About

Happiest Minds Technologies is a mid-scale software and consulting company operating in the Indian IT services sector with a market cap of ₹6,400 Cr. Recent quarterly revenues range ₹430–630 Cr standalone, with operating margins around 17%, positioning it as a cost-disciplined operator in the competitive IT consulting space.

Face value: ₹2

Market cap

₹4,641 Cr

P/E

20.8×

P/B

2.7×

Dividend yield

3.2%

ROE

13%

ROCE

18.3%

Debt / equity

0.84

OPM

17.4%

EPS (TTM)

₹14.8

Book value

₹112.4

52-week high

₹536.4

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Earnings volatility: EPS ranges ₹0.93–7.53 across recent quarters and net profit swings from ₹14 Cr to ₹113 Cr; magnitude raises questions on revenue consistency or cost control.
Valuation disconnect: PE of 28.69 on ROE of 13.03% prices in returns not yet demonstrated; verify if forward guidance justifies the premium.
Operating-margin compression risk: OPM low of 13.98% (Dec 2025) vs. 17.42% average signals pricing or cost pressure in certain quarters—clarify if structural or cyclical.
Stock down 29.26% over one year from 52w high ₹597.25 to ₹420.2; verify if repricing reflects deteriorating fundamentals or temporary market sentiment.

Generated analysis · source review pending

Growth drivers

Revenue at ₹628.51 Cr in Jun 2026 (upper-range recent level) suggests demand traction; verify if sustained organic growth or driven by lumpy contract timing.
Operating margins at 17–18% in recent quarters vs. 13.98% floor signal margin resilience; verify if reflects pricing power or cost discipline and if sustainable.
Regular dividend declarations (6 from Jun 2024–Jul 2026) indicate cash flow support; verify if FCFE truly covers payouts or if draws on reserves.

Generated analysis · source review pending

₹304.7-43.2%1Y

Beta

0.52

Damps index moves

Volatility (1y)

39.4%

Annualised, daily returns

RSI (14)

21

Oversold territory

Rel. strength (1y)

-53.7%

Behind the market

Beta is measured against NIFTY 50 over three years of weekly returns — 1 moves with the index, above 1 amplifies it, below 1 damps it.

Quick read

rule-based

Pros

+High return on capital employed of 21.3%
+Revenue CAGR of 24.5% over the last 5 years
+Dividend yield of 3.2%
+Dividend payout of 67.6% of profit

Cons

No red flags triggered.

Research score

Structured signal from quality, growth, valuation and momentum.

40/100

Business quality: 40
Growth: 50
Valuation: 68
Momentum

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MICROCAP 250 NIFTY TOTAL MARKET

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Persistent Systems LimitedPERSISTENTPERSISTENT	₹84,691 Cr	₹84,691 Cr	₹15,718 Cr	₹2,881 Cr	19%	₹1,923 Cr	12.7%	34.2%	26.3%	48
Coforge LimitedCOFORGECOFORGE	₹80,837 Cr	₹81,237 Cr	₹18,152 Cr	₹3,397 Cr	17.9%	₹1,717 Cr	10.6%	22.2%	19.7%	88
Mphasis LimitedMPHASISMPHASIS	₹42,956 Cr	₹44,749 Cr	₹16,531 Cr	₹3,071 Cr	18.8%	₹1,910 Cr	11.7%	24.7%	18.3%	58
Hexaware Technologies LimitedHEXTHEXT	₹29,966 Cr	₹29,966 Cr	₹14,420 Cr	₹2,155 Cr	14.2%	₹1,344 Cr	10.2%	—	—	—
Tata Elxsi LimitedTATAELXSITATAELXSI	₹19,268 Cr	₹19,268 Cr	₹3,886 Cr	₹876 Cr	22.5%	₹655 Cr	16.7%	29.9%	21.3%	-54
Fractal Analytics LimitedFRACTALFRACTAL	₹12,510 Cr	₹12,796 Cr	₹3,300 Cr	₹508 Cr	15.4%	₹292 Cr	8.7%	15.3%	11.8%	61
Rategain Travel Technologies LimitedRATEGAINRATEGAIN	₹9,953 Cr	₹10,875 Cr	₹2,336 Cr	₹459 Cr	18.5%	₹242 Cr	10.7%	13.8%	10.5%	36
Zensar Technologies LimitedZENSARTECHZENSARTECH	₹9,881 Cr	₹9,881 Cr	₹5,811 Cr	₹926 Cr	16.1%	₹776 Cr	13.6%	23%	17.6%	31
ASM Technologies LtdASMTECASMTEC	₹9,641 Cr	₹9,754 Cr	₹529 Cr	₹101 Cr	19.1%	₹26 Cr	11.5%	33.3%	25.7%	202
Intellect Design Arena LimitedINTELLECTINTELLECT	₹8,566 Cr	₹8,566 Cr	₹3,182 Cr	₹603 Cr	19.1%	₹351 Cr	11.3%	15.6%	11.6%	46
Birlasoft LimitedBSOFTBSOFT	₹7,542 Cr	₹7,551 Cr	₹5,404 Cr	₹930 Cr	16.3%	₹573 Cr	9.8%	21.2%	13.7%	63
Sonata Software LimitedSONATSOFTWSONATSOFTW	₹7,124 Cr	₹7,692 Cr	₹11,015 Cr	₹752 Cr	6.9%	₹463 Cr	4.3%	32.4%	25.7%	-19

