Happiest Minds Technologies Ltd. (IN:HAPPSTMNDS)
:HAPPSTMNDS
Want to see IN:HAPPSTMNDS full AI Analyst Report?
Top Page
Happiest Minds Technologies Ltd.
(HAPPSTMNDS)
Select Model
Select Model
Rating:68Neutral
Price Target:
₹394.00
▼(-15.45% Downside)
Action:ReiteratedDate:03/21/26
The score is primarily supported by strong financial fundamentals (revenue growth, profitability, and expanding cash flow), tempered by margin softening and increased leverage. Technicals are mixed, with short-term strength but a longer-term downtrend, and valuation is a meaningful headwind due to a high P/E and only modest yield.
Positive Factors
Revenue Growth
Happiest Minds' sustained multi-year revenue expansion (~16.7% recent) reflects durable enterprise demand for cloud, data, security and product-engineering services. Persistent top-line growth supports scale economics, client wallet-share gains and long-term reinvestment in higher-value capabilities.
Negative Factors
Margin Compression
Reported declines in EBIT and EBITDA margins suggest sustained margin pressure potentially from higher delivery costs or a shift toward lower-margin engagements. If persistent, margin erosion undermines operating leverage, reduces reinvestment capacity and weakens sustainable free cash flow generation over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Happiest Minds' sustained multi-year revenue expansion (~16.7% recent) reflects durable enterprise demand for cloud, data, security and product-engineering services. Persistent top-line growth supports scale economics, client wallet-share gains and long-term reinvestment in higher-value capabilities.
Read all positive factors
Happiest Minds Technologies Ltd. (HAPPSTMNDS) vs. iShares MSCI India ETF (INDA)
Market Cap
₹56.59B
Dividend Yield1.26%
Average Volume (3M)32.69K
Price to Earnings (P/E)42.9
Beta (1Y)0.33
Revenue Growth16.66%
EPS Growth-16.99%
CountryIN
Employees4,884
SectorTechnology
Sector Strength88
IndustryInformation Technology Services
Share Statistics
EPS (TTM)3.70
Shares Outstanding152,274,810
10 Day Avg. Volume50,509
30 Day Avg. Volume32,690
Financial Highlights & Ratios
PEG Ratio-1.81
Price to Book (P/B)5.67
Price to Sales (P/S)4.33
P/FCF Ratio39.60
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹520.00Price Target Upside11.59% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)19.93
Revenue Forecast (FY)₹26.52B
Happiest Minds Technologies Ltd. Business Overview & Revenue Model
Company Description
Happiest Minds Technologies Limited offers IT solutions and services in India, the United States, Canada, the United Kingdom, Australia, the Netherlands, Singapore, Malaysia, and the Middle East. It operates through three segments: Infrastructure ...
How the Company Makes Money
Happiest Minds makes money primarily by delivering IT services and digital transformation engagements to enterprise customers under contract. Key revenue streams typically include: (1) project-based professional services for building or modernizin...
Happiest Minds Technologies Ltd. Financial Statement Overview
Summary
Income Statement
85
Very Positive
Balance Sheet
78
Positive
Cash Flow
80
Positive
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 21.99B | 20.61B | 16.25B | 14.29B | 10.94B | 7.73B |
| Gross Profit | 6.11B | 6.96B | 3.66B | 6.57B | 5.10B | 2.03B |
| EBITDA | 4.59B | 4.44B | 4.33B | 3.73B | 2.87B | 2.15B |
| Net Income | 1.95B | 1.85B | 2.48B | 2.31B | 1.81B | 1.62B |
Balance Sheet | ||||||
| Total Assets | 33.74B | 33.59B | 22.48B | 16.41B | 11.25B | 9.22B |
| Cash, Cash Equivalents and Short-Term Investments | 14.04B | 6.66B | 12.30B | 5.32B | 6.22B | 5.07B |
| Total Debt | 12.74B | 12.44B | 5.12B | 5.34B | 2.50B | 1.93B |
| Total Liabilities | 17.46B | 17.84B | 7.68B | 8.02B | 4.59B | 3.76B |
| Stockholders Equity | 16.28B | 15.75B | 14.80B | 8.39B | 6.66B | 5.46B |
Cash Flow | ||||||
| Free Cash Flow | 1.22B | 2.25B | 2.04B | 677.60M | 1.64B | 1.42B |
| Operating Cash Flow | 1.23B | 2.36B | 2.13B | 2.07B | 1.68B | 1.43B |
| Investing Cash Flow | 669.50M | -7.62B | -4.66B | -3.51B | -960.80M | -2.84B |
| Financing Cash Flow | -1.75B | 4.99B | 3.63B | 720.70M | -907.80M | 1.70B |
Happiest Minds Technologies Ltd. Technical Analysis
Neutral
466.00
Price Trends
381.58
Positive
424.03
Negative
494.25
Negative
Market Momentum
-1.28
Positive
49.27
Neutral
49.92
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:HAPPSTMNDS, the sentiment is Neutral. The current price of 466 is above the 20-day moving average (MA) of 384.97, above the 50-day MA of 381.58, and below the 200-day MA of 494.25, indicating a neutral trend. The MACD of -1.28 indicates Positive momentum. The RSI at 49.27 is Neutral, neither overbought nor oversold. The STOCH value of 49.92 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:HAPPSTMNDS.
