HAPPSTMNDS

Happiest Minds Technologies share price & financials

Price
₹345.35
Market cap
₹5.8k Cr
Sector
Information Technology
Calls analysed
7
Latest concall · Q1 FY27 · call held 28 Jul 2026

Happiest Minds Technologies Limited Q1 FY27

Operating Revenue ₹629 cr +14%EBITDA Margin 21.7% Adjusted PAT ₹80.5 cr +14%Adjusted EPS ₹5.34 +17%

What went well

  • Operating revenue of INR 629 crores, up 14.3% YoY in rupee terms and 6.7% in constant currency.
  • Healthy EBITDA margin maintained at 21.7% despite investments.
  • Adjusted PAT at INR 80.5 crores, showing 14.3% YoY growth and 12.9% QoQ growth.

What to watch

  • Demand environment remains mixed with discretionary spending continuing to be selective.
  • Operating margin impacted by INR 11 crores currency loss on forward contracts and INR 5 crores provision for delayed receivables.
Read the full call →

What Happiest Minds Technologies Limited does

Happiest Minds Technologies designs, builds and manages digital engineering, generative AI/agentic AI, and infrastructure management & security solutions for enterprise clients, delivered predominantly offshore from India with onsite presence abroad. It works across industry groups including BFSI, EdTech, healthcare & life sciences, hi-tech, industrial/manufacturing & energy, and retail/CPG & logistics, building custom software, cloud, IoT and cybersecurity solutions as well as its own reusable AI accelerators. The company has expanded its engineering, cloud and security capabilities through acquisitions, including PureSoftware Technologies, Aureus Tech Systems, Sri Mookambika Infosolutions, Happiest Minds Edutech and the Middle East business of GAVS Technologies.

Segments

  • PDES (Product & Digital Engineering Services)
  • IMSS (Infrastructure Management & Security Services)
  • GBS (Generative AI Business Services)
Employees
6,497
Countries of operation
16
Active clients
306
Clients that are Fortune 2000/Forbes 2000 (billion-dollar) corporations
91
Offices/presence
41 offices across 14 countries
Centers of Excellence (CoEs)
4 (IoT, AI/Analytics, Digital Process Automation, Cybersecurity)
Founded 2011Headquarters Bengaluru, Karnataka, IndiaEmployees 6,497 (2026-03-31) Company website

Guidance record · Q1 FY27

what the last two calls moved 15 tracked 2 delivered 3 missed 10 open
  • Utilization Rate delivered said Q3 FY25 Promised: get these back to the 78% to 80% number Q1 FY27: 81.0%
  • EBITDA Margin missed said Q3 FY25 Promised: margins to be in our guided range of 20% to 22% Q1 FY27: EBITDA margin was 21.7%, back within the original range, but this specific guidance is no longer tracked and has been superseded by an Operating Margin target.
  • Forward Revenue Growth (CC) at risk said Q4 FY25 Promised: healthy double-digit organic growth in FY '26 and then FY '27 Q1 FY27: Q1 FY27 YoY CC growth was 6.7%, below the double-digit target. Management has a separate 12.5% guidance for FY27.

All 15 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 14.4%, net profit up 19.3% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue522 531 545 550 574 +10%588 +11%604 +11%629 +14%
EBITDA92 94 84 94 99 +8%107 +14%104 +24%118 +26%
Net profit50 50 34 57 54 +8%40 −20%61 +79%68 +19%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −42.0% 1Y

₹400₹500₹600Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 29 Oct 2025Q3 FY26 — 10 Feb 2026Q4 FY26 — 29 May 2026Q1 FY27 — 28 Jul 2026

1Y: ₹573 on 10 Sept 2025 → ₹332.35. High ₹581 (19 Sept 2025), low ₹332.35 (11 Sept 2026).

How the price took the results

close before → close after

Q1 FY27
−1.1%
28 Jul
Q4 FY26
−1.8%
29 May
Q3 FY26
−0.5%
10 Feb
Q2 FY26
+1.2%
29 Oct

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 17.4% a year over 3 years, FY23 to FY26. Operating margin narrowed to 17.4%.

