Happiest Minds Technologies Limited Share Price & Analysis
Price Chart
Fundamentals
Strengths
- Attractively valued vs sector (P/E 23x vs industry 40.1x)
- Regular dividends — yield 1.8%
Concerns
Peer Comparison
| Company | CMP | Mkt Cap | P/E | P/B | ROE % | ROCE % | D/E |
|---|---|---|---|---|---|---|---|
| TCS Tata Consultancy Services Limited | ₹2,304 | ₹8.3L Cr | 15.5 | 7.78 | 51.8 | 63 | 0.11 |
| INFY Infosys Limited | ₹1,130 | ₹4.6L Cr | 14.7 | 5.02 | 31.9 | 40 | 0.1 |
| HCLTECH HCL Technologies Limited | ₹1,293 | ₹3.5L Cr | 19.4 | 4.67 | 23.8 | 30.4 | 0.07 |
| WIPRO Wipro Limited | ₹176 | ₹1.7L Cr | 13.2 | 2.1 | 15.5 | 17.8 | 0.23 |
| TECHM Tech Mahindra Limited | ₹1,597 | ₹1.6L Cr | 29.4 | 5.29 | 17.5 | 23.1 | 0.07 |
| LTM LTM Limited | ₹4,554 | ₹1.4L Cr | 24.1 | 5.62 | 23.1 | 29.6 | 0.1 |
| OFSS Oracle Financial Services Software Limited | ₹12,058 | ₹1.1L Cr | 30.8 | 13.41 | 32.6 | 45.3 | 0 |
Showing 7 peers in the same sector · Sorted by market cap
Shareholding Pattern
HAPPSTMNDS · as of Mar 2026
| Category | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Promoters | 50.24% | 50.24% | 44.23% | 44.23% | 44.23% | 44.22% |
| FII | 5.05% | 4.69% | 5.31% | 5.33% | 5.34% | 5.04% |
| DII | 2.41% | 2.57% | 2.85% | 4.18% | 6.08% | 10.58% |
| Public | 40.20% | 40.58% | 45.82% | 44.61% | 42.83% | 38.70% |
| Others | 2.10% | 1.92% | 1.79% | 1.65% | 1.52% | 1.46% |
Corporate Events
To consider and approve the financial results for the period ended March 31, 2026 and dividend
Interim Dividend - Rs 2.75 Per Share
Dividend - Rs 3.50 Per Share
Interim Dividend - Rs 2.50 Per Sh
Dividend - Rs 3.25 Per Share
Interim Dividend - Rs 2.50 Per Share
Annual General Meeting/Dividend - Rs 3.40 Per Share
Latest News
All newsHappiest Minds to merge with ITC Infotech in all-stock deal
*Happiest Minds to merge with ITC Infotech in all-stock deal.* The merger aims to create a stronger IT services entity with combined revenue of **₹2,100 crore** and expanded global footprint. Shareholders of ITC Infotech will receive **1.25 shares** of Happiest Minds for every share held. The move is expected to unlock synergies and enhance competitive positioning in digital transformation space. 📊 *STOCKS:* HAPPSTMNDS, ITCINFOTECH | 🏢 *SECTOR:* IT | #HIGHIMPACT #Merger
Happiest Minds to merge with ITC Infotech in major IT consolidation
*Happiest Minds to merge with ITC Infotech in major IT consolidation*. The merger between Happiest Minds and ITC Infotech marks one of the largest in the Indian IT sector, combining two mid-sized players. The deal aims to create a stronger entity with enhanced capabilities and scale, boosting combined revenues to **₹4,200 crore**. Integration is expected to be complete within 12–18 months, subject to regulatory and shareholder approvals. 📊 *STOCKS:* $HAPPSTMNT | 🏢 *SECTOR:* IT | #HIGHIMPACT #Merger
ITC Infotech-Happiest Minds merger signals sector consolidation
*ITC Infotech-Happiest Minds merger signals sector consolidation.* This move highlights increasing pressure on mid-tier IT firms to scale up amid rising competition. The combined entity aims to achieve **revenue of over ₹4,000 crore** and enhance global delivery capabilities. Integration expected to complete by Q3 FY25. 📊 *STOCKS:* HAPSMIND, ITC | 🏢 *SECTOR:* IT | #MEDIUMIMPACT #IT
ITC Infotech advised on Happiest Minds acquisition
*ITC Infotech advised on Happiest Minds acquisition.* Deal advisory by CAM on the proposed merger of Happiest Minds into ITC Infotech has been announced. The transaction could reshape the IT space if approved. Integration may unlock **₹2,000Cr** in synergies over two years. 📊 *STOCKS:* HAPPYOLD | ITC | 🏢 *SECTOR:* IT | #MEDIUMIMPACT #M&A
Happiest Minds announces general corporate updates.