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	773	1,094	1,429	1,625	2,061	2,315
	582	836	1,070	1,289	1,706	1,912
	191	258	359	336	354	403
OPM %	24.8%	23.6%	25.1%	20.7%	17.2%	17.4%
Depreciation	23	33	42	58	89	88
Interest	7	10	22	42	99	97
	24	31	15	99	89	66
Profit before tax	186	246	310	335	255	284
Tax	24	65	79	86	71	72
Tax %	12.7%	26.3%	25.5%	25.8%	27.7%	25.2%
	162	181	231	248	185	213
PAT margin %	21%	16.6%	16.2%	15.3%	9%	9.2%
EPS (₹)	11.8	12.8	16.1	16.7	12.3	14.1
EPS adjusted (₹)	11.5	12.7	16.1	16.6	12.3	14.2
	25.5%	29.2%	33.5%	34.4%	48.9%	45.3%
Annual report	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	9	28	29	29	30	30	30
Reserves	220	518	637	810	1,450	1,545	1,659
Minority interest	36	—	—	—	—	—	—
	70	166	191	468	442	1,161	1,413
	172	210	269	334	325	624	523
Total equity & liabilities	508	922	1,125	1,641	2,248	3,359	3,625
	8	128	158	432	413	1,211	1,111
CWIP	0	0	0	2	0	0	0
Investments	83	391	472	13	0	350	504
	417	402	496	1,194	1,835	1,798	2,010
Total assets	508	922	1,125	1,641	2,248	3,359	3,625

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
PDES	1,847.36	468.76	1,568.17	745.22	822.95	56.96
IMSS	389.09	105.54

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—	—
EBITDA margin %	24.8%	23.6%	25.1%	20.7%	17.2%	17.4%
EBIT margin %	21.8%	20.6%	22.2%	17.1%	12.9%	13.6%
PAT margin %	21%	16.6%	16.2%	15.3%	9%	9.2%
Working capital
Receivable days	58	56	54	57	63	62
Inventory days	0	0	0	0	0	0
Payable days	28	27	24	22	22	18
NWC days	29	29	30	35	41	43
Leverage
Current ratio	2.67	2.53	1.86	3.14	1.66	1.48
Debt to EBITDA	0.87	0.74	1.3	1.32	3.28	3.5
Debt to equity	0.3	0.29	0.56	0.3	0.74	0.84
Interest coverage	27.7	26.3	15.5	8.6	3.7	4.1
Asset turnover	0.84	0.97	0.87	0.72	0.61	0.64
Return ratios
Return on assets %	17.6%	16.1%	14.1%	11.1%	5.5%	5.9%
Return on capital employed %	30%	37.4%	37.1%	26.4%	19.2%	18.3%
Return on equity %	29.8%	27.2%	27.5%	16.8%	11.7%	12.6%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	51.35%	50.24%	50.24%	44.22%	44.22%	44.22%	44.21%	44.21%	44.21%	44.21%	44.21%	44.21%
	5.14%	5.05%	4.69%	5.3%	5.33%	5.34%	5.04%	5.33%	5.39%	5.89%	5.94%	6%
	2.42%	2.41%	2.58%	2.86%	4.18%	6.08%	10.59%	10.57%	10.2%	9.63%	8.99%	5.66%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	38.94%	40.2%	40.57%	45.83%	44.62%	42.83%	38.69%	38.49%	38.84%	38.93%	39.54%	42.89%
No. of shareholders	—	—	—	—	—	—	—	—	6,64,262	6,50,749	6,42,274	6,40,983

Promoter holding down 7.14 percentage points since Sep 2023.

84 deals · 20 Jun 2022 – 20 Mar 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
20 Mar 2026	MICROCURVES TRADING PRIVATE LIMITED	Bulk	NSE	Buy	14,52,234	₹401.21	₹58.27 Cr
20 Mar 2026	MICROCURVES TRADING PRIVATE LIMITED	Bulk	NSE	Sell	14,52,234	₹401.31	₹58.28 Cr
20 Mar 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Buy	12,34,514	₹400.52	₹49.44 Cr
20 Mar 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Sell	11,47,279	₹400.20	₹45.91 Cr
20 Mar 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Buy	9,44,910	₹402.51	₹38.03 Cr
20 Mar 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Sell	9,44,910	₹402.65	₹38.05 Cr
20 Mar 2026	QE SECURITIES LLP	Bulk	NSE	Buy	9,08,765	₹398.59	₹36.22 Cr
20 Mar 2026	QE SECURITIES LLP	Bulk	NSE	Sell	8,98,754	₹399.48	₹35.90 Cr
20 Mar 2026	JUNOMONETA FINSOL PRIVATE LIMITED	Bulk	NSE	Buy	7,81,957	₹402.83	₹31.50 Cr
20 Mar 2026	JUNOMONETA FINSOL PRIVATE LIMITED	Bulk	NSE	Sell	7,71,967	₹402.92	₹31.10 Cr

