Happiest Minds Technologies Ltd

HAPPSTMNDS

Watchlist

AI Mode

‌

Market Cap

₹ 7,458 Cr

P/E

36.80

‌

‌
‌

‌

‌
‌

Investment Checklist

How to read checklist?

Performance

UNDER PERFORMER

Valuation

REASONABLE

Growth

SLUGGISH

Profitability

MODERATE MARGIN

Technicals

Bearish

Risk

MODERATE RISK

Investment Checklist

‌

‌
‌

‌

‌
‌

‌

‌
‌

‌

‌
‌

‌

‌
‌

‌

‌
‌

‌

Price

PE Ratio

Price

‌

Overview

Detailed Summary

Happiest Minds Technologies is a leading next-gen IT solutions firm focusing on digital transformation, AI, and IoT, serving industries like Retail, BFSI, Healthcare, and Manufacturing.

The company experienced notable growth in H1 FY26, with revenues of $129.5 million and a strong EBITDA margin of 20.8%, driven by a strategic focus on AI and digital modernization.

Its Generative AI business unit, a major growth driver, achieved 77.8% YOY growth, supported by strategic transformations initiated in the previous year.

Happiest Minds' ability to capitalize on its AI offerings and leverage replicable projects underscores its strategic agility and focus on high-growth technology domains.

With successful integration of acquisitions and a robust NN sales unit, the company is poised for extended growth, raising its double-digit growth outlook to FY28.

Sector

IT - Software

Industry

Computers - Software - Medium / Small

Market Cap

7,458 Cr

Volatility

Low Risk

P/E Ratio

36.8

Industry P/E

38.4

PEG Ratio

1.5

P/B Ratio

4.6

52W High

774.05

52W Low

486.55

Sales CAGR

26.83%

12.75%

16.23%

10Y

—

Profit CAGR

-25.66%

-3.31%

18.08%

10Y

—

ROE

TTM

11.99%

16.37%

19.32%

10Y

18.60%

ROCE

TTM

12.69%

21.13%

23.78%

10Y

22.48%

Technicals

‌

Forecasts

No. of Analysts

11

1Y Price Target

605.68 ▲ 23.33%

Q3 EPS Estimate

Q3 Revenue Estimate

Unlock Premium Features

Price, EPS and Revenue Projections

Strong SellSellHoldBuyStrong Buy

Buy

Strong Buy

Buy

Hold

Sell

Strong Sell

updated on

Dec 03, 2025

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
MAPMYINDIA	1655.00	9,071 Cr	62.30	10.89	0.21	17.48	24.47	14.95
BBOX	515.65	8,781 Cr	32.31	9.63	0.19	30.03	20.16	6.21
RATEGAIN	662.20	7,831 Cr	37.43	4.31	0.00	11.52	14.93	10.17
HAPPSTMNDS	489.80	7,458 Cr	36.80	4.58	1.21	11.99	12.69	5.79
TANLA	562.25	7,456 Cr	15.56	3.30	2.17	21.19	25.89	14.28
MASTEK	2174.40	6,737 Cr	18.28	2.52	1.06	13.65	16.31	9.06
AURIONPRO	1130.50	6,237 Cr	30.67	3.88	0.30	12.66	15.00	9.91

Financial Statements

AI Powered Summary

Discover detailed, AI-driven financial summaries that break down key metrics, trends, and insights—empowering you to make smarter investment decisions.

AI Mode

Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	391	407	410	417	464	522	531	545	550	574
Expenses	302	324	329	334	379	430	437	461	456	475
Operating Profit	89	83	81	83	85	92	94	84	94	99
OPM %	22.85	20.32	19.74	19.89	18.29	17.60	17.69	15.40	17.10	17.20
Other Income	14	22	25	38	25	27	23	14	30	22
Interest	10	11	11	10	20	28	27	25	25	25
Depreciation	14	15	15	15	22	23	21	23	22	22
Profit Before Tax	79	79	81	96	68	68	69	50	77	73
Tax %	25.86	26.11	26.15	25.14	25.41	26.88	27.33	32.51	25.68	25.65
Net Profit	58	58	60	72	51	50	50	34	57	54
EPS in Rs	3.88	3.90	3.96	4.79	3.39	3.29	3.33	2.26	3.79	3.59

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	590	698	773	1,094	1,429	1,625	2,061	2,147
Expenses	536	601	582	836	1,070	1,289	1,706	1,783
Operating Profit	55	97	191	258	359	336	354	364
OPM %	9.29	13.91	24.70	23.56	25.11	20.67	17.20	16.94
Other Income	-1.13	4.76	24	31	15	99	89	94
Interest	16	8.02	6.49	9.95	22	42	99	104
Depreciation	25	20	23	33	42	58	89	89
Profit Before Tax	13	74	186	246	310	335	255	264
Tax %	-9.48	2.58	12.67	26.30	25.45	25.78	27.71	27.72
Net Profit	14	72	162	181	231	248	185	191
EPS in Rs	—	—	11.23	12.12	15.36	16.53	12.27	12.97
Dividend Payout %	0.00	0.00	26.20	29.88	33.73	34.37	48.94	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	5.97	8.79	28	29	29	30	30
Reserves	-94	220	518	637	810	1,450	1,545
Borrowings	136	142	193	250	534	512	1,244
Other Liabilities	365	137	183	209	268	255	541
Total Liabilities	414	508	922	1,125	1,641	2,248	3,359
Fixed Assets	61	38	128	158	432	413	1,211
CWIP	0.17	0.17	0.14	0.35	2.66	0.31	0.18
Investments	98	83	391	472	13	0.00	350
Other Assets	254	387	402	495	1,194	1,835	1,797
Total Assets	414	508	922	1,125	1,641	2,248	3,359

