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Happiest Minds Technologies Ltd.

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happiestminds.comBSE: 543227NSE: HAPPSTMNDS
Market Cap₹ 5,062 Cr.
Current Price
High / Low₹ 583 / 329
Stock P/E21.0
Book Value₹ 111
Price to Book3.33
Dividend Yield1.93 %
ROCE12.9 %
ROE14.2 %
Face Value₹ 2

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Product Engineering Services: 76.2% • Infrastructure Management & Security Services: 19.2% • Generative AI Business Services: 4.5%

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

  • Latest quarter profit grew 40.2% YoY, showing strong momentum
  • Company has delivered good sales growth of 17.8% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 42.9%
  • Stock looks reasonably valued - P/E of 21.0 is below its historical median
  • Working capital cycle has improved - days down from 167 to 130
  • Company has a consistent dividend-paying track record

CONS

  • A large part of profit comes from other income (68.5% of PBT)
  • Operating margins have contracted to 14.4% from 25.8%
  • Company has delivered a poor profit growth of 6.7% over past five years
  • Recurring exceptional / one-off items are inflating headline profit

* 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.TCS2202.0016.00796702.875.0013420.004.6972275.0013.9366.2525.67
2.INFY1038.2013.91421325.694.627775.0012.2948211.0014.0342.8423.66
3.HCLTECH1207.0018.80327539.384.474626.0020.3434579.0013.9431.2019.87
4.WIPRO167.5012.55165902.386.573356.300.5924478.6010.5918.4918.93
5.TECHM1539.5029.38150891.593.311486.3031.6715711.9017.6823.0417.43
6.LTM4301.1524.39127581.281.741468.6017.0611608.0017.9630.2517.75
7.OFSS11760.0030.01102409.763.401415.50120.523125.2068.7345.5060.04
8.PERSISTENT5537.4545.4287353.270.72483.0413.674303.2329.0935.0916.19
9.COFORGE1847.4046.5881835.770.86531.7049.195527.7049.8624.7019.14
10.MPHASIS2294.1022.9243790.982.70489.5110.824384.0517.4623.3118.15
11.LTTS3334.9526.8035379.241.74357.1012.972940.1011.4727.7018.65
12.HAPPSTMNDS332.4022.695061.611.93676.001083.276285.101042.9513.0718.71
Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
357370371375372403404388402430433457561
276298302308312334341353343363372389508
Operating Profit81726868606962355968606853
OPM %22.77%19.40%18.41%18.00%16.24%17.23%15.40%9.08%14.67%15.75%13.98%14.98%9.40%
14225126262722382939-59224
Interest10111110182524242324232227
Depreciation89999131313913131220
Profit before Tax787499746058473755702012676
Tax %25.96%26.48%19.61%27.03%26.71%26.48%27.04%17.46%26.26%19.38%28.38%10.02%25.47%
Net Profit575580544443343041561411357
3.983.665.323.592.912.852.292.962.703.740.937.533.78

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
4314445906987611,0341,3331,4731,5941,7261,881
4304615325995717881,0261,1841,3591,4771,632
Operating Profit1-175899190245307289235249249
OPM %0.19%-3.80%9.90%14.15%24.93%23.73%23.01%19.61%14.72%14.43%13.26%
1517-185233837113114165150
Interest26168682242919296
Depreciation67202021243034515158
Profit before Tax7-13475186251292325207270292
Tax %42.78%-0.00%0.00%2.52%12.95%25.66%25.82%24.38%25.06%17.09%17.53%
Net Profit4-13473162186216246155224241
EPS0.320.000.335.4911.4112.9115.0016.4510.3614.92—
Dividend Payout %0.00%0.00%0.00%0.00%26.28%28.68%35.74%34.95%57.92%42.91%—

COMPOUNDED SALES GROWTH

10 Years:
18%
5 Years:
18%
3 Years:
9%

COMPOUNDED PROFIT GROWTH

10 Years:
45%
5 Years:
7%
3 Years:
1%

STOCK PRICE CAGR

10 Years:
—
5 Years:
-26%
3 Years:
-29%
1 Year:
-42%

RETURN ON EQUITY

10 Years:
27%
5 Years:
21%
3 Years:
15%
Last Year:
14%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

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 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
7769282929303030
155143-982165156377951,4421,4941,600
52103106962032325444841,1451,356
Trade Payables16242935405362698078
8283370153111125134167275288
Total Liabilities3113604125088971,0761,5642,1923,0243,352
114461382963199203316291
Capital Work in Progress0000002000
15516198834895241971971,1331,303
0000000232281339
Cash & Bank715261901391576741,324985848
138140226197240331492236308570
Total Assets3113604125088971,0761,5642,1923,0243,352

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
-1126211918621225618913388
Cash from Investing-76-27-1-74-284-111-343-435-644-24
Cash from Financing8133-58-13170-72102358450-53
-78-02536-24-69112-6111

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 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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