*Happiest Minds announces general corporate updates.* The filing provides no specific financial or operational details, indicating routine disclosures. Traders should monitor for follow-up announcements. No immediate financial impact is evident. 📊 *STOCKS:* $HAPPSTMNDS | 🏢 *SECTOR:* IT | #LOWIMPACT #IT
Financials
Quarterly Results
| Metric | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | Jun 2024 | Mar 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | ₹588 Cr 2.4% | ₹574 Cr 4.4% | ₹550 Cr 0.9% | ₹545 Cr 2.6% | ₹531 Cr 1.7% | ₹522 Cr 12.5% | ₹464 Cr 11.3% | ₹417 Cr |
| Op. Profit | ₹107 Cr 8.1% | ₹99 Cr 5.3% | ₹94 Cr 11.9% | ₹84 Cr 10.6% | ₹94 Cr 2.2% | ₹92 Cr 8.2% | ₹85 Cr 2.4% | ₹83 Cr |
| OPM | 18.0% 5.9% | 17.0% 0.0% | 17.0% 13.3% | 15.0% 16.7% | 18.0% 0.0% | 18.0% 0.0% | 18.0% 10.0% | 20.0% |
| Net Profit | ₹40 Cr 25.9% | ₹54 Cr 5.3% | ₹57 Cr 67.6% | ₹34 Cr 32.0% | ₹50 Cr 0.0% | ₹50 Cr 2.0% | ₹51 Cr 29.2% | ₹72 Cr |
| EPS (₹) | 2.65 25.4% | 3.55 5.3% | 3.75 68.2% | 2.23 32.2% | 3.29 1.2% | 3.25 3.0% | 3.35 29.2% | 4.73 |
Values in ₹ Cr · Source: Screener.in
Annual Profit & Loss
| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue | ₹2.3K Cr 12.3% | ₹2.1K Cr 26.8% | ₹1.6K Cr 13.7% | ₹1.4K Cr 30.6% | ₹1.1K Cr 41.5% | ₹773 Cr 10.7% | ₹698 Cr 18.3% | ₹590 Cr |
| Expenses | ₹1.9K Cr 12.1% | ₹1.7K Cr 32.4% | ₹1.3K Cr 20.5% | ₹1.1K Cr 28.0% | ₹836 Cr 43.6% | ₹582 Cr 3.2% | ₹601 Cr 12.3% | ₹535 Cr |
| Op. Profit | ₹403 Cr 13.8% | ₹354 Cr 5.4% | ₹336 Cr 6.4% | ₹359 Cr 39.1% | ₹258 Cr 35.1% | ₹191 Cr 96.9% | ₹97 Cr 76.4% | ₹55 Cr |
| OPM | 17.0% 0.0% | 17.0% 19.0% | 21.0% 16.0% | 25.0% 4.2% | 24.0% 4.0% | 25.0% 78.6% | 14.0% 55.6% | 9.0% |
| Other Income | ₹66 Cr 25.8% | ₹89 Cr 10.1% | ₹99 Cr 560.0% | ₹15 Cr 51.6% | ₹31 Cr 29.2% | ₹24 Cr 380.0% | ₹5 Cr 600.0% | ₹-1 Cr |
| Interest | ₹97 Cr 2.0% | ₹99 Cr 135.7% | ₹42 Cr 90.9% | ₹22 Cr 120.0% | ₹10 Cr 42.9% | ₹7 Cr 12.5% | ₹8 Cr 50.0% | ₹16 Cr |
| Depreciation | ₹88 Cr 1.1% | ₹89 Cr 53.4% | ₹58 Cr 38.1% | ₹42 Cr 27.3% | ₹33 Cr 43.5% | ₹23 Cr 15.0% | ₹20 Cr 20.0% | ₹25 Cr |
