NSE: HAPPSTMNDS · BSE: 543227
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. PDES, IMSS, GBS. Asset-light, people-driven Indian IT services firm pivoting around digital engineering and generative AI.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,094 | 1,429 | 1,625 | 2,061 | 2,315 |
| EBITDA (ex other income) | 252 | 353 | 350 | 342 | 385 |
| margin % | 23.0 | 24.7 | 21.5 | 16.6 | 16.6 |
| Owners' profit | 181 | 231 | 248 | 185 | 213 |
| EPS, as reported (₹) | 12.84 | 16.13 | 16.73 | 12.26 | 14.12 |
| ROE % · ROCE % | 27.2 · 33.7 | 27.5 · 31.2 | 16.8 · 22.4 | 11.7 · 16.5 | 12.6 · 17.2 |
| Debt / equity (x) | 0.29 | 0.56 | 0.30 | 0.74 | 0.84 |
| Cash from operations | 168 | 207 | 213 | 236 | 261 |
| Capex | (1) | (131) | (8) | (8) | (3) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 522 | 531 | 545 | 550 | 574 | 588 | 604 | 629 |
| Profit before tax | 68 | 69 | 50 | 77 | 73 | 54 | 80 | 90 |
| Net profit | 50 | 50 | 34 | 57 | 54 | 40 | 61 | 68 |
| EPS (₹) | 3.29 | 3.33 | 2.26 | 3.79 | 3.59 | 2.68 | 4.06 | 4.49 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| IMSS | 389 | 16.8 |
| PDES | 1,847 | 79.8 |
| GBS | 79 | 3.4 |
| Total, before eliminations | 2,315 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TATA CONSULTANCY SERV LT | 8,87,298 | 17.8 | 8.18 | 12.2 | 45.6 | 53.9 | 10.2 | 26.9 |
| INFOSYS LIMITED | 4,55,550 | 15.2 | 4.88 | 9.6 | 31.6 | 38.6 | 12.2 | 25.7 |
| HCL TECHNOLOGIES LTD | 3,78,281 | 21.6 | 5.03 | 13.6 | 22.1 | 26.2 | 11.5 | 20.9 |
| WIPRO LTD | 1,82,720 | 14.6 | 2.07 | 8.7 | 15.0 | 17.1 | 8.4 | 22.9 |
| TECH MAHINDRA LIMITED | 1,74,293 | 30.7 | 5.79 | 19.5 | 16.0 | 18.8 | 8.5 | 16.8 |
| LTM LIMITED | 1,21,357 | 23.2 | 5.03 | 14.7 | 20.7 | 24.8 | 27.9 | 20.0 |
| PERSISTENT SYSTEMS LTD | 91,811 | 47.3 | 11.71 | 31.4 | 23.8 | 28.5 | 28.6 | 17.8 |
| COFORGE LIMITED | 86,606 | 39.8 | 8.95 | 30.9 | 18.0 | 17.2 | 28.6 | 18.6 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 20.4 | 15.0 | 36 of 65 | 45% |
| P/B | 2.7 | 2.6 | 34 of 65 | 48% |
| ROCE | 12.8 | 14.2 | 44 of 76 | 43% |
| ROE | 12.6 | 11.5 | 30 of 64 | 54% |
| Debt / Equity | 0.8 | 0.0 | 59 of 65 | 9% |
| EBITDA margin | 22.5 | 18.4 | 21 of 65 | 69% |
| Revenue growth | 14.3 | 10.6 | 25 of 63 | 61% |
| Profit growth | 18.3 | 6.7 | 22 of 62 | 66% |
| Market cap | 4551 | 419 | 22 of 76 | 72% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Happiest Minds sets November 3 call to discuss quarterly and half-year results | board shareholder meetings | low | — | — |
| 23 Oct 2026 · Board to approve September quarter results and consider interim dividend | results | low | — | — |
| 8 Oct 2026 · Routine Compliance Certificate for Q2 FY27 — No Share Transfer Requests | compliance | minimal | — | — |
| 6 Oct 2026 · Newspaper notice for shifting registered office from Karnataka to West Bengal | compliance | minimal | — | — |
| 5 Oct 2026 · Postal Ballot: Registered Office Shift to West Bengal Approved | board shareholder meetings | medium | — | — |
| 30 Sept 2026 · Corrigendum to debenture redemption date disclosure | credit debt | medium | — | — |
| 25 Sept 2026 · Timely interest payment and full redemption of NCDs | compliance | minimal | — | — |
| 25 Sept 2026 · ITC Infotech acquires 22.10% stake in Happiest Minds from promoter | strategic transactions | high | — | — |
| 23 Sept 2026 · Trading Window closure from Oct 1 for Q2 results | compliance | minimal | — | — |
| 7 Sept 2026 · Happiest Minds to merge with ITC Infotech, promoter sells 22% stake | investor communications | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.