Is something wrong with KPIT, Tata Elxsi, and Tata Technologies? We analyse the current slowdown in these ER&D businesses, how they differ from IT services, and the impact of factors like auto sector challenges on their growth and margins. Understand the difference between ER&D and IT services and the effect of operating leverage. We look at the reasons behind the slowdown, including increased Chinese EV competition in Europe impacting the auto sector.