HAPPSTMNDS

Happiest Minds Technologies Limited

AI-first digital engineering and product engineering solutions firm

Information Technology›Information Technology›IT - Software›Computers - Software & Consulting

happiestminds.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹335.90
Market cap
5,057 Cr
Stock P/E
22.7
P/B
2.99
Dividend yield
1.9%
ROE (FY26)
12.6%
ROCE (FY26)
12.3%
Operating margin (FY26)
13.6%
Debt / equity (FY26)
0.84
OCF / EBITDA (FY26)
64.8%
OCF / EBITDA (3Y)
65.0%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Happiest Minds (Happiest Minds Technologies) is an Indian IT services company that provides digital engineering, infrastructure and security, and generative AI services to global enterprises, and presents itself as AI-first.

Company snapshot

21stBy market cap

Ranked among 50 companies in Computers - Software & Consulting.

Segment mix

Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 82.7% of revenue

SegmentRevenue shareRevenuePBTAssets
GBS
1.6%
24 Cr-11 Cr—
IMSS
15.8%
239 Cr72 Cr—
PDES
82.7%
1,253 Cr309 Cr—

What we see

Positives
  • ✓Dividend payout of 44% — the company returns a meaningful share of profits to shareholders.

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales407 Cr410 Cr417 Cr464 Cr522 Cr531 Cr545 Cr550 Cr574 Cr588 Cr604 Cr629 Cr
Operating expenses (approx.)324 Cr329 Cr334 Cr379 Cr430 Cr437 Cr461 Cr456 Cr475 Cr480 Cr500 Cr511 Cr
EBITDA83 Cr81 Cr83 Cr85 Cr92 Cr94 Cr84 Cr94 Cr99 Cr107 Cr104 Cr118 Cr
OPM %20.3%19.7%19.9%18.3%17.6%17.7%15.4%17.1%17.2%18.2%17.2%18.7%
Other income22 Cr24 Cr25 Cr25 Cr27 Cr23 Cr26 Cr30 Cr22 Cr16 Cr18 Cr24 Cr
Interest11 Cr11 Cr10 Cr20 Cr28 Cr27 Cr25 Cr25 Cr25 Cr25 Cr23 Cr28 Cr
Depreciation15 Cr15 Cr15 Cr22 Cr23 Cr21 Cr23 Cr22 Cr22 Cr22 Cr22 Cr23 Cr
Profit before tax79 Cr81 Cr96 Cr68 Cr68 Cr69 Cr50 Cr77 Cr73 Cr54 Cr80 Cr90 Cr
Tax %26.1%26.1%25.1%25.4%26.9%27.3%32.5%25.7%25.7%25.6%24.0%25.1%
Net profit58 Cr60 Cr72 Cr51 Cr50 Cr50 Cr34 Cr57 Cr54 Cr40 Cr61 Cr68 Cr
EPS (₹)₹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 (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales590 Cr698 Cr773 Cr1,094 Cr1,429 Cr1,625 Cr2,061 Cr2,315 CrSign in free for the trailing twelve months
Operating expenses (approx.)536 Cr601 Cr582 Cr836 Cr1,070 Cr1,289 Cr1,706 Cr1,912 CrSign in free for the trailing twelve months
EBITDA55 Cr97 Cr191 Cr258 Cr359 Cr336 Cr354 Cr403 CrSign in free for the trailing twelve months
OPM %9.3%13.9%24.8%23.6%25.1%20.7%17.2%17.4%Sign in free for the trailing twelve months
Other income11 Cr16 Cr24 Cr37 Cr21 Cr85 Cr101 Cr85 CrSign in free for the trailing twelve months
Interest16 Cr8 Cr7 Cr10 Cr22 Cr42 Cr99 Cr97 CrSign in free for the trailing twelve months
Depreciation25 Cr20 Cr23 Cr33 Cr42 Cr58 Cr89 Cr88 CrSign in free for the trailing twelve months
Profit before tax13 Cr74 Cr186 Cr246 Cr310 Cr335 Cr255 Cr284 CrSign in free for the trailing twelve months
Tax %-9.5%2.6%12.7%26.3%25.5%25.8%27.7%25.2%Sign in free for the trailing twelve months
Net profit14 Cr72 Cr162 Cr181 Cr231 Cr248 Cr185 Cr213 CrSign in free for the trailing twelve months
EPS (₹)₹1.89₹7.04₹11.75₹12.84₹16.13₹16.73₹12.26₹14.12Sign in free for the trailing twelve months
Dividend payout %——0.0%37.7%24.7%34.6%0.0%44.2%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital6 Cr9 Cr28 Cr29 Cr29 Cr30 Cr30 Cr30 Cr
Reserves-72 Cr257 Cr518 Cr637 Cr810 Cr1,450 Cr1,545 Cr1,659 Cr
Borrowings69 Cr70 Cr146 Cr191 Cr468 Cr442 Cr1,161 Cr1,413 Cr
Other liabilities411 Cr172 Cr230 Cr269 Cr334 Cr325 Cr624 Cr523 Cr
Total liabilities414 Cr508 Cr922 Cr1,125 Cr1,641 Cr2,248 Cr3,359 Cr3,625 Cr
Fixed assets (net)2 Cr0.93 Cr22 Cr55 Cr191 Cr138 Cr211 Cr135 Cr
CWIP——0.14 Cr0 Cr2 Cr0.09 Cr0 Cr0 Cr
Investments98 Cr83 Cr391 Cr472 Cr13 Cr0 Cr350 Cr504 Cr
Loans & advances——8 Cr0.04 Cr0.64 Cr0.37 Cr0.12 Cr0.33 Cr
Trade receivables129 Cr115 Cr122 Cr167 Cr213 Cr254 Cr358 Cr390 Cr
Cash & bank26 Cr44 Cr86 Cr67 Cr70 Cr115 Cr119 Cr120 Cr
Other assets158 Cr265 Cr292 Cr364 Cr1,152 Cr1,740 Cr2,321 Cr2,477 Cr
Total assets414 Cr508 Cr922 Cr1,125 Cr1,641 Cr2,248 Cr3,359 Cr3,625 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity58 Cr112 Cr144 Cr168 Cr207 Cr213 Cr236 Cr261 Cr
Cash from investing-0.27 Cr-74 Cr-271 Cr-96 Cr-351 Cr-466 Cr-762 Cr-121 Cr
Cash from financing-59 Cr-13 Cr169 Cr-91 Cr72 Cr363 Cr499 Cr-144 Cr
Net cash flow-1 Cr25 Cr42 Cr-19 Cr-68 Cr110 Cr-26 Cr0.54 Cr
Free cash flow (OCF − Capex)57 Cr111 Cr143 Cr164 Cr68 Cr202 Cr225 Cr254 Cr

Ratios

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %—24.3%27.9%29.9%25.4%19.6%13.0%12.3%
ROE %—27.0%29.8%27.2%27.5%16.8%11.7%12.6%
Debtor days8060575654576361
Inventory days——000000
Days payable1818192018181915
Cash conversion cycle6242383536394546
OCF / EBITDA %105.1%115.6%75.0%65.2%57.7%63.3%66.7%64.8%
OCF / EBITDA % (3 years)——91.3%77.6%64.2%61.7%62.5%65.0%
Debt / equity—0.270.270.290.560.300.740.84
Current ratio0.772.102.672.531.863.141.661.48
Net debt / EBITDA0.770.280.320.481.110.982.943.21