KPIT Technologies (KPIT.BO): 1Q in-line: Deepening PV/CV/solutions efforts in difficult operating environment

PDF 第一页内容摘录（原文）

Equity Research

29 July 2026 | 7:57PM IST

KPIT Technologies (KPIE.BO)

1Q in-line: Deepening PV/CV/solutions efforts in difficult operating environment

KPIE.BO

12m Price Target: Rs637.00

Price: Rs638.60

Downside: 0.3%

KPIT Technologies reported an in-line 1Q. Revenue / EBITDA were

+3%/-4% vs GSe and were +9%/-11% yoy. Constant currency

revenue declined was -3.6% qoq. Going forward, management

expects to see a similar quarter in 2Q, but expects a good exit to the

year in 4Q (and a better 2H vs 1H) based on current visibility in the

pipeline. The order wins of US$257mn imply a book to bill ratio of

1.45x. KPIT is focused on offsetting the current soft demand

situation in its core European / Japanese customer cohort by 1)

Adding a broader range of PV OEMs (vs historical focus on Top 25

customer); (2) Deepening the off high way and commercial customer

base; (3) Increasing focus on product + solutions integration for

customers. Management expects ongoing efforts in AI led

productivity improvement and an increasing fixed cost pricing

model to support gradual build back in margin. We raise our

FY27-FY29 EPS by upto +1%. Our 12-m TP of Rs637 is unchanged.

NEUTRAL

Chandramouli Muthiah

Goldman Sachs India SPL

Rishabh Rathi

Goldman Sachs India SPL

Key Data _____________________________________

Market cap: Rs174.2bn / $1.8bn

Enterprise value: Rs164.8bn / $1.7bn

3m ADTV: NA

India

India Autos

M&A Rank: 2

Leases incl. in net debt & EV?: Yes

GS Forecast __________________________________

3/26

3/27E

3/28E

3/29E

Revenue (Rs mn) New

64,549.3

68,332.4

75,445.5

83,871.7

Revenue (Rs mn) Old

64,549.3

67,172.0

75,422.3

83,877.2

EBITDA (Rs mn)

13,456.6

12,531.4

14,720.9

16,979.5

EPS (Rs) New

24.92

22.45

27.90

33.53

EPS (Rs) Old

24.92

22.39

27.62

33.27

P/E (X)

46.5

28.4

22.9

19.0

P/B (X)

9.0

4.4

3.9

3.4

Dividend yield (%)

0.6

1.1

1.4

1.7

CROCI (%)

53.5

32.4

33.1

35.0

6/26

9/26E

12/26E

3/27E

5.31

5.28

5.70

6.16

EPS (Rs)

GS Factor Profile ______________________________

Growth

Financial Returns

Multiple

Integrated

Percentile

20th

40th

60th

80th

100th

KPIE.BO relative to Asia ex. Japan Coverage

KPIE.BO relative to India Autos

Source: Company data, Goldman Sachs Research estimates.

…