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Happiest Minds Technologies Limited
NSE: HAPPSTMNDS · Information Technology
₹314.05-1.06%06 Nov 2026
Ask the data
Instant answers about Happiest Minds Technologies Limited — computed from its filings, no language modelMarket cap₹4,723 cr
Current price₹314.05
High / Low₹521 / ₹298
P/E20.4
P/B2.64
Book value₹119.0
ROE12.9%
ROCE12.7%
Debt / equity0.83
Dividend yield1.99%
EPS (TTM)₹15.38
Face value₹2
Price & valuation
split & bonus adjusted · pick a metric and rangeAnnual performance
annual · ₹ crore · line = operating margin| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Revenue | 773 | 1,094 | 1,429 | 1,625 | 2,061 | 2,315 |
| EBITDA | 191 | 258 | 359 | 336 | 354 | 403 |
| Operating margin | 24.8% | 23.6% | 25.1% | 20.7% | 17.2% | 17.4% |
| Interest | 7 | 10 | 22 | 42 | 99 | 97 |
| Depreciation | 23 | 33 | 42 | 58 | 89 | 88 |
| Profit before tax | 186 | 246 | 310 | 335 | 255 | 284 |
| Tax | 24 | 65 | 79 | 86 | 71 | 72 |
| Net profit | 162 | 181 | 231 | 248 | 185 | 213 |
| EPS ₹ | 11.75 | 12.84 | 16.13 | 16.73 | 12.26 | 14.12 |
| Operating cash flow | — | 168 | 207 | 213 | 236 | 261 |
| Capex | — | 4 | 139 | 10 | 11 | 7 |
| Dividend paid | — | 68 | 57 | 86 | 0 | 94 |
| Total assets | — | — | 1,641 | 2,248 | 3,359 | 3,625 |
| Equity | — | — | 839 | 1,480 | 1,575 | 1,689 |
Quarterly performance
last 25 quarters · ₹ crore| SEP '20 | DEC '20 | MAR '21 | JUN '21 | SEP '21 | DEC '21 | MAR '22 | JUN '22 | SEP '22 | DEC '22 | MAR '23 | JUN '23 | SEP '23 | DEC '23 | MAR '24 | JUN '24 | SEP '24 | DEC '24 | MAR '25 | JUN '25 | SEP '25 | DEC '25 | MAR '26 | JUN '26 | SEP '26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 183 | 193 | 221 | 245 | 265 | 284 | 301 | 329 | 356 | 367 | 378 | 391 | 407 | 410 | 417 | 464 | 522 | 531 | 545 | 550 | 574 | 588 | 604 | 629 | 645 |
| Operating profit | 44 | 51 | 56 | 57 | 61 | 68 | 72 | 84 | 91 | 89 | 92 | 89 | 83 | 81 | 83 | 85 | 92 | 94 | 84 | 94 | 99 | 107 | 104 | 118 | 121 |
| Operating margin | 24.2% | 26.6% | 25.3% | 23.3% | 22.9% | 23.9% | 23.8% | 25.5% | 25.5% | 24.4% | 24.4% | 22.9% | 20.3% | 19.7% | 19.9% | 18.3% | 17.6% | 17.7% | 15.4% | 17.1% | 17.2% | 18.2% | 17.2% | 18.7% | 18.8% |
| Other income | 5 | 8 | 3 | 9 | 10 | 8 | 10 | 4 | 4 | 8 | 8 | 14 | 22 | 24 | 25 | 25 | 27 | 23 | 26 | 30 | 22 | 16 | 18 | 24 | 21 |
| Interest | 2 | 1 | 2 | 2 | 2 | 2 | 3 | 3 | 5 | 6 | 9 | 10 | 11 | 11 | 10 | 20 | 28 | 27 | 25 | 25 | 25 | 25 | 23 | 28 | 31 |
| Depreciation | 5 | 5 | 7 | 7 | 8 | 8 | 9 | 9 | 10 | 10 | 13 | 14 | 15 | 15 | 15 | 22 | 23 | 21 | 23 | 22 | 22 | 22 | 22 | 23 | 24 |
| Profit before tax | 43 | 53 | 49 | 51 | 59 | 65 | 70 | 76 | 80 | 75 | 79 | 79 | 79 | 81 | 96 | 68 | 68 | 69 | 50 | 77 | 73 | 54 | 80 | 90 | 84 |
| Tax | 9 | 11 | 13 | 15 | 15 | 17 | 18 | 19 | 21 | 18 | 21 | 20 | 21 | 21 | 24 | 17 | 18 | 19 | 16 | 20 | 19 | 14 | 19 | 23 | 21 |
| Net profit | 34 | 0 | 36 | 36 | 44 | 49 | 52 | 56 | 59 | 58 | 58 | 58 | 58 | 60 | 72 | 51 | 41 | 50 | 34 | 57 | 54 | 40 | 61 | 68 | 62 |
| EPS ₹ | 2.51 | 2.98 | 2.55 | 2.51 | 3.12 | 3.44 | 3.68 | 3.96 | 4.15 | 4.02 | 4.01 | 4.04 | 3.92 | 3.98 | 4.79 | 3.39 | 3.29 | 3.33 | 2.26 | 3.79 | 3.59 | 2.68 | 4.06 | 4.49 | 4.13 |
