KPIT Q1 FY27: consolidated PAT ~₹116 Cr, down ~32% YoY as OEM ramp-downs bite margins
PAT -32.3% YoY · revenue +8.8% · margins compressing · miss vs street
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+8.8% YoY
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-32.3% YoY
Note: the attached filing is KPIT's board-meeting outcome letter and annexures, not the results statement (results were filed separately). Per that separately-published print as reported by media, KPIT's consolidated net profit for the quarter ended June 30, 2026 came in at ~₹116.4 Cr, down ~32% YoY from ₹171.9 Cr a year earlier and ~28% sequentially from ₹163 Cr in Q4 FY26. Total income rose ~8.3% YoY to ~₹1,683 Cr while revenue from operations (~₹1,675 Cr) actually slipped ~2% QoQ — so topline grew year-on-year but the bottom line went the other way, a classic margin-compression quarter rather than a growth story. Net margin fell to roughly 7% from ~11% a year ago.
Q1 FY-2027 vs prior quarters
The squeeze lines up with what management flagged on the Q4 call: it had guided FY27 growth would be 'challenged by two large program ramp-downs, largely offset by new wins,' with an EBITDA band of 20.5–21.2%. This print shows that ramp-down drag materialising ahead of the offsetting wins, compounded by a European OEM demand overhang that analysts have been calling out. The market read it as a miss: the stock fell ~8% post-result and Goldman Sachs and peers turned cautious, against a soft-but-not-this-soft expectation.
The stock went into the print at ₹589.3, up 7% over the past month of trading.
For FY27, management expects EBITDA between 20.5% and 21.2%, with growth challenged by two large program ramp-downs that will be largely offset by new wins. The company anticipates strong growth in trucks & off-highway, connected vehicles, and after-sales. In the medium-term, KPIT targets annualized double-digit growth
The attached document itself carries the corporate actions that accompanied the result: a final FY26 dividend of ₹5.25/share (record date Aug 12, 2026), an unqualified auditor opinion on the unaudited results, and a slate of board changes following co-founder S.B. (Ravi) Pandit's passing — promoter Dr. Nirmala Pandit joins as a non-executive director, Anant Talaulicar becomes Chairman for one year through the Aug 31 AGM, and Bhavna Doshi, Anup Sable and Chinmay Pandit are reappointed. The governance continuity is the reassuring subtext to an otherwise weak quarter; the financial figures above must be reconciled against the actual results filing, which is not part of this document.
W1
Whether the two flagged program ramp-downs bottom out and new wins begin offsetting from H2 FY27 — revenue was flat-to-down QoQ (~₹1,675 Cr).
W2
EBITDA margin trajectory versus management's FY27 guidance band of 20.5–21.2% (net margin already down to ~7%).
W3
European OEM demand recovery, the specific overhang analysts cite behind the ~32% YoY profit drop.
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