HAPPIEST MINDS TECHNO LTD

Provides IT services across three segments — Product and Digital Engineering Services (PDES), Infrastructure Management and Security Services (IMSS), and Generative AI Business Services (GBS). PDES is the largest segment at ₹1,847.36 crore in FY26, building and modernising software products for customers across BFSI (27% of revenue), EdTech (16%), Healthcare and Life Sciences, and Hi-Tech. IMSS generated ₹389.09 crore, covering infrastructure management and cybersecurity-related managed services. GBS, the smallest at ₹78.66 crore, focuses on generative AI and agentic AI deployments and turned profitable in Q3 FY26 with ~50% QoQ growth; the company reports 100+ AI agents, 60+ repeatable use cases, and 2,000+ engineers using AI development tools that generate 2.5 million lines of code per month. The business served 306 active clients at end of Q1 FY27 with a headcount of 6,532 and ₹1,743 crore in cash. Employee cost dominates the cost structure at 67.4% of revenue, with other operating expenses at 15.2% and depreciation at 3.8%. Customers are predominantly in the Americas, which contributed 67% of revenue in FY26.