KPIT Technologies Ltd — Q4 FY26

KPIT reported a muted FY26 with Q4 constant currency growth of 1.8% QoQ, but highlighted $349M in deal wins and 18% YoY growth in trucks & off-highway. Two large SDV programs are ramping down, creating a ~4-5% sequential revenue gap in H1 FY27, partially offset by new account wins. Management guided FY27 EBITDA margin of 20.5-21.2% despite increased AI investments, and medium-term margin expansion to 22-24% driven by solutions/products mix shift to 50% of revenue. Key risks include further program cancellations (e.g., Honda) and macro headwinds from tariffs/geopolitics. The company is expanding into India, China, and micromobility, but near-term growth remains uncertain.