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Happiest Minds Technologies Limited HAPPSTMNDS NSEAITECH

Technology · Information Technology Services · India
https://www.happiestminds.com

Happiest Minds Technologies Limited provides information technology (IT) solutions and services in India, the Americas, Australia, Europe, Asia, the Middle East, and Africa. It operates through three segments: Infrastructure Management and Security Services (IMSS); Product and Digital Engineering Services (PDES); and Generative AI Business Services (GBS). The IMSS segment provides integrated end-to-end infrastructure and security solutions comprising advisory, transformation, and managed operations; end-to-end gen AI-enabled solutions, such as infrastructure assessments and cloud migration, AI-powered threat detection, and continuous security monitoring; cloud and data center, databases and application platforms, digital workplace, enterprise networking, and IT services and operations management tools and platforms; strategy and consulting, and managed security; and identify security, cloud infrastructure protection, threat and vulnerability, and OT security solutions. The GBS segment offers consulting, engineering, testing, infrastructure management and support, and pre-built solutions/companions; and AI services, AI-powered applications, and customized generative AI models. The PDES segment provides business and IT consulting; marketing analytics; digital process automation for front, mid, and back-office operations; analytics and visualization; business-specific application development, maintenance, and support; intelligent test automation and engineering; and digital front door, healthcare enterprises connecting, healthcare data democratization and RWE, operational of DCT/digital trials, medical device engineering, cybersecurity in healthcare, core system modernization, and semantic interoperability services. This segment also offers product engineering, open-source stack, mobility, data analytics and business intelligence, accessibility, edtech compliance, integration, education CRM, Generative AI, digital process automation, cybersecurity, and personalized content services. The company was incorporated in 2011 and is headquartered in Bengaluru, India.

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₹371.70
-37.44% 1Y

Market & Price

Market Cap
₹5,585.24 Cr
Current Price
₹371.70
High / Low (52W)
₹661.20 / ₹337.50
Beta
-0.09

Valuation

Stock P/E
26.32
Industry PE
25.13
Forward P/E
15.78
PEG Ratio
-
Book Value
₹112.14
Price to Book
3.31
P/S
2.41
EV/EBITDA
14.06
Dividend Yield
1.96%

Profitability & Returns

ROCE
17.16%
ROE
13.03%
ROA
5.64%
Profit Margin
9.18%
Op Margin
13.58%
EPS (Latest Qtr)
₹4.06
EPS (TTM)
₹14.12

Balance Sheet & Liquidity

Debt/Equity
0.88
Quick Ratio
1.29
Current Ratio
1.48
Debt
₹1,486.65 Cr
Total Assets
₹3,625.11 Cr
Current Assets
₹2,075.55 Cr
Working Capital
₹673.76 Cr

Ownership

Promoter Holding
46.14%
Chg in Prom Hold
-
FII / Inst Holding
10.39%
Chg in FII Hold
-

Financial Snapshot

Enterprise Value
₹5,670.64 Cr
Total Revenue (TTM)
₹2,315.11 Cr
EBITDA
₹403.38 Cr
Free Cash Flow
₹845.95 Cr
Operating Cash Flow
₹261.41 Cr
Shares Outstanding
₹15.03 Cr
Gross Margin
32.58%
Payout Ratio
44.29%

Growth (CAGR)

Revenue 5Y
17.44%
Profit 5Y
-2.72%
Revenue (YoY)
10.90%
Earnings (YoY)
79.90%

PROS

  • Compounding revenue at 17.4% over 5 years.
  • Generates positive free cash flow.

CONS

  • Earnings shrank at -2.7% CAGR over 5 years.
  • Trading 43.8% below its 52-week high.
  • In a downtrend (50-DMA below 200-DMA).

* The pros and cons are auto-generated from financial metrics.

Price Chart

NSE TradingView Screener.in

Fundamental Growth

Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).

Peer comparison

Peer companies in the same sector (Technology).

#NameCMP ₹P/E Mkt CapDiv Yld % ROCE %ROE % Rev CAGR 5Y %Profit CAGR 5Y %
1 HAPPSTMNDS Happiest Minds Technologies Limited NSEAITECH 371.70 26.32 ₹5,585.24 Cr 1.96% 17.16% 13.03% 17.44% -2.72%
2 TCS Tata Consultancy Services Limited NIFTY50NSEAITECH 2,258.90 16.61 ₹8.17 L Cr 5.49% 54.93% 48.40% 5.80% 5.30%
3 INFY Infosys Limited NIFTY50NSEAITECH 1,160.90 15.01 ₹4.70 L Cr 4.31% 41.66% 31.44% 3.44% 3.58%
4 HCLTECH HCL Technologies Limited NIFTY50NSEAITECH 1,183.80 19.31 ₹3.20 L Cr 8.11% 27.21% 23.36% 8.65% 3.87%
5 WIPRO Wipro Limited NIFTY50NSEAITECH 204.25 16.26 ₹2.14 L Cr 8.32% 18.42% 15.49% 4.05% 2.44%
6 TECHM Tech Mahindra Limited NIFTY50NSEAITECH 1,483.90 27.40 ₹1.31 L Cr 3.44% 20.60% 16.61% 2.16% -0.14%
7 LTM LTM Limited NSETECH 4,061.60 24.04 ₹1.20 L Cr 1.85% 25.39% 21.29% 8.43% 4.41%
8 LGEINDIA LG ELECTRONICS INDIA LTD NIFTY_MIDNSETECH 1,523.90 61.35 ₹1.03 L Cr - 27.64% 24.72% 0.98% -
9 WAAREEENER WAAREE ENERGIES LIMITED NIFTY_MIDNSETECH 3,140.80 27.70 ₹90,345.53 Cr 0.13% 24.21% 31.57% 71.63% 191.18%
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Quarterly Results

Figures in INR.

