
| Share of JV/associate profit (signed, net of investee tax) | -4.29 | -6.38 | 14.1 | -5.12 | -22.7 | -4.22 | -5.51 | -14.0 |
| Profit attributable to NCI (signed allocation) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.11 | -0.08 | -0.77 |
| Profit attributable to owners | 203.7 | 187.0 | 244.7 | 171.9 | 169.1 | 133.3 | 163.0 | 117.2 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 19.5% | 38.3% | 44.8% | 19.9% | 10.5% |
| EBITDA margin | 20.3% | 21.0% | 20.8% | ||
| Net margin | 12.2% | 14.4% | 9.9% | ||
| Return on equity | 31.1% | 33.1% | 19.7% | ||
| Return on capital employed | 24.3% | 30.2% | 38.3% | 39.2% | 27.6% |
| Return on assets | 15.7% | 18.3% | 10.4% | ||
| Net debt (₹ crore) | -851.4 | -1,585 | -964.7 | ||
| Net debt / EBITDA | -0.86x | -1.29x | -0.72x | ||
| Interest cover | 18.8x | 16.4x | 14.5x | 23.7x | 13.0x |
| Asset turnover | 1.13x | 1.17x | 1.29x | 1.27x | 1.05x |
| Receivable days | 56 | 64 | 72 | 56 | 61 |
| Inventory days (on revenue) | 0 | 6 | 7 | 5 | 5 |
| Payable days (on revenue) | 21 | 18 | 18 | 11 | 15 |
| Cash conversion | 1.68x | 1.65x | 1.87x | ||
| Capex intensity | 2.8% | 3.8% | 3.2% | 2.2% | 2.2% |
| Free cash flow (₹ crore) | 308.2 | 234.4 | 846.4 | 1,260 | 1,052 |
| Dividend payout | 21.6% | 23.0% | 35.2% | ||
| EPS, diluted (₹) | 10.05 | 13.95 | 21.77 | 30.70 | 23.28 |
| Book value per share (₹) | 49.16 | 61.58 | 79.75 | 107.2 | 130.4 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Company EBITDA (FY26 excludes operating FX loss)) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Company-disclosed net debt: negative for net cash.
- Net debt / EBITDA: net debt / EBITDA (Company EBITDA (FY26 excludes operating FX loss)).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 17 Oct 2026); market data at the close of 17 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 17 Oct 2026; page updated 26 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.