KPI1

May 13, 2026

BSE Limited
Phiroze Jeejeebhoy Towers,
Dalal Street,
Mumbai- 400001.

National Stock Exchange of India Ltd.,
Exchange Plaza, C/1, G Block,
Bandra - Kurla Complex, Bandra (E),
Mumbai – 400051.

Scrip ID: KPITTECH
Scrip Code: 542651
Symbol: KPITTECH
Series: EQ

Kind Attn: The Manager,
Department of Corporate Services
Kind Attn: The Manager,
Listing Department

Dear Sir/Madam,

Subject: - Transcript of the Post Earnings Investor Meet for the quarter ended March 31, 2026.

In terms of Regulation 30 and 46 read with clause 15 of Para A of Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the transcript of the Post Earnings Investor Meet for the quarter ended March 31, 2026, conducted on May 7, 2026.

The transcript of Post Earnings Investor Meet is also made available on the website of the Company. The link to access the same is as below:

https://www.kpit.com/investor-financials/

Thanking you,

Yours faithfully,

For KPIT Technologies Limited

ASHISH
MALHOTRA
Digitally signed by
ASHISH MALHOTRA
Date: 2026.05.13
22:17:13 +05'30'

Ashish Malhotra
General Counsel & Company Secretary

Encl: as above

KPIT Technologies Limited
Registered & Corporate Office: Plot No. 17, Rajiv Gandhi Infotech Park, MIDC-SEZ,
Phase-III, Maan, Taluka-Mulshi, Hinjawadi, Pune-411057, India.
CIN: L74999PN2018PLC174192
O +91 20 6770 6000
E [email protected]
W kpit.com

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Sunil Phansalkar:

Hello and a very warm welcome to everybody for this KPIT Technologies Analyst Meet. As we do always, we will have the presentations by the KPIT leadership team and then we will have this open for Q&A from all of you. So, since today we have an extended management team present, we will do a small introduction of who is present here from KPIT leadership, which would be done by Priya Hardikar. Priya herself is a part of the leadership team. She's our CFO and a part of the executive board And she handles, obviously, as being a CFO, all the accounting, auditing, legal, taxation, investor relations, compliance, all of these are under her. So now I would request Priya to please come over and introduce the leadership team. And once again, thank you for joining us on this meeting.

Priya Hardikar: Thank you, Sunil, and very warm welcome, all of you. I'm happy to introduce my colleagues with you. I mean, I'm sure you know most of them. Mr. Kishore Patil, co-founder, CEO, and managing director. Kishore, as you know, has led the company's transformation into global mobility technology partner. He has been and continues to shape KPIT's long-term strategy across mobility, software, and automotive innovation. Mr. Sachin Tikekar, President and Joint Managing Director. Sachin drives KPIT's growth agenda and client relationships. He plays a key role in scaling KPIT's presence across the markets and strengthening strategic OEM partnerships. Mr. Anup Sable, whole-time director and chief operating officer. Anup oversees KPIT's technology visioning, execution, delivery excellence, and execution rigor. He focuses on full-stack tech that will help OEM transform their roadmaps and bring excellence in their performance. Mr. Chinmay Pandit, whole time director and head of Americas. Chinmay leads KPIT America's business and strengthening OEM relationship and expanding regional growth. He focuses on market development, client trust, and strategic execution. Mr. Pushpahas Joshi, Head of Strategy and Growth Office, Member of Executive Board Pushpahas has led KPIT strategy growth initiatives and new mobility businesses. He drives portfolio expansion across the connected products, digital mobility, and strategic market development. Mr. Omkar Panse, CTO, Chief Technology Officer. Omkar leads KPIT's global technology vision software-defined vehicle strategy. He also drives next-generation EE architecture, SDV platforms, and mobility technologies across the domains. Mr. Gaurav Kakati, Chief Technology Officer, AI. The buzzword, Gaurav heads KPIT's AI strategy focusing on generative AI, agentic solutions, and AI-led transformation of automotive software lifecycle. He brings deep expertise in enterprise AI automation and innovation. Thank you, everybody, and welcome once again. Over to you, Kishor.

Kishor Patil:

Good afternoon, and very happy to really welcome you. After a long time, we are having this gathering, and I really missed it for the last few years, and I'm so happy that we are doing it at a time when there are many questions we need to answer I think so great to have you all here. So This is basically as we call it the next phase of transformation and growth. KPIT is always trying to consolidate and grow and further its thought leadership as well as the market leadership in the areas in which we operate, basically mobility And that's why I will start... I think I'll give you some overview about this. First, I will very quickly, for you all have seen the results, but You know, I would gequickly take you to FY26 performance market trends and KPIT response. I think this is the part I will cover. Anup will talk about technology moat. What is the differentiation of KPIT in multiple ways For Today and future. Sachin will talk about the resilient growth There are many questions about the industry. This that, how we are expanding the overall market, how we, would like to do this in spite of disruptions in, industries or, beyond, global, global environment. And then of course I will come and talk about mid-term outlook I know some of you want to do it the other

way, but I think it is best this way. So I think you have seen it has been A bit of a muted growth year, but ultimately, we had a good Q4. I think we had a growth of 1.8% in constant currency 1.9% quarter-on-quarter growth in terms of dollar. In terms of rupee, it, basically it's a growth of 12% and quarter-on-quarter it is 5.8%. The key highlight, if you want to ask me, is the 349 million worth increments closed during the quarter. It basically says that the number of deals, the number of engagements we have signed, and we have, of course, announced a couple of themSpecifically, I will cover them later So, that is very important. Pipeline continues to be satisfactory. Important part is the solution and products. That's our next pivot. And we'll talk about it, what does it actually mean, what it means to us, what it means to our client, how do we differentiate it? It's a 21% of the total pipeline is already into products and solutions, so it will, It basically gives us a very encouraging sign I mean, cash generation has been very good for the company over many years. It continues to be that dividend payout after dividend payout, it is 9.6 billion cash at the quarter end, and we have the final dividend, which is 5.25 per share. DSO stood at 47 days. Dividend is about 33% Kind of a payout If you look at the revenue, the little going little down, 18% year-on-year growth in trucks and off-highway So, as you know, last year we decided that we will expand into truck and off-highway as a segment. And now it is 18% growth year-on-year in trucks and off-highway. And the Q4 growth was also led by trucks and off-highway 11.6% and the second was cloud-based connected services. So these are some of the areas Where we saw that, detailed part about the growth, Sachin will talk, I'm just talking about the highlight of this quarter and overall And, EBITDA growth margin is for the year 20.8%. And for this quarter, 20.6%. I must tell you that what we have never compromised is on the investments in technology, because we believe that is the core of KPIT, that's the core of future, and that's what we will continue to do it. Most of the companies have less than 1% investment into technology We have done more than 3% for many years. We have upped the investments more than 5%. And I think that is a very important part, I would say that after doing that, we continue to have one of the best EBITDA number in the industry Let's talk about Tailwinds as well as the headwinds So, the growth is driven by connected vehicle, powertrain, vehicle engineering, and after sales. I wanted to say this a little bit here. This is how the actual thing is. This year, it is driven by all the four segments. So, connected vehicles will see in terms of technology, but it is, of course, this is an area of the highest growth in the industry, one of the highest growth in the industry. powertrain also continues to grow. Now, the powertrain is not... is electrification, it's conventional, it's a hybrid, and there are also pilots we are doing in terms of hydrogen-based systems. So I think it's a more broader than pure electric But nevertheless, we continue to do that, grow, even though naturally the growth is not the highest in that part, but we have grown in that. The vehicle engineering, this, I wanted to bring it out. This is a different part of the acquisition we did in the Caresoft You know, last year. That actually we doubled down on that, beyond software, the reason is We wanted to make sure that we are in a position to address one of the key point of pain for our OEMs, which is cost reduction And if you... when you look at the cost reduction, it is not about software, but it is about overall cost of the vehicle. And that's where Caresoft has, you know, certain competencies, some platforms With that, we are in a better position to deliver that, but more importantly In the industry, typically people have been doing the benchmarking, which has been a more hardware benchmarking. We bring to it now software benchmarking, which is really one of its kind, which tells them in terms of how the performance is going to be there, how the security is going to be there. So these are some of the things which we are adding. So these are the areas which continue to grow and last but not the least is after sales. This is one of the fast-growing areas for KPIT. And after-sales is very important, because OEMs are looking for sources of revenue for them going forward, and not at the point of sales, but throughout the life of the vehicle And after sales has become a big area. And I think that's the area where we have built a very strong solutions. And I

think you will hear about it. It's a 9% year-on-year growth with OEM clients, which has been our strategy. We did have drop in certain part which just to tell you on it, Tier 1 revenues, which has never been a focus, but whatever we had, I think we... actually, there was A drop in that. We have strengthened the China presence And two new engagements with Chinese OEM. This is very important. It's a very small part of our revenue, but it is important for us because China is a big market. The second thing is it has different type of OEMs than the traditional Later, there is a possibility that Chinese OEMs already are, you know, entering into the other markets and can take the market share also in other markets. So we want to make sure that we are successful in China. It's not the easiest market, it will take time, but Let me tell you, we have spent time and effort, and now we have two clear Chinese OEM engagements, which even though the revenues are not that great, I'm very proud about it. And 18% year-on-year growth in Trucks & off highway, I mentioned, and accelerated pipe generation in AI-infused solutions and products. So, that is, this is the focus area, and this is how we did last year In terms of headwinds, AI-led transformation led to near-term cannibalization in some areas. In some cases, but over the period, not over the period, we see a larger opportunity with AI-based solution But sometimes in the short term, in a particular case, it can cannibalize a particular part. But over the long term, we see that we are in a position to take end-to-end, and that's why we are moving towards the solution, taking the full ownership of the solution, and actually it adds to the revenues And lower than expected growth in middleware and autonomous driving. And one of the important reason for this is Many New architecture programs have been delayed. And that's why some of the middleware or the Qorix or some of those companies, actually that got pushed out, many of these programs and our revenues have come down on that area And autonomous driving, the game has a little bit changed, and I will show you. It is one of the high growth area going forward. And there is a better adoption of this area. The only thing is, the way it is there, earlier, all OEMs wanted to develop their own stack, and they realized that they failed in that, and they could not do it. So, it is more about really integration, it is more about how do you really train that, and how do you build on the stack. So these are some of the things which we need to do. So, there is a different approach, and there are some demos you can see laterYou will see it. So, I think that is there. And last but not least, there were In few accounts, there was a program cancellation and delays in few accounts, and I will talk about it later So, it challenged near-term growth, but expanded foundation for substantial future expansion. I must tell you that what we have achieved last year is one of the best we have achieved in the last many years in terms of qualitative progress Both in terms of changing the complexion of services, taking the lead in terms of AI, the products journey, you know, apart from solutions, the products journey, and also the markets where we have expanded. So I think I'm very proud about what we achieved And, of course, the leadership development which we have been in a position to achieve, which is going to be a base for the future growth, not only for a year or two, but going forward. We talked about, the reason I wanted to talk about is the many vehicle programs got pushed out, as I talked about, but that is more in passenger car area But off highway and commercial now are looking to adopt into SDV or AI-based software development, right? AIDV. So I think This is one of the, I would say, one very important engagement which we have won, and that's why strategic value is more than only the value, financial value. It's a long-term partnership in excess of 50 million, focus on large-scale software-defined transformation. It is, for this. And for the next generation machine platform So this is called SDV, generally we call it here it is called SDM software defined machines. So that and it is shipped from legacy architecture to modular platform that electronics and software architecture So I think this is important from that aspect. This is the second thing is leading Japanese tier one and to deliver the next generation of digital cockpit. This is important because the way we are changing our way of delivering to the client And the solutioning. It is a platform which is ours, and we are delivering