Metric Sep 2024Dec 2024Mar 2025Jun 2025Dec 2025Mar 2026
Revenue 521.64 Cr530.81 Cr544.57 Cr549.90 Cr587.56 Cr604.08 Cr
Cost of Revenue 350.55 Cr355.77 Cr359.16 Cr375.45 Cr392.05 Cr404.44 Cr
Gross Profit 171.09 Cr175.04 Cr185.41 Cr174.45 Cr195.51 Cr199.64 Cr
Operating Expenses 102.41 Cr102.13 Cr124.08 Cr102.79 Cr110.48 Cr117.60 Cr
Operating Income 68.68 Cr72.91 Cr61.33 Cr71.66 Cr85.03 Cr82.04 Cr
EBITDA 118.83 Cr116.86 Cr97.67 Cr124.05 Cr100.79 Cr124.65 Cr
Interest Expense 27.99 Cr26.93 Cr24.74 Cr24.82 Cr24.52 Cr22.61 Cr
Pretax Income 67.72 Cr68.94 Cr50.38 Cr76.87 Cr54.20 Cr80.48 Cr
Tax Provision 18.20 Cr18.84 Cr16.38 Cr19.74 Cr13.90 Cr19.31 Cr
Net Income 49.52 Cr50.10 Cr34.00 Cr57.13 Cr40.30 Cr61.17 Cr
Diluted EPS 3.293.332.263.792.674.06

Profit & Loss (Annual)

Figures in INR.

Metric Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Revenue -1,429.29 Cr1,624.66 Cr2,060.84 Cr2,315.11 Cr
Cost of Revenue -772.16 Cr966.58 Cr1,365.34 Cr1,560.95 Cr
Gross Profit -657.13 Cr658.08 Cr695.50 Cr754.16 Cr
Operating Expenses -340.17 Cr380.51 Cr429.78 Cr438.97 Cr
Operating Income -316.96 Cr277.57 Cr265.72 Cr315.19 Cr
EBITDA -373.63 Cr435.24 Cr443.64 Cr469.76 Cr
Interest Expense -21.86 Cr42.27 Cr99.48 Cr97.36 Cr
Pretax Income -309.86 Cr334.68 Cr255.46 Cr284.21 Cr
Tax Provision -78.87 Cr86.29 Cr70.80 Cr71.59 Cr
Net Income -230.99 Cr248.39 Cr184.66 Cr212.62 Cr
Diluted EPS -16.0116.7312.2614.11

Compounded Sales Growth

5 Years:17.44%
1 Year:10.90%

Compounded Profit Growth

5 Years:-2.72%
1 Year:79.90%

Stock Price Performance

1 Year:-37.44%
6 Months:-25.34%
3 Months:+2.45%
1 Month:-0.38%

Balance Sheet (Annual)

Figures in INR.

Metric Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Total Assets -1,640.83 Cr2,247.79 Cr3,359.06 Cr3,625.11 Cr
Current Assets -1,072.98 Cr1,777.77 Cr2,000.95 Cr2,075.55 Cr
Cash & Equivalents -69.99 Cr114.70 Cr119.12 Cr119.66 Cr
Inventory -----
Receivables -213.19 Cr254.44 Cr358.13 Cr390.27 Cr
Total Liabilities -802.01 Cr767.55 Cr1,784.48 Cr1,935.62 Cr
Current Liabilities -576.40 Cr566.98 Cr1,207.90 Cr1,401.79 Cr
Long Term Debt -112.78 Cr104.45 Cr335.37 Cr342.92 Cr
Total Debt -533.75 Cr512.19 Cr1,243.58 Cr1,486.65 Cr
Total Equity -838.82 Cr1,480.24 Cr1,574.58 Cr1,689.49 Cr
Shares Outstanding -14.69 Cr15.23 Cr15.23 Cr15.23 Cr

Cash Flows (Annual)

Figures in INR.

Metric Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating Cash Flow -207.17 Cr212.56 Cr236.42 Cr261.41 Cr
Investing Cash Flow --351.02 Cr-466.41 Cr-762.16 Cr-121.29 Cr
Financing Cash Flow -72.07 Cr363.47 Cr499.45 Cr-143.72 Cr
Capital Expenditure --139.41 Cr-10.30 Cr-11.17 Cr-7.16 Cr
Free Cash Flow -67.76 Cr202.26 Cr225.25 Cr254.25 Cr
Net Change in Cash --71.78 Cr109.62 Cr-26.29 Cr-3.60 Cr

Ratios (Annual)

Figures in %.

Metric Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Gross Margin % -46.0%40.5%33.7%32.6%
Operating Margin % -22.2%17.1%12.9%13.6%
Net Margin % -16.2%15.3%9.0%9.2%
ROE % -27.5%16.8%11.7%12.6%
ROCE % -29.8%16.5%12.4%14.2%

Shareholding Pattern

Insiders
46.14%
Institutions
10.39%
Public Float
19.29%

Analyst View

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