KPIT 押注 AI 提升利润率，Q2 营收增长仍疲弱
KPIT Bets on AI for Margin Growth as Q2 Revenue Growth Stays Weak
KPIT Technologies 在 Q2 FY27 的固定汇率营收同比增长仅 0.2%，EBITDA 利润率环比提升 60 个基点至 17.8%，公司正加速在工程、交付和内部运营中采用 AI 以提升生产率。本季度营收 1.768 亿美元，按卢比计增长 6.5%、按美元计下降 2.2%；公司未量化 AI 对利润率改善的贡献。KPIT 当季新签合同总额（TCV）达 2.13 亿美元，覆盖电动动力总成、智能网联、自动驾驶系统与网络安全等领域。
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KPIT Technologies reported 0.2% year-on-year (YoY) revenue growth in constant currency in Q2 FY27, while its EBITDA margin rose 60 basis points quarter-on-quarter (QoQ) to 17.8%. The automotive software and engineering services company said it was accelerating AI adoption across engineering, delivery and internal operations to improve productivity. It expects AI-led productivity gains, alongside revenue mix and growth, to support margin expansion in the near term.
KPIT reported revenue of $176.8 million, up 6.5% in rupee terms but down 2.2% in dollar terms. Revenue grew 0.5% QoQ in constant currency and 1% in rupee terms. The company attributed the EBITDA margin expansion largely to operational efficiency and revenue mix. It did not quantify AI’s contribution to the quarter’s margin improvement.
Revenue from KPIT’s two largest accounts declined approximately 13% YoY. Growth across other customers and vehicle segments, including trucks, off-highway and passenger vehicles, helped offset the fall, according to the company.
KPIT secured $213 million in total contract value (TCV) from new engagements during the quarter. These covered electric powertrains, vehicle engineering, connected vehicles, diagnostics, autonomous systems, middleware and cybersecurity for automotive manufacturers in the US, Europe and Asia. The company did not disclose the customers’ names.
“We expect the decline in these two accounts to bottom out over the next couple of quarters,” Sachin Tikekar, President and Joint MD of KPIT Technologies, said.
Tikekar said KPIT was focusing on expanding emerging accounts and converting opportunities into executable programmes. The company reported an improvement in its total pipeline, supported by growing traction in the US and India, and healthy growth in its Products and Solutions pipeline.
KPIT’s profit after tax (PAT) rose to ₹121 crore from ₹117 crore in Q1 FY27, up 2.9% QoQ. EBITDA increased 4.5% QoQ, while its EBIT margin stood at 12.7%.
Net cash stood at ₹620.5 crore at the end of Q2, down from ₹901.7 crore in the previous quarter. Major cash movements included dividend payments of ₹143.1 crore, an investment of ₹95.4 crore in Cymotive, capital expenditure of ₹83.1 crore and a working-capital movement of ₹168.6 crore. Days sales outstanding (DSO), which measures the time taken to collect payments from customers, stood at 53 days.
KPIT reported a foreign exchange loss of ₹17.1 crore, compared with ₹16.3 crore in Q1 FY27. Its share of losses from Qorix rose to ₹15.6 crore from ₹14 crore in the previous quarter, which the company attributed to revenue delays. KPIT expects the foreign exchange loss to decline and the Qorix-related loss to reduce in Q3 FY27.