to multiple OEMs of the tier one Through this platform And right now, we are engaged for 3 OEMs, and it will go to 5 OEMs. So I think that is how we are delivering. And these two engagements are important, sorry, two OEM programs underwent more to SAST shortly. So this is a very important part, and Again, here we have used all our experience of so many years and so many production programs in digital cockpit area, and also, of course, we have used AI in terms of accelerated development. I had some chat in 4 million people were asking about where the spend is and etc. So first thing I must tell you, that this is the only limited part. I've just picked up a data for only automotive part and also outside China because that is the data which is available Beyond this, there is a Chinese data spend. There is also, of course, this does not include off-highway commercial. This does not include micromobility, but still there is at least You know, the good representation of automotive spend And this is from the McKinsey Jan 26 their internal data which they collected. If you really look at Which are the pockets? They're talking about 2x growth by 2030 into the R&D spend However, I will bring to your notice two things. If you look at the areas where they are going to spend, one is The AD/ADAS, which is becoming three times the spend from now till 2030. AD/ADAS is the largest spent area from that perspective. In terms of growth. And the second area, if you look at it, is the infotainment and digital services that is there And e-architecture, it's a relatively small part, but that is again moving in a big way. Integration validation is existing across many times it is across many spent area. It's the largest area of spend anyway, otherwise. So these are some of the spent areas. Now We... this will spend on gen 3 and Gen 4 programs. These are the architecture type you can look at. Now, automotive software spend remains strong. That's the one thing I wanted to say. Second thing I wanted to say that this is only, as I again repeating, it is only automotive part. This does not have Off Highway commercial, this does not have a Chinese data, and other things And beyond electrification, there is a high growth in other domains. So, electrification is not the highest spender. I just wanted to bring, while I mentioned to you last year also we have grown into powertrain or propulsion area. There are multiple sheds. It is not only electrification which drives it, but Beyond that, actually, the spend is here, and as you could see in the earlier, our highest growth was in infotainment connected and security. The second part I wanted to cover is in case of AD/ADAS Even though this spend is 3x, I must also say that this is not necessarily something to be available market to us fully Because of two reasons. Because this is where the companies may source platforms from the companies who have built up platforms and there are very few now because this includes billions and billions of dollars to really build a platform and, you know. So I think, but As you know, always, actually the validation simulation is a very, very big part of it. And that is always a very big part of any implementation, and that is what is available to us. I just wanted to explain to you from your understanding how this looks like. e-architecture I talked about it, it will go when the new vehicle programs will come, e-architecture will become important. It is important for all of our off-highway and commercial vehicles segment Now, you all know about the trends, but for a very quick Tariff and geopolitical conflicts EV policy changes in US and Europe supply chain disruption, rapid maturity of AI technology, impact on OEMs, multi-billion dollar write-off. One of the questions people ask is earlier We had much more clearer view of how the growth will be in the next year and then little bit we have said that this is where there will be growth and this is where there may be the programs will come to One of the thing is For one of our clients, and I'll tell you it is a public news, Honda, they basically cancelled all their new platform programs And that had an impact on us, and it was very recently, because it happened in the April month, and for us to understand the impact, it took us some time. So, there are some things which happen, and that's why we also decided that we'll have a more broad-based strategy, which we have been working. It's not that we will work from now Last two years, Sachin will, of course, talk about it Then loss of market share in China and growing Chinese presence in other market. Many of

European OEMs lost their Chinese market drastically. And this is where they were making money also earlier luxury OEMs. But I must tell you that they are coming back to some extent, even though their margins are less. Last few quarters, there is a recovery in many of those. But this is what happened for most of the part last couple of quarters, it has come. The pressure of margins. So even though they have grown, the margins have gone down And an R&D budget I told you about how it changes. Again, I must tell you that AI budgets is not considered in some terms of your AI technology. Naturally, AI into those domains is considered there, but AI by itself is not naturally considered part of it And impact Delay in vehicle programs, I talked about it. Most of the programs, most of the programs are delayed. It has two impacts on it. One impact is architecture part is something which got postponed, which we have really positions as well, which will come to, which is very important. We will come handy. And as I said, it is also important for highway commercial. Then the second part is Integration revenues will increase, actually. I must tell you that whatever we have a visibility, my experience tells me that there will be in the next two years a demand which we don't see today, which will come when the vehicle will get into actually the market, because the integration problems comes when actually the vehicle is launched. Right now, many of these programs are delayed, and at that point of time, they need something which is a proven partner and a solution. So, that is the... they both are the impact of delay in vehicle programs. Near-term revenue moderation, but robust outlook in medium term. Early move in software-defined machines for trucks and off-highway. I talked to you about that. And traction in autonomous L3, L4 programs, digital cockpit and after-sales And we made some see earlier we had made an investment in after sales. We made one investment into another company in California, right, Helm last year. I mean, it's a small investment, but the idea is actually to build this kind of expertise. So when we go for the integration, we go for the, you know, implementation, so I think we... we are in a better position. And also, when off-highway commercial, when we are building the solution We can have a little better preferred relationship with some of them. While we work with all the stack provider, it is not exclusive. We work with any stack provider So, these chips are there But mid-term outlook remains strong So what has been the KPIT response So This is something which we have been working already for two years. It's not something we are looking at it right now First is faster growth with solution products. We believe this growth, we expect to be $30\%$ on this, even though it's a small part, as we said, initially we start with $20~25\%$ . We'll grow with $30\%$ plus growth rate in these solutions and products Expand into adjacencies and new geographies and I don't want to talk everything about it here, but we are looking... we already had off-highway Commercial, which has been pretty successful for us. We also have built a micromobility, and I don't have a clear data, but I can tell you that by 2032, it will be a very big part of the business. Micro mobility. And the new geographies, so we believe that we believe in India, India growth story, which will be number 3 market, and I truly believe in the next 10 years, it could be number 2 market in the world if, you know, we are on track So I think then Middle East and other market is there are of course Asia, Vietnam, China, all these markets are there. So new geographies We have made strategic external investment of $ 400 million in M&AS, and I will tell you later how it actually stacks, create the full stack story, and how the technology investment is. So this is beyond the $5\%$ I talk about This is... so if you really... these are not included into the investments we have made into technology, and that makes us really the most preferred partner, and I'm sure you have seen the quote from Carriat CFO about this. I mean, he talks about that they really know the game. So I think this kind of experience, this kind of a thing is based on this kind of investments. Continued investment in R&D, $5\%$ , which I said, which is on top of this. And this is a very, very important part. As Gaurav is here, when we started Our journey about few years about AI, we actually had a separate organization build this technology And then take it in the company. But so first is we build a core technology, core stack, and we'll talk about it. So the

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product, this is what we call automotive mobility or mobility intelligence product, Beacon for AI first development, integration validation This we use for two things. One is AI-infused solution and also as a product Because when a client will adopt it, his employees will also use that So, we will be in a position to license also the product. We will also use it wherever we are delivering services. So there are multiple flexibility in which we are doing it. Here we have tied up with some of the tech companies. I think we had one announcement from Microsoft part of this at the time of CES, but there are a few others. So I think it's a very, very important part for us. And the last but is ecosystem of complementary partners. Because if you have to take the full ownership We don't do everything, but we have to build an ecosystem. Now, if you know the China benefit over many other companies is basically the ecosystem which they have built So, if you drive your ecosystem, your innovation is fast, you can give the full solution, which is very important. So we have a clear-cut focus on ecosystem of complementary partners, whether it is semiconductor companies, it is specialized tier ones or specialized software stack providers. So I think that's the kind of ecosystem which we are building. So continuous rigor on what this will mean is continuous rigor on wallet share expansion and expansion into new geographies and adjacencies We have about 10-11% market share. I mean, I talked about it earlier And we believe there is a much more headroom for us In terms of growing in the existing account. Beyond that, there are new accounts. There, beyond that, there are adjacencies. So I think these are the areas where we can really make. But these are the investments we have made. That's what I wanted to come out. These are the significant investments we have made As much important is people. Why I will tell you, because the disruption is not Only one time. It will happen. So we want to build a really agile organization. And This agile leadership is going to be very important in the mindset. And whether it is even the AI adoption in the how you will use the AI for the client, apart from that, overall, how will you phase different parts of the issues which may come, whether it is geopolitical or technical disruptions So it's a very important part, and we identified about 60 roles which are going to be critical. Very broadbands which are going to drive the organization. And this is the first batch where We had looked at about 40 people, 40 roles where we went through an exceptional program. This is completely designed by us with some partners, where we took all the team to China. They actually drove the vehicles, they actually went to all the OEMs, they went to the, you know, they had interactions with the government. Then they went to California. Then they saw, they went to NVIDIA, they went to the university, they went to the AI startups. They looked at it. And then we went to France and there we had the university interaction. So this is from INSEAD campus where we had some this Also, McKinsey has been our partners for these two. So a very, very rich program to really change the mindset and look at the world differently. My one thing I will tell you, my one take on that, and which is very important for our industry, for KPIT and for India And that's why it is very important is If you take class 150 years, 200 years history, there's a direct correlation between investment you make into technology and the growth you will have in future sustainable. So KPIT, that's why it continues to make that investment, which is very important to drive the growth for today and tomorrow and for future. So, that is what it is, and I think this is, as I talked about with the AI engineers, AI champions, engineers, research partnership, upscaling. We have basically building MTEC PhD combined programs with premier institute for research I think this is all going to be very important for us going forward. So we are making a lot of investment into this area. This is one area where we probably must be investing highest in this industry again, as much as the technology So, this has this investment we talk about proactive investment across chip to cloud as we talk about. So I mean, it doesn't mean that we are only doing an acquisition and investing into this area, but we have some work, and then we actually complement it with some of the specialist player. So this chip, it was a Pathpartner EA architecture, it's a Technica middleware is a Qorix. Application is helm.ai. Cloud, you can say in

dream and Summit solution. And these are the horizontal which go across. It is a caresoft technical validation, as I said, validation is a large part of the spend today, and it's also something which is continuous And it is going to be very important because one part, if you ask for a difference, that why China can deliver a program in two years or less than two years versus four years, what people take is one of the things where you can really reduce is time, is the validation. And that's where we have some very, very special offerings, which you can see it later. And recent is the cybersecurity Cymotive. Again, it's a... we believe that what was important to us is having a cybersecurity solution in the vehicle which is being used, multiple vehicles, millions of vehicles. As you know, the Cariad is an investor into this company, so in Volkswagen Group, there's millions of vehicles where cymotive solution is there So proactive strategic investment across all red chip to cloud stack So now I come to Anup for the technology moat, as we call. What is that differentiation? What is that KPIT doing in this area? Okay.

