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On 6 Nov 2026, Happiest Minds Technologies was priced at ₹314.05, or 20.5× trailing earnings, against an industry P/E of 17.7×, and the shares are 40% below their 52-week high. Its ROCE of 17% is the lowest among the 7 largest Information Technology Services peers, and sales grew 17% a year over 3 years while net profit fell 2.7%. Its dividend yield is 2.4%, and debt is 0.99× equity. It is a small-cap company with a market cap of ₹4,719 Cr, ranked 22nd of 126 Information Technology Services companies by market cap; the shares fell 37% over the past year.

As of 6 Nov 2026Prices are delayed about 15 minutes; fundamentals are from the quarter ended Sep 2026.How we calculate this

past year
Open
₹317.00
Day high
₹318.80
Day low
₹311.50
Prev. close
₹317.40
Volume
3.8 L

Health check

2 fair · 4 to check
  • ReturnsBehind

    −37.3% over a year, better than 0 of 7 peers.

  • Price tagPricier

    P/E 20.5 vs industry 17.7.

  • GrowthSteady

    Sales +17.4%, profit −2.7% a year over 3 years.

  • ProfitabilityWeak

    ROCE 17.2% vs peer median 27.2%.

  • Balance sheetFair

    Debt 0.99× equity, interest covered 3.9×, Piotroski 6 of 9.

  • Red flags1 to check

    40% below its 52-week high.

Compared with 7 industry peers. Computed from reported figures. Educational, not a recommendation.

Information Technology Services

125 listed peers. Screen the industry

Small cap

₹4,719 Cr, #22 of 126 in its industry by size.

Market sensitivity

Measuring against the NIFTY 50…

Key metrics

Last 12 months to Sep 2026: sales ₹2,394 Cr · profit ₹223 Cr
Market cap
₹4,719 Cr
Small cap
P/E
20.5
Industry 17.7
Price to book
2.79
Peers 5.20
Dividend yield
2.39%
ROE
13.3%
Peers 22.9%
ROCE
17.2%
Peers 27.2%
Debt to equity
0.99
Debt ₹1,753 Cr
EPS (TTM)
₹15.33
Face value ₹2
OPM (TTM)
18.2%
Net margin 9.3%
Sales growth
+14.3%
Latest quarter vs a year ago
Profit growth
+18.2%
Latest quarter vs a year ago
Price to sales
1.97
EV/EBITDA 11.3

Strengths and risks

Strengths

  • Dividend yield of 2.39%.
  • Positive operating cash flow in each of the last 4 years.

Risks to check

  • 40% below its 52-week high.

Derived automatically from reported figures. Not a recommendation.

About Happiest Minds Technologies

Happiest Minds Technologies Limited, together with its subsidiaries, provides information technology (IT) solutions and services in India, the Americas, Australia, Europe, Asia, the Middle East, and Africa. It operates in three segments: Infrastructure Management and Security Services (IMSS); Product and Digital Engineering Services (PDES); and Generative AI Business Services (GBS). The IMSS segment provides end-to-end infrastructure and security…

Headquarters
Bengaluru
Employees
6,500
Sector
Technology
ISIN
INE419U01012
Website
happiestminds.com

Price range

52 weeks

₹295.10₹519.90

Today

₹311.50₹318.80
Avg volume (3M)
15 L
1-year return
minus 37.3%
From 52-week high
minus 39.6%

Analyst consensus

7 analysts
BuyMean target ₹410.86 plus 30.8%

Target range, with today’s price

Low ₹345.00High ₹535.00

Today’s price ₹314.05 is below the lowest analyst target.

Consensus from Yahoo Finance. Not a recommendation.

Peers · Information Technology Services

Compare with peersScreen the whole industry
Company
TCSTata Consultancy Services2,498.50plus 0.11%9,03,97917.57.6054.9%45.6%26.5%5.8%5.3%1.92%minus 16.5%
INFYInfosys1,181.40plus 1.20%4,78,51115.74.9139.0%30.0%23.1%6.7%6.9%4.40%minus 20.5%
HCLTECHHCL Technologies1,440.00plus 0.66%3,89,75421.35.2027.2%24.6%20.8%8.7%3.9%3.33%minus 6.4%
WIPROWipro198.00minus 0.20%1,95,89815.62.4617.8%15.9%19.2%0.8%5.2%4.04%minus 16.6%
TECHMTech Mahindra1,831.00plus 0.46%1,79,47629.45.4719.8%19.2%17.2%2.2%−0.1%2.79%plus 29.3%
LTMLTM4,338.00minus 1.25%1,28,62024.64.9725.4%21.0%17.9%8.4%4.4%1.80%minus 21.8%
PERSISTENTPersistent Systems6,053.50minus 0.92%99,85953.011.1229.4%22.9%16.9%20.9%26.5%0.59%plus 4.3%
HAPPSTMNDSHappiest Minds Technologies314.05minus 1.06%4,71920.52.7917.2%13.3%17.8%17.4%−2.7%2.39%minus 37.3%
Median of 7 peers–0.11%1,95,89821.35.2027.2%22.9%19.2%6.7%5.2%2.79%−16.5%

Quarterly results

Consolidated, ₹ crore
SalesSelect a row below to chart it
₹ CrJun 25Dec 25Mar 26Jun 26Sep 26
550588604629645
456480500511524
94107104118121
17.1%18.2%17.2%18.7%18.8%
3015.717.623.720.6
24.824.522.628.530.9
22.422.121.622.623.7
–−223.4–−4
76.954.280.590.283.5
25.7%25.6%24.0%25.1%25.5%
57.140.361.267.662.2
3.792.674.064.484.12

Sep 25 not reported by the data source.

Profit & loss

Yearly, ₹ crore
Sales CAGR 3Y
+17.4%
Profit CAGR 3Y
−2.7%
EPS CAGR 3Y
−4.1%
ROE
13.3%
Net profitSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
1,4291,6252,0612,315
–+13.7%+26.8%+12.3%
1,0701,2891,7061,912
359336354403
25.1%20.7%17.2%17.4%
12.485.288.859.2
21.942.399.597.4
41.958.388.788.2
2.414.20.47.2
310335255284
25.5%25.8%27.7%25.2%
231248185213
–+7.5%minus 25.7%+15.1%
16.0116.7312.2614.11

Forecast

Your assumptions, not a prediction

Balance sheet

At each financial year end, ₹ crore
Total assetsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
28.729.93030.1
8101,4501,5451,659
5345121,2441,487
268255541449
1,6412,2483,3593,625
192195211195
1.90.1––
84.30.10.4200
5321,227666481
8308252,4822,749
1,6412,2483,3593,625

Cash flow

Yearly, ₹ crore
Cash from operationsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
207213236261
−351−466−762−121
72.1363499−144
−71.8110−26.3−3.6
−139−10.3−11.2−7.2
67.8202225254
−57.2−86−85.9−93.9

Shareholding pattern

Source: NSE filings
44.2%
promoters
  • Promoters44.21%
  • Public54.57%
  • Employee trusts1.22%
  • As of 30 Sep 2026
QuarterSplitPromotersPublicPromoter change
30 Sep 202644.21%54.57%0.00
30 Jun 202644.21%54.55%0.00
31 Mar 202644.21%54.47%0.00
31 Dec 202544.21%54.45%0.00
30 Sep 202544.21%54.43%–

Major shareholders

NSE filing

Filings & events

News

No recent news coverage found.

My notes

Private to you