NSE / BSETechnology

₹383.80-3.85-0.99%

P/E31.9Mkt Cap₹6.54 K CrEV/EBITDA16.6

Happiest Minds Technologies Limited

P/E31.9Mkt Cap₹6.54 K CrEV/EBITDA16.6

Company Profile

Happiest Minds Technologies Limited provides information technology (IT) solutions and services in India, the Americas, Australia, Europe, Asia, the Middle East, and Africa. It operates through three segments: Infrastructure Management and Security Services (IMSS); Product and Digital Engineering Services (PDES); and Generative AI Business Services (GBS). The IMSS segment provides integrated end-to-end infrastructure and security solutions comprising advisory, transformation, and managed operations; end-to-end gen AI-enabled solutions, such as infrastructure assessments and cloud migration, AI-powered threat detection, and continuous security monitoring; cloud and data center, databases and application platforms, digital workplace, enterprise networking, and IT services and operations management tools and platforms; strategy and consulting, and managed security; and identify security, cloud infrastructure protection, threat and vulnerability, and OT security solutions. The GBS segment offers consulting, engineering, testing, infrastructure management and support, and pre-built solutions/companions; and AI services, AI-powered applications, and customized generative AI models. The PDES segment provides business and IT consulting; marketing analytics; digital process automation for front, mid, and back-office operations; analytics and visualization; business-specific application development, maintenance, and support; intelligent test automation and engineering; and digital front door, healthcare enterprises connecting, healthcare data democratization and RWE, operational of DCT/digital trials, medical device engineering, cybersecurity in healthcare, core system modernization, and semantic interoperability services. This segment also offers product engineering, open-source stack, mobility, data analytics and business intelligence, accessibility, edtech compliance, integration, education CRM, Generative AI, digital process automation, cybersecurity, and personalized content services. The company was incorporated in 2011 and is headquartered in Bengaluru, India.

Valuation

Market Cap

₹0.00

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Current Price

₹0

—as of 28 Jul 2026

P/E Ratio

0.0x

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P/B Ratio

0.0x

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EV / EBITDA

0.0x

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EV / Sales

0.0x

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52W High

₹0

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52W Low

₹0

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Shares Out

0.00 Cr

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Profitability

Operating Margin

0.0%

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Net Profit Margin

0.0%

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EBITDA Margin

0.0%

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Returns

ROE

0.0%

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ROCE

0.0%

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ROIC %

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ROA

0.0%

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Dividend Payout

0.0%

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Solvency

Current Ratio

0.0x

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Debt / Equity

0.0x

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Debt / Assets

0.0x

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CFO / Net Profit

0.0x

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Interest Coverage

0.0x

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AI Summary

Indian Stock

Strengths8

Strong 5-year revenue CAGR of 16.1%
Strong 5-year net profit CAGR of 27.5%
Healthy return on equity of 16.7%
Maintains healthy dividend payout of 35.0%
Operating margin of 19.6% exceeds Technology median (19.0%)
Comfortable interest coverage of 6.9x
Strong short-term liquidity — current ratio of 9.03x
Valuation attractive — PE of 31.9x is 54% below Technology median of 70.0x

Concerns3

Operating margin declining for 3 consecutive years (24.0% → 20.0% → 13.0%)
Negative free cash flow (₹62 Cr)
Net profit declined 31.3% year-over-year

Get Started

Rule-based from financial data. Not advice.

Price History▼ 36.20% over 1Y

Technical Chart

Monthly Returns

Historically, Jul has averaged the highest return (+8.5%); Jan the lowest (-6.7%).