Anup Sable:

Hi, good afternoon Can you hear me? Okay, so You know, every time we talk about KPIT, we talk about Software integration And, you know, many people might have question of what really is that integration, why is KPIT keeps on talking about it. So, I'm going to talk more about that In terms of your understanding, so You know, if you just focus on this part You know, look at each car as a software component, right? So if each car is a software component What happens is software developers Design these components, that means they have a car, and they start riding on a very open, free, just freshly opened highway, you know, straight patch, missing link road. And they go at 100 kilometers per hour and they think their component works because it rides at100 kmph, and then this happens. You know, they come to a junction Largely unruly problem. Many software components come into picture Each software component, the driver is different The attitude is different, the car capacity is different, the condition of the car is different, and then this typically happens. So This typically happens in any context in an automotive. Automotive is a very complex machine It has got about 100 to 120 computers 5 or 6 different types of networks And all of these have to handshake with each other in real time because sometimes, obviously when you press a break, you want the brake braking to happen when you turn the steering, you want the steering to turn And so there are real-time issues, there are safety issues. So overall, it's one of the most complex machines in the world The second thing is, okay, so If there is a complex machine, what is the problem, right? We can scale up and solve all the problems When you look at the latest semiconductor technologies, all of you must have heard about GPUs that are used in AI. You heard about NVIDIA, Blackwell latest SoCs Do you have an idea of how much it costs for that one single big chip? Approximately $ 35,000 That is probably more than the cost of the car Now, when you talk about giving infinite bandwidth in car that is not possible because you know I give you an example, the second bullet point talks about a $ 300 billion company, let us say the sales are 300 billion dollars Margins are very small, 2.5%, 3%, sometimes maybe 4%. So, 7.5 billion of net margins. And then Let us say there is an opportunity of saving $ 10 per car And that you multiply by 10 million vehicles, that becomes suddenly $ 100 million saving So, a car company cannot think about Even spending $ 1 more Or even 50 cents more. Negotiations are done for that per car. So, if you can reduce even $ 1 per car, that is a great opportunity for extracting that money in the bottom line. And that is why a car is always a constraint environment. Everything inside the car is constraint, it is the most optimized version, and when you want to do optimization, you get into situations like this. You get into integration issues. And that is the real main work that we do, in terms of making sure that the car is optimized very well in terms of what it has to do. So, most of the chaos That happens, the programs get delayed. When you hear about delay in programs, it is because most of the software engineers start driving at 100 kmph per hour And they soon hit a

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bottleneck like this, and this bottleneck is absolutely unresolvable. And that is where we come into picture. And of course, there is also complexity. Not only it has to be optimized for that car, it is to be optimized for probably 15 different models of the car, because you can't keep on engineering differently for every single car. So some large OEMs who have huge number of models, every year they launch 10, 15 different car vehicles, car models is similar, exactly the same component needs to exist inside, and then the scalability has to be up, down, sideways, all those things are there. So it becomes even more complex because of that. So this is what our real work on value addition to the customer is. So what do you do when integration problems happens? Of course, you can do something about it before it happens. So what is the proactive way of handling it? And then there is, of course, once you get into a problem, what do you do? You keep on finding the problems, you diagnose the problems, you fix the problem. So there is something that after it happens. Now, mind you. The traffic jam is very easy to see. For very, very, very unskilled person to actually observe and find out where is the bottleneck, who's the car who's actually blocking everything, which truck is blocking it. But in software, you can't see anything. So you have to observe by different ways. And some of the things today, demons today that we are talking about is actually talking about these observability. How do we look into something that happens so fast. It is so critical from a real-time perspective. Microseconds are important, milliseconds are important. How do you observe these things? How do you find out the problems? And that is what we do also. Next question you might have, and I had many questions before this session started. What is the AI impact? How does AI really help? Of course, AI helps. AI improves software productivity. You know, worst case, 10 times. Best case, maybe 50 times, 100 times. So, what do you do? So that means you create a eight-lane highway, here there are six five. And everybody drives very fast and again go to the same bottleneck and hit it there. So AI is a fantastic way for generating a lot of software. So today, if you could generate 10 million lines of software, you'll generate 100 million lines of software and then you are left to finding problems of 100 million lines of software inside the car. So the problem increases tenfold, probably multifold, not just 10, because the order of magnitude is not linear here. You are probably talking about power equations here, in terms of complexity getting created. Okay, so that is what we do. Now, let me get to you again this is. You must have heard about software V. Okay? And if you look at this outer light purple thing, it almost looks like a V. It is looking like a U more than a V now. But that is actually the software V. But in a vehicle, you come from A requirements V, because even the requirements have to be validated. So, you can observe that inside the big V there are these small V's. And each of these V's, the left-hand side of the V is called a development side, and the right-hand of the side of V is called the validation side. Okay? So even the requirements are validated. There is a way of validating a requirement. I write something, I validate it. Is it ambiguous? Is it traceable? Is it testable? If I write a requirement that is ambiguous, it cannot be implemented. If I write a requirement that is not testable, nobody can verify it is whether it is written correctly. Each of these V is important. Once I write the requirements, am I actually implementing the right platform? Is my network architecture correct? Is my system architecture correct? What is my requirement? And what is my verification and validation for that? Then you come to something called as a feature development, the purple V's that you have. Software developers do these features. They write the features, they test the features locally. The highway driving at 100 kmph. And then you come to integration and regression. When you come to the Roundabout where traffic jams get created. This is the traffic jam. This is how you need to first verify whether your platform is working, then you keep on adding the features on top of it, and then you every time somebody adds a new feature, his feature has to be tested with 300 other features that already exist inside the car and they are actually handshaking, discussing, exchanging data with each other in real time. And sometimes this real time breaks, sometimes something doesn't work. So

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you'll see in your modern car, sometimes things don't work And they work they do not work intermittently. You are lucky if it does not work consistently. Sometimes it doesn't work intermittently. Okay, and these are the integration problems that we are talking about. And once everything is done, then again, there is a standard validation cycle. So you have things that are tested in labs, and in labs, there are two stages. One is called a domain system hardware and loop testing, then you have a multi-domain, testing that happens. So, car infotainment gets tested with ADAS and then all of it gets tested with chassis, so it's called multi-domain, but it is in a lab And then you have mule vehicles I had tried to simplify this diagram for you. It is not that simple. Okay, so it is very, very complex cycle. And then you have a start of production and then you have an after sales section. So your car is in the field and you need to be serviced and all those things need to happen So what at KPIT, we have been doing for so many years, and what we have done is you can take a look at different coverage areas of KPIT, and let me explain. So on the top, the orange color or whatever color that is There are many ladies in the room Closer to orange So that is actually the platform approach. So there are different platforms. Platforms are things that do most of the dirty work inside The car from a hardware perspective, but they are not as glamorous as the applications that you see in the front. So you have... the applications are what serves the users, that is you, who drive the car, and the difficult part of what the applications should actually make happen inside are the platforms Okay, so you have platforms Then, we have beacon. The reds are all the AI accelerated work packets that we would call it, I mean, in terms of software. So you can see, if you look at this diagram, I had done a left-hand side and a right-hand side. So, you'll see the red occurring here. This is the AI that is going to eat up the software development part, the digital part. Then there is a little bit of red here also, the AI part here also, because even when test verification is done Large part of the verification to be done is also software Okay, so validation also done. And then you have, I talked about what you do before, what do you do beforehand? Everything that happens on the left hand side, a good automotive platform, a good AI infrastructure, a good virtual validation So if I do not have the hardware for testing, how can I emulate the hardware, simulate the hardware, whichever word you feel comfortable with How do I actually simulate this hardware so that even if the hardware is not there and I still able to test the software that I write? It's called virtual validation. It's because it's virtual. You're doing validation virtually Then, you have actually real validation, but you have to do it across the board, even on the left-hand side of this bigger V So this is a development cycle and in that development cycle you're using AI, you're using virtual validation, you're using real validation, and then you're accelerating things using automotive platforms Okay? And then you have an integration Where you again have the virtual validation platform playing a big role. The SDV benches playing a big role, the one that is in the back, and then AI playing a big role. And then on the actual validation side, it's the real validation that comes into picture And then after you get into the sales, you have an after-sales products that come into picture. Okay, so this Whatever I have painted here is now the portfolio that KPIT has in terms of what Kishor was talking about, product and solutions. This is what we've been doing for the last maybe four years or so From a beacon perspective, I think Again, there are questions, and I don't think we have enough time to discuss in detail, but if there is more interest and Sunil can find that out, we can have a separate session on this What is this AI? Why is this AI, what is the difference between GPT and Claude and DeepSeek and of course there is difference. There are difference, a little bit of differences, nuances here and there And then AI gets even more complex whether when you want to use AI as a prototyping tool Well, or when you want to use AI as a production tool, production needs consistency, production needs repeatability, prototype needs You know, experimentation and fun. So, when do you transform from experimentation or having fun to doing some serious work in terms of repeatable and where repeatable things in automotive repeatability is also bundled with Concerns for safety, that

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means traceability exists, some regulations exist, like ISO 26262, or functional safety. So how do you encompass all of this? And you might hear a few words that are happening, right? Agents. Agents are the way of actually organizing a model. A model is an LLM model. Agent is a way of organizing this model to do a specific task. You might also hear about a word called harness. Harness is actually used to extract A specific thing from the agent model combination so that you are able to get what you really want to achieve at a scale, at an engineering scale. So what we have done is out of our experience that we have in automotive, what we understand, we are working across multiple domains And then we took an early lead on AI in terms of how it is expressing itself, how the models are progressing, and what is the most optimum that our customers need from this in terms of putting up an enterprise together, engineering organizations are huge. KPIT is a 13,000 plus people company doing only engineering for automotive. How do you organize 13,000 people together in terms of AI usage? How do you manage it? How do you address safety concerns? How do I make sure that my code actually doesn't leave KPIT. How do I actually create traceability? How do I track everything together? So all these things bundled together are what Beacon has right now. And this is what we are using very effectively in terms of large-scale implementations that we are doing for our customers are the most complex programs. When I talk about the traffic jams, the traffic jams are the projects start becoming bigger, complex, unpredictable in terms of when they will get complete, and these are the problems that we are solving now. And we are becoming, I mean, we have customer Testimonials to tell us that we are getting better and better every day in terms of solving those problems. So this is what our beacon, I will not get into details of what the features are, etc, because it can get more confusing. But this is our way of addressing large-scale problems that need AI intervention. And if you noticed The red color is everywhere What it means is there are places where AI can solve your software problems, but there are places where there is no software involved. There is a lot of electronics involved, hardware involved. How are we actually putting all of this together through AI? what is called as a harnessing. I mean making it work for the entire life chain is what we are trying to do. And this is what we are getting good at. Kishor mentioned about the inorganic effort, the companies, the joint ventures that we have. So here we are talking about It's not just that. It is also about an investment that we are making, a significant investment in terms of creating technology. So if you look at the layers These are the things that we have right now working in some form or other in terms of customer, and now we are supporting it with AI harness that we have. And what it basically means that when we look at Typically, a company that does some great work in a specific area, let's take, for example, Technica, it is usually doing work with few customers, and our advantage is that globally we work with many customers. So we basically bring that Expansion, we try to understand how it can be expanded. We also try to look at what needs to be done more in terms of making it happen. How do you scale it globally, expand it globally across the markets that we have? And this is the work that we are currently doing and this is This is the one that we intend to expand in the next couple of years Again, same slide looking at it from technology perspective, all the purples here are actually a result of all of this work that we have done. The black is organic, that KPIT has, for the last many years, invested and actually converted them into products or solutions that we are trying to sell. Okay? Thank you very much. So I call upon Sachin.

