KPIT Technologies Limited

KPITTECH.NS

Software - Application · Technology

Price

₹592.00

+8.90 (+1.53%)

Market Cap

₹161.16B

Exchange

National Stock Exchange of India

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 25, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Mixed

Cash Flow

Mixed

Stability

Exceptional

Valuation

Strong

Dividends

Good

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Winston Score History

The full picture

KPIT Technologies is an Indian software company that helps carmakers build smarter vehicles. It specializes in embedded software and engineering services for the automotive industry, working on things like electric vehicle platforms, self-driving features, and connected car systems. Its major customers include large global automakers and automotive suppliers such as BMW, Cummins, and other top-tier manufacturers.

KPIT earns revenue primarily through technology consulting and engineering service contracts, typically billed on a time-and-materials or fixed-price basis. Headquartered in Pune, India, it operates across North America, Europe, and Asia, with a market capitalization around ₹161 billion. Its deep specialization in automotive software gives it a strong niche position that broader IT services firms find hard to replicate. Growth depends on the ongoing industry shift toward electric, autonomous, and software-defined vehicles, though any slowdown in automaker spending on new technology programs poses a meaningful risk.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+12.0% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-33.5% YoY

YoY Growth Rate

Earnings declining

R&D Spend

₹0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (15%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

39.4%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

₹15.6B cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

KPIT Technologies Limited is a rare growth stock that's already generating positive cash flow while growing at 12%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+0.3% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 272.9M (2022) → 273.8M (2026)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

35.7%

Modest — 35.7% gross margin

Profit after running costs

Operating Margin

11.3%

Modest — 11.3% operating margin

Return on the money invested

ROCE

29.3%

Exceptional — 29.3% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+9.6%

Steady sales growth (+9.6% YoY)

Profit growth

EPS YoY

-28.0%

Earnings shrinking (-28.0% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

67%

Modest — 67% of profit becomes cash

Spare cash per sale

FCF Margin

4.8%

Thin free cash flow (4.8%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.14

Conservative — low debt load (0.14)

Covers its interest

Interest Cover

14.53x

Comfortably covers interest (14.5x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

27.7x

Growth-priced — P/E 27.7

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+8.5

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (27.7 → 19.2)

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Dividends

Dividend

Dividend Yield

1.77%

Small dividend — 1.77% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+48.1%

Dividend growing fast (48.1% YoY)

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