Happiest Minds Technologies Limited
₹297.90-₹7.15 (-2.3%)
Last close · Data as of Oct 30, 2026
- Market cap
- ₹6,535 Cr
- P/E
- 31.9x
- EV / EBITDA
- 16.6x
- Revenue
- ₹1,481 Cr
- Net margin
- 16.7%
- ROCE
- 14.6%
Price chart
Technical chartScreen technicals →-42.9% over the last year
Daily closes.
Go deeper
Technical chart: candles, 9 moving averages, RSI, MACD and drawing tools
Performance
Price change over each period, before dividends.
- 1M
- -4.0%
- 3M
- -21.6%
- 6M
- -20.1%
- 1Y
- -42.9%
- 5Y
- -76.8%
52-week range
Day change -₹7.15 (-2.3%) from ₹305 to ₹298 · Last close Oct 30, 2026
Best weekday to invest, historically
The same weekly amount in HAPPSTMNDS, bought on each weekday since 2021.
AI Summary
Indian StockStrengths1
- Strong 5-year revenue CAGR of 16.1%
Concerns1
- Operating margin declining for 3 consecutive years (24.0% → 20.0% → 13.0%)
Rule-based from financial data. Not advice.
About the company
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).
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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.
- Sector
- Technology
- Shares outstanding
- 15.2 Cr shares
- ISIN
- INE419U01012
- BSE code
- 543227
Key statistics
Screen fundamentals →Valuation, profitability, growth and solvency at the latest close; hover a label for its meaning.
Valuation
- Market cap
- ₹6,535 Cr
- P/E
- 31.9x
- P/B
- 4.2x
- EV / EBITDA
- 16.6x
- EV / Sales
- 4.5x
- P/S
- 4.4x
- Earnings yield
- 3.1%
- 52-week high
- ₹522.05
- 52-week low
- ₹297.90
Profitability
- Operating margin
- 19.6%
- Net margin
- 16.7%
- EBITDA margin
- 27.3%
- ROE
- 16.7%
- ROCE
- 14.6%
- ROA
- 11.1%
- Dividend payout
- 35.0%
- Tax rate
- 24.0%
- Other income, % of PBT
- 34.8%
Growth
- RevenueLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹1,481 Cr
- Revenue growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 0.5%
- Revenue CAGR, 5YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 16.1%
- EBITDALatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹402 Cr
- EBITDA growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 17.2%
- Net profit growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- -31.3%
- Net profit CAGR, 5YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 27.5%
- Cash from operationsLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹189 Cr
- CFO growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 9.9%
- Free cash flowLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- -₹62.0 Cr
- Asset growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 40.1%
Solvency and efficiency
- Current ratio
- 9.03
- Debt / Equity
- 0.35
- Debt / Assets
- 0.23
- Debt / EBITDA
- 1.27
- Interest coverage
- 6.88
- Financial leverage
- 1.50
- CFO / Net profit
- 0.77
- Cash / Market cap
- 27.7%
- Cash per share
- ₹118.62
- Asset turnover
- 0.67
- Fixed asset turnover
- 7.26
- Capital intensity
- 0.14
- Debtor days
- 57 days
- Cash conversion cycle
- 57 days
Where the revenue went
Of every ₹100 of FY2025 revenue, ₹11 was left as net profit.
| From | To | Amount |
|---|---|---|
| Sales | Expenses | ₹1,283 Cr |
| Sales | Operating profit | ₹198 Cr |
| Operating profit | Interest | ₹92 Cr |
| Operating profit | Depreciation | ₹37 Cr |
| Operating profit | Profit before tax | ₹69 Cr |
| Other income | Profit before tax | ₹144 Cr |
| Profit before tax | Tax and other | ₹44 Cr |
| Profit before tax | Net profit | ₹169 Cr |
Revenue and net profit
Revenue grew 0.5% in FY2025; net profit is the dashed line.
| Date | Revenue | Net profit |
|---|---|---|
| FY2021 | ₹761 Cr | ₹162 Cr |
| FY2022 | ₹1,034 Cr | ₹186 Cr |
| FY2023 | ₹1,333 Cr | ₹216 Cr |
| FY2024 | ₹1,473 Cr | ₹246 Cr |
| FY2025 | ₹1,481 Cr | ₹169 Cr |
Cash flows
FY2025: ₹102 Cr from operations, -₹511 Cr free after investment (dashed).
| Date | Operating cash flow | Free cash flow |
|---|---|---|
| FY2021 | ₹150 Cr | -₹134 Cr |
| FY2022 | ₹159 Cr | ₹48 Cr |
| FY2023 | ₹172 Cr | -₹170 Cr |
| FY2024 | ₹189 Cr | -₹317 Cr |
| FY2025 | ₹102 Cr | -₹511 Cr |
Growth
Latest fiscal year FY2025 (ending March): each figure with its change over the year before.
