MarketFriction

Happiest Minds Technologies Ltd

NSE HAPPSTMNDS · BSE 543227 · Computers - Software & Consulting
₹304.70 -1.90%
NSE close2026-10-01
52 week range303.30 - 535.95
Market cap₹4,698 Cr.
P/E20.0
IPO 2020 · +84% since Microcap 250 Price band 20% Delivery 46.1%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales407410417464522531545550574588604629
Expenses324329334379430437461456475480500511
Operating Profit838183859294849499107104118
OPM %20%20%20%18%18%18%15%17%17%18%17%19%
Other Income222538252723143022-62124
Interest111110202827252525252328
Depreciation151515222321232222222223
Profit before tax798196686869507773548090
Tax %26%26%25%25%27%27%33%26%26%26%24%25%
Net Profit586072515050345754406168
EPS in Rs3.843.924.733.353.253.292.233.753.552.654.024.44
Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales5906987731,0941,4291,6252,0612,3152,394
Expenses5356015828361,0701,2891,7061,9121,967
Operating Profit5597191258359336354403427
OPM %9%14%25%24%25%21%17%17%18%
Other Income-1524311599896660
Interest16871022429997101
Depreciation252023334258898888
Profit before tax1374186246310335255284298
Tax %-9%3%13%26%25%26%28%25%
Net Profit1472162181231248185213223
EPS in Rs3.8214.5211.0612.3415.7316.3112.1313.9614.66
Dividend Payout %0%0%26%30%34%35%49%44%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth%25%17%12%
Compounded Profit Growth%7%-1%18%
Stock Price CAGR%-26%-29%-42%
Return on Equity%19%15%14%
Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital69282929303030
Reserves-942205186378101,4501,5451,659
Borrowings1441501932505345121,2441,494
Other Liabilities358129176205256242505402
Total Liabilities4145089151,1201,6282,2353,3233,586
Fixed Assets61381281584324131,2111,172
CWIP00003002
Investments9883391472130350504
Other Assets2543873954911,1811,8221,7611,909
Total Assets4145089151,1201,6282,2353,3233,586
Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity58112144168207213236261
Cash from Investing Activity1-72-271-96-348-537-731-117
Cash from Financing Activity-59-13169-9172363499-144
Net Cash Flow-02742-19-683941
Free Cash Flow5711214316468202225255
CFO/OP111%122%94%86%82%94%95%89%
Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days8060585654576362
Inventory Days
Days Payable
Cash Conversion Cycle8060585654576362
Working Capital Days-86-21-33-23-50-28-109-117
ROCE %43%35%32%30%22%15%13%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters51.35%50.24%50.24%44.23%44.23%44.23%44.22%44.22%44.21%44.21%44.21%44.21%
FIIs5.14%5.05%4.69%5.31%5.33%5.34%5.04%5.33%5.39%5.89%5.94%6.00%
DIIs2.43%2.41%2.57%2.85%4.18%6.08%10.58%10.57%10.20%9.62%8.99%5.66%
Public38.94%40.20%40.58%45.82%44.61%42.83%38.70%38.48%38.83%38.94%39.53%42.89%
Others2.15%2.10%1.92%1.79%1.65%1.52%1.46%1.40%1.36%1.34%1.32%1.24%
No. of Shareholders7,28,3167,36,1307,32,2537,59,6417,28,4437,07,1466,87,7886,79,1286,64,2626,50,7496,42,2746,40,983

