KPIT Technologies

** Shares of KPIT Technologies KPIE.NS drop 1.4% to 554.55 rupees

** Goldman Sachs cuts FY26-FY28 EPS estimates by 15%, 12% and 12%, citing weaker near-term demand, slower recovery in global EV R&D spending and reduced spending guidance from key customers

** Brokerage maintains "neutral" rating, but cuts PT to 637 rupees from 740 rupees

** Expects first-quarter revenue to decline 5.2% sequentially, with management commentary indicating weaker client activity could weigh on first-half FY27 performance

** Brokerage now forecasts largely flat FY27 revenue growth, versus an earlier estimate of about 7.5% growth

** For first quarter, brokerage estimates revenue of 16.2 billion rupees, EBITDA of 3 billion rupees and adjusted net profit of 1.29 billion rupees

** Avg rating of 19 analysts at "hold"; median PT is 735 rupees, according to LSEG-compiled data

** YTD, stock slumps ~53%

(Reporting by Kashish Tandon in Bengaluru)

(([email protected]))

** Shares of KPIT Technologies KPIE.NS drop 15.7% to 566.30 rupees

** Automotive software co expects ~1% Y/Y decline in USD revenues for Q1, due to sudden actions by some European OEMs triggered by their recent profit warnings, adverse business outlook

** Adds, Q1 EBITDA margin and net profit margin would decline sequentially

** KPIE says performance in H1 of FY27 would be unsatisfactory; confident of ability to demonstrate profitable growth during the second half with sequential quarterly growth in Q4

** Brokerage JM Financial downgrades KPIE rating to 'Reduce' from 'buy', cuts PT to 620 rupees from 860 rupees

** JP Morgan downgrades to 'Underweight' from 'Neutral', cuts PT to 550 rupees from 700 rupees

** Investec says weakness is driven by a partial halt in billing from two large European accounts

** YTD, KPIE down ~52%

(Reporting by Vijay Malkar)

(([email protected];))

KPIT Technologies warned that its Q1 FY27 financial performance will be weaker than previously forecast after European automakers abruptly cut spending following their own profit warnings. The company expects a year-on-year revenue decline of about 1% in US dollar terms for the June quarter, with operating and net margins falling by larger magnitudes because costs cannot be trimmed in such a short window. KPIT called the first half of the fiscal year unsatisfactory but said the fundamentals remain strong, pointing to traction in its products and solutions business, trucks and off-highway verticals, and newer markets such as the US, Korea and India. It plans AI-led productivity measures to support margin recovery and remains confident of sustainable profitable growth in the second half, laying a foundation for FY28.

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June 30 (Reuters) - KPIT Technologies Ltd KPIE.NS:

• KPIT TECHNOLOGIES - OPERATING PROFITABILITY, NET PROFIT MARGIN FOR Q1FY27 TO DECLINE SEQUENTIALLY, PROPORTIONATELY HIGHER THAN REVENUE DECLINE

• KPIT TECHNOLOGIES - CONFIDENT TO DEMONSTRATE PROFITABLE GROWTH DURING SECOND HALF OF THE FISCAL

Further company coverage: KPIE.NS

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May 8 (Reuters) - KPIT Technologies Ltd KPIE.NS:

• KPIT TECHNOLOGIES LTD - INFORMS OF DEMISE OF FOUNDER AND CHAIRMAN S. B. (RAVI) PANDIT

Source text: ID:nnAZN4SUZ4B

Further company coverage: KPIE.NS

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May 6 (Reuters) - KPIT Technologies Ltd KPIE.NS:

• KPIT TECHNOLOGIES MARCH-QUARTER CONSOL NET PROFIT 1.63 BILLION RUPEES

• KPIT TECHNOLOGIES MARCH-QUARTER CONSOL REVENUE FROM OPERATIONS 17.11 BILLION RUPEES

• KPIT TECHNOLOGIES LTD - RECOMMENDS FINAL DIVIDEND OF 5.25 RUPEES PER SHARE

Further company coverage: KPIE.NS

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Jan 29 (Reuters) - KPIT Technologies Ltd KPIE.NS:

• KPIT TECHNOLOGIES LTD - DECLARES INTERIM DIVIDEND OF 2.25 RUPEES PER SHARE

Source text: [ID:]

Further company coverage: KPIE.NS

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Corrects bullet 6 to say J.P. Morgan's price target for KPIT Technologies is 1,400 rupees, not 4,800 rupees

** Shares of Indian software engineering firms Tata Technologies TATE.NS and Tata Elxsi TTEX.NS jump 4% and 8%, respectively

** J.P.Morgan upgrades both stocks to "Neutral" from "underweight" as automaker clients resume R&D programs after trade deals ease tariff uncertainties

** Work on projects won in 2025 to ramp up this year, brokerage says, with Europe, APAC clients leading demand recovery

** Auto investments focused on hybrids, brokerage notes, with EVs set to recover in the medium term

** As demand recovers, brokerage lifts PT on TATE to 710 rupees from 570 rupees; TTEX's PT raised to 4,800 rupees from 4,000 rupees

** However, KPIT Technologies KPIE.NS ("Overweight," PT: 1,400 rupees) remains JPM's top pick in sector; currently up 4.3%

** TTEX, TATE had underperformed Nifty IT .NIFTYIT index in 2025 on demand worries

** In 2025, TATE dropped 28%, TTEX was down 23% and KPIE fell 20% vs IT index's 13% fall

(Reporting by Nandan Mandayam in Bengaluru)

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** Motilal Oswal says KPIT Technologies KPIE.NS is well-placed to benefit from the growing complexity of vehicle software, on partnerships with global automakers and component suppliers

** Brokerage initiates coverage on the pure-play automotive engineering, research & design (ER&D) firm with "Buy" at PT of 1,600 rupees; a 34% premium to last close

** Says KPIT to benefit from scale benefits, acquisitions such as Caresoft, expanding architecture, and middleware capabilities

** Also initiates coverage on Tata Technologies TATE.NS and Tata Elxsi TTEX.NS with "Sell" at PT 580 rupees and 4600 rupees, respectively

** Says TATE's relatively higher share of mechanical engineering, on-site delivery results in lower margins

** Says TTEX's margins have come under pressure in recent quarters due to muted revenue growth

** KPIE, TATE, TTEX last up 2.6%, 1.3% and 0.07%, respectively

(Reporting by Aleef Jahan in Bengaluru)

(([email protected]))

July 30 (Reuters) - KPIT Technologies Ltd KPIE.NS:

• KPIT TECHNOLOGIES JUNE-QUARTER CONSOL NET PROFIT 1.72 BILLION RUPEES

• KPIT TECHNOLOGIES JUNE-QUARTER CONSOL REVENUE FROM OPERATIONS 15.39 BILLION RUPEES

Source text: ID:nBSE4bnp75

Further company coverage: KPIE.NS

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April 28 (Reuters) - KPIT Technologies Ltd KPIE.NS:

• MARCH-QUARTER CONSOL PROFIT 2.45 BILLION RUPEES

• MARCH-QUARTER CONSOL REVENUE FROM OPERATIONS 15.28 BILLION RUPEES

Source text: ID:nBSE2W5HNM

Further company coverage: KPIE.NS

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April 15 (Reuters) - KPIT Technologies Ltd KPIE.NS:

• KPIT TECHNOLOGIES LTD - INVESTS EURO 1.37 MILLION IN KPIT TUNISIA

Source text: ID:nNSE8xGngl

Further company coverage: KPIE.NS

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** Indian automotive tech firm KPIT Technologies KPIE.NS jumps 4.2% to 1,257 rupees

** Co said Qualcomm Ventures, the venture capital arm of Qualcomm QCOM.O, will become minority shareholder in KPIE's joint venture company Qorix GmbH

** Qorix GmbH is KPIE's JV with German technology manufacturing company ZF Friedrichshafen ZFF.UL

** Qualcomm Ventures will have an option to increase shareholding in JV by up to 10 million euros ($10.9 million), it did not disclose the initial shareholding details

** KPIE stock is rated "buy" on avg, median PT at 1,580 rupees - data compiled by LSEG

** KPIE down ~18% YTD

($1 = 0.9189 euros)

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

March 14 (Reuters) - KPIT Technologies Ltd KPIE.NS:

• QUALCOMM VENTURES IS INTRODUCED AS THIRD SHAREHOLDER IN QORIX GMBH

• QUALCOMM HAS OPTION TO INCREASE SHAREHOLDING IN QORIX UP TO EURO 10 MLN

Further company coverage: KPIE.NS

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** KPIT Technologies KPIE.NS, which provides software to auto industry, rises 6.1% to 1,422.4 rupees; set to snap three-session losing streak

** J.P. Morgan maintains "overweight"; retains PT of 1,900 rupees, implying a 42% upside over the next 12 months

** Expects KPIE to rise again, log fastest rev growth in its coverage of tech companies over FY24-FY27

** Says exposure to automotive vertical, EVs to boost earnings

** KPIE down ~18% since October on lowering FY25 rev outlook

** Stock rated "buy" on avg, median PT is 1,850 rupees - LSEG

** KPIE down 5.7% YTD

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463;))

Oct 23 (Reuters) - KPIT Technologies Ltd KPIE.NS:

• APPROVAL FOR RAISING OF FUNDS UPTO 28.8 BILLION RUPEES

• TO VOLUNTARY LIQUIDATE UNIT SAMIT SOLUTIONS INC

• RAISING OF FUNDS VIA MODES INCLUDING QIP

Source text for Eikon: ID:nNSE9KJrVf

Further company coverage: KPIE.NS

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Oct 18 (Reuters) - KPIT Technologies Ltd KPIE.NS:

• TO CONSIDER RAISING OF FUNDS

Source text for Eikon: ID:nBSE7XMsb7

Further company coverage: KPIE.NS

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April 29 (Reuters) - KPIT Technologies Ltd KPIE.NS:

• EXPECT FY25 REVENUE GROWTH BETWEEN 18% AND 22%

Source text for Eikon: ID:nNSE6Ff0c

Further company coverage: KPIE.NS

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Jan 30 (Reuters) - KPIT Technologies Ltd KPIE.NS:

• DEC-QUARTER CONSOL NET PROFIT 1.55 BILLION RUPEES VERSUS PROFIT 1 BILLION RUPEES

• DEC-QUARTER CONSOL REVENUE FROM OPERATIONS 12.57 BILLION RUPEES VERSUS 9.17 BILLION RUPEES

Source text for Eikon: ID:nBSE7dgX0n

Further company coverage: KPIE.NS

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Dec 22 (Reuters) - KPIT Technologies Ltd KPIE.NS:

• ACQUIRED 13% SHAREHOLDING IN N-DREAM FOR EURO 2.7 MILLION AS PRIMARY INVESTMENT

Further company coverage: KPIE.NS

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Updates with closing levels in paragraph 1, 4

By Rama Venkat

BENGALURU, Nov 30 (Reuters) - Shares of India's Tata Technologies TATE.NS settled nearly three-fold higher on their trading debut on Thursday, valuing the first Tata Group company to go public in nearly two decades at 532.64 billion rupees ($6.4 billion).

The Tata Motors' TAMO.NS unit, which provides engineering and technology services to auto, aero and heavy machinery makers, beat the valuation of its peers like KPIT Technologies KPIE.NS and L&T Technology Services LTEH.NS.

Tata Technologies' listing-day gains were also among the best since 2021-end, according to LSEG data and analysts.

The shares surged past the initial public offer price of 500 rupees to debut at 1,200 rupees before hitting the day's high of 1,400 rupees and ending 163% higher at 1,313 rupees.

"The listing was beyond imagination... and post that, the rally to 1,400 rupees was even more unexpected," Arun Kejriwal, founder of Kejriwal Research and Investment Services, said, adding that short-term investors could book profits.

The company's future earnings through a part of financial year ending March 2025 appear to have been discounted at the current valuation, Kejriwal added.

Tata Technologies' valuation has topped that of its peers KPIT Technologies, L&T Technology Services and sister Tata Group company Tata Elxsi TTEX.NS, which are valued between 409 billion rupees and 514 billion rupees.

IT services provider Tata Consultancy Services TCS.NS, which listed in 2004, was the last Tata Group company to go public.

