Skip to content
Happiest Minds Technologies logo

Happiest Minds Technologies

HAPPSTMNDS NSE
₹312.10 +0.85 (+0.27%)
P/E
21.29
View as Markdown
MCP
Close 4 Nov 2026 ₹312.10 −188.35 −37.6% 1Y
Start ₹500.45

Key Fundamentals

MicrocapIT - SoftwareInformation Technology

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
13.30%
Debt to Equity
0.88
EPS (TTM)
₹14.66
Book Value
₹117.52
Market Cap
—
P/E (TTM)
21.29
P/B
2.66
ROE
13.80%
Dividend Yield
0.98%
EBITDA
₹488 Cr
52W High
₹519.90
52W Low
₹295.10
Day Range
₹305.80 – ₹314.50
Volume
3,84,875

Peer Comparison

Information Technology › Computer Software & Consulting › Computers - Software & Consulting

Happiest Minds Technologies peer comparison
TCS
₹2,436.0017.08₹8,98,480 Cr7.400.96%51.80%63.00%₹2,83,248 Cr₹51,858 Cr
Infosys
₹1,128.2014.88₹4,63,085 Cr4.862.26%31.90%40.00%₹1,89,336 Cr₹30,788 Cr
HCL Tech
₹1,405.0021.88₹3,89,601 Cr5.013.34%23.80%30.40%₹1,34,374 Cr₹17,434 Cr
Wipro
₹194.5515.21₹1,94,390 Cr2.441.01%15.50%17.80%₹94,968 Cr₹13,285 Cr
Tech Mahindra
₹1,783.0034.02₹1,76,066 Cr5.880.84%17.50%23.10%₹59,176 Cr₹5,163 Cr
LTM
₹4,204.9023.84₹1,26,067 Cr4.820.59%23.10%29.60%₹44,075 Cr₹5,197 Cr
Persistent Systems
₹6,065.0049.64₹96,188 Cr7.820.66%27.20%34.40%₹15,718 Cr₹1,922 Cr
Happiest Minds Technologies (this company)
₹312.1021.29₹4,730 Cr2.660.98%13.80%13.30%₹2,394 Cr₹223 Cr
Median 8 companies₹1,594.0021.59₹1,85,228 Cr4.940.97%23.45%30.00%₹77,072 Cr₹9,241 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

50 Average

Data confidence 100/100

Category scores

Quality
73
Strong
Returns, margins, earnings quality 22% weight
Valuation
66
Good
Cheap vs sector & own history 24% weight
Growth
35
Poor
Sales & profit trajectory 9% weight
Financial Health
17
Poor
Solvency, leverage, coverage 9% weight
Momentum
28
Poor
Trend strength, vol-adjusted 12% weight
Ownership
50
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

1
  • Company has been maintaining a healthy dividend payout of 42.5%

Weaknesses

1
  • Promoter holding has decreased over last 3 years: -7.14%

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBearish775
OscillatorsNeutral171
Moving AveragesStrong Bearish604

Key readings

RSI (14)
47.82
Neutral
MACD (12,26,9)
−5.87
Bullish
SMA (50)
332.39
Bearish
SMA (200)
367.94
Bearish

As of

Analyst Rating

Based on 5 analysts
BUY80%

4 of 5 analysts rate Buy, 1 Hold, 0 Sell.

As of

BUY
4
80%
HOLD
1
20%
SELL
0
0%

Growth Rate

From the financial statements below. 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
5Y+24.53%
3Y+17.45%
1Y+12.32%
TTM+11.50%

Net profit

Net profit growth by window
5Y+5.63%
3Y−2.67%
1Y+15.14%
TTM+16.75%

Operating cash flow

Operating cash flow growth by window
5Y+12.63%
3Y+8.03%
1Y+10.59%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
5Y−7.30 pp
3Y−7.71 pp
1Y+0.23 pp
TTM+0.92 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2019₹590 Cr
Mar 2020₹698 Cr
Mar 2021₹773 Cr
Mar 2022₹1,094 Cr
Mar 2023₹1,429 Cr
Mar 2024₹1,625 Cr
Mar 2025₹2,061 Cr
Mar 2026₹2,315 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2019₹14.00 Cr
Mar 2020₹72.00 Cr
Mar 2021₹162 Cr
Mar 2022₹181 Cr
Mar 2023₹231 Cr
Mar 2024₹248 Cr
Mar 2025₹185 Cr
Mar 2026₹213 Cr

Analyst Forecasts

Forecast For
FY27 consensus · EBITDA
₹484 Cr −1.0% vs FY26
Reported High Mean Low

AI Analysis — Bull vs Bear

Generated 31 Jul 2026
AI opinion · based on fundamentals
Risk high

Happiest Minds Technologies trades at a market cap of ₹5,682 Cr with a PE of 26x and dividend yield of 1.68%. The company has delivered 25% sales CAGR over 5 years but has seen significant stock price correction of -37% over the past year, while promoter holding has declined by 9.03% over three years.