Fundamentals

Market Cap₹ 4,698 Cr.
Current Price₹ 309
Stock P/E20.0
Book Value₹ 111
ROCE13.3 %
ROE13.8 %
Dividend Yield2.07 %
Face Value₹ 2.00
Compounded Sales Growth (TTM)12%
Compounded Profit Growth (TTM)18%
Consolidated figures.
Valuation
Market capRs 4,551 Cr
Enterprise valueRs 3,726 Cr
P/E (TTM)20.40x
Price to book3.07x
Price to sales1.90x
EV / EBITDA7.65x
EV / EBIT9.35x
EV / sales1.56x
Price to cash flow21.41x
Earnings yield4.90%
Dividend yield1.89%
P/E, 3-year average58.51x
P/B, 3-year average14.42x
P/E, 5-year average55.66x
P/B, 5-year average14.32x
Profitability
Operating margin (excl. other income)20.67%
Operating margin (incl. other income)26.79%
EBITDA margin20.34%
Pre-tax margin12.43%
Net profit margin9.32%
Net margin, latest quarter10.76%
ROE21.42%
ROCE22.40%
ROA12.86%
ROE, 3-year average27.34%
ROCE, 3-year average27.44%
ROA, 3-year average15.82%
ROE, 5-year average45.19%
ROCE, 5-year average30.88%
ROA, 5-year average17.17%
ROIC (approx.)45.10%
Tax rate25.78%
Other income / net worth6.71%
Growth
Sales growth (latest year)13.67%
Profit growth (latest year)7.53%
Sales CAGR, 3 years28.07%
Sales CAGR, 5 years22.44%
Profit CAGR, 3 years15.20%
Profit CAGR, 5 years77.22%
Sales growth QoQ4.04%
Profit growth QoQ10.51%
Sales growth YoY (latest quarter)14.30%
Profit growth YoY (latest quarter)18.33%
Per share
EPS (TTM)Rs 14.94
EPS (latest year)Rs 16.63
EPS (latest quarter)Rs 4.53
EPS, 3-year averageRs 15.16
EPS, 5-year averageRs 14.65
Book value per shareRs 99.11
Sales per shareRs 160.27
Cash flow per shareRs 14.23
Free cash flow per shareRs 17.07
Dividend per share (latest year)Rs 5.75
Dividend per share, 3-year averageRs 4.97
Dividend per share, 5-year averageRs 4.48
Dividends
Dividend payout34.57%
Dividend payout, 3-year average32.53%
Dividend payout, 5-year average30.95%
Efficiency
Asset turnover0.73x
Fixed asset turnover3.93x
Debtor days57 days
Debtors turnover6.39x
Cash conversion cycle62 days
Working capital days-117 days
Leverage
Total debtRs 512 Cr
Cash and bankRs 1,337 Cr
Net debtRs -824 Cr
Debt to equity0.35x
Net debt / EBITDA-1.69x
Interest coverage3.95x
Current ratio (filing 2026-03-31)1.48x
Quick ratio (filing 2026-03-31)1.48x
Trade payables (filing 2026-03-31)Rs 97 Cr
Owners' fund to total sources66.24%
Debt to assets22.92%
Cash flow
Cash from Operating Activity (latest year)Rs 213 Cr
Cash from Investing Activity (latest year)Rs -537 Cr
Cash from Financing Activity (latest year)Rs 363 Cr
Net Cash Flow (latest year)Rs 39 Cr
Free cash flow (latest year)Rs 255 Cr
FCFE (approx.: FCF + change in debt)Rs 233 Cr
Cash from ops / profit, 5 years1.03x
Sales to cash flow7.64x
Statement figures
Net sales (TTM)Rs 2,394 Cr
Net sales (latest year)Rs 1,625 Cr
Sales (latest quarter)Rs 629 Cr
Operating profit excl. other income (latest year)Rs 336 Cr
Operating profit (latest quarter)Rs 118 Cr
Other income (TTM)Rs 60 Cr
EBITDA (TTM)Rs 487 Cr
PBDT (TTM)Rs 386 Cr
Profit before tax (TTM)Rs 298 Cr
Tax (latest year)Rs 86 Cr
Net profit (TTM)Rs 223 Cr
Net profit (latest year)Rs 248 Cr
Net profit (latest quarter)Rs 68 Cr
Depreciation (TTM)Rs 88 Cr
Depreciation (latest quarter)Rs 23 Cr
Interest (TTM)Rs 101 Cr
Cost of goods sold (latest year)Rs 155 Cr
Total expenditure (latest year)Rs 1,289 Cr
Total income (latest year)Rs 1,724 Cr
Share capitalRs 30 Cr
ReservesRs 1,450 Cr
Shareholders' fundsRs 1,480 Cr
Total assetsRs 2,235 Cr
Net blockRs 413 Cr
Capital work in progressRs 0 Cr
ReceivablesRs 254 Cr
Other liabilitiesRs 242 Cr
Shares outstanding (crore)14.94
Ownership
Promoter holding44.21% (-0.01 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 20.4 is the lowest in its own 4.4-year history (median 67.0, low 20.4, high 214.9).
P/B 3.07 is the lowest in 4.4 years (median 18.22).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodHAPPSTMNDSNifty 50Difference
1 week-2.2%-2.8% +0.6 pts
1 month-16.0%-6.8% -9.2 pts
3 months-13.0%-7.6% -5.3 pts
6 months-15.6%+0.4% -16.0 pts
1 year-44.9%-9.9% -35.0 pts
2 years-61.6%-13.6% -48.1 pts
3 years-65.2%+14.2% -79.3 pts
5 years-77.9%+27.9% -105.7 pts
11 mutual fund schemes hold about ₹124 Cr. Over three months 9 bought more and 1 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
SBI Innovative Opportunities Fund1.96%102 +14%
UTI Innovation Fund1.11%9 +26%
Motilal Oswal Nifty Microcap 250 Index Fund0.35%9 +28%
Quantum Small Cap Fund1.60%4 +25%
Bandhan Small Cap Fund0.00%0
Groww Nifty Total Market Index Fund0.02%0 +31%
Angel One Nifty Total Market Index Fund0.02%0 +31%
Mirae Asset Nifty Total Market Index Fund0.02%0 +31%
Bandhan Nifty Total Market Index Fund0.02%0 +