Happiest Minds Technologies Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • PES: 79.8% • IMSS: 16.8% • Generative AI Business Services: 3.4%
AI Sector View
AI GENERATEDInformation Technology
IT is supported by a still-expanding services backdrop and a weaker rupee. Export of services grew 13.0% YoY (2026-06), services PMI was 54.1 (Aug/26), and the currency at 95.23 (Sep/26) is depreciated versus the previous 95.16, which helps INR translation of export revenues. FPI positioning is only neutral-to-soft with net 3-month flow of INR -5 crore to 2026-08-31, so the positive stance is primarily macro-driven.
PROS
- Company has consistently been profitable over the last 5 years
- Company has delivered good sales growth of 24.5% CAGR over last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.10x)
- Company has been maintaining a healthy dividend payout of 45.2%
- Stock looks reasonably valued - P/E of 22.7 is below its historical median
- Working capital cycle has improved - days down from 140 to 106
CONS
- A large part of profit comes from other income (32.0% of PBT)
- Operating margins have contracted to 17.2% from 26.6%
- Company has delivered a poor profit growth of 5.5% over past five years
- Recurring exceptional / one-off items are inflating headline profit
- Growth is decelerating - 3Y profit CAGR (-2.7%) trails the 5Y trend (5.5%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| TCS | 2216.50 | 16.10 | 801949.10 | 4.96 | 13420.00 | 4.69 | 72275.00 | 13.93 | 66.25 | 25.67 |
| INFY | 1031.55 | 13.82 | 418626.97 | 4.65 | 7775.00 | 12.29 | 48211.00 | 14.03 | 42.84 | 23.66 |
| HCLTECH | 1196.80 | 18.64 | 324771.44 | 4.51 | 4626.00 | 20.34 | 34579.00 | 13.94 | 31.20 | 19.87 |
| WIPRO | 166.15 | 12.45 | 164565.26 | 6.62 | 3356.30 | 0.59 | 24478.60 | 10.59 | 18.49 | 18.93 |
| TECHM | 1518.60 | 28.98 | 148843.11 | 3.36 | 1486.30 | 31.67 | 15711.90 | 17.68 | 23.04 | 17.43 |
| LTM | 4350.00 | 24.67 | 129030.27 | 1.72 | 1468.60 | 17.06 | 11608.00 | 17.96 | 30.25 | 17.75 |
| OFSS | 11696.00 | 29.84 | 101852.43 | 3.42 | 1415.50 | 120.52 | 3125.20 | 68.73 | 45.50 | 60.04 |
| PERSISTENT | 5500.00 | 45.11 | 86762.50 | 0.73 | 483.04 | 13.67 | 4303.23 | 29.09 | 35.09 | 16.19 |
| COFORGE | 1843.00 | 46.47 | 81640.86 | 0.86 | 531.70 | 49.19 | 5527.70 | 49.86 | 24.70 | 19.14 |
| MPHASIS | 2290.00 | 22.88 | 43712.72 | 2.71 | 489.51 | 10.82 | 4384.05 | 17.46 | 23.31 | 18.15 |
| LTTS | 3377.30 | 27.14 | 35828.52 | 1.72 | 357.10 | 12.97 | 2940.10 | 11.47 | 27.70 | 18.65 |
| HAPPSTMNDS | 332.50 | 22.70 | 5063.14 | 1.92 | 676.00 | 1083.27 | 6285.10 | 1042.95 | 13.07 | 18.71 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 391 | 407 | 410 | 417 | 464 | 522 | 531 | 545 | 550 | 574 | 588 | 604 | 629 | |
| 302 | 324 | 329 | 334 | 379 | 430 | 437 | 461 | 456 | 475 | 480 | 500 | 562 | |
| Operating Profit | 89 | 83 | 81 | 83 | 85 | 92 | 94 | 84 | 94 | 99 | 107 | 104 | 67 |
| OPM % | 22.85% | 20.32% | 19.74% | 19.89% | 18.29% | 17.60% | 17.69% | 15.40% | 17.10% | 17.20% | 18.23% | 17.15% | 10.58% |
| 14 | 22 | 25 | 38 | 25 | 27 | 23 | 14 | 30 | 22 | -6 | 21 | 24 | |
| Interest | 10 | 11 | 11 | 10 | 20 | 28 | 27 | 25 | 25 | 25 | 25 | 23 | 28 |
| Depreciation | 14 | 15 | 15 | 15 | 22 | 23 | 21 | 23 | 22 | 22 | 22 | 22 | 23 |
| Profit before Tax | 79 | 79 | 81 | 96 | 68 | 68 | 69 | 50 | 77 | 73 | 54 | 80 | 90 |
| Tax % | 25.86% | 26.11% | 26.15% | 25.14% | 25.41% | 26.88% | 27.33% | 32.51% | 25.68% | 25.65% | 25.65% | 23.99% | 25.06% |
| Net Profit | 0 | 0 | 0 | 0 | 51 | 50 | 50 | 34 | 57 | 54 | 40 | 61 | 68 |
| 4.04 | 3.92 | 3.98 | 4.79 | 3.39 | 3.29 | 3.33 | 2.26 | 3.79 | 3.59 | 2.68 | 4.06 | 4.49 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|
| 468 | 596 | 698 | 773 | 1,094 | 1,429 | 1,625 | 2,061 | 2,315 | 2,394 | |
| 491 | 551 | 601 | 582 | 836 | 1,085 | 1,289 | 1,710 | 1,918 | 2,018 | |
