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Happiest Minds Technologies Ltd.
(HAPPSTMNDS)
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Rating:67Neutral
Price Target:
₹361.00
▼(-3.02% Downside)
Action:Reiterated
Date:08/22/26
The score is driven primarily by solid—but weakening—financial performance: continued revenue growth and strong free-cash-flow conversion are positives, but sharp margin compression and rising leverage reduce quality and flexibility. Technicals add support with price above key moving averages and positive MACD, though near-overbought RSI/Stoch temper momentum. Valuation is a headwind due to a relatively high P/E with only a modest dividend yield.
Positive Factors
Sustained Revenue Growth
Continued revenue expansion indicates that Happiest Minds is still adding business despite a slower growth environment. Maintaining top-line progress supports workforce investment, service development, and customer delivery capacity over the next several quarters.
Negative Factors
Sharp Margin Compression
The steep decline in gross and operating margins signals materially weaker delivery economics than in earlier years. If sustained, lower profitability would reduce reinvestment capacity and make future earnings more sensitive to pricing, utilization, and service mix.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained Revenue Growth
Continued revenue expansion indicates that Happiest Minds is still adding business despite a slower growth environment. Maintaining top-line progress supports workforce investment, service development, and customer delivery capacity over the next several quarters.
Read all positive factors
Happiest Minds Technologies Ltd. (HAPPSTMNDS) vs. iShares MSCI India ETF (INDA)
Market Cap
₹50.62B
Dividend Yield1.93%
Average Volume (3M)162.69K
Price to Earnings (P/E)22.4
Beta (1Y)0.39
Revenue Growth11.50%
EPS Growth16.69%
CountryIN
Employees6,500
SectorGeneral
Sector StrengthN/A
IndustryInformation Technology Services
Share Statistics
EPS (TTM)14.13
Shares Outstanding152,274,810
10 Day Avg. Volume210,892
30 Day Avg. Volume162,691
Financial Highlights & Ratios
PEG Ratio1.69
Price to Book (P/B)3.22
Price to Sales (P/S)2.35
P/FCF Ratio22.53
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)19.67
Revenue Forecast (FY)₹26.44B
Happiest Minds Technologies Ltd. Business Overview & Revenue Model
Company Description
Happiest Minds Technologies Limited delivers information technology solutions and services across numerous international markets, including India, the United States, Canada, the United Kingdom, Australia, the Netherlands, Singapore, Malaysia, and ...
How the Company Makes Money
Happiest Minds primarily earns revenue by delivering IT services and digital transformation work to enterprise customers under commercial contracts. Key revenue streams generally include: (1) Project-based services where the company is paid for de...
Happiest Minds Technologies Ltd. Financial Statement Overview
Summary
Income Statement
68
Positive
Balance Sheet
60
Neutral
Cash Flow
72
Positive
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 23.15B | 20.61B | 16.25B | 14.29B | 10.94B |
| Gross Profit | 7.54B | 6.96B | 3.66B | 6.57B | 5.10B |
| EBITDA | 4.70B | 4.44B | 4.33B | 3.73B | 2.87B |
| Net Income | 2.13B | 1.85B | 2.48B | 2.31B | 1.81B |
Balance Sheet | |||||
| Total Assets | 36.25B | 33.59B | 22.48B | 16.41B | 11.25B |
| Cash, Cash Equivalents and Short-Term Investments | 14.16B | 6.66B | 12.30B | 5.32B | 6.22B |
| Total Debt | 14.87B | 12.44B | 5.12B | 5.34B | 2.50B |
| Total Liabilities | 19.36B | 17.84B | 7.68B | 8.02B | 4.59B |
| Stockholders Equity | 16.89B | 15.75B | 14.80B | 8.39B | 6.66B |
Cash Flow | |||||
| Free Cash Flow | 2.41B | 2.25B | 2.04B | 677.60M | 1.64B |
| Operating Cash Flow | 2.44B | 2.36B | 2.13B | 2.07B | 1.68B |
| Investing Cash Flow | -1.89B | -7.62B | -4.66B | -3.51B | -960.80M |
| Financing Cash Flow | -591.60M | 4.99B | 3.63B | 720.70M | -907.80M |
Happiest Minds Technologies Ltd. Technical Analysis
Negative
372.25
Price Trends
385.40
Negative
372.30
Negative
394.90
Negative
Market Momentum
-16.95
Positive
29.75
Positive
2.81
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:HAPPSTMNDS, the sentiment is Negative. The current price of 372.25 is below the 20-day moving average (MA) of 389.96, below the 50-day MA of 385.40, and below the 200-day MA of 394.90, indicating a bearish trend. The MACD of -16.95 indicates Positive momentum. The RSI at 29.75 is Positive, neither overbought nor oversold. The STOCH value of 2.81 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:HAPPSTMNDS.
Happiest Minds Technologies Ltd. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | ₹1.28T | 26.78 | ― | 2.51% | 13.87% | 10.72% | |
75 Outperform | ₹873.53B | 44.88 | ― | 0.72% | 25.39% | 25.32% | |
73 Outperform | ₹818.25B | 37.49 | ― | 0.65% | 34.67% | 65.26% | |
73 Outperform | ₹303.80B | 22.53 | ― | 2.87% | ― | ― | |
70 Neutral | ₹437.89B | 22.89 | ― | 2.70% | 13.69% | 9.34% | |
67 Neutral | ₹50.62B | 22.41 | ― | 1.93% | 11.50% | 16.69% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IN:HAPPSTMNDS
Happiest Minds Technologies Ltd.
332.40
-229.21
-40.81%
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Happiest Minds Technologies Ltd. Corporate Events
Happiest Minds Publishes Postal Ballot Notice, Reinforces SEBI Compliance
Sep 3, 2026
Happiest Minds Technologies Ltd. is an Indian IT services and digital transformation company headquartered in Bengaluru, listed on BSE and NSE. It focuses on enterprise technology solutions while maintaining strong corporate governance and transpa...
Happiest Minds Promoters Sell 22% Stake as Board Clears Merger with ITC Infotech
Aug 31, 2026
Promoter Ashok Soota and Ashok Soota Medical Research LLP have agreed to sell 22.106% of Happiest Minds Technologies’ equity share capital, totaling 33.66 million shares, to ITC Infotech India Limited for about ₹1,330 crore in two tran...
Happiest Minds to Merge with ITC Infotech After Promoter Stake Sale
Aug 31, 2026
Promoter Ashok Soota and Ashok Soota Medical Research LLP have agreed to sell a combined 22.106% stake in Happiest Minds Technologies to ITC Infotech India via a secondary share purchase worth about INR 1,329.7 crore, executed in two tranches at p...
Happiest Minds Board Clears Q1 FY27 Unaudited Results and NCD Disclosures
Jul 27, 2026
Happiest Minds Technologies Ltd. disclosed that its Board of Directors, at a meeting held on July 27, 2026, approved the unaudited standalone and consolidated financial statements for the quarter ended June 30, 2026, prepared in accordance with In...
Happiest Minds Opens FY27 With Double-Digit Growth on AI-First Push
Jul 27, 2026
Happiest Minds Technologies reported a strong start to FY27, posting consolidated revenues of ₹629 crore for the quarter ended June 30, 2026, representing 14.3% year-on-year growth and double-digit improvement across key financial metrics. O...
Happiest Minds Shares Q1 FY27 Earnings Presentation Ahead of Investor Call
Jul 27, 2026
Happiest Minds Technologies has released an earnings presentation covering its financial results for the first quarter of FY 2027, ended June 30, 2026. The presentation is being circulated to investors and analysts ahead of an earnings call schedu...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.