Bull Case 8
  • Strong 5-year compounded sales CAGR of 25%, indicating robust revenue growth trajectory in the digital-first IT services space
  • TTM revenue growth of 12% demonstrates continued business momentum despite broader IT sector headwinds
  • Healthy dividend payout ratio of 42.5% reflects shareholder-friendly capital allocation and confidence in cash flow generation
  • Dividend yield of 1.68% is above average for mid-cap IT companies, providing income support to investors
  • TTM profit growth of 18% outpaces revenue growth of 12%, suggesting margin expansion and operating leverage
  • PE ratio of 26x has compressed significantly from historical highs following the 37% stock price decline, bringing valuation closer to mid-cap IT peers
  • 3-year ROE of 15% and 5-year ROE of 19% indicate consistent ability to generate returns on shareholder equity
  • Price-to-book ratio of 3.43x is reasonable for an asset-light IT services company with 5-year compounded profit growth of 7%
Bear Case 8
  • Stock price has declined 37% over 1 year and shows a 3-year CAGR of -26%, reflecting sustained negative price momentum
  • Promoter holding has decreased by 9.03% over 3 years, signaling potential lack of promoter confidence or stake dilution
  • 3-year compounded profit CAGR of -1% indicates earnings stagnation despite revenue growth over the same period
  • ROE has declined from 5-year average of 19% to last year's 14%, showing deteriorating return efficiency
  • 5-year stock price CAGR of -23% suggests the market has persistently de-rated the company over an extended period
  • 5-year compounded profit CAGR of only 7% significantly lags the 25% sales CAGR over the same period, indicating margin pressure over time
  • Market cap of ₹5,682 Cr places it in the mid-cap segment with higher vulnerability to client concentration risk and limited pricing power versus larger IT peers
  • The gap between TTM profit growth of 18% and 3-year profit CAGR of -1% raises questions about sustainability of recent earnings recovery

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

94d ago

TL;DR: Happiest Minds delivered a solid Q1FY27 with 14.3% revenue growth and 14.7% PAT growth, supported by a healthy ₹3.65 dividend. The key risk is the potential sale of Ashok Soota's 44% promoter stake, which could bring ownership uncertainty and near-term stock overhang. Operationally the trend is positive, but the promoter exit narrative may weigh on sentiment until deal clarity emerges.

Headwinds 1
  • Promoter may sell 44% stake Jul 13

    Founder Ashok Soota is in advanced talks to sell his entire 44% promoter stake in the company. No buyer, deal value, or structure has been disclosed yet, creating overhang uncertainty.

Positives 2
  • Strong Q1FY27 revenue growth Jul 29

    Consolidated revenue grew 14.3% YoY to ₹6,285 crore in Q1FY27, with adjusted PAT up 14.7% YoY to ₹805 crore, reflecting healthy double-digit growth momentum.

  • ₹3.65 final dividend declared Jul 28

    Shareholders approved a final dividend of ₹3.65 per share for FY26 at the 15th AGM held on July 28, 2026, signaling confidence in cash generation.

Neutral 3
  • Q1FY27 earnings call hosted Jul 28

    Happiest Minds held its Q1FY27 earnings call on July 28 at 10:00 AM IST with Chairman Ashok Soota and CEO Joseph Anantharaju. Audio recording uploaded per SEBI LODR compliance.

  • Results published per SEBI norms Jul 29

    Unaudited Q1FY27 financial results published in designated newspapers on July 29, complying with SEBI listing obligations.

  • Dividend tax deduction notice Jul 4

    Company communicated to shareholders regarding TDS on dividends under the Income Tax Act, 2025 — a routine compliance disclosure.

Quarterly Results

₹ Cr
HAPPSTMNDS quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
391
407
410
417
464
522
531
545
550
574
588
604
629
645
Expenses
302
324
329
334
379
430
437
461
456
475
480
500
511
524
Operating Profit
89
83
81
83
85
92
94
84
94
99
107
104
118
—
OPM %
23%
20%
20%
20%
18%
18%
18%
15%
17%
17%
18%
17%
19%
—
Other Income
14
22
24.29
38
25
27
23
14
30
22
−6
21
24
—
Interest
10
11
11
10
20
28
27
25
25
25
25
23
28
31
Depreciation
14
15
15
15
22
23
21
23
22
22
22
22
23
24
PBT
79
79
81
96
68
68
69
50
77
73
54
80
90
84
Tax %
26%
26%
26%
25%
25%
27%
27%
33%
26%
26%
26%
24%
25%
26%
Net Profit
58
58
60
72
51
50
50
34
57
54
40
61
68
62
EPS (₹)
3.97
3.84
3.92
4.73
3.35
3.25
3.29
2.23
3.75
3.55
2.65
4.02
4.44
—