India has seen a record 201 IPOs so far this year, while share benchmarks have scaled record highs on improving economic growth prospects.

Shares of the other stock market debutantes on Thursday, Fedbank Financial Services FEDB.NS and Gandhar Oil Refinery GADH.NS, closed 0.2% and 78.3% higher, respectively.

Pharmaceutical company Sigachi Industries SIGC.NS and Paras Defence & Space PRAF.NS had climbed as high as 270% and 171%, respectively, on listing in 2021, Aditya Kondawar, Vice President of Complete Circle Capital, said.

($1 = 83.3520 Indian rupees)

(Reporting by Rama Venkat in Bengaluru; Editing by Mrigank Dhaniwala)

(([email protected]; https://twitter.com/ramavenkat0607; +91 8095218099;))

Nov 29 (Reuters) - KPIT Technologies Ltd KPIE.NS:

• UNIT PATHPARTNER RECEIVED DRAFT ORDER FROM INCOME TAX DEPARTMENT ON NOV 28

• DRAFT ORDER ON MAKING TRANSFER PRICING ADJUSTMENT TO TUNE OF 56.8 MILLION RUPEES FOR A.Y. 2021-22 TO INCOME OF UNIT

• CO FEELS THERE MAY NOT BE ANY IMPACT ON POSSIBLE FINANCIAL, OPERATION OR OTHER ACTIVITIES

Source text for Eikon: ID:nBSE8Dzhpj

Further company coverage: KPIE.NS

(([email protected];;))

** India's KPIT Technologies KPIE.NS shares down 5.4% to 1,536 rupees, their worst intra-day fall since July 21

** Stk has rallied 36% over past month without major fundamental catalyst, Kotak Institutional Equities said in a note

** Kotak says co's valuations excessive at 59X FY2025, "unrealistic" growth expectations embedded in stk price

** KPIT deserves premium valuations due to strong capabilities in high-growth area, but disagree with premium magnitude - Kotak

** Kotak's stk fair value at 940 rupees, keeps "sell"

** Near-term strength in automotive engineering, research and development spends adequately factored in stk price - Kotak

** Co lacks various software capabilities compared to pure play IT companies and need investments - brokerage

** Including Tuesday's loss, KPIT shares up 26% YTD

(Reporting by Nallur Sethuraman in Bengaluru)

(([email protected]; (+91 8061822737); Reuters Messaging: [email protected]))

The author is a Reuters Breakingviews columnist. The opinions expressed are his own. Refiles to fix typo in second paragraph.

By Pranav Kiran

BENGALURU, Nov 17 (Reuters Breakingviews) - Slowly does it. Unlike many Indian drivers, Tata is not putting its pedal to the metal with the listing of Tata Technologies. The engineering firm, which serves the electric-vehicle industry, is priced well below its peers. That makes sense given the company’s dependence on a handful of clients, Indian stocks’ expensive valuations and a cooling in demand for EVs.

For its first initial public offering in nearly two decades, the salt-to-software conglomerate Tata group is taking a cautious approach. The listing of Tata Technologies will enable existing owners to sell their shares at a price valuing the company at $2.4 billion, or about 28 times its earnings for the 2023 financial year. That’s a discount to peers like KPIT Technologies KPIE.NS and Tata Elxsi TTEX.NS, which trade at much punchier multiples of 66 and 49 times, respectively.

In theory, Tata could have turbocharged the listing above the current $366 million it will fetch if its unit prices at the top of the range. EVs are clearly the future of the road and demand is expected to remain steady in the long run.

Cars are also adding more gadgets and receiving ever-increasing amounts of software. Globally, auto firms are set to spend $515 billion in as little as five years to develop and build battery-powered models, according to consulting firm Zinnov. Tata Technologies counts large makers like Vietnam’s VinFast VFS.O and Japan’s Honda Motor 7267.T among its clients. It helps them make vehicles lighter and manages the rollout of software updates, among other things.

Yet some caution is warranted. Tata Technologies started off as an in-house engineering services provider for Tata Motors TAMO.NS, the group’s $30 billion auto business. As a result, it’s still heavily dependent on a handful of clients. More than 60% of revenue from operations in the financial year ended in March came from just five companies, including Tata Motors, Jaguar Land Rover and VinFast. Widening its client base could take time.