| Revenue YoY | — | — | — | — | 44.7% | 47.2% | 36.2% | 34.5% | 34.4% | 29.2% | 25.8% | 18.8% | 14.4% | 11.7% | 10.4% | 18.7% | 28.3% | 29.5% | 30.5% | 18.6% | 10.0% | 10.7% | 10.9% | 14.3% | 12.5% |
| Profit YoY | — | — | — | — | 30.4% | — | 44.5% | 57.7% | 33.7% | 17.7% | 10.7% | 3.5% | -1.6% | 3.5% | 24.8% | -12.5% | -29.3% | -16.0% | -52.8% | 12.0% | 30.7% | -19.6% | 79.9% | 18.3% | 15.1% |
Returns & margins
trailing-twelve-month, per quarter| JUN '21 | SEP '21 | DEC '21 | MAR '22 | JUN '22 | SEP '22 | DEC '22 | MAR '23 | JUN '23 | SEP '23 | DEC '23 | MAR '24 | JUN '24 | SEP '24 | DEC '24 | MAR '25 | JUN '25 | SEP '25 | DEC '25 | MAR '26 | JUN '26 | SEP '26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | — | 29.1% | 30.2% | 27.5% | 27.8% | 16.6% | 16.8% | 16.8% | 16.3% | 14.7% | 14.1% | 11.2% | 11.6% | 12.0% | 11.4% | 12.6% | 13.2% | 12.9% |
| ROCE | — | — | — | — | — | 28.3% | 29.5% | 25.4% | 26.2% | 18.8% | 19.4% | 19.6% | 19.6% | 14.2% | 14.3% | 13.0% | 13.5% | 13.1% | 12.5% | 12.3% | 12.8% | 12.7% |
| Net margin | 12.6% | 12.6% | 16.3% | 16.6% | 17.1% | 17.1% | 16.7% | 16.2% | 15.6% | 15.0% | 14.8% | 15.3% | 14.2% | 12.4% | 11.1% | 8.6% | 8.5% | 8.9% | 8.2% | 9.2% | 9.3% | 9.4% |
| EBITDA margin | 24.8% | 24.3% | 23.8% | 23.5% | 24.1% | 24.8% | 24.8% | 24.9% | 24.2% | 22.9% | 21.8% | 20.7% | 19.5% | 18.8% | 18.3% | 17.2% | 16.9% | 16.8% | 17.0% | 17.4% | 17.8% | 18.2% |
| Debt / equity | — | — | — | — | — | 0.44 | 0.44 | 0.56 | 0.56 | 0.32 | 0.32 | 0.30 | 0.30 | 0.77 | 0.77 | 0.74 | 0.74 | 0.74 | 0.74 | 0.84 | 0.84 | 0.83 |
| Interest coverage | 30.09 | 29.11 | 26.80 | 27.32 | 26.66 | 24.06 | 19.84 | 15.17 | 11.75 | 9.73 | 8.80 | 8.92 | 7.24 | 5.54 | 4.54 | 3.57 | 3.53 | 3.64 | 3.55 | 3.92 | 3.95 | 3.90 |
| Asset turnover | — | — | — | — | — | 0.92 | 0.99 | 0.87 | 0.91 | 0.70 | 0.72 | 0.72 | 0.76 | 0.55 | 0.59 | 0.61 | 0.64 | 0.65 | 0.67 | 0.64 | 0.66 | 0.64 |
Balance sheet
equity vs borrowings over time · ₹ crore| SEP '22 | MAR '23 | SEP '23 | MAR '24 | SEP '24 | MAR '25 | SEP '25 | MAR '26 | SEP '26 | |
|---|---|---|---|---|---|---|---|---|---|
| Share capital | 29 | 29 | 30 | 30 | 30 | 30 | 30 | 30 | 30 |
| Other equity / reserves | 717 | 810 | 1,364 | 1,450 | 1,494 | 1,545 | 1,598 | 1,659 | 1,759 |
| Total equity | 746 | 839 | 1,394 | 1,480 | 1,524 | 1,575 | 1,628 | 1,689 | 1,789 |
| Borrowings | 327 | 468 | 452 | 442 | 1,173 | 1,161 | 1,199 | 1,413 | 1,481 |
| Current liabilities | 417 | 576 | 583 | 567 | 1,464 | 1,208 | 1,221 | 1,402 | 1,476 |
| Non-current liabilities | 210 | 226 | 226 | 201 | 312 | 577 | 525 | 534 | 587 |
| Total assets | 1,372 | 1,641 | 2,203 | 2,248 | 3,300 | 3,359 | 3,374 | 3,625 | 3,852 |
| Property, plant & equipment | 189 | 191 | 201 | 138 | 140 | 211 | 138 | 135 | 308 |
| Capital work-in-progress | 0 | 2 | 3 | 0 | 1 | 0 | 0 | 0 | 2 |
| Investments | 272 | 13 | 11 | 0 | 108 | 350 | 466 | 504 | 520 |
| Inventories | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | 224 | 213 | 233 | 254 | 254 | 358 | 324 | 390 | 423 |
| Cash & equivalents | 53 | 70 | 43 | 115 | 164 | 119 | 137 | 120 | 134 |
Cash flow
annual · ₹ crore · line = free cash flow| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Cash from operations | 168 | 207 | 213 | 236 | 261 |
| Cash from investing | -96 | -351 | -466 | -762 | -121 |