Sachin Tikekar:

All right First of all, you can all hear me. I'm sure you can see me. I hope you can hear me too. So in our company, we have two functions Marketing and account management there are about 150 people. Their primary job is to just translate what Anup presented to all of you to all of you the purchasing organizations in large OEMs That's what they do, essentially, and to get them to pay

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us money for something they cannot touch and feel So I just wanted to get that out to all of you What I'll try and cover is walk you through our story over the last couple of years. And this story is about, you know, when you see certain things getting repeated, then you wonder and you try and fix them in a systemic way So we realized that these macro problems and micro problems are not going to go away. First it was the pandemic and then there was the supply chain disruption and then there were tariffs and wars. And now there is AI, all of that. Two years ago, we said that we needed to build our organizations, which will become resilient enough to deal with this, right? At some point, you have to say, it is part of life, and you have to build your future based on resilience. And that's really our story. And let me cover some of that, you know, what is it that we've been trying to do Over the last two years, I think we have made progress, but there were some unforeseen punches along the way. We continue to roll with the punches, and we continue to make progress. along these. So first is You know. Those of you who attend our investor calls, you hear us talk about our T25 strategy. 25 clients that we've been working with, and in all fairness, bulk of the growth that you saw of KPIT, phenomenal growth the last four years, it was mostly on the back of 8 OEMs. And it was mostly with Anup just presented, which was largely in vehicle software. Right? But there is a lot more to KPIT. And that means, now, first step that we have to take that we've been taking is to look at every OEM and their relevant spend to us, and see what does that mean, and how do we go deep in every client and expand in a wide way. So we've been looking at wallet share for the last couple of years. We know exactly where they spend and where they are not likely to spend, and how much they spend on us versus others. And we have been doing it very diligently And Kishor mentioned this earlier on. If you take the overall wallet share of KPIT among our top 25 clients is about 10% as of last year. That we grew by 10% to 12% year-on-year Now, the goal for this year is whether we can push that up to more than 15 to 20%. So this is number one thing that we've been doing. And essentially, we are doing it through these four, points, that are listed out here. One is cross-practice offerings. Most of the things that you saw on the V cycle, you can imagine that there are different practices on the KPIT side. There was a platform that you saw, and then there are different domains, whether it's digital cockpit or AD/ADAS, or body or chassis, right? So bringing them collectively and solving larger problem of the client. So this is one thing that we started to do for every client now, in a very conscious manner. The second part is all of The clients have constraints to, they don't have the time and they don't have the money that they had a few years ago. Hence, the solutions and products come in handy. Doing Business in a linear manner just doesn't make sense anymore, right? So how do we really increase nonlinearity for our clients so that we can shorten the timeframe, and secondly, also offer them, cost-effective solutions, without compromising our own margins. That's The second part that we've been talking about, and the third thing is, you know, what... when you looked at the V cycle, it's a very complex cycle, because there are, from the OEM perspective. There are many parties that are involved in this. There is the chip layer at the bottom, then there are... there is tier 1, there are cloud players, and so forth. So it's a... it's a complex ecosystem. And what we have realized is, if you have to solve the larger problem, we have to work with alliances to solve the larger problem. So you heard about some of the conversations that we've been having with the chip makers, like Qualcomm, some of the tier ones that we partner with, Kishor talked about one of the case studies earlier on. And last but not the least, the The cloud players And this has become... this is something that we need to do more of. You know, we've been a company that has been doing our own stuff and creating value for the clients, working with other partners doesn't come naturally to us So that's something that we need to get better at, but that's something that we've been very conscious about over the last two years. And, you know, you'll hear more and more about KPIT working with some of the other partners to create greater value for the OEMs. So we believe that these are the three things that will help us to increase our wallet

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share substantially in the next couple of years. So this is step number one Step number two is to take alternate business model, doing the business the same way just doesn't make sense anymore for the most of the OEMs. So first thing we have done is We had quite a few time and material engagements with the clients, and what you'll see in our financial results, if you watch them quarter on quarter over the last couple of years, there is substantial shift from time and material to fixed price. That's something, and this year also we have made, significant stride towards fixed price. And the reason to get to fixed price was unless it's fixed price or outcome-based, we cannot really apply our solutions, especially that are infused by AI, in order to create value. So, this is the first step towards it. What we have done is More than 80% of our new contracts are fixed price in nature. That's something that we have driven very diligently over the last couple of years. And We are also in the process of converting our existing contracts that are time and material into — and this is probably the harder part, winning new programs that are outcome-based is easier than something that you've been doing with a client many years. So that's something that we have embarked on. We'll be converting four of our largest clients in that model in this quarter, and we'll take the next four in the next quarter. And that will pretty much take us north of 75% overall, in terms of having outcome-based and fixed price The second part is there are five products that we have and we see tremendous growth in all of these five products in the immediate future. And for those products, we have to look at different licensing models that make sense for the clients as well as for us. So that's something that we are doing And the last part I already talked about, you know, the services, they need to be in excess of 80% in terms of our contracting, the nature of contracting that we have with the clients. So, step number one, go deep and wide in our existing T25 clients. Step two, we've been talking about expanding. We've been very careful about adding new clients because we wanted to make sure that we do justice to the existing clients, go deep and wide before we can add more clients. We have now built enough muscles and AI solutions and products do help us substantially. So unlike any other year in the past, we added 13 clients. That's a big thing for a company like KPIT who's been very diligent about not adding clients. And they come across the three segments that we talk about. We've been talking about, for the last two years, we started to talk a little bit about trucks first, and then we started to talk about off-highway. I'm very happy to say that we have added 4 truck OEMs to our list of clients. Initial engagements, and they take time because we want to get into them in a strategic manner rather than getting into a dog-eat-dog kind of a world. So it takes time, but we have made the breakthrough in case of four I think the success has been greater, and we've been actually pleasantly surprised by the response that we got from some of the off-highway players. Unlike the pass car companies and the truck companies Some of the off-highway players are doing reasonably well. So, you know, they understand, they have the money, they want to invest proactively, and hence the timing is working out for us. We have added 6 off-highway OEMs across Four different countries now. Initial engagement, one of them is the big one that Kishor talked about earlier on with one OEM in North America. And for us, I think this OEM is important, and the assignment is important. We did consulting assignment for them, and based on that, they, awarded us with the current generation program, and also the next generation program of, software-defined machine. And this becomes sort of a playbook For all the others to follow in the off-highway space. You know, unlike passenger car, we have learned to understand the business quite well, not just the technology part, but we really understand their business quite well. It takes time to understand the business of off-highway Because there are different applications. There is mining, there is agriculture, and there is construction, right? The three large components of highway. We are learning their business so that instead of going inside out, which is, oh, this is what we do for pass car , and this is what we have to give it to you We are going outside in, we are trying to understand the business applications of their machines, looking at, you know, what are

the business KPIs and sort of altering the software-defined Machines template for them. So the first has created a really good playbook, and it's the same playbook that we are going to replay to the other three that are in the pipeline now. The second part is So this is the growth strategy There were three Pass car OEMs that are really good OEMs. They were not our clients. I think we have made breakthrough in all three of them. They happened to be some of the largest OEMs in the world. One of them in a very meaningful manner The other two early days but very promising engagements. And once we hit all three of them, we would have covered almost all of the major pass car OEMs outside of China All of them, bar none. Right? So, that creates our Pass car story little more comprehensive. The three that we have added, there are a lot more quote-unquote resilient To the dramatic changes that are happening in the in the pass car area, right? They're feeling less of the pressure as compared to some of the other. So, I think that makes the Pass car portfolio a lot more stable, for us. The trucks, they've been going through a slump, just the trucking industry. Mostly in North America and Europe has been going through a slum for the last nine months. Some of it is just seasonality, some of it is just political uncertainty. There will be a pre-buying that will happen in the second half of 2026 And we believe that the truck business will pick up a little bit. The European market as well as North America market is likely to pick up in the second half of 2026. And truck market in a very simple manner, right? As soon as the construction and everything starts to pick up, their business picks up, and that's when they start to spend money, on companies like us. So we do believe that in the second half of the year, the truck guys will also open up their wallets and embark on the software-defined truck journey, for the most part So essentially the composition of T25 is changing along with this. A, T25 is not really T25 anymore, it's a lot more than that. And secondly, T25 had most of the OEMs from passenger cars Now, the T40 will look a lot more balanced across the three industry segments. The three industry segments usually have three different cycles, so hopefully you know, we'll be able to reduce the variability in our business, and we'll have little more, you know, far more balanced growth going forward So this has become sort of our horizon one. Now and here, let's go deep and wide in each of these accounts and create tremendous value for them. The Horizon 2 is actually micromobility. Micromobility, we started working on it Long time ago, actually. But we sort of decided to park it in between for about six years. And now we are reviving micromobility because we do have the mindshare and the bandwidth to make investments in micromobility And we're going to start micromobility from India. And I'll talk a little bit about what does that entail in the next slide. So, and the Horizon 3 is what we'll also cover. You know, this is, Horizon 1 is now in here, Horizon 2 micromobility basically is for tomorrow. What's in it for us, you know, there were some questions before We started this session about whether we'll get into other areas of mobility, like aerospace and locomotives and some of the others. So, you know, we do have an answer for that, for you as well. The third lever is actually growth markets and focus. This is really important from our perspective, and talk first about India for India. We are headquartered out of India, but our business in India has been very, very low over the last 30 years. This is going to change now starting this financial year. And there are three things about it Number one, the India OEMs are truly becoming competitive, not only in India, but by global standards. You've seen that. Number two, the global OEMs have started to take India a lot more seriously, and they want to build India for India products here Some of them have started to see substantial loss in their market share in China. India is the next big market, so they're looking at for India for India, so that creates an opportunity for us. Third is There are There are companies in India, conglomerates in India, that want to get into pass car business. And the best way for them, the fastest way for them to get into that is to buy platforms from China. This is something that has started to happen. We are involved in about 3 different conversations about the same It also creates an opportunity where we can bring a platform from China, a car vehicle platform from China and sort of help the India OEM get