Year endingFY23FY24FY25FY26
Revenue₹1.4k Cr₹1.6k Cr₹2.1k Cr₹2.3k Cr
Operating profit₹359 Cr₹336 Cr₹355 Cr₹404 Cr
Operating margin25.1%20.7%17.2%17.4%
Interest₹23 Cr₹42 Cr₹100 Cr₹98 Cr
Depreciation₹42 Cr₹59 Cr₹89 Cr₹88 Cr
Net profit₹231 Cr₹248 Cr₹185 Cr₹212 Cr
Net margin16.2%15.3%9.0%9.2%
Cash from operations₹207 Cr₹213 Cr₹236 Cr₹261 Cr
Free cash flow₹68 Cr₹202 Cr₹225 Cr₹255 Cr
ROCE30.0%22.0%15.0%13.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹28 Cr₹29 Cr₹29 Cr₹30 Cr₹30 Cr₹30 Cr
Reserves₹518 Cr₹637 Cr₹810 Cr₹1.4k Cr₹1.6k Cr₹1.7k Cr
Borrowings₹193 Cr₹250 Cr₹534 Cr₹512 Cr₹1.3k Cr₹1.5k Cr
Other liabilities₹176 Cr₹205 Cr₹256 Cr₹242 Cr₹472 Cr₹402 Cr
Total liabilities₹915 Cr₹1.1k Cr₹1.6k Cr₹2.2k Cr₹3.4k Cr₹3.6k Cr
Fixed assets₹128 Cr₹158 Cr₹432 Cr₹413 Cr₹1.2k Cr₹1.2k Cr
Capital work in progress₹0 Cr₹0 Cr₹3 Cr₹0 Cr₹0 Cr₹2 Cr
Investments₹391 Cr₹472 Cr₹13 Cr₹0 Cr₹466 Cr₹504 Cr
Other assets₹395 Cr₹491 Cr₹1.2k Cr₹1.8k Cr₹1.7k Cr₹1.9k Cr
Total assets₹915 Cr₹1.1k Cr₹1.6k Cr₹2.2k Cr₹3.4k Cr₹3.6k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, DIIs trimmed −4.91 pp while the public added +4.41 pp. The shareholder count shrank 6% to 6,40,983.

Promoters
44.2%
FIIs
6.0%
DIIs
5.7%
Public
42.9%
Others
1.2%

Since Jun 2025

  • DIIs −4.91 pp
  • Public +4.41 pp
  • FIIs +0.67 pp

How it drifted, 12 quarters

Over this window promoters fell from 51.4% to 44.2% — −7.1 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 51.4%, FIIs 5.1%, DIIs 2.4%, Public 38.9%, Others 2.1%.Dec '23: Promoters 50.2%, FIIs 5.0%, DIIs 2.4%, Public 40.2%, Others 2.1%.Mar '24: Promoters 50.2%, FIIs 4.7%, DIIs 2.6%, Public 40.6%, Others 1.9%.Jun '24: Promoters 44.2%, FIIs 5.3%, DIIs 2.9%, Public 45.8%, Others 1.8%.Sep '24: Promoters 44.2%, FIIs 5.3%, DIIs 4.2%, Public 44.6%, Others 1.6%.Dec '24: Promoters 44.2%, FIIs 5.3%, DIIs 6.1%, Public 42.8%, Others 1.5%.Mar '25: Promoters 44.2%, FIIs 5.0%, DIIs 10.6%, Public 38.7%, Others 1.5%.Jun '25: Promoters 44.2%, FIIs 5.3%, DIIs 10.6%, Public 38.5%, Others 1.4%.Sep '25: Promoters 44.2%, FIIs 5.4%, DIIs 10.2%, Public 38.8%, Others 1.4%.Dec '25: Promoters 44.2%, FIIs 5.9%, DIIs 9.6%, Public 38.9%, Others 1.3%.Mar '26: Promoters 44.2%, FIIs 5.9%, DIIs 9.0%, Public 39.5%, Others 1.3%.Jun '26: Promoters 44.2%, FIIs 6.0%, DIIs 5.7%, Public 42.9%, Others 1.2%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of Happiest Minds Technologies Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Ashok Soota 32.34%unchanged
Ashok Soota Medical Research Llp 11.79%unchanged
SBI Small Cap Fund Mutual fund4.05%−2.63 pp
Usha Samuel 0.05%unchanged
Deepak Soota 0.02%unchanged
Kunku Soota 0.01%unchanged
Veena Soota 0.01%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in HAPPSTMNDS

Filings to Aug 2026

0 new, 0 added, 1 trimmed, 1 sold out — net −18.22 L shares (−40.7%).

Held by funds
₹108 Cr
1 schemes
Biggest holder
SBI Innovative Opportunities Fund
₹108 Cr · 2.0% of that fund
SchemeHoldingLast month
SBI Innovative Opportunities Fund SBI Mutual Fund₹108 Cr−2.39 L

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

0 added, 1 trimmed — net −18.22 L shares (−40.7%)

Funds are sitting on
-55%
vs est. average cost
Held by funds
₹108 Cr
1 schemes · ≈ 1.6% of the company

Shares held by these funds +7375%

Aug '23 44.73 L shares Jul '26

What the price assumes

Growth trap

To justify its price of ₹332, this stock must grow earnings at 17% every year for 7 years. Our analysis caps realistic growth at ~-4%. At that growth it is worth ₹108 — downside of 67%.

Growth the price implies
16.9% a year
for 7 years, fading to 4%
It has actually compounded at
-2.8% a year
net profit, FY23–FY26 · EPS -3.9%
The gap
0.2 pp
-67% downside if it only repeats history
Price today ₹332.35 Value at the reference growth ₹108.14

Change the assumptions yourself →

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse Happiest Minds Technologies Limited

Guides on how to read this kind of business and the numbers that matter.