| Cash from financing | -91 | 72 | 363 | 499 | -144 |
| Capex | 4 | 139 | 10 | 11 | 7 |
| Free cash flow | 164 | 68 | 202 | 225 | 254 |
| Dividends paid | 68 | 57 | 86 | 0 | 94 |
Where the assets sit
Sep '26 · ₹ croreFixed assets (PPE)₹308 cr8%
CWIP₹2 cr0%
Investments₹520 cr13%
Receivables₹423 cr11%
Cash & equivalents₹134 cr3%
Other assets₹2,465 cr64%
Peer comparison
largest in Information Technology · this company in bold| Company | Market cap ₹cr | Price | P/E | P/B | ROE |
|---|---|---|---|---|---|
| Tata Consultancy Services Ltd. | 9,04,457 | 2,498.50 | 17.5 | 7.60 | 43.4% |
| Infosys Ltd. | 4,78,703 | 1,181.40 | 15.6 | 4.83 | 31.0% |
| HCL Technologies Ltd. | 3,90,960 | 1,440.00 | 21.3 | 5.14 | 24.1% |
| Wipro Ltd. | 1,96,119 | 198.00 | 14.9 | 2.48 | 16.7% |
| Tech Mahindra Ltd. | 1,62,227 | 1,831.00 | 35.2 | 5.47 | 15.5% |
| LTM Ltd. | 1,28,405 | 4,338.00 | 24.6 | 4.96 | 20.2% |
| Persistent Systems Ltd. | 95,494 | 6,053.50 | 72.3 | 11.12 | 15.4% |
| Coforge Ltd. | 91,967 | 2,076.00 | 47.7 | 4.11 | 8.6% |
| Oracle Financial Services Software Ltd. | 89,075 | 10,215.00 | 25.0 | 11.59 | 46.4% |
| MphasiS Ltd. | 48,121 | 2,520.00 | 24.0 | 4.46 | 18.5% |
| Happiest Minds Technologies Limited | 4,723 | 314.05 | 20.4 | 2.64 | 12.9% |
StoxGud checklist: Bearish setup · 3/10
- Price above 50-day average
- Price above 200-day average
- 50-day average above 200-day (uptrend)
- RSI in healthy 40–70 zone
- Positive 1-year return
- Return on equity above 15%
- Debt to equity below 1
- Revenue growing year on year
- Net profit margin above 10%
- P/E below industry median
A rules-based screen of trend, momentum, quality and valuation. Educational only — not a buy or sell recommendation.
Returns & technicals
1 month+3.1%
6 months-19.1%
1 year-39.9%
3Y CAGR-27.5%
5Y CAGR-25.1%
10Y CAGR—
50-day avg₹327.38
200-day avg₹366.87
RSI (14)37
FAQs
What is the share price of Happiest Minds Technologies Limited?
Happiest Minds Technologies Limited (HAPPSTMNDS) closed at ₹314.05 on NSE on 06 Nov 2026.
What is the market cap of Happiest Minds Technologies Limited?
₹4,723 crore at the latest close.
What is the P/E ratio of Happiest Minds Technologies Limited?
20.4, on trailing-twelve-month earnings from its filings.
How fast is Happiest Minds Technologies Limited growing?
Happiest Minds Technologies Limited: revenue has compounded at 17.4% a year over three years; net profit at -2.7% a year. Latest-quarter revenue is up 12.5% year on year, profit up 15.1%.
How profitable is Happiest Minds Technologies Limited?
On a trailing-twelve-month basis return on equity is 12.9%, return on capital employed 12.7%, operating margin 18.2%, net margin 9.4%.
How much debt does Happiest Minds Technologies Limited have?
Happiest Minds Technologies Limited is moderately geared: debt to equity is 0.83 with borrowings of ₹1,481 cr against cash of ₹134 cr (balance sheet of 2026-09-30). Operating profit covers interest 3.9 times.
Financials parsed from Happiest Minds Technologies Limited's own XBRL filings to NSE (consolidated), ₹ crore unless marked. Quarterly from SEP '20, annual from FY21, balance sheet from Sep '22. * = derived (full year or half year minus earlier quarters). Information only, not investment advice.
Happiest Minds Technologies Limited · advanced chart