Sep 2026: from the results filed on 2 Nov 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
HAPPSTMNDS profit and loss, annual, ₹ crore
Particulars Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
590
698
773
1,094
1,429
1,625
2,061
2,315
2,394
Expenses
535
601
582
836
1,070
1,289
1,706
1,912
1,967
Operating Profit
55
97
191
258
359
336
354
403
427
OPM %
9%
14%
25%
24%
25%
21%
17%
17%
18%
Other Income
−1
5
24
31
15
99
89
66
60
Interest
16
8
7
10
22
42
99
97
101
Depreciation
25
20
23
33
42
58
89
88
88
PBT
13
74
186
246
310
335
255
284
298
Tax %
−9%
3%
13%
26%
25%
26%
28%
25%
—
Net Profit
14
72
162
181
231
248
185
213
223
EPS (₹)
3.82
14.52
11.06
12.34
15.73
16.31
12.13
13.96
14.66
Div. Payout %
0%
0%
26%
30%
34%
35%
49%
44%
—

Balance Sheet

₹ Cr
HAPPSTMNDS balance sheet, annual, ₹ crore
Particulars Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
6
9
28
29
29
30
30
30
Reserves
−94
220
518
637
810
1,450
1,545
1,659
Borrowings
144
150
193
250
534
512
1,244
1,494
Other Liabilities
358
129
176
205
256
242
505
402
Total Liabilities
414
508
915
1,120
1,628
2,235
3,323
3,586
Fixed Assets
61
38
128
158
432
413
1,211
1,172
CWIP
0
0
0
0
3
0
0
2
Investments
98
83
391
472
13
0
350
504
Other Assets
254
387
395
491
1,181
1,822
1,761
1,909
Total Assets
414
508
915
1,120
1,628
2,235
3,323
3,586

Cash Flow

₹ Cr
HAPPSTMNDS cash flow, annual, ₹ crore
Particulars Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
58
112
144
168
207
213
236
261
Investing
1
−72
−271
−96
−348
−537
−731
−117
Financing
−59
−13
169
−91
72
363
499
−144
Net Cash Flow
0
27
42
−19
−68
39
4
1
Free Cash Flow
57
112
143
164
68
202
225
255
CFO/OP
111
122
94
86
82
94
95
89

Ratios

HAPPSTMNDS financial ratios, annual
Particulars Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
80
60
58
56
54
57
63
62
Cash Conversion Cycle
80
60
58
56
54
57
63
62
Working Capital Days
−86
−21
−33
−23
−50
−28
−109
−117
ROCE %
—
43%
35%
32%
30%
22%
15%
13%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Happiest Minds Technologies insights

70 extracted metrics across FY18–FY27.

Shareholding Pattern

As of Sep 2026

  • Public 44.84%
  • Promoters 44.21%
  • FIIs 6.51%
  • DIIs 3.22%

No promoter shares pledged as of Sep 2026

Change since Jun 2026

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Happiest Minds Technologies

What does Happiest Minds Technologies Ltd do?
Incorporated in 2011, Happiest Minds Technologies Ltd is a next generation IT solutions & services Company
Where is Happiest Minds Technologies Ltd (HAPPSTMNDS) listed?
Happiest Minds Technologies Ltd trades as HAPPSTMNDS on the NSE and under code 543227 on the BSE.
Which sector does Happiest Minds Technologies Ltd belong to?
Happiest Minds Technologies Ltd is classified under the Information Technology sector, in the Computer Software & Consulting industry.
What is the PE ratio of Happiest Minds Technologies Ltd?
Happiest Minds Technologies Ltd trades at a PE ratio of 21.29 as of 4 Nov 2026, on earnings per share of ₹14.66, against a book value of ₹117.52 per share.
What is the 52-week high and low of Happiest Minds Technologies Ltd?
Over the last 52 weeks Happiest Minds Technologies Ltd has traded between ₹295.1 and ₹519.9 as of 4 Nov 2026.
Does Happiest Minds Technologies Ltd pay dividends?
Happiest Minds Technologies Ltd has a dividend yield of 0.98%.
What is the Return on Equity (ROE) of Happiest Minds Technologies Ltd?
Happiest Minds Technologies Ltd reported a return on equity of 13.80%. Its debt-to-equity ratio is 0.88.

Company Information

Incorporated in 2011, Happiest Minds Technologies Ltd is a next generation IT solutions & services Company

Website happiestminds.com
CEO Mr. Ashok Soota B.E, M.B.A
Employees 4,886
Listed 17 Sep 2020
Face Value ₹2

For AI agents and developers

Reading this as an AI agent, LLM or automated pipeline? Every page on Tapetide is also published as clean Markdown — no navigation, no scripts, just the data. Fetch https://tapetide.com/stocks/HAPPSTMNDS.md for Happiest Minds Technologies Ltd: dated key facts, then this page's sections in order: latest price, key fundamentals, peer comparison, the Tapetide Score, technical indicators, analyst ratings, growth rates, analyst forecasts, the AI analysis and news digest (labelled as AI-generated), financial statements, shareholding pattern, documents and the FAQ.

Append .md to any Tapetide URL for the same treatment. A full index of what we publish is at /llms.txt and /llms-full.txt. For live, structured queries instead of documents, use our Indian stock market MCP server.

Explore More

More IT Software stocks → FII DII DataStock ScreenerNifty 50 HeatmapF&O Ban ListFII and DII flows, month by monthHow Tapetide Scores changed, month by monthStocks mutual funds are buying, month by month