into production faster. And Software and system integrator for all of them, and validation what Anup talked about earlier on to put the vehicle on the road The last but not the least part is, as Indian economy grows, trucks and off-highway, as the network of infrastructure improves, trucks and off-highway will become more and more relevant, and I think we are ready. The name here is, I think, the traditional services that we've been able to sell in markets like Germany, North America, and Japan they are not going to be the same here in India, so we'll drive growth through solutions and products as well. That's about India. The second part is about China. We've been talking about our presence in China. We have had presence for more than 15 years. Two years ago, we decided to revamp and refresh the presence that we have with four objectives. Number one. Go there to learn from China and bring those learnings to our global OEMs. That's something that we've been doing. Omkar, Anup, both of them spend substantial amount of time with our team in China to capture those learnings and apply them for the OEMs outside of China. This is step number one. Step number two is to work with our global OEMs who have presence in China and help them salvage their market share. And I think there are going to be more and more opportunities. You see companies like GM, Volkswagen Group making a comeback to some extent in China. By launching China for China vehicles, you know, that are market ready. So the second thing is to help them remain relevant in Chinese market. The third part, which I talked about in context of India, is to take China OEM platforms or help Chinese OEM become successful outside of China. You all know there is intense competition. China is a 30 million passenger car market And there are close to 100 OEMs. After 50 that have gone bankrupt. So now we are left with maybe 99. So it's a crowded space, brutally competitive. So the Chinese OEMs have no choice but to look outside of China And, you know, there is a role that KPIT can play to help them penetrate into some of the other specific markets. That takes me to the third part, which is Southeast Asia. India, China, now and here. Southeast Asia is for tomorrow. Whatever we will build in India in terms of our offerings for micro mobility, we are going to take As well as our solutions to Southeast Asia. And why do we bring up Southeast Asia? Because there are very few OEMs. There are a couple of them in Malaysia, one of them is owned by Chinese, there is one in Vietnam, right? It's not just about that. China also is looking at countries like Vietnam and Thailand as their gateway towards the rest of the world, right? So you'll see presence of Chinese OEMs increasing in Vietnam and Thailand, and that's why, you know, we believe that our learnings from India will be a lot more applicable to countries in Southeast Asia Last but not the least, we are not just thinking about today and tomorrow, we are also thinking about day after tomorrow. And the next market, the next horizon of action and activity is going to be in the Middle East and Africa. And we are already thinking, what does it mean The offerings that we have for the developer are different than the offerings that we have for India and China. Similarly, the offerings for Africa are going to be very different, but they're going to be built on the back of the offerings that we'll create for India So that's something that we'll look into day after tomorrow. So that's really from geography perspective, that's really our Horizon 3. This is Looking at adjacencies beyond the three segments that we talked about. Number one, Pass car. More than 75% of our business continues to come from Pass car today. Second is off-highway, picking up quite fast for us, and we remain quite bullish. However, we started to look at micro-mobility, and we have Pushpahas. He's running micromobility for us. We have sort of revived our focus on micromobility after taking a break for, six years, and this is about looking at two-wheelers and three-wheelers and the last mile connectivity, where, the real opportunity is not only in terms of creating efficient propulsion and A vehicle engineering design, but the after-sale products and solutions become very relevant to them. So that's something that we started to work on. We signed a partnership with Hero Motors recently, and that's our great way of really getting a firsthand feel for what does this look like and how we can take it to others in India and beyond. The question now is, what is

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deep tech? Deep tech is something that we are sensing and scanning at this point in time, which is really our Horizon 3. And this is where the rest of mobility... we are trying to see what are the areas where we have core competencies And how they can be made relevant to these new areas. Now, deep tech, you can talk about robotics, you can talk about aerospace, you can talk about space tech. Any of these areas within the realm of mobility, we believe that many things that we do, from technology perspective, are relevant to them, but it takes time to understand what that market is all about and what their KPIs are, and most importantly. What is that compelling reason that those OEMs would want to work with KPIT? So this is something that we need to figure out during the course of this year and next year, but pretty soon we'll be getting into some of these areas. So this is another flavor that we wanted to give you in terms Thinking about three horizons in terms of the geographies, as well as the market segments. Now, the next question is, okay, this will bring back growth What does that mean to the bottom line of KPIT? And we have provide directionally that We'll be able to hold on to our EBITDA in the immediate future. In spite of the headwinds, we'll capitalize on the tailwinds that we have, but more importantly, in the midterm, we want to increase our margins. We are very clear about that, so that our ability to invest continue to make investment in the future technologies, you know remains valid Here are the levers by which we are improving our efficiency overall. So, let me start with the last one first. Over the last three years, consistently per person revenue and per person contribution for KPIT has gone up And we believe that it will continue to go up in future. That means there can be a tremendous cost leverage in terms of overall efficiency and improvement. This is going to be one of the most important levers in future Now, I'll go in the first through four sort of a sequence. Number one, I already talked about why it's important to get into outcome-based model, right? We want to get into outcome-based model so that we can help our clients get to their production program. faster, cheaper, and in a more reliable manner. And we can also free up their bandwidth to do other things that are relevant to them, right? Whereas we take care of delivering entire software very well tested, integrated on the road for them Second part is, Anup talked about the set of solutions, I forget which color it was on Anup's presentation, but we have a whole bunch of solutions that we have built. And essentially They create tremendous value for the clients, and they also shorten the timeframes towards production for our clients. So more we do. You know, greater benefit the clients get without compromising our margins The third part is we already talked about products. They are sort of the backbone. Anup actually demonstrated the V cycle. The V cycle also has AI infrastructure. You know, there are set of tools There are also KPIT tools from Technica and KPIT's own tools. So we are not just limiting ourselves in this case to the software part, correct? It's a complete V Cycle solution that we take to our clients And then in the new markets, whether it's India, China, Southeast Asia and Africa. Unlike the Western world where we started with services and then sort of we are in the process of graduating to solutions and products, we'll take the products and solutions first approach to the new market, starting with India, Southeast Asia, and then in Africa Right? And that means, you know, it's going to be a lot more cost-effective for the buyers, and a lot more profitable for KPIT. So these are the five levers by which we believe that That will give us the ability to continue to make tremendous investments in the future of our technologies, at the same time have profitable growth for our company. Switching gears a little bit and I wanted to take a couple of minutes to talk about While we love to talk about the technology that we bring and the difference that we make to mobility, we are also very proud of our vision. When new beginning of KPIT happened in early 2019. It took us about 9 months to come up with a vision. We involved about 300 people to come up with the vision of the company, and we came up with the vision of reimagining mobility with you. You know, all of our stakeholders for cleaner, safer, and smarter world. And one thing that we are 500% proud of, among other things, is everything that we do Each one of us, all 13,000 employees

across the globe, we help our OEMs make their vehicles cleaner, safer, or smarter. So we are very proud of making our vision the reality. We live it every day and We are very fortunate position to be doing that. However, it's one thing to have the vision and align your business model towards the vision. I think that's something that has happened really well From sustainability perspective, we needed to do something more. And for that, we launched EcoVoyage two years ago with a very specific ESG related goals. And we have actually signed up with science based targets now And we are committed to being a net- zero organization by 2050. But there is an important milestone that we will hit in 2030, which is reducing our own carbon footprint by more than 40%. And we are already made tremendous progress towards it So this is one part. On the environment side, that's what we have signed up for, and that's what we will do, and we are pretty sure When you put in science-based target, it's cast in stone. So we just wanted to give ourselves A little more space by signing up for 2050. Our internal goal, obviously, is to achieve it before 2040. We'll see how it goes. Anup and Gaurav with AI have created new complications for us, so we have to learn to deal with that On the social front, I think this is something that we've been doing since the beginning of our organization. We've been committed to the social causes, anchored on three E's. It's environment, education, energy, with employee engagement. That has been our CSR sort of tagline. And all the work that we do has tremendous impact on the environment. We also take a lot of initiatives to educate people right from school-going kids to College going to PhD programs. And that's something that we continue to do on a large scale. Just having targets related to environment and social is not good enough, you need to have solid governance to lead with that, and we have created a... A, we have made commitments, and secondly, we have put a stringent governance to make sure that we are staying on top of it. This is what I wanted to share with all of you. I would love to talk to you about midterm outlook, but you may want to hear this from Kishor. So Kishor Back to you. Thank you.

Kishor Patil:I will also get claps at the end of this. So this is what we had talked about FY27. It's first we have to say that it's a positive environment in FY27. I must say that all across we are seeing a good traction. I think we have some little bit of a few issues to tackle in the early part of the year, but we are seeing a very positive environment FY27. Two of our largest SDV programs coming to an end, but the revenue will be largely compensated by growth in newly acquired accounts. So that's the second part I want to consider Continuation of this program would have resulted in 4 to 5 sequential growth for the year. So you can just say we would have been a very, very good situation. Little bit now, it will get compromised, but I just wanted to tell you the kind of growth we are creating into new accounts Solid growth is expected from trucks and off-highway, USA, India. India, we will be Almost doubling, it's a small base, but doubling the revenue and China, which is also, again, have grown reasonably well Connected vehicles, after sales, and autonomous driving which we are expecting growth, which these are the areas where we will have substantial growth We expect 30% year-on-year revenue growth in solution and products, and we hope it will increase over the period. This is very important because this will drive the profitability also, as Sachin mentioned, it will drive profitability EBITDA 20.5 to 21.2 post increasing investment in AI solutions and products competency development and new markets. So, we will increase our profitability. We are just given a range because the currency movements, etc. We really don't know what happens, and it has a reasonable impact This is about FY27. In midterm, we believe the growth is driven by wallet share improvement in the current account, new account wins, which we are very, very They are very promising, and expansion across new geography and adjacencies. See, I will tell you one thing. We will pick up adjacency, Sachin talked about it, where we can really pivot our automotive-like story in next four years And this has to be an area which is

of a high spend in a really tech-enabled area, very tech-enabled area. And we will only go for leadership. We'll only go for the leadership in the medium term. That's what we are used to and that's what we will Go for We have opportunity for annualized sustainable double-digit growth. And I can tell you that I have been a little We want to be... make sure that we do not want to overcommit. We have generally done this. We will be in a position to... we believe that the opportunity is big, and if little bit of a help from environment, we can significantly grow in years to come. Again, go back to the old days 50% revenue share to be achieved from solutions and product. This is very important. And See, the revenue part, which is in FY26, which is 85% of our, this 15% is solution and product, which will move to 60% in 3 years. And this is in terms of 40%. So we expect the EBITDA to be between 22% to 24% from where we are today. So this is what we are looking at. We do believe that we can bring back a significant profitable growth in the medium term. Medium term is year after this next two years, next few years And we can again go back to the ways we are more familiar with and build a much larger canvas for us growth, not only for next two years, but much longer time. That's what we are looking for And This is what we have. Thank you very much for the time and we'll take the questions. Thank you.

Moderator: So let's begin with our question and answer session. Can we please begin with you, sir? You can introduce yourself.

Chandramouli Muthiah: Hi, Chandra Malimutaya from Goldman Sachs. Thank you very much for the detailed presentations to all the members of the management who presented Very useful insights to understand the journey going forward. I have three questions. The first one is just on this pivot On your sort of slide on the industry that mostly incremental spend over the next few years might be in the AD/ADAS space. And KPIT in the past has had a reasonably good share of its own revenue come from AD/ADASAt this stage, it looks like most of the spend on AD/ADAS, the big spend is happening with the new age OEMs. VMO, Tesla Some of the Chinese OEMs, some of the Korean OEMs. So just want to understand amongst the legacy players, which is your key focus, how AD/ADAS will progress in that context. Majority of the spend be with some of the new age OEMs, and how KPIT can leverage itself for that opportunity. Second one is just to understand the 4 to 5% sequential growth opportunity through FY27 if there was no ramp down in the two large programs you spoke about So at this stage, KPIT is close to a $ 750 million kind of revenue organization. So just want to understand on an annual basis, what is the gap in revenue that has to be covered with these newly acquired accounts to do the growth aspiration that you might have for the year In FY27 And the third bit is just on the 22 to 24% EBITDA margin range What are the drivers of that transition from the current sort of mid-20%, 20.5% kind of range to a 22% to 24% range? Is that more to do with products and solutions being a larger share What's the difference between products and solutions versus what the legacy business is in terms of margin opportunity set and what role does AI play in that sort of transition? So those are my three questions. Thank you.

