Happiest Minds Technologies Limited Share Price & Analysis
Price Chart
Fundamentals
Strengths
- Attractively valued vs sector (P/E 19.5x vs industry 37.2x)
- Regular dividends — yield 2.1%
- Near 52-week low — potential value zone (₹295)
Concerns
Peer Comparison
| Company | CMP | Mkt Cap | P/E | P/B | ROE % | ROCE % | D/E |
|---|---|---|---|---|---|---|---|
| TCS Tata Consultancy Services Limited | ₹2,460 | ₹9.2L Cr | 16.8 | 7.48 | 51.8 | 63 | 0.1 |
| INFY Infosys Limited | ₹1,123 | ₹4.7L Cr | 14.8 | 4.6 | 31.9 | 40 | 0.09 |
| HCLTECH HCL Technologies Limited | ₹1,401 | ₹3.9L Cr | 20.3 | 5 | 23.8 | 30.4 | 0.08 |
| WIPRO Wipro Limited | ₹185 | ₹1.9L Cr | 14.3 | 2.31 | 15.5 | 17.8 | 0.28 |
| TECHM Tech Mahindra Limited | ₹1,777 | ₹1.8L Cr | 30.7 | 5.86 | 17.5 | 23.1 | 0.07 |
| LTM LTM Limited | ₹4,104 | ₹1.2L Cr | 21.9 | 4.71 | 23.1 | 29.6 | 0.09 |
| PERSISTENT Persistent Systems Limited | ₹5,848 | ₹91K Cr | 48.4 | 10.75 | 27.2 | 34.4 | 0.07 |
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
Happiest Minds down 76% ahead of ITC Infotech merger
*Happiest Minds down 76% ahead of ITC Infotech merger* – Shares of Happiest Minds have fallen **76%** from peak levels amid market correction and merger uncertainty. The proposed merger with ITC Infotech is under scrutiny, raising integration and valuation concerns. Analysts debate whether the stock is now undervalued or fairly priced. A clear timeline from regulators could trigger sentiment reversal. 📊 *STOCKS:* $HAPPSTMT | 🏢 *SECTOR:* IT | #MEDIUMIMPACT #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