Total Contract Value (TCV) Wins
$349M
+42% YoY
Record quarterly deal wins, driven by off-highway and new client acquisitions.
KPITTECHNOLOGIES
Information Technology
23 Apr 2026
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.
✓ Verified against BSE filing
2-Min Summary
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.
Key Numbers
Solutions & Products Share of Pipeline
21%
+6pp YoY
Indicates shift toward higher-value, non-linear revenue streams.
Wallet Share Growth Target
20% increase
+10pp YoY
Aim to grow wallet share from ~10% to 12% in top clients this year.
New Client Additions
13
+225% YoY
Includes 4 truck OEMs, 6 off-highway OEMs, and 3 new passenger car OEMs.
Management Guidance
FY27 EBITDA margin guidance of 20.5-21.2%
Despite increased investments in AI, solutions, and new markets, management expects EBITDA margin to improve modestly.
marginsMedium-term EBITDA margin target of 22-24%
Driven by higher share of solutions and products (target 50% of revenue in 3 years) and fixed-price contracts.
marginsSolutions & products revenue to grow 30% YoY in FY27
Management expects 30%+ growth in this segment, which currently represents ~15% of revenue.
growthIndia revenue to double in FY27
India currently ~4% of revenue; management expects strong growth driven by local OEMs and global OEMs' India-for-India strategy.
growthKey Risks
Unexpected program cancellations (e.g., Honda)
Honda cancelled all new platform programs, impacting KPIT's revenue. Management noted this was a surprise and will affect H1 FY27.
high · management_commentaryDelays in middleware and autonomous driving programs
New architecture programs have been pushed out, leading to lower-than-expected revenue in these areas. Recovery may take 1-2 years.
medium · management_commentaryCompetition from Chinese automotive R&D firms
Analyst raised concern about Chinese competitors with high R&D spend and negative EBITDA margins. Management acknowledged competition but believes KPIT's localized solutions and ecosystem give it an edge.
medium · analyst_questionMacro headwinds from tariffs and geopolitical conflicts
Management noted that if current conflicts persist beyond 3-6 months, they could impact OEM spending, especially in the truck segment.
medium · management_commentaryNotable Quotes
We have never compromised on the investments in technology because we believe that is the core of KPIT.
We are not just thinking about today and tomorrow, we are also thinking about day after tomorrow.
The traffic jams are the projects that become bigger, complex, unpredictable... and these are the problems that we are solving now.