| Operating Profit | -24 | 44 | 97 | 191 | 258 | 345 | 336 | 351 | 397 | 376 |
| OPM % | -5.04% | 7.43% | 13.91% | 24.70% | 23.56% | 24.10% | 20.67% | 17.03% | 17.16% | 15.70% |
| 17 | -13 | 5 | 24 | 31 | 29 | 99 | 93 | 72 | 60 | |
| Interest | 6 | 7 | 8 | 6 | 10 | 22 | 42 | 99 | 97 | 101 |
| Depreciation | 7 | 6 | 20 | 23 | 33 | 42 | 58 | 89 | 88 | 88 |
| Profit before Tax | -20 | 18 | 74 | 186 | 246 | 310 | 335 | 255 | 284 | 298 |
| Tax % | -0.00% | 0.00% | 2.58% | 12.67% | 26.30% | 25.45% | 25.78% | 27.71% | 25.19% | 25.02% |
| Net Profit | -20 | 18 | 72 | 162 | 181 | 231 | 248 | 185 | 213 | 223 |
| EPS | 0.00 | 1.30 | 5.36 | 11.45 | 12.55 | 16.01 | 16.63 | 12.31 | 14.15 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 26.19% | 29.51% | 33.48% | 34.57% | 48.75% | 45.23% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- 25%
- 3 Years:
- 17%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- 6%
- 3 Years:
- -3%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- -26%
- 3 Years:
- -29%
- 1 Year:
- -42%
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- 22%
- 3 Years:
- 16%
- Last Year:
- 13%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| 7 | 7 | 9 | 28 | 29 | 29 | 30 | 30 | 30 | |
| 136 | 158 | 216 | 514 | 633 | 808 | 1,449 | 1,544 | 1,653 | |
| 103 | 85 | 96 | 203 | 245 | 535 | 484 | 1,285 | 1,418 | |
| Trade Payables | 25 | 29 | 34 | 45 | 61 | 71 | 79 | 105 | 97 |
| 83 | 108 | 154 | 121 | 151 | 187 | 190 | 360 | 384 | |
| Total Liabilities | 355 | 386 | 508 | 912 | 1,118 | 1,628 | 2,231 | 3,323 | 3,581 |
| 54 | 34 | 38 | 128 | 158 | 432 | 413 | 1,211 | 1,172 | |
| Capital Work in Progress | 0 | 0 | 0 | 0 | 0 | 2 | 0 | 0 | 0 |
| 137 | 90 | 83 | 391 | 472 | 13 | 0 | 350 | 504 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 254 | 358 | 390 | |
| Cash & Bank | 16 | 26 | 190 | 145 | 168 | 692 | 1,337 | 1,058 | 913 |
| 147 | 236 | 197 | 247 | 321 | 490 | 227 | 345 | 603 | |
| Total Assets | 355 | 386 | 508 | 912 | 1,118 | 1,628 | 2,231 | 3,323 | 3,581 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| 3 | 40 | 118 | 179 | 222 | 296 | 213 | 236 | 261 | |
| Cash from Investing | -27 | -3 | -74 | -284 | -96 | -351 | -466 | -762 | -121 |
| Cash from Financing | 33 | -25 | -13 | 170 | -91 | 72 | 363 | 499 | -144 |
| 8 | 8 | 25 | 29 | -19 | -72 | 110 | -26 | -4 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-07 - Happiest Minds Technologies Limited has informed the Exchange regarding 'Transcript of Investor/ Analyst Call'.
2026-09-03 - Happiest Minds Technologies Limited has informed the Exchange about Copy of Newspaper Publication
2026-09-02 - Happiest Minds Technologies Limited has informed the Exchange regarding Notice of Postal Ballot
2026-09-01 - Happiest Minds Technologies Limited has informed the Exchange regarding 'Audio recording of Analyst Call'.
2026-08-31 - Happiest Minds Technologies Limited has informed the Exchange regarding 'The Board of Directors at their meeting held on August 31, 2026, approved the shifting of registered office of the Company from the State of Karnataka to the state of West Bengal subject to approval of the shareholders of the Company and approval of Regional Director'.
2026-08-31 - Happiest Minds Technologies Limited has informed the Exchange about Agreements
2026-08-31 - Happiest Minds Technologies Limited has informed the Exchange about Scheme of Arrangement
2026-08-31 - Happiest Minds Technologies Limited has informed the Exchange about Schedule of meet
2026-08-31 - Happiest Minds Technologies Limited has informed the Exchange regarding a revised press release dated August 31, 2026, titled "Happiest Minds Technologies announces merger with ITC Infotech to create a scaled, AI First Global Technology Services Enterprise with US$ 1 billion Revenue by FY28 ".
News
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