| PBT | ₹284 Cr 11.4% | ₹255 Cr 23.9% | ₹335 Cr 8.1% | ₹310 Cr 26.0% | ₹246 Cr 32.3% | ₹186 Cr 151.4% | ₹74 Cr 469.2% | ₹13 Cr |
| Tax % | 25.0% 10.7% | 28.0% 7.7% | 26.0% 4.0% | 25.0% 3.8% | 26.0% 100.0% | 13.0% 333.3% | 3.0% 133.3% | -9.0% |
| Net Profit | ₹213 Cr 15.1% | ₹185 Cr 25.4% | ₹248 Cr 7.4% | ₹231 Cr 27.6% | ₹181 Cr 11.7% | ₹162 Cr 125.0% | ₹72 Cr 414.3% | ₹14 Cr |
| EPS (₹) | 13.96 15.1% | 12.13 25.6% | 16.31 3.7% | 15.73 27.5% | 12.34 11.6% | 11.06 23.8% | 14.52 280.1% | 3.82 |
| Div Payout | 45.0% 8.2% | 49.0% 40.0% | 35.0% 2.9% | 34.0% 13.3% | 30.0% 15.4% | 26.0% | 0.0% | 0.0% |
Values in ₹ Cr · Source: Screener.in
Balance Sheet
| Item | Mar 2026 | Sep 2025 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 |
|---|---|---|---|---|---|---|---|---|---|
Liabilities | |||||||||
| Equity Capital | ₹30 Cr 0.0% | ₹30 Cr 0.0% | ₹30 Cr 0.0% | ₹30 Cr 3.4% | ₹29 Cr 0.0% | ₹29 Cr 3.6% | ₹28 Cr 211.1% | ₹9 Cr 50.0% | ₹6 Cr |
| Reserves | ₹1.7K Cr 3.8% | ₹1.6K Cr 3.4% | ₹1.5K Cr 6.6% | ₹1.4K Cr 79.0% | ₹810 Cr 27.2% | ₹637 Cr 23.0% | ₹518 Cr 135.5% | ₹220 Cr 334.0% | ₹-94 Cr |
| Borrowings | ₹1.5K Cr 16.7% | ₹1.3K Cr 2.4% | ₹1.2K Cr 143.0% | ₹512 Cr 4.1% | ₹534 Cr 113.6% | ₹250 Cr 29.5% | ₹193 Cr 28.7% | ₹150 Cr 4.2% | ₹144 Cr |
| Other Liabilities | ₹449 Cr 4.9% | ₹472 Cr 6.5% | ₹505 Cr 108.7% | ₹242 Cr 5.5% | ₹256 Cr 24.9% | ₹205 Cr 16.5% | ₹176 Cr 36.4% | ₹129 Cr 64.0% | ₹358 Cr |
| Total Liabilities | ₹3.6K Cr 7.4% | ₹3.4K Cr 1.5% | ₹3.3K Cr 48.7% | ₹2.2K Cr 37.3% | ₹1.6K Cr 45.4% | ₹1.1K Cr 22.4% | ₹915 Cr 80.1% | ₹508 Cr 22.7% | ₹414 Cr |
Assets | |||||||||
| Fixed Assets | ₹1.2K Cr 1.3% | ₹1.2K Cr 1.8% | ₹1.2K Cr 193.2% | ₹413 Cr 4.4% | ₹432 Cr 173.4% | ₹158 Cr 23.4% | ₹128 Cr 236.8% | ₹38 Cr 37.7% | ₹61 Cr |
| CWIP | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr 100.0% | ₹3 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹504 Cr 8.2% | ₹466 Cr 33.1% | ₹350 Cr | ₹0 Cr 100.0% | ₹13 Cr 97.2% | ₹472 Cr 20.7% | ₹391 Cr 371.1% | ₹83 Cr 15.3% | ₹98 Cr |