Average from:

Year	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
2026	-10.2%	-12.9%	+0.3%	+3.3%	-0.9%	-7.8%	+12.6%*	—	—	—	—	—
2025	-6.2%	-0.6%	-13.0%	-4.0%	+3.9%	+10.3%	-7.5%	-6.9%	-5.9%	-3.0%	-3.2%	-7.7%
2024	-2.2%	-3.4%	-12.1%	+9.4%	-3.1%	+3.7%	-0.6%	-0.4%	-0.2%	-5.4%	-5.4%	+1.5%
2023	-3.8%	+1.0%	-10.2%	+7.1%	+11.8%	+6.4%	-5.5%	+0.3%	-5.8%	-6.3%	+2.1%	+7.1%
2022	-11.2%	-14.9%	+7.7%	-5.2%	-9.5%	-8.3%	+16.6%	+6.7%	-3.8%	-2.2%	-2.4%	-7.1%
2021	—	—	—	—	—	+16.0%	+35.2%	+4.9%	-3.2%	-8.0%	-5.1%	+7.4%
Avg±SD	-6.7%±3.5%	-6.2%±6.5%	-5.5%±8.1%	+2.1%±5.8%	+0.4%±7.1%	+3.4%±8.9%	+8.5%±14.9%	+0.9%±4.8%	-3.8%±2.1%	-5.0%±2.1%	-2.8%±2.7%	+0.2%±6.6%

* Current month — value will change until month-end.

Each cell is the percentage change in closing price from the end of the prior month to the end of this month. The bottom row shows the average return for that calendar month across the selected years, plus or minus one standard deviation — the range that historically contained roughly two-thirds of outcomes. Past monthly patterns are not a forecast of future returns.

Seasonal Tendency

This aggregates every month by calendar position — all Januaries together, all Februaries together, and so on — to show whether a given month has leaned positive or negative historically. ‘Simple’ counts each month as +1 or −1. ‘Weighted’ gives larger moves more influence: +2 above +10%, −2 below −10%. With only 6 years of history for this asset, each month’s score reflects a small number of observations — read it as a historical tendency, not a reliable seasonal pattern.

Historical Trend

This tracks a running tally across the asset’s full price history: each month adds or subtracts based on whether it was positive or negative. A rising line means more positive months than negative so far; a flattening or falling line means recent months have leaned negative. This measures historical month-to-month consistency, not expected future performance.

Year-to-Date ROI

Average from:

SD ×

Latest: 0.834x (2026)

Year-to-date return is calculated by dividing each day’s closing price by the price on January 1st of that year (or the asset’s first available price if it began trading mid-year). The custom average line shows the mean YTD return at each calendar day across the selected years. The standard deviation band shows the range within which returns have historically fallen — at 1 SD, roughly two-thirds of years; at 2 SD, roughly 95%. Past year-to-date patterns do not predict future returns. The average and standard deviation band are computed from the year set chosen in “Average from”, which is independent of which year lines are displayed. The current in-progress year is excluded from these calculations, since a partial year is not comparable to complete ones. Election-cycle groupings follow the US presidential calendar and are offered only for US and crypto assets.

Historical Performance

Revenue, profitability, and cash flow trends (₹ Crores)

Revenue (10Y)

Operating Income (10Y)

Net Profit (10Y)

Operating Margin % (10Y)

Dividend Payout % (10Y)

Free Cash Flow (10Y)

Growth Summary

Latest fiscal year: Mar 2025

Revenue₹1.48 K Cr▲ 0.5%

EBITDA Growth—

Net Profit₹169.00 Cr▼ 31.3%

Cash from Ops (CFO)—

Free Cash Flow (FCF)—▼ 251.2%

Revenue CAGR 5Y16.1%

EBITDA CAGR 5Y31.1%

Net Profit CAGR 5Y27.5%

NP Growth 1Y-31.3%

Historical Growth

Year-by-year revenue, profitability, and cash flow (₹ Crores, last 10 years)