Kishor Patil: So, first thing is on autonomous part I will take it from there. So it's for every client. For example, any legacy OEMs which they have built the solutions. They have been in a person to go to level 2 or 2 plus level, and now they have to move towards that. And there they have realized most of them, they have realized that they will have to source from... they will have a different partner Like, for example, if you talk about Chinese, or that part, there's a player called Momenta. If you talk about other players, I mean, we talked about Helm, where we had them this, there are players in Europe, so You know, these are this. I think we, as I mentioned earlier, the main opportunity for us first, this is an opportunity across theOEM. That's where the spent I said it will

accelerate. Last few years, if you know it had slowed off the autonomous area. So it will accelerate And our opportunity is in terms of validation and simulation and what we get today. There are few things we have demonstrating how things will work also, how we will do it, but that will be the big area for us. And also, of course, some of the areas we can add to that The second part is off highway or commercial vehicles. They are looking at also autonomy And, so that is another area which will be the area of growth. And so I think these are some of the area. In some new adjacencies we are talking about, there are also autonomy opportunities. So, these are... this is, I hope I have answered the question whether it is this. Just to tell you, we do work with all this company, including Momenta Now, we also sell our products to some of these companies. We also work in their implementations for other clients. So, we already have that experience and this kind That's the first question. The second question I will take, and I will come to this is the margin. The margin growth will come through As we said, we believe that We will be in a position to increase our gross contribution significantly through our approach of solutions and products Of course, you know the products typically the gross margins will be much higher. The solutions, also the margins will be higher because we will have our own I would say we call it PTS. We have the assets, reusable assets, along with the AI infused solutions. We will be in a position to really improve our margins substantially. And that is really the way we have built our organization within the practices we have. So with that, we will be in a position to improve the margins. So that's the first part. The second part is, of course, the business model change Which we will do and which is becoming more fixed price, AI infused solutions. So these are a couple of areas, which I can call out. And there may be, I mean, of course, as, Sachin mentioned, we will be Using AI internally so we can have efficiency in terms of SG&A and all that. But the key drivers are the first two I talked about. The third area you asked me about 4-5%, I just mentioned this about this year Because this was a big program, this is a big drop for us for the first half of the year, and that will be a significant part for us, so you know the calculations, right? If it is a 4%, what, the 3 to 4% if you look at our quarter revenue. So that's something kind of an impact we will have, and we will try to First cover that and then later on go beyond it.

Chandramouli Muthiah: That's helpful. Just, just to clarify that, so 4-5% is 4Q to 1Q? And once you sort of lap that, then that's sort of behind you for the rest of the year.

Kishor Patil:

I mean, it will be, I mean, we are... so there are two things I want to say is these clients We already have more pipeline We are going for some more work. The only thing is there is a gap. It's not that this is stopped and then you will get that. Also, at some point of time, they will look at the new architecture, new production programs, other parts. So we have those kind of engagement. They may not exactly be equal to the kind of a drop we may have, but even these clients, we have more business to cover. So, first is something we will make up by that, and the second we will make up by the newer clients which we

Chandramouli Muthiah: Got it, got it, and then just the other follow-up question I had is just on the current state of spending, so I think Sachin, you mentioned there's been challenge after challenge over the past four or five years, which you've sort of tried to manage through. And in the current environment where there's higher oil prices globally, and then the automotive companies in certain geographies might have some shortfall in cash flow. What impact does that have on

maybe the near term in terms of when they choose to reopen their purses broader futuristic R&D and spending.

Sachin Tikekar: We have not seen the impact on the OEMs yet because of the conflict that we are seeing at this point in time. We'll see when it gets resolved. I think if it continues beyond three to six months, it'll have repercussions, you That will be macro. At that time, we may have to think about it, but today we are not in any of our conversation with any of our clients. This is not coming up. I think they're solely focused on rationalizing their costs and creating funds. You know, to invest into the future programs. I think that's what they're solely focused on. So, those conversations are not coming in. It may impact the truck business faster than the Pass car business if this continues beyond a period of time. So we are watchful about it. All our clients are watchful about it, but nobody's taking any actions as of now.

Chandramouli Muthiah: Got it and just lastly, there was an interesting presentation on the India opportunity, global for India, India for India. I think you've already announced an engagement with JSW Motors, which potentially comes out with their first vehicle for India. Later this year. So I just want to understand today What is India as a percentage of your revenue and in your journey over the next three to five years, where do you envision this as a contributor, just given that a lot of the new EVs, new hybrids that are coming into the Indian market are pretty software intensive?

Kishor Patil: Right now, we are about $4\%$ of our revenues are from India and they will increase substantially. The share will go up and we do believe If it is going to be the third largest market. That's why we are doubling down. I mean, if it is going to be, in my view, 10 years, second largest market, we would like to really double down and play a very dominant role in this market. All right, thank you very much and all the best.

Sachin Tikekar: Thank you.

Question 2

Vimal Gohil: Yeah, thank you for the opportunity, sir. This is Vimal Gohil from Alchemy Capital. Sir, my question is around, you mentioned reusable assets and solutions in the presentation. I just wanted to ask, how are we compete... how are these solutions competing with the Chinese counterparts? Because one, globally we've seen a massive flip flop. So EVs took a backseat last year. Now suddenly you're seeing the near term data on EVs growing $50\%$ in some markets because of what we are seeing on the oil price. So there could be another flip on that. And the OEMs will have to be very, very agile There are certain quick-to-use Chinese products or IPs available. Plus, there is the Google and the Apple ecosystem also that's available on the front end. So How are our products sort of working over there? That's, that's point number one. And lastly, on this R&D aggressive experimentation strategy that we've sort of capitalized over the last 3, 4, 5 years That is moving towards more disciplined capital efficiency, you know, by these OEMs. So, how are we looking to maneuver that aspect? That will be helpful.

Kishor Patil: I'll give you a personal answer you can add if you want to. The second answer I will tell you is we talked about is improving our wallet share and coming out, going with a product and solution. So, instead of, see, fundamentally the shift in the services business is having Doing a

work with somebody else in terms of a TNM or then later on in terms of getting work done, then whether we can do it ourselves, whether we can do it in GCS versus Having a solution, full-fledged solution, somebody ready to take the ownership and doing it faster and with innovation. So that is the basically fundamental thing, and that's why we mentioned about how we will increase our wallet share, and that is something we measure every time. So, I think that's how we would like to increase that. The second thing is, we showed the McKinsey numbers also. There is a shift in the spend But actually, the overall spend is increasing. Somewhere else, it will get cut down, but the overall spend is... will increase. So this is the answer for the second question. About the Chinese OEM, I can tell you that there are Chinese has been very successful in China When you go outside China, their ecosystem does not work. One of the best benefit of Chinese OEM is in China, is because of their ecosystem And one of the reason this might favor with KPIT is also because of a very strong partner and a trusted partner to the OEM outside China. So that's why they are ready to partner with us for going outside China. Many of these we find more traction than others. To answer your question, we believe with AI-based and solutions, our solutions will be as good, if not better, because many of these solutions are localized also They need a localizer law, localize proven way of working. China is a special market. It works in a different way. So, having that understanding of different market, working in that market will give us a unique advantage.

Vimal Gohil: So just one clarification or one question here, a fresh question is, some of these Chinese specialists, automotive ER&D specialists are working at are working with very high gross margins. That is, their revenue per employee is Significantly higher, but Their investments into R&D are far, far above the industry average. And they're working on negative EBITDA margins. In that context, and plus we are, you know, sort of... and they're going global as well. They are working with some of these larger OEMs. We are sort of... we will be encountering them when we sit across the table for most of these OEMs that we work with And To that extent, we are talking of expansion of EBITDA margins from the current 20-odd levels to 22 to 24. If you can just maybe reconcile the math here, that we are competing with them, plus we are talking about expanding EBITDA margins.

Kishor Patil: So, I mean, you are, I don't know whether you have a specific example, but we know all the Chinese players. I mean, there's some places we have come across some of these, but we can compete with them favorably outside China. In China, we are building our capacity to basically We talked about in the certain products and solutions, like, I mean, just to give you the validation of the products which we have, we are selling it to all the all the top OEMs in China. Where also if you look at some solutions like after sales, these are, we are selling, there is a very good interest in China to do that. So, I don't see anything. I'm sure they will be good at some places. I'm not saying, you know, everywhere will be the.Sachin Tikekar:

So, let me add to what Kishore is saying. If you look at China, number one, it's their EV platform or their batteries. That's their biggest export as of now. The second part, their hope is they will also sell the software platform, right, on top of that So, to us, the EV platform and the batteries complement. This is where we can play the integration, validation, production, because they don't have that experience, they don't have the local capability. So for some of our OEMs, we are already working with Chinese tier ones or tier twos for that matter, to help them go into production Right? So that is very complementary to what we are doing. As far as the software stack is concerned, that's where the exposure could be Yes, potential threat, but I think we're going to take

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them head on. And that's why, you know, Anup presented the V-Cycle and the solutions that we are building. We think that they are a lot more robust, and they are actually localized in different markets where Chinese have not don't have the same kind of experience. So yes, there are going to be complementary in some areas. There will be some competition, but I think, you know, I think we are on.

Vimal Gohil: Thank you. Sir, one percentage of revenue is coming from China that will help. You've given the number on India. That is 4%.

Kishor Patil:

We would not like to talk about that, but it is similar to India

Vimal Gohil: Thank you so much, sir, and all the best. Thank you.

Question 3

Hiren Ved: Hiren here. I just want a sense of, you know, when I just see the automotive landscape, at least also in India, is that somehow over the last few years, the Japanese seem to have lost their way Right? I mean, there used to be a lot of new products The Japanese OEMs were looked at very favorably in a country like India for reliability of their cars, fuel efficiency, etc. Last few years, they seem to have lost their mojo. It so happens that also your ramp down seems to be from a Japanese OEM, right? And I think When there was a wave, early wave of electrification and EV, I think they were still batting and rooting for hybrids, maybe hybrids will also, all three will coexist But even... what are you seeing? What are these Japanese OEMs thinking? Because they are very large players globally Right and not just in India, but I somehow feel that there seem to be losing their way even globally What is the thinking? I mean, do you think that... I mean, usually they take a lot of time to decide, and then they move, and hopefully that will help us get more business from the Japanese OEMs?

Sachin Tikekar: You know, let's talk about three specific ones, the biggest one, if you look at them, they've done reasonably well as compared to anybody else. The big Japanese OEM, right? Toyota. They're still the biggest, the drop in their profitability was comparatively lower. Sales actually went up Compared to everybody else. So, they are fairly resilient because they are... they have global footprint, and they have been able to localize their products everywhere, right? So, they do have a lead of... and they are the ones, if you look at on the SDV journey. They are the most backward Right? So that says something about it. So they do have a little bit of a runway. You know, before they start to lose market share in the bigger markets. I'm talking about globally, it's about India, generally speaking. So, now, I think there is an opportunity For us to help someone like Toyota rapidly get on to the SDV journey, and also get into multiple powertrains, right? They're still number one when it comes to hybrid, right? They were the first ones, and they continue to dominate, and I think in some markets, it makes perfect sense. For instance, U.S, right, which is the most profitable market for them So, yes, they have taken a little bit longer. They decided to double down on hybrid as opposed to web. But if you look at what they have done in China, Toyota launched a battery electric vehicle with level two plus autonomy stack from from momenta actually, and they're actually gaining slight bit of market share in China, right? So, I think they are

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taking some steps to get there, and to us, it's an opportunity. Nissan has gone through a difficult period, but they are coming back slowly, right? I think they're cutting costs dramatically, and they're trying to figure out which are the markets that are really important to them, and where they'll remain relevant. For Honda, US is the market right now. That's where they make money and that's where really well and people believe in Honda cars in the US. However, they've sort of all three of them, except for Toyota in the recent past. They have dramatically lost their market share in China, right? So that's where they lost the game. And because Chinese presence is also expanding in Southeast Asia and Latin America, that's where they're facing competition on the battery electric vehicle. However, these markets, it's only 10-15% battery electric vehicle penetration. As far as the remaining 80-85%, it's still Toyota, largely, and maybe a bit of Honda and Nissan in those. So, to your point, yes, there is a challenge. All three of them are dealing with it a little differently But I think in the recent past, there has been a bigger wake-up call, and you have started to see actions from Nissan in the last one year, and you'll see similar actions from Honda in the next month or two. Right? To really find out which market are going to define them in future and what's going to be their differentiator. They're betting big, they've been betting big on hydrogen, on sodium cells as well So, I think they're trying to now disrupt the China. They probably given up on the pure battery electric part, right? They are saying now how to disrupt China Beyond battery electric. That's the thinking. So we'll see how this unfolds, but I think you're spot on. Nissan has been in trouble now, Honda is getting in trouble, and if Toyota doesn't change their ways, they can potentially get in trouble in a couple of years.

