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Model Note · HAPPIEST MINDS TECHNO LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
HAPPIEST MINDS TECHNO LTD Discounted cash flow · base FY26
HAPPIEST MINDS TECHNO LTD
Value per share, this model₹208
CMP 2026-09-10₹330.05
Difference(36.9)%
Growth the CMP implies26.3%/yr
This note states the assumptions and the arithmetic of one model of HAPPIEST MINDS TECHNO LTD, built on its filed FY26 consolidated statements. The value is the outcome of the assumptions below and nothing else; it is not a fair value, a target or a recommendation.
Assumptions
Input
This model
Filed reference
Revenue growth, 5 years
12.5% a year
FY26 12.3% · 5-yr CAGR 24.5%
EBITDA margin
16.6%
FY26 16.6% · 5-yr average 20.5%
Depreciation · capex, % of revenue
3.8% · 0.1%, fading to 1.2× depreciation
FY26 3.8% · 0.1%
Working capital, % of added revenue · tax
12.7% · 25.2%
46 working-capital days · effective 25.2%
Discount rate
11.00%
1-yr beta 1.17
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹1,293 · ₹0 · ₹0 cr
FY26 net debt ₹1,293 cr
Shares
15.04 crore
15.04 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY26
FY27
FY28
FY29
FY30
FY31
Revenue
2,315
2,604
2,930
3,296
3,708
4,172
growth %
12.3
12.5
12.5
12.5
12.5
12.5
EBITDA
385
432
486
547
616
693
Depreciation
(88)
(99)
(111)
(125)
(141)
(159)
NOPAT
222
249
281
316
355
399
less capex
(3)
(3)
(36)
(77)
(128)
(190)
less working-capital build
—
(37)
(41)
(47)
(52)
(59)
Free cash flow to firm
—
309
315
318
316
309
Present value
293
269
245
219
193
Source: the model; base year as filed.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
Model Note · HAPPIEST MINDS TECHNO LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,220
PV of the terminal value (72% of EV)
3,208
Enterprise value
4,427
less net debt
(1,293)
less non-controlling interest
0
add non-operating investments
0
Equity value
3,134
÷ 15.04 crore shares
₹208
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
218
239
265
296
335
10.5%
195
213
234
259
290
11.0%
176
191
208
229
253
11.5%
160
172
187
204
224
12.0%
145
156
168
183
199
Source: the model; n/a where terminal growth reaches the discount rate.
Statement
This note is the reader's own model over publicly filed information: SEBI results XBRL filed with BSE and NSE and exchange price data, assembled by MarketPing software; every assumption above is the reader's. It contains no research recommendation, no price target and no opinion by MarketPing 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). Historical per-share figures are on the current share count. Where a figure is unavailable the table shows a dash rather than an estimate. Nothing here constitutes investment advice, an offer or a solicitation.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