Year	Revenue	Op. Income	Net Profit	CFO	FCF	ROE	Rev Growth 1Y	NP Growth 1Y
Mar 2025	₹1.48 K Cr	—	₹169.00 Cr	—	—	10.9%	0.5%	-31.3%
Mar 2024	₹1.47 K Cr	—	₹246.00 Cr	—	—	16.7%	10.5%	13.9%
Mar 2023	₹1.33 K Cr	—	₹216.00 Cr	—	—	26.2%	28.9%	16.1%
Mar 2022	₹1.03 K Cr	—	₹186.00 Cr	—	—	27.8%	35.9%	14.8%
Mar 2021	₹761.00 Cr	—	₹162.00 Cr	—	—	29.7%	9.0%	121.9%
Mar 2020	₹698.00 Cr	—	₹73.00 Cr	—	—	31.9%	18.3%	1725.0%
Mar 2019	₹590.00 Cr	—	₹4.00 Cr	—	—	-4.4%	32.9%	-130.8%
Mar 2018	₹444.00 Cr	—	₹-13.00	—	—	-8.7%	3.0%	-425.0%
Mar 2017	₹431.00 Cr	—	₹4.00 Cr	—	—	2.5%	26.4%	-20.0%
Mar 2016	₹341.00 Cr	—	₹5.00 Cr	—	—	5.5%	26.3%	-119.2%

Financial Statements

Income statement, balance sheet, and cash flow (₹ Crores, as reported)

Consolidated Figures in USD Millions.

Unnamed: 0	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Revenue / Net Sales	171	270	341	431	444	590	698	761	1,034	1,333	1,473	1,481	1,570
Total Expenses	239	296	339	430	461	531	599	571	788	1,012	1,184	1,283	1,363
EBIT / Operating Profit	-69	-27	2	1	-17	59	99	190	246	321	289	198	207
OPM %	-40%	-10%	1%	0%	-4%	10%	14%	25%	24%	24%	20%	13%	13%
Other Income	7	7	10	15	17	-19	5	23	38	22	113	144	159
Finance Costs	1	1	1	2	6	16	8	7	8	22	42	92	96
Depreciation & Amortisation	4	5	5	6	7	20	20	21	24	30	34	37	45
Profit Before Tax	-66	-26	5	7	-13	4	75	186	251	292	325	213	226
Tax %	0%	0%	0%	43%	0%	0%	3%	13%	26%	26%	24%	21%	-
Net Profit / PAT	-66	-26	5	4	-13	4	73	162	186	216	246	169	183
EPS (₹)	-23.35	-8.93	1.51	1.17	-3.52	1.11	14.87	11.03	12.70	14.73	16.14	11.07	12.02
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	26%	29%	36%	35%	53%	-

Peer Comparison

Technology sector peers, ranked by market cap

Company	Market Cap	Revenue	P/E	P/B	EV/EBITDA	Rev G 1Y
Happiest Minds Technologies Limitedthis co.	₹6.54 K Cr	₹1.48 K Cr	31.90	4.21	16.63	0.5%
Bharti Airtel Ltd.	₹12.19 L Cr	₹1.09 L Cr	50.40	8.31	27.19	15.8%
Tata Consultancy Services Ltd.	₹11.84 L Cr	₹2.15 L Cr	24.20	13.91	18.91	6.2%
Infosys Ltd	₹6.48 L Cr	₹1.37 L Cr	24.20	7.17	16.31	5.9%
HCL Technologies Ltd	₹4.52 L Cr	₹51.10 K Cr	36.80	14.48	—	6.2%
Bharat Electronics Ltd.	₹3.02 L Cr	₹23.66 K Cr	53.30	14.23	51.32	17.3%
Wipro Ltd.	₹2.77 L Cr	₹67.29 K Cr	23.00	4.29	18.85	0.8%
Industry Average	—	₹10.05 K Cr	69.99	8.58	66.75	22.0%

Learn while you research

Hand-picked academy chapters to deepen your understanding of Happiest Minds Technologies Limited and the metrics that matter.

01 Taxes on Investments (India)LTCG, STCG, dividend tax, what every Indian investor needs.6 min read 02 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read 03 Valuation Multiples ExplainedThis stock trades at a P/E of 31.9, learn when high multiples are justified.6 min read 04 Stock Market RisksSmall caps carry concentrated, idiosyncratic risk, learn to manage it.6 min read 05 Growth InvestingTech & communications often trade on growth, learn the framework.7 min read 06 Essential Stock RatiosP/E, P/B, EV/EBITDA, what they mean and when to use each.7 min read

Key concepts to brush up on

P/E Ratio P/B Ratio ROE ROCE Free Cash Flow Debt / Equity LTCG Tax

Browse the full Equiscale Academy