Moderator: Thank you so much, sir, for the answers. Our next question is by Mr. Arun. I'd like to request Arun to kindly introduce himself. Along with his organization's name.

Arun:

Moderator: Arun: Hi, my name is Arun, and I am a qualified chartered accountant. I'm from Syrian Alpha. Just having one question. You mentioned about the middleware and the Qorixpart, right? When do we expect these things to get normalized, and we can expect some incremental contribution on the Qorixpart?

Kishor Patil: I think I mentioned a bit that when the new architecture programs will start coming in, I think that's when that will come. But in off-highway commercial, there is already an opportunity for us to introduce. So There are Both on Pass car as well as Off Highway Commercial, it will take some time, because we're typically With multiple changes, there is a one to two years delay in these programs. So, that's when it would come up. Anup, you have any quick.

Sachin Tikekar:

And, you know, just one clarification, not all Middleware from KPIT perspective equals to Qorix is a platform, so Qorix platform, wherever it goes, KPIT will go in terms of its implementation partner. However, the middleware demand will, to Kishor's point, will sort of start to pick up for us in trucks and off-highway as we do more and more of their software-defined machine programs.

Arun: Understood. Just one more thing, these TCV's been this quarter, there is a significant jump, and, coincidentally, it is at the same time when we are seeing these two big SDVs are coming to an end Just trying to understand, like, how we manage the significant jump in this TCV region this particular quarter, and not in the earlier quarters. And secondly, how do you think, like, what can be the, new base for this TCV wins for us, maybe in the, in the upcoming quarters.

Kishor Patil: The first thing is, we are happy that I hope you are also happy that it has come in time. It has come on the back of off highway commercial and few other strong wins we had and also other our traditional clients also So it's not it's a process, I think it just worked out during this quarter. I can't say specifically what it is, but typically, I think I would say that, I mean, I cannot say what is the minimum we will earn every quarter in terms of wins, but I think I... looking at the market, I think we see that much stronger wins as compared to the last year required.

Sachin Tikekar: I think quarter or quarter, there will be variability because they are very different. But if you take a six monthly yearly view, you'll see change year on year quite a bit in a positive direction.

Kishor Patil: And please understand some of these are multi-year, so that's why what Sachin mentioned, if you win one largest, it may not happen every quarter, but Typically, we see a stronger traction as compared to the last.

Arun: Got it, sir. That's it from my side. Thank you.

Moez Chandani: Hi, good evening. This is Mohe Chandani from Ambit. So my first question was, in your conversations with European and North American OEMs, how are they responding to all the challenges that they're facing? They saw EVs decline significantly at two write-off, now they're facing competition with China Is the focus right now very firmly on cost consolidation, where they just want to preserve their market share? Or do you see any change in terms of appetite for them to maybe even increase or improve their SDV spends? That's the first question.

Sachin Tikekar: Sure. So, two separate markets, different strategies, right? If you look at generalizing, first let's take Europe because that's where the pressure is the highest. You know, there are tariffs and then there is more intense Chinese competition, not only in Europe, but also in China for the European OEMs, right? So they are under a lot more pressure than the American ones at this point in time. So their strategy is, essentially, they have to dramatically reduce their costs. So two things. A, cost of the product and cost of production. That's really their focus. If you look at it, there are still, when we look at them, there are still a lot of inefficiencies. They've been working with... their ecosystem is also it's very localized to Germany and Western Europe, sometimes in Eastern Europe. So they're taking a very hard look What was working in their favor is going against them now, right? This is what helped them build Through engineering excellence, right, and the kind of vehicles that they have built, but now that is getting disrupted because of the Chinese OEM. So, A, they have to let go, of that, and then they have to look at New set of partners. You know some will come from China, some will come from India. And that's exactly what they are going through. And The net-net of that is, A, there is a lot of costs that they can save,

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both on the product side as well as in the production side, by just re-looking at how they do this work, right, and with whom they do this work, right? So there is tremendous headroom for them To reduce the cost, there. So that's what we are seeing in Europe at this point in time, with all the three OEMs. Now, one of them specifically is already thinking about the future Right? And the other two will start to think in pockets they are already thinking about it, but they'll think about it, you know, maybe once they get their cost Little bit lot more aligned to the future business, right? So that's some color to what we are seeing at... and I'm generalizing this for all of Europe. When I say this, it's mostly about Germany. Of course, there is... there are other nuances in UK and France In North America, there are two now besides Tesla. And for them, they are in a protected market. If you see $80\%$ of their GM and Ford are actually in North America. And that's where they don't have Chinese competition Right? And their hope is that they will not have Chinese competition in the immediate future. So, their view is very different. They are actually investing in the future, and when it comes to General Motors, they're actually working on the second generation of SDV as we speak, correct? The other one has scrapped their next generation, but they're working on an intermediate kind of a, so, I think the approaches are very different. They are remaining focused on the vehicles that make money for them in the US, which are largely the SUVs And they're doubling down on that, right? If you look at it, there is very little demand for electric vehicles in the US, especially now that the benefits have gone away, right? The government support has gone away. So, you know, they're scrapping electric programs and doubling down on ice as well as hybrid, right? One of them has created a separate company in California that they think can compete with the Chinese Right? So, what does that mean, right? In Europe, it creates a tremendous opportunity for us to be part of their new ecosystem in a more strategic manner. And in the US, we are already part of their future programs that are necessary for them to remain relevant and competitive in the US. Now, in the US, for these two OEMs, even though they don't have competition from China, but guess who they have competition from? It's the other OEMs from Japan, Korea and Europe, correct? Because for them, China is not their number one market anymore, it's the US, right? So they still have to remain competitive in their own way, and that creates an opportunity forKPIT.

Moez Chandani: Got it. Thank you for that very detailed response. Secondly, if I'm just looking at the off-highway segment, right, and that's something that you've talked about will be a big growth driver. Now, I understand the size of these automotive software market for Pass car, but how big do you think is the market for off highway? And is adoption or requirement for software really as high to compensate for any decline that you're seeing in the pass car segments?

Sachin Tikekar: So, number one, just to get this out of the way, there is no decline that we are seeing, you know, if you remember our second slide, we do believe that the spend will go up. There is a reset of that spend, but the spend will go up in Pass car. So we are not giving up on passenger cars. It's our bread and butter will continue to remain our bread and butter going forward. However, as the size of our company grows, we need to also expand our horizon in a very strategic manner. That's exactly what we are doing by looking at trucks and off-highway. The spend is very different. A, the number OEMs that exist in trucks outside of China are very limited. There are five that dominate probably $80\%$ of the market share globally right outside of China. So the spend is limited to them. Off-highway is a different thing, right? I think there are specialists in different countries. There are five big ones globally, but then there are a lot of local ones in Europe, in India, Southeast Asia, and so forth, right? And in the US as well. Their spend is not quite as much as passenger car. I mean, number of vehicles sold, right? We are talking about 90 million versus Less than a million, right? So it's not the same. However, their applications are very different And They

are 15 years behind when it comes to making investments in software So that creates headroom for us to grow for the next several years, along with that If that answers your question.

Moez Chandani: Thanks for that. And just lastly, trying to understand these ramp downs that you're talking about a little bit better. Was it that this was a planned ramp down, where, you know, a project basically naturally ended its life cycle, or was there a change in strategy that caused this decline, and you also see some of your other large projects also ramping down, say, at the end of FY27 or in FY28?

Sachin Tikekar:

No, very good question, and I'm glad you asked that question, because it's one was a plan, and we are very proud to say that it'll be an SDV hitting the ground running in a more efficient manner in the next 3 to 6 months. So that's the program that we'll get over. We are already signing up for serial life programs with them. The Quantum will not be same as the The large one-time SDV program that we did, but it's, you know, it's the future work that we'll continue to do with this OEM. The other one was a surprise, not only to us, but to the rest of the world, when that OEM decided to stop their EV programs The launch of this, and they decided to take a $ 15 billion hit, one-time hit right on their balance sheet. So that was Surprise and You know, very unpleasant one for us But that's life The other question is A, in the foreseeable future, we don't see any other programs coming to an abrupt end Right? I'm just quickly scanning all our OEM engagement as you asked that question. Not likely at this point in time. We don't see it. Definitely to not definitely To the tune of what we saw with this particular OEM Right? So So that's really the second part. But the reason we talked about building resilience growth is we have to be ready for these kinds of surprises. Some are pleasant, some are not so pleasant So irrespective of that, we need to learn to grow

Moez Chandani: Okay, great. Thank you so much.

Abhishek Gupta:

So Abhishek Gupta from Access Mutual Fund. So, just to start it on this quarter, there was a decline in the strategic clients, revenue from the strategic clients. So, there's SDV programs which has got stopped in the, like, it really stopped in the next two quarters. Does it have an incremental impact on the, like Was they our strategic client first of all, and that had the impact incremental impact in this quarter in that account First on that and second is Yes. And on the Japan markets, so basically Honda is declining for us, right? And despite of that, we are seeing growth in the Japan market. So is an incrementally, we are seeing is the SDV program for them is stopping and that might impact our incoming quarters But the growth which we saw in this Japan market in this quarter, is it a more of a one-time thing or it's gonna be like incremental opportunities there over there, but it won't be able to backfill the Hyundai yet?

Sachin Tikekar: The first question is, the plan rap-down of one OEM that has been happening, as it gets to the production. So, some of the strategic business that has gone down with one planned OEM, it actually started to impact Not only in Q4, but in Q3 as well, right? So, little bit happened in Q3, a little bit happened in Q4, will feel more impact in Q1 now, of that, which has been planned, right? No surprises to us, in that The second one was a surprise, which It was a

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program, unfortunately very close to the production, right? Unfortunately. So it was there was a little bit of a reduction in Q4 But the dramatic reduction actually happens in Q1. Right? As far as the Japan is concerned, yes, it, you know, we've had tremendous growth. What we are going to do in future is not have one pony story in Japan, right? You saw a partnership with the Tier 1 now In Japan, there are 3 truck and off-highway OEMs that we are targeting, and the remaining two pass car OEMs that we talked about earlier on, especially the big one Right? So, hopefully it'll take time, but the thing is, you know in the midterm, we'll have lot more You know broader base growth coming out of Japan

Abhishek Gupta: Got it, sir. And secondly, sir, in your second slide on the passenger vehicle spends like from 26 to FY30, we saw increases happening over there. But so if I look at the European OEMs and their recent commentary as well as presentation, everybody till FY29 seems to be cutting down their budgets And if I compare on the Japanese market, we are still very young over there, and we are just still growing. So the spends increase which we are seeing over there, is it more traction from the Indian market, that is what getting reflected over there? And why is that spend increasing if the biggest market of our European Europe, all the OEMs are starting to cut down on their R&D spends, and they have been very blunt about that in the market.