Happiest Minds Technologies Ltd. Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | ₹52.48B | 10.29 | ― | 1.62% | 7.55% | 7.12% | |
72 Outperform | ₹73.95B | 23.90 | ― | 2.00% | 10.80% | 3.25% | |
68 Neutral | ₹56.59B | 42.91 | ― | 1.26% | 16.66% | -16.99% | |
66 Neutral | ₹32.81B | 14.03 | ― | ― | 14.00% | 94.80% | |
62 Neutral | ₹103.22B | 25.31 | ― | 1.42% | -2.63% | -19.70% | |
62 Neutral | ₹31.55B | 25.72 | ― | 3.06% | 12.43% | 41.88% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% |
* Technology Sector Average
IN:HAPPSTMNDS
Happiest Minds Technologies Ltd.
371.60
-218.68
-37.05%
IN:BSOFT
Birlasoft Limited
369.30
-19.28
-4.96%
IN:CIGNITITEC
Cigniti Technologies Limited
1,191.05
-170.05
-12.49%
IN:MASTEK
Mastek Limited
1,693.00
-373.25
-18.06%
IN:RSYSTEMS
R Systems International Limited
266.30
-36.71
-12.12%
IN:SONATSOFTW
Sonata Software Limited
263.70
-150.60
-36.35%
Happiest Minds Technologies Ltd. Corporate Events
Happiest Minds Files SEBI Compliance Certificate With No Share Demat Activity in Q4 FY26
Apr 7, 2026
Happiest Minds Technologies has informed the stock exchanges that it has received a compliance certificate from its registrar and share transfer agent, KFin Technologies, under Regulation 74(5) of the SEBI (Depositories and Participants) Regulatio...
Happiest Minds Denies Knowledge of Reported Stake-Sale Talks After Stock Surge
Mar 20, 2026
Happiest Minds Technologies has clarified that it is not aware of or involved in any discussions referenced in a media report stating that EQT, Partners Group and ITC Infotech are eyeing a stake in the company. The firm told stock exchanges that i...
Happiest Minds Publishes NCLT Merger Notice for Aureustech Amalgamation
Mar 13, 2026
Happiest Minds Technologies has notified exchanges that it is proceeding with a Scheme of Amalgamation to merge its wholly owned subsidiary, Aureustech Systems Private Limited, into the parent company along with related arrangements for shareholde...
Happiest Minds Clears Key NCLT Hurdle in Aureustech Amalgamation
Feb 20, 2026
Happiest Minds Technologies Limited has reported a key procedural step in its planned amalgamation with its wholly owned subsidiary, Aureustech Systems Private Limited. The Bengaluru Bench of the National Company Law Tribunal has approved a dispen...
Happiest Minds Board Clears Q3 FY26 Unaudited Results and Disclosures
Feb 9, 2026
Happiest Minds Technologies Limited announced that its Board of Directors has approved the unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, prepared in accordance with Indian Accounti...
Happiest Minds to Present Q3 FY26 Financial Results to Investors
Feb 9, 2026
Happiest Minds Technologies Limited has announced that it has prepared an earnings presentation covering its financial results for the third quarter and nine months ended December 31, 2025. The presentation will be shared with investors and analys...
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.