- Revenue
- ₹1,481 Cr+0.5%1Y
- Net profit
- ₹169 Cr-31.3%1Y
- Cash from operations
- ₹102 Cr
- Free cash flow
- -₹511 Cr
- Revenue CAGR, 5Y
- 16.1%
- EBITDA CAGR, 5Y
- 31.1%
- Net profit CAGR, 5Y
- 27.5%
| Year | Revenue | Operating income | EBITDA | Net profit | CFO | FCF | ROE | Revenue growth 1Y | Net profit growth 1Y |
|---|---|---|---|---|---|---|---|---|---|
| FY2025 | ₹1,481 Cr | ₹198 Cr | — | ₹169 Cr | ₹102 Cr | -₹511 Cr | 10.9% | +0.5% | -31.3% |
Monthly returns
Month-by-month returns of HAPPSTMNDS across the years, with the seasonal pattern.
Balance sheet
What the company owns and owes at the end of FY2025.
| Line | FY2025 |
|---|---|
| Liabilities and equity | ₹3,054 Cr |
| Equity capital | ₹30 Cr |
| Reserves | ₹1,522 Cr |
| Borrowings | ₹1,175 Cr |
| Other liabilities | ₹327 Cr |
| Assets | ₹3,054 Cr |
| Fixed assets | ₹206 Cr |
| Capital work in progress | ₹0 Cr |
| Investments | ₹1,275 Cr |
| Other assets | ₹1,573 Cr |
Market cap against peers
8 peers: same sector group, nearest by size.
P/E against peers
HAPPSTMNDS trades at 31.9x earnings against a peer median of 52.1x (a 39% discount).
Not shown (no positive earnings and no EV / Sales): Tejas Networks Limited.
Peer comparison
Same-sector peers by market cap, with the median.
| Company | Market cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|
| Happiest Minds Technologies LimitedHAPPSTMNDSthis companyP/E ↓ discount | ₹6,535 Cr | 31.9x | 4.2x | 16.7% | 16.6x |
| GARWARE HI-TECH FILMS LIMITEDGRWRHITECH | ₹6,982 Cr | 21.8x | 2.9x | 9.2% | 23.9x |
| Tejas Networks LimitedTEJASNET | ₹6,668 Cr | — | 2.0x | 2.6% | 21.5x |
| TANLA PLATFORMS LIMITEDTANLA | ₹6,599 Cr | 25.4x | 13.0x | 25.7% | 34.5x |
| GARWARE TECHNICAL FIBRES LIMITEDGARFIBRES | ₹6,415 Cr | 32.7x | 5.0x | 16.2% | 21.3x |
| Mastek LimitedMASTEK | ₹6,301 Cr | 34.5x | 7.8x | 14.1% | 44.8x |
| Dynamatic Technologies Ltd.DYNAMATECH | ₹6,152 Cr | 122.0x | 8.5x | 15.6% | 35.3x |
| PNC Infratech LimitedPNCINFRA | ₹6,063 Cr | 16.5x | 1.1x | 17.8% | 4.2x |
| Avalon Technologies LimitedAVALON | ₹5,943 Cr | 80.0x | 7.7x | 4.8% | 115.1x |
| Peer median | — | 52.1x | 7.8x | 14.5% | 34.2x |
Year-to-date ROI
HAPPSTMNDS since 1 January, against earlier years.
Historical volatility
HAPPSTMNDS's day-to-day swings over 30, 60 and 180 days.
Financial statements
Income statement, balance sheet and cash flow as reported, in ₹ crore, grouped into plain-language lines.
Figures in ₹ crore as reported, fiscal years ending March, newest first; the trailing twelve months (TTM) last.
Operating margin by fiscal year
| Date | Operating margin |
|---|---|
| FY2021 | 25.0% |
| FY2022 | 24.0% |
| FY2023 | 24.0% |
| FY2024 | 20.0% |
| FY2025 | 13.0% |
| Line | FY2025 |
|---|---|
| RevenueSales | ₹1,481 Cr |
| Costs | |
| Interest | ₹92 Cr |
| Expenses | ₹1,283 Cr |
| Operating profitOperating Profit | ₹198 Cr |
| Other income and charges | |
| Profit before tax | ₹213 Cr |
| Tax | |
| Net profitNet Profit | ₹169 Cr |
| Per share |
| Line | FY2025 |
|---|---|
| Liabilities and equityTotal Liabilities | ₹3,054 Cr |
| Equity capitalEquity Capital | ₹30 Cr |
| Reserves | ₹1,522 Cr |
| Borrowings | ₹1,175 Cr |
| Other liabilitiesOther Liabilities | ₹327 Cr |
| AssetsTotal Assets | ₹3,054 Cr |
| Fixed assetsFixed Assets | ₹206 Cr |
| Capital work in progressCWIP | ₹0 Cr |
| Investments | ₹1,275 Cr |
| Other assetsOther Assets | ₹1,573 Cr |
| Line | FY2025 |
|---|---|
| Operating cash flowCash from Operating Activity | ₹102 Cr |
| Investing cash flowCash from Investing Activity | -₹613 Cr |
| Financing cash flowCash from Financing Activity | ₹450 Cr |
| Change in cashNet Cash Flow | -₹62 Cr |
Learn while you research
Academy chapters picked for Happiest Minds Technologies Limited and the metrics on this page.
- 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