Sachin Tikekar: All right. So, the overall people are cutting costs, right, especially in Europe, and you know there are it's not necessarily R&D spend. The cost is going down so that they can continue to spend money where it matters to them from future perspective. And fortunately for us, it is also software. Now, within that, there are inefficiencies in which they spend money Right? Working with the local ecosystem, you know, where the costs are very high, and the lock-in is a lot longer, right? KPIT can provide flexibility, you know, especially given our products and solutions, we can do all of this a lot more efficiently for them, right? So that's really our opportunity. So overall, I think In markets like India, the west coast of the US, China, in parts of Korea and Japan, the spend will continue to go up. And that's the reflection that you see. It's also true in North America, for that matter, right? All the OEMs I talked about West Coast, but I'm also talking about Detroit Right? The spend will go up There is a reset that everybody is trying to do in the last couple of years. I think Some of it is behind them, so now there is a clear roadmap. If you look at the reports from McKinsey earlier on The spend percentage went up even more significantly, so it's already come down to some extent, and this is the latest one that we have. And, you know, we have our own ways of validating this, by having real conversations with the clients So we believe that this is roughly what it's going to be. We just have to figure out how much of that we can capture going forward. Got it.

Abhishek Gupta:

And so lastly, from my side, like, for beyond FY27, we have been very... seems to be very confident on our solutions and product side of the business Like it will be 50% and more so the new products which you are taking to our clients, it will be, like, more of a replacement products, like, which will be a competitor over there, or it will be a fully net new or more, what do you say? This, clients which we have, they don't have that Tech adoption yet in their system, and this will make them more efficient, more operationally effective. Like, what is our, like, target client doing?

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Anup Sable:

Yeah, so it's a mix, no No black and white answer on this. It's a mix of it. But even for the replacement category, there is obviously new things that we are bringing to the table. And that is why the replacement is important. The end-to-end part of it is there. There is a AI introduced into that and there are a few things that are really the new problems that we are addressing and we've been working on this for quite some time. So these are not really new. I mean, the early market tests have been done already

Sachin Tikekar: Another way to answer that question is, if you look at products, our products, they're actually replacing something that has been provided by somebody else, right? So it's completely a replacement. When it comes to our solution, it's a little more disruptive. It's not replacing like-to-like, but it's replacing an ecosystem to some extent of the OEM, right? So, there is a subtle, not subtle, obvious difference between the two

Soumitra Chatterjee: Hi, Kishor, this is Soumitra from Aventus. Just continuing the question that Abhishek just asked Roughly, we are around 727, 730 million in revenues. In three years' time, even if we were to reach roughly 950 million to $1 billion in revenues. We are targeting around 550 to 600 million from the solutions and products. And we are currently at about 110 odd million. Roughly, we will grow 30% this year, but for the next two years or next three years, in that case, the number will have to grow up 3 to 4X is the understanding correct? I just wanted to understand the back of the envelope calculation.

Kishor Patil:

Yeah, absolutely. I think there are two things to it. One is Most of the current business, as we said, fixed price was the first step, but then that will get converted into AI-infused solution. So that is the first step. So many of these will get converted into AI-infused solution. Which will give us better productivity and margins and more ownership, and that's why the scale will grow. That's the first part. And the second is the product. So I think from that perspective, that number would be fine. We believe, actually. That's a nonlinear growth. We just want to 100%, we cannot say, but we believe that's a very reasonable number.

Soumitra Chatterjee: And second question is on this market share thing. When you look yourself with your competitors in any deal, especially given the fact that Infosys acquired Intech, SCL acquired ASAP. When you do a volume-based market share calculation. In the last 12 to 18 months of all the deals that have happened in the market, has there been any market share loss? I mean, you would have ended up winning six deals in a normal scenario. Has the competition increased, which resulted in 6, maybe coming down to 5 or so

Kishor Patil: You can look at the revenues of the acquired some entities which you talked about or this all what has happened to their revenues, actually. So to answer very quickly, we are not seeing any loss to this. Actually. In Europe, specifically, we are looking, our biggest opportunity is consolidation, which is happening and KPIT is certainly a major beneficiary of that.

Soumitra Chatterjee: Okay, thank you.

Kawaljeet Saluja: Hi, this is Kawljeet from Kotak Institutional Equities. Can you hear me? Yeah, hi, it's Kawaljeet from Kotak Institutional Equities. My question is that in Europe, there are plenty of assets available for sale. There's Bertrand, EDAG. Maybe there are a lot of players attached to the carrier ecosystem I don't do any of those assets interest you? And second is that in mechanical engineering. Are there any parts of the mechanical engineering ecosystem which should be of interest to KPIT, or would the focus continue to be on embedded and software?

Kishor Patil: So coming to your first question, I think You look at their performance, most of these companies are struggling both in terms of revenue and this, having so many employees in that part of the world with the less than 35 hours a week With that kind of a cost is a liability in some sense, and even the companies who own it, just to... most of these companies you are talking about, some of the OEMs have a stake in these companies, but they are preferring to move away, because from their perspective, the value is actually reducing their cost Bringing yeah bringing innovation, bringing the best practices from the other organizations, so they are moving. So from that, so shortly, we have seen all these assets, and, I think as Anup said, some of the disruptions which are coming and the kind of products and solutions we are bringing, they're far superior to what these companies have. So that is the first question. And of course, they are not cost competitive, which is Biggest concern for the OEMs. So that is the first. On the mechanical side, I think the Caresoft acquisition, when we did, I think there are two things. First is is very important in off highwaycommercial, because there is overall mechanical content is high, so in some of these areas, you know, it's important. In the pass car cost reduction is a very important part, so we are focusing on the cost reduction part, wherever there we can bring the cost reduction. And third part Which we are focusing is the manufacturing part, manufacturing efficiency, because that's where they are trying to reduce the cost of manufacturing, as Sachin mentioned earlier, like Europe or other parts. So we are, so we have got some of these capabilities ourselves as well as through the acquisition of Caresoft, so that's what we are

Kawaljeet Saluja: Just a follow-up question, if you look at the German car manufacturers, they have, you know, especially the one whose name starts with V, they have found out multiple contracts away from the likes of EDAG and etc to offshore players, but there have been massive delays, and in some cases, not even ramp-ups. What explains the reluctance for Actually, those ramp up in contracts which have been deleted for a really long time

Kishor Patil:

Okay, okay. I think I cannot go into details about every OEM, but in this case, if you can check their biggest success or the largest part of their success, whatever they have got is with KPIT. So they're seeing the success. They have seen the success.

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Rahul: Hello Yeah, hi. This is Rahul from Dolat Capital. So Sachin, you talked about that wallet share expansion thought process From, 10% plus now to eventually going to 20 20%. So, is this going to come, because of our cost effectiveness, solutioning Or some of that AI harness thing that you talked about in that Anup's chart. So what are the key drivers for that?

Sachin Tikekar: All of the above. In all honesty, it's all of the above. Essentially, we just have to help them So, what we are trying to do is, we have to help them create efficiency Within their own system, correct? I think that's the part, and that's why, you know, our solutions are going to be helpful. You know use of AI in the programs that we deliver is going to be very useful. And that's what is really... that's what is creating differentiators. When we are working on any kind of engagements in a competitive scenario, we end up winning not because we offer the lowest cost, but we offer the highest reliability and the greatest return on their investment. Right? So that has been sort of the the differentiator for us and we believe that all three things that you mentioned are going to help us to go from Let me correct myself. The 10% wallet share, it will increase by 20%. In the immediate future, right? It will not move from 10% to 20% of their wallet share. It will increase by 20% this year. That's really the goal that we are taking in every cell. And we believe that this is how we are going to do AI is going to be a big part of that. Our products are going to be a good part of that. That's all that I can say.

Rahul:

Yeah, just last one for Kishor, you talked about that 30% kind of a growth is a possibility on the product solution side. And the other maths of it is like some part of our existing services pool would Kind of be converted into the product solution bucket, so in that process, do we see some kind of shrinkage that might happen to our existing scope of work, or it will not harm that in a short term?

Kishor Patil: No, it won't harm, in that way. In one or two cases, it can happen, smaller projects, but largely the idea is to take a larger responsibility and take the ownership. So, there will be an efficiency, but you are doing more work. So that's how it will compensate.

Rahul:

Sure, thank you. All right

Moderator: Thank you so much for all the answers and for the questions. We still have time for one last question, and after that, we will be ending the session. Do we have any one final question to be asked? You can raise your hands in case.

Moez Chandani: Good evening and thanks for taking the follow-up. Just want to understand the Cymotive acquisition and also some of the work that it does. So, if I look at the historical revenues, there's a sharp gain for the company in the last two years. So, what drove that? And also, can I get a sense of, other than Volkswagen, does the company work with some other clients as well? And what's the strategy for the company?

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Moderator: So before you answer the question, can we just request him to also introduce himself? Could you please also tell your name and organization

Anup Sable: Thank you. Hello, can you hear me? Yeah, if you look at almost all the acquisitions that we have done, or all the partnerships that we have done We are taking a look at an expertise which is probably constrained by something, but we know that it is great expertise. And then we basically try to look at how to take that expertise to the rest of the customers that we have In Cymotive, if you look at it from a cybersecurity perspective, there are, like, loads of offerings. I mean, we didn't talk about Most of them, but if you look at in-vehicle and outside the vehicle, so there is a good portfolio of work that is way ahead of everything else that has been done. And then you look at the competency of the people there, what they are capable of doing, especially in the context of what is going to happen in the future AI is going to create more cybersecurity challenges. Quantum has been advanced, so 2035 has come down to 2029. So if you look at these two potential threats that will happen in the future The competency of the people and the solutions that they have are extremely relevant, and now we basically would like to take them to other customers

Kishor Patil: I think on the Cariad side, I think it is the same cost issue. They've moved their strategies to move to India most of the work. They're already into multi-million vehicles, they find it a great Win-win because KPIT is their trusted partner. You can see the quote from Cariad . And, then the consolidation and that is how the revenue came down because of that, and also of the cycle of the Cariad during that time, because Cariad overall business also went was a bit impacted during that time. But I think there is a bigger opportunity there, but more importantly, as Anup said, I think we can take it to other. The biggest advantage to that is it is in many millions of vehicles already Which gives us a confidence or other OEMs will get there.

Moderator: Thank you so much for all the answers, and with this, we would like to conclude today's session. Thank you so much for being with us

AI assistant

KPIT Technologies Ltd Call Transcript 2026

59234_rns_2026-05-13_7f10568c-9c33-490a-9072-c1fc38de2708.pdf

Sunil Phansalkar:

Kishor Patil:

Anup Sable:

Sachin Tikekar:

Question 2

Question 3

Sachin Tikekar:

Anup Sable:

Kishor Patil:

AI assistant

KPIT Technologies Ltd — Call Transcript 2026

59234_rns_2026-05-13_7f10568c-9c33-490a-9072-c1fc38de2708.pdf

Sunil Phansalkar:

Kishor Patil:

Anup Sable:

Sachin Tikekar:

Question 2

Question 3

Sachin Tikekar:

Anup Sable:

Kishor Patil:

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KPIT Technologies Ltd Call Transcript 2026