Arthneeti

Happiest Minds Technologies Q1 FY27 Share Price & Earnings Call Analysis

₹305.15+0.53% today
Market cap
₹4,647 Cr
P/E
19.81
ROE
13.84%
PEG
-14.05
Price to sales
1.93
Debt to equity
0.88
52W high / low
₹522 / ₹300
Sales growth (5Y)
24.52%
EBITDA margin
17.84%
Net profit margin
9.75%
Promoter holding
44.21%
Sales (last year)
₹2,394 Cr

Incorporated in 2011, Happiest Minds Technologies Ltd is a next generation IT solutions & services Company[1]

Guidance scorecard · Q1 FY27 call

What Happiest Minds's management guided
and where it ranks in IT - Software

Revenue10–20%MarginsUp 0–2%CapexWhat management saidFundraisingWhat management saidOrder bookRising

RevenueQ1 FY27 call

10–20%
  • Combined entity targets reaching USD 1 billion revenue by FY28, implying a 14-15% CAGR over the next two years.
  • Growth expected to be largely organic; ITC Infotech's past 5-year CAGR of ~14% was mostly organic with limited inorganic acquisitions.
  • Growth drivers include cross-selling opportunities between Happiest Minds and ITC Infotech’s complementary client portfolios and capabilities.
  • Focus on increasing pipeline generation, conversion rates, and order book value to fuel revenue growth.
  • Margin expansion to come through scale efficiencies, SG&A cost deferral, improved resource deployment and operating leverage.

2 more points from Happiest Minds's call on revenue

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Full Q1 FY27 analysis

MarginsQ1 FY27 call

Up 0–2%

See what Happiest Minds said on margins — free account, 30 seconds.

Full Q1 FY27 analysis

CapexQ1 FY27 call

  • The combined entity plans to leverage greater scale and geographic reach to enhance investments.
  • There will be focused investment in talent, platforms, innovation, partnerships, and industry solutions.
  • AI remains central to the strategy, with over 9,000 AI-trained professionals supported by a growing portfolio of AI accelerators, platforms, and industry solutions.
  • The combined company's larger scale (INR7,000+ crores revenue) will enable better capacity to invest ahead of the curve.

2 more points from Happiest Minds's call on capex

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Full Q1 FY27 analysis

FundraisingQ1 FY27 call

See what Happiest Minds said on fundraising — free account, 30 seconds.

Full Q1 FY27 analysis

Order bookQ1 FY27 call

Rising
  • The management is closely monitoring order booking and Total Contract Value (TCV) as key parameters post-merger.
  • They aim to see a significant jump in both the value of order book and TCV.
  • Growth visibility beyond the $1 billion revenue target over the next 2-3 years will be evaluated by pipeline generation and pipeline conversion rates.

2 more points from Happiest Minds's call on the order book

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Full Q1 FY27 analysis
Full IT - Software ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in IT - Software
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. CapitalNumbersGood growth
    3
See all potential multibaggersWhere does Happiest Minds rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

IT - Software companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Up 2%+₹569 Cr34.7
240%+Flat₹336 Cr7.3
3CapitalNumbers20–40%Up 2%+₹181 Cr9.2
420–40%Up 2%+₹159 Cr11.5
520–40%Up 0–2%₹1,826 Cr28.5
620–40%Flat₹4,341 Cr84.7

Sign up free to see every company in the sector ranking and track Happiest Minds.

Pro shows every company guiding 40%+ revenue growth →Full IT - Software ranking

Financials of Happiest Minds

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Financials of Happiest Minds

Quarterly Results

Quarter-by-quarter operating performance

Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales +367378391407410417464522531545550574588
Expenses +277286302324329334379430437461456475480
Operating Profit899289838183859294849499107
OPM %24%24%23%20%20%20%18%18%18%15%17%17%18%
Other Income +1814222538252723143022-6
Interest691011111020282725252525
Depreciation10131415151522232123222222
Profit before tax75797979819668686950777354
Tax %23%27%26%26%26%25%25%27%27%33%26%26%26%
Net Profit +58585858607251505034575440
EPS in Rs3.923.933.973.843.924.733.353.253.292.233.753.552.65

Financials of Happiest Minds

Profit & Loss

Annual income statement trend

Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales +5906987731,0941,4291,6252,0612,256
Expenses +5356015828361,0701,2891,7061,872
Operating Profit5597191258359336354384
OPM %9%14%25%24%25%21%17%17%
Other Income +-15243115998959
Interest16871022429999
Depreciation2520233342588989
Profit before tax1374186246310335255254
Tax %-9%3%13%26%25%26%28%
Net Profit +1472162181231248185185
EPS in Rs3.8214.5211.0612.3415.7316.3112.1312.18
Dividend Payout %0%0%26%30%34%35%49%

Financials of Happiest Minds

Balance Sheet

Capital structure and asset base

Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital69282929303030
Reserves-942205186378101,4501,5451,598
Borrowings +1441501932505345121,2441,274
Other Liabilities +358129176205256242505472
Total Liabilities4145089151,1201,6282,2353,3233,374
Fixed Assets +61381281584324131,2111,189
CWIP00003000
Investments9883391472130350466
Other Assets +2543873954911,1811,8221,7611,719
Total Assets4145089151,1201,6282,2353,3233,374

Financials of Happiest Minds

Cash Flows

Operating, investing and financing cash movement

Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity +58112144168207213236
Cash from Investing Activity +1-72-271-96-348-537-731
Cash from Financing Activity +-59-13169-9172363499
Net Cash Flow-02742-19-68394
Free Cash Flow5711214316468202225
CFO/OP111%122%94%86%82%94%95%

Financials of Happiest Minds

Ratios

Working capital efficiency and return ratios

Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days80605856545763
Inventory Days
Days Payable
Cash Conversion Cycle80605856545763
Working Capital Days-86-21-33-24-50-28-109
ROCE %43%35%32%30%22%15%

Guidance history

How Happiest Minds's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q1 FY27 call →10–20%Up 0–2%——Rising
Q1 FY27 call →10–20%FlatPlanned—Rising
Q4 FY26 call →10–20%Up 0–2%Planned—Rising
Q3 FY26 call →10–20%FlatPlannedNone plannedRising

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

8out of 100

Momentum score · price trend

8 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months−41.6%10%
Last 6 months−18.2%21%
Last 3 months−19.8%17%

The price is 79.7% below its all-time high of ₹1,503.05 (3 Sept 2021). Stocks more than 20% below their peak have their score halved, so 16 became 8.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Happiest Minds: 0.4 × 10 + 0.4 × 21 + 0.2 × 17 = 16, halved to 8 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What Happiest Minds's management said in earlier quarters

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