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Happiest Minds Technologies Ltd.

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happiestminds.comBSE: 543227NSE: HAPPSTMNDS
Market Cap₹ 5,063 Cr.
Current Price
High / Low₹ 583 / 330
Stock P/E22.7
Book Value₹ 115
Price to Book3.22
Dividend Yield1.92 %
ROCE13.1 %
ROE13.1 %
Face Value₹ 2

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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 GENERATED

Information Technology

Buy

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.

Confidence
68%
View full sector analysis →

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

Information TechnologyITIT - Software
Part ofNIFTY MICROCAP250NIFTY TOTAL MKT
S.No.Name
1.TCS2216.5016.10801949.104.9613420.004.6972275.0013.9366.2525.67
2.INFY1031.5513.82418626.974.657775.0012.2948211.0014.0342.8423.66
3.HCLTECH1196.8018.64324771.444.514626.0020.3434579.0013.9431.2019.87
4.WIPRO166.1512.45164565.266.623356.300.5924478.6010.5918.4918.93
5.TECHM1518.6028.98148843.113.361486.3031.6715711.9017.6823.0417.43
6.LTM4350.0024.67129030.271.721468.6017.0611608.0017.9630.2517.75
7.OFSS11696.0029.84101852.433.421415.50120.523125.2068.7345.5060.04
8.PERSISTENT5500.0045.1186762.500.73483.0413.674303.2329.0935.0916.19
9.COFORGE1843.0046.4781640.860.86531.7049.195527.7049.8624.7019.14
10.MPHASIS2290.0022.8843712.722.71489.5110.824384.0517.4623.3118.15
11.LTTS3377.3027.1435828.521.72357.1012.972940.1011.4727.7018.65
12.HAPPSTMNDS332.5022.705063.141.92676.001083.276285.101042.9513.0718.71
Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
391407410417464522531545550574588604629
302324329334379430437461456475480500562
Operating Profit8983818385929484949910710467
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%
14222538252723143022-62124
Interest10111110202827252525252328
Depreciation14151515222321232222222223
Profit before Tax79798196686869507773548090
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 Profit0000515050345754406168
4.043.923.984.793.393.293.332.263.793.592.684.064.49

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
4685966987731,0941,4291,6252,0612,3152,394
4915516015828361,0851,2891,7101,9182,018
Operating Profit-244497191258345336351397376
OPM %-5.04%7.43%13.91%24.70%23.56%24.10%20.67%17.03%17.16%15.70%
17-13524312999937260
Interest67861022429997101
Depreciation762023334258898888
Profit before Tax-201874186246310335255284298
Tax %-0.00%0.00%2.58%12.67%26.30%25.45%25.78%27.71%25.19%25.02%
Net Profit-201872162181231248185213223
EPS0.001.305.3611.4512.5516.0116.6312.3114.15—
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

Corporate actions

2026

Jul 17

₹ 1.82

Rs.3.6500 per share(182.5%)Final Dividend

2025

Nov 4

₹ 1.37

Rs.2.7500 per share(137.5%)Interim Dividend

2025

Jul 18

₹ 1.75

Rs.3.5000 per share(175%)Final Dividend

2024

Nov 27

₹ 1.25

Rs.2.5000 per share(125%)Interim Dividend

2024

Jun 14

₹ 1.62

Rs.3.2500 per share(162.5%)Final Dividend

2023

Oct 30

₹ 1.25

Rs.2.5000 per share(125%)Interim Dividend

2023

Jul 7

₹ 1.70

Rs.3.4000 per share(170%)Final Dividend

2022

Nov 2

₹ 1

Rs.2.0000 per share(100%)Interim Dividend

2022

Jun 23

₹ 1

Rs.2.0000 per share(100%)Final Dividend

2021

Nov 9

₹ 0.87

Rs.1.7500 per share(87.5%)Interim Dividend

2021

Jun 29

₹ 1.50

Rs.3.0000 per share(150%)Final Dividend

Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
779282929303030
1361582165146338081,4491,5441,653
10385962032455354841,2851,418
Trade Payables2529344561717910597
83108154121151187190360384
Total Liabilities3553865089121,1181,6282,2313,3233,581
5434381281584324131,2111,172
Capital Work in Progress000002000
1379083391472130350504
000000254358390
Cash & Bank16261901451686921,3371,058913
147236197247321490227345603
Total Assets3553865089121,1181,6282,2313,3233,581

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
340118179222296213236261
Cash from Investing-27-3-74-284-96-351-466-762-121
Cash from Financing33-25-13170-9172363499-144
882529-19-72110-26-4

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
44.2244.2244.2244.2144.2144.2144.2144.2144.21
5.315.335.345.045.335.395.895.946.00
2.854.185.9110.5810.5710.209.628.995.66
Government0.000.000.000.000.000.000.000.000.00
47.6246.2644.5340.1639.8940.2040.2740.8644.13

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-07
Updates

2026-09-07 - Happiest Minds Technologies Limited has informed the Exchange regarding 'Transcript of Investor/ Analyst Call'.

2026-09-03
Copy of Newspaper Publication

2026-09-03 - Happiest Minds Technologies Limited has informed the Exchange about Copy of Newspaper Publication

2026-09-02
Shareholders meeting

2026-09-02 - Happiest Minds Technologies Limited has informed the Exchange regarding Notice of Postal Ballot

2026-09-01
Updates

2026-09-01 - Happiest Minds Technologies Limited has informed the Exchange regarding 'Audio recording of Analyst Call'.

2026-08-31
Updates

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
Agreements

2026-08-31 - Happiest Minds Technologies Limited has informed the Exchange about Agreements

2026-08-31
Scheme of Arrangement

2026-08-31 - Happiest Minds Technologies Limited has informed the Exchange about Scheme of Arrangement

2026-08-31
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-31 - Happiest Minds Technologies Limited has informed the Exchange about Schedule of meet

2026-08-31
Press Release (Revised)

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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