| Other Assets | ₹1.9K Cr 13.3% | ₹1.7K Cr 2.4% | ₹1.8K Cr 3.3% | ₹1.8K Cr 54.3% | ₹1.2K Cr 140.5% | ₹491 Cr 24.3% | ₹395 Cr 2.1% | ₹387 Cr 52.4% | ₹254 Cr |
| Total Assets | ₹3.6K Cr 7.4% | ₹3.4K Cr 1.5% | ₹3.3K Cr 48.7% | ₹2.2K Cr 37.3% | ₹1.6K Cr 45.4% | ₹1.1K Cr 22.4% | ₹915 Cr 80.1% | ₹508 Cr 22.7% | ₹414 Cr |
Values in ₹ Cr · Source: Screener.in
Cash Flow Statement
| Item | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 |
|---|---|---|---|---|---|---|---|---|
| Operating CF | — | ₹236 Cr 10.8% | ₹213 Cr 2.9% | ₹207 Cr 23.2% | ₹168 Cr 16.7% | ₹144 Cr 28.6% | ₹112 Cr 93.1% | ₹58 Cr |
| Investing CF | — | ₹-731 Cr 36.1% | ₹-537 Cr 54.3% | ₹-348 Cr 262.5% | ₹-96 Cr 64.6% | ₹-271 Cr 276.4% | ₹-72 Cr 7300.0% | ₹1 Cr |
| Financing CF | — | ₹499 Cr 37.5% | ₹363 Cr 404.2% | ₹72 Cr 179.1% | ₹-91 Cr 153.8% | ₹169 Cr 1400.0% | ₹-13 Cr 78.0% | ₹-59 Cr |
| Net Cash Flow | — | ₹4 Cr 89.7% | ₹39 Cr 157.4% | ₹-68 Cr 257.9% | ₹-19 Cr 145.2% | ₹42 Cr 55.6% | ₹27 Cr | ₹0 Cr |
| Free Cash Flow | — | ₹225 Cr 11.4% | ₹202 Cr 197.1% | ₹68 Cr 58.5% | ₹164 Cr 14.7% | ₹143 Cr 27.7% | ₹112 Cr 96.5% | ₹57 Cr |
Values in ₹ Cr · Source: Screener.in
Key Ratios History
| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 |
|---|---|---|---|---|---|---|---|---|
| Debtor Days | 62d 1.6% | 63d 10.5% | 57d 5.6% | 54d 3.6% | 56d 3.4% | 58d 3.3% | 60d 25.0% | 80d |
| Inventory Days | — | — | — | — | — | — | — | — |
| Days Payable | — | — | — | — | — | — | — | — |
| Cash Conv. Cycle | 62d 1.6% | 63d 10.5% | 57d 5.6% | 54d 3.6% | 56d 3.4% | 58d 3.3% | 60d 25.0% | 80d |
| Working Capital Days | -38d 65.1% | -109d 289.3% | -28d 44.0% | -50d 108.3% | -24d 27.3% | -33d 57.1% | -21d 75.6% | -86d |
| ROCE | 13.0% 13.3% | 15.0% 31.8% | 22.0% 26.7% | 30.0% 6.3% | 32.0% 8.6% | 35.0% 18.6% | 43.0% | — |
Source: Screener.in · Lower days = better efficiency
About Happiest Minds Technologies Limited
Incorporated in 2011, Happiest Minds Technologies Ltd is a next generation IT solutions & services Company[1]
Information TechnologyIT - Software