New Delhi, June 9 -- India's largest engineering, research, and development (ER&D) companies hit a growth wall last fiscal year as car companies tightened their purse strings, hurting revenues and margins.

Three of India's four largest ER&D companies-L&T Technology Services Ltd (LTTS), KPIT Technologies Ltd and Tata Elxsi Ltd-reported their slowest annual revenue growth in at least five years in FY26.

LTTS ended the year with $1.23 billion in revenue, up 8.35% year-on-year, while KPIT's revenue rose 4.8% to $724.8 million and Tata Elxsi's increased just 0.8% to $437 million.

"Global auto OEM are reprioritizing R&D spends, shifting focus away from new EV (electric vehicle) and SDV (software-defined vehicles) platform development toward ...