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.
| ₹ 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) |
| ₹ 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 |
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| IMSS | 389 | 16.8 |
| PDES | 1,847 | 79.8 |
| GBS | 79 | 3.4 |
| Total, before eliminations | 2,315 | 100.0 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TATA CONSULTANCY SERV LT | 7,96,690 | 16.0 | 7.34 | 10.9 | 45.6 | 53.9 | 10.2 | 26.9 |
| INFOSYS LIMITED | 4,20,891 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 7 Sept 2026 · Happiest Minds to merge with ITC Infotech, promoter sells 22% stake | investor communications | medium | — | — |
| 3 Sept 2026 · Newspaper publication of postal ballot notice submitted to exchanges | compliance | minimal | — | — |
| 3 Sept 2026 · Newspaper publication of Postal Ballot Notice | compliance | minimal | — | — |
| 2 Sept 2026 · Postal ballot to shift registered office from Karnataka to West Bengal | corporate actions | medium | — | — |
| 1 Sept 2026 · Audio recording of analyst call uploaded on website | investor communications | low | — | — |
| 31 Aug 2026 · Happiest Minds to merge with ITC Infotech; promoters sell 22.1% stake for Rs 1,329 Cr | ownership changes | high | — | — |
| 31 Aug 2026 · Happiest Minds to merge into ITC Infotech, promoters sell 22.1% stake | strategic transactions | high | — | — |
| 31 Aug 2026 · Happiest Minds merger with ITC Infotech approved; promoters to sell 22.1% stake | strategic transactions | critical | — | — |
| 31 Aug 2026 · Analyst call on Sept 1 to discuss strategic transaction | board shareholder meetings | low | — | — |
| 31 Aug 2026 · Happiest Minds merges with ITC Infotech, targets US dollar 1B revenue by FY28 | compliance | low | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| 14.0 |
| 4.51 |
| 8.8 |
| 31.6 |
| 38.6 |
| 12.2 |
| 25.7 |
| HCL TECHNOLOGIES LTD | 3,27,456 | 18.7 | 4.35 | 11.7 | 22.1 | 26.2 | 11.5 | 20.9 |
| WIPRO LTD | 1,65,785 | 13.3 | 1.88 | 7.9 | 15.0 | 17.1 | 8.4 | 22.9 |
| TECH MAHINDRA LIMITED | 1,51,018 | 26.6 | 5.02 | 16.9 | 16.0 | 18.8 | 8.5 | 16.8 |
| LTM LIMITED | 1,27,635 | 24.4 | 5.29 | 15.4 | 20.7 | 24.8 | 27.9 | 20.0 |
| PERSISTENT SYSTEMS LTD | 87,015 | 44.8 | 11.10 | 29.8 | 23.8 | 28.5 | 28.6 | 17.8 |
| COFORGE LIMITED | 81,708 | 37.5 | 8.44 | 29.1 | 18.0 | 17.2 | 28.6 | 18.6 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 22.3 | 16.6 | 41 of 71 | 43% |
| P/B | 2.9 | 2.9 | 32 of 64 | 49% |
| ROCE | 12.8 | 14.2 | 45 of 78 | 43% |
| ROE | 12.6 | 11.5 | 31 of 67 | 55% |
| Debt / Equity | 0.8 | 0.0 | 62 of 68 | 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 | 4964 | 475 | 23 of 75 | 70% |
| 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 |
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.