The listing also comes as electric-car makers are cutting prices as demand cools. And the current price is already a premium on the near $2 bln valuation Tata Technologies fetched when private equity firm TPG picked up a 9% stake last month.

Finally, Indian stocks are expensive, making comparisons with peers slightly misleading. The MSCI India Index trades at 19.7 times 12-month forward earnings, above the MSCI Emerging Markets Index’s 11 times.

By picking a conservative price, Tata has increased the chances the IPO will not sputter.

Follow @PranavKiranBV on X

CONTEXT NEWS

Tata Technologies set a price band of 475-500 rupees per share for its initial public offering, per a term sheet and newspaper ad on Nov. 16.

Tata Motors and other shareholders will sell up to 60.9 million shares in the IPO, which will be open for bids from Nov. 21-24. The company will make its trading debut on Nov. 30.

The company was in talks with Morgan Stanley Investment Management, BlackRock and some U.S. hedge funds to invest in its IPO at a $2.5 billion valuation, Reuters reported on Nov. 9 citing two sources with direct knowledge of the matter.

(Editing by Francesco Guerrera and Thomas Shum)

((For previous columns by the author, Reuters customers can click on KIRAN/
[email protected]; Reuters Messaging: [email protected]@reuters.net))

Nov 9 (Reuters) - KPIT Technologies Ltd KPIE.NS:

• ACQUISITION OF 13% SHAREHOLDING IN N-DREAM AG

• INVESTMENT BY KPIT TO ACQUIRE 13% STAKE IS EURO 3 MILLION

Source text for Eikon: ID:nBSE2ygDDC

Further company coverage: KPIE.NS

(([email protected];))

** Shares of KPIT Technologies KPIE.NS rise over 7.5% in biggest intraday pct climb since July 24

** Co's posts ~69% jump in Q2 consol net profit, rev from ops grew 61%

** More than 1.3 shares changed hands by 12:41 p.m. IST, 1.5x 30-day avg

** Avg recommendation of 11 analysts is close to equivalent of 'hold,' median PT is 1,310 rupees - LSEG data

** Stock last up 6.91%, taking YTD gains to ~70%

(Reporting by Hritam Mukherjee in Bengaluru)

(([email protected];))

Sept 27 (Reuters) - KPIT Technologies Ltd KPIE.NS:

• KPIT TECHNOLOGIES LTD - FURTHER INVESTED EUR 5 MILLION IN UNIT KPIT TECHNOLOGIES

Source text for Eikon: ID:nBSE9cnFBS

Further company coverage: KPIE.NS

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** Shares of KPIT Technologies KPIE.NS rise as much as 3.61% to 1,095 rupees after reporting rise in June quarter profit

** KPIT posts 57% Y/Y jump in first-quarter profit as revenue surges 60%

** Trading volume is 2.37 mln shares as of 12:08 p.m. IST, twice the 30-day avg - Refinitiv data

** Of the eight analysts tracking KPIE, two rate it "strong buy," two "buy," two "hold," one "sell" and one "strong sell;" median TP is 990 rupees

** Stock up 56% this year versus 19% rise in Nifty Smallcap 100 .NIFSMCP100 index of which KPIE is a constituent

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463))

** Shares of KPIT Technologies KPIE.NS rises as much as 4.78% to a record-high of 948.80 rupees

** Shares rose over 6% on Wednesday due to 42% growth in Q4 net profit, revenue soared by 56% for the qtr

** KPIE also recommended a final dividend of 2.65 rupees per share for FY2023

** The moving average convergence divergence (MACD line) reversed above the signal line on Wednesday, suggesting bullish bias after co's earnings

** About 3.44 mln shares change hands as of 12:35 p.m. IST, more than the 30-day avg of 3.43 mln shares - Refinitiv data

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463))

April 26 (Reuters) - KPIT Technologies Ltd KPIE.NS:

• WILL ENTER INTO A DEFINITIVE AGREEMENT WHEREIN ZF FRIEDRICHSHAFEN AG WILL INVEST INTO CO UNIT QORIX

Source text for Eikon: ID:nNSEbFnbWy

Further company coverage: KPIE.NS

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