1–10 of 84

1 / 9

Mr. Ashok SootaExecutive Director-Chairperson
Mr. Venkatraman NarayananExecutive Director-MD
Mr. Joseph Vinod AnantharajuExecutive Director-CEO
Mrs. Anita RamachandranNon-Executive - Independent Director
Mr. Rajendra Kumar SrivastavaNon-Executive - Independent Director
Mrs. Shuba Rao MayyaNon-Executive - Independent Director
Mr. Seshashayee SridharaNon-Executive - Independent Director
Mr. Anand BalakrishnanChief Financial Officer
Mr. Praveen Kumar DarshankarCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

5

across 4 fund houses

Held by these funds

1.95%

of the company's equity

All mutual funds

4.42%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

5 schemes · 4 fund houses

		Shares
Innovative Opportunities Fund	SBI Mutual Fund	26.51 L	107.87	1.96%	1.74%	-2.39 L
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	2.14 L	8.71	0.35%	0.141%	-4,688
Small Cap Fund	Quantum Mutual Fund	1.05 L	4.26	1.6%	0.069%	-0
IB18-Groww Nifty Total Market Index Fund	Groww Mutual Fund	1,465	0.06	0.02%	0.001%	+6
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	244	0.01	0.02%	0%	-0

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

30

Annual reports

6

Credit ratings

1

Announcement under Regulation 30 of SEBI (LODR) Regulations, 201523 Dec 2025

Investor Presentation and earnings call

5

Jul 2026Transcript AI Summary PPTREC
Jun 2026Transcript AI Summary PPT

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

11

Final dividend17 Jul 2026 · ex-date₹3.65
Interim dividend4 Nov 2025 · ex-date₹2.75
Final dividend18 Jul 2025 · ex-date₹3.5
Interim dividend27 Nov 2024 · ex-date₹2.5
Final dividend14 Jun 2024 · ex-date₹3.25
Interim dividend30 Oct 2023 · ex-date₹2.5
Final dividend7 Jul 2023 · ex-date₹3.4
Interim dividend2 Nov 2022 · ex-date₹2
Final dividend23 Jun 2022 · ex-date₹2
Interim dividend9 Nov 2021 · ex-date₹1.75
Final dividend29 Jun 2021 · ex-date₹3

1

Board meeting to consider results27 Jul 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

62 announcementsExport CSV

31 Aug 2026, 8:14 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

31 Aug 2026, 8:03 pmCompany Update

Announcement under Regulation 30 (LODR)-Press Release / Media Release (Revised)

Press Release / Media Release (Revised) PDF

31 Aug 2026, 7:39 pmCompany Update

Announcement under Regulation 30 (LODR)-Press Release / Media Release

Press Release / Media Release PDF

31 Aug 2026, 7:33 pmCompany Update

Announcement under Regulation 30 (LODR)-Investor Presentation

Investor Presentation PDF

31 Aug 2026, 7:23 pmOthers

Disclosure under Regulation 30A of LODR

Exchange filing PDF

31 Aug 2026, 7:11 pmOthers

Board Meeting Outcome for Outcome Of Board Meeting

Outcome without intimation PDF

28 Aug 2026, 2:35 pmCompany Update

Clarification/ Confirmation On News Item Appearing In "Https://Www.Moneycontrol.Com/"

General PDF

28 Aug 2026, 12:42 pmCompany Update

Clarification sought from Happiest Minds Technologies Ltd

Clarification

Date	Category	Subject	Filing
31 Aug 2026, 8:14 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
31 Aug 2026, 8:03 pm	Company Update Press Release / Media Release (Revised)	Announcement under Regulation 30 (LODR)-Press Release / Media Release (Revised)

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₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	112	144	168	207	213	236	261
	-74	-271	-96	-351	-466	-762	-121
	-13	169	-91	72	363	499	-144
Net cash flow	25	42	-19	-72	110	-26	-4
Free cash flow	112	143	167	76	204	229	259
CFO / Operating profit %	—	75%	65.3%	57.7%	63.3%	66.7%	64.8%

Happiest Minds Technologies Limited

Happiest Minds Technologies Limited

About

Key insights

Key risks

Growth drivers

Risk & technicals

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

Dividends11

Board meetings1

Announcements

Dividends11

Board meetings1

Not in the F&O segment

Ratio timeline

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Quarterly record

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Stock price CAGR

Return on equity

DBS · revenue

11

1

11

1