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	58	112	143	168	207	213	236
Cash from Investing Activity	-0.27	-74	-271	-96	-351	-538	-732
Cash from Financing Activity	-59	-13	170	-91	72	363	499
Net Cash Flow	-1.49	25	42	-19	-72	38	4.23

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	54.67%	54.61%	54.49%	52.48%	51.32%	51.22%	45.03%	44.97%	44.91%	44.87%	44.84%	44.82%
FIIs	4.19%	4.25%	4.63%	5.25%	5.16%	4.78%	5.40%	5.42%	5.42%	5.11%	5.41%	5.46%
DIIs	1.35%	1.29%	1.29%	2.48%	2.47%	2.63%	2.91%	4.25%	6.17%	10.74%	10.72%	10.34%
Public	39.79%	39.85%	39.60%	39.79%	41.06%	41.37%	46.66%	45.36%	43.50%	39.28%	39.03%	39.38%
Total Shareholders	7,12,848	7,11,568	6,96,794	7,28,316	7,36,130	7,32,253	7,59,641	7,28,443	7,07,146	6,87,788	6,79,128	6,64,262

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Jun 17, 2025	Qe securities llp	Bulk	Sell	654.56	54.92 Cr	8,39,001	0.55
Jun 17, 2025	Qe securities llp	Bulk	Buy	653.55	54.36 Cr	8,31,784	0.54
Jun 25, 2024	Prb securities pvt. ltd.	Bulk	Sell	841.48	1.40 Cr	16,595	0.01
Jun 25, 2024	Prb securities pvt ltd	Bulk	Buy	841.27	1.57 Cr	18,712	0.01
Jun 25, 2024	Qe securities llp	Bulk	Sell	842.96	84.05 Cr	9,97,138	0.65
Jun 25, 2024	Prb securities pvt ltd	Bulk	Sell	843.92	77.00 Cr	9,12,355	0.59
Jun 25, 2024	Mansi share and stock advisor...	Bulk	Sell	842.56	97.72 Cr	11,59,855	0.76
Jun 25, 2024	Ashok soota	Bulk	Sell	834.87	762.78 Cr	91,36,490	6.00
Jun 25, 2024	Qe securities llp	Bulk	Buy	842.45	71.12 Cr	8,44,172	0.55
Jun 25, 2024	Mansi share & stock advisors ...	Bulk	Buy	837.57	77.93 Cr	9,30,393	0.61

Projection

Unlock Premium Features

Get In-depth insights on EPS and Revenue forecasts

Actions

Action Type

‌
‌

Announcements

Last 7 days

Newest

Sentiment

Press Release

5 days ago

Happiest Minds Wins SHRM Excellence Award for People Analytics

Happiest Minds Technologies Limited was recognized as the Runner-up for Excellence in People Analytics at the SHRM Excellence Awards 2025, showcasing its commitment to innovative people practices.

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

Investor Presentation

Q4 FY25

Investor Presentation

Q3 FY25

Investor Presentation

Q2 FY25

Investor Presentation

Q4 FY24

Investor Presentation

Q3 FY24

Investor Presentation

Q3 FY24

Showing 1 - 8 of 28

AI Mode

Get instant AI-powered insights about company performance, financials, and strategy. Ask questions about trends, competition, and developments while receiving responses backed by official documents and market data, with clear attribution to source documents.

AI Mode

Overview

Detailed Summary

Happiest Minds Technologies is a leading next-gen IT solutions firm focusing on digital transformation, AI, and IoT, serving industries like Retail, BFSI, Healthcare, and Manufacturing.

The company experienced notable growth in H1 FY26, with revenues of $129.5 million and a strong EBITDA margin of 20.8%, driven by a strategic focus on AI and digital modernization.

Its Generative AI business unit, a major growth driver, achieved 77.8% YOY growth, supported by strategic transformations initiated in the previous year.

Happiest Minds' ability to capitalize on its AI offerings and leverage replicable projects underscores its strategic agility and focus on high-growth technology domains.

With successful integration of acquisitions and a robust NN sales unit, the company is poised for extended growth, raising its double-digit growth outlook to FY28.

Sector

IT - Software

Industry

Computers - Software - Medium / Small

Market Cap

7,458 Cr

Volatility

Low Risk

P/E Ratio

36.8

Industry P/E

38.4

PEG Ratio

1.5

P/B Ratio

4.6

52W High

774.05

52W Low

486.55

Sales CAGR

26.83%

12.75%

16.23%

10Y

—

Profit CAGR

-25.66%

-3.31%

18.08%

10Y

—

ROE

TTM

11.99%

16.37%

19.32%

10Y

18.60%

ROCE

TTM

12.69%

21.13%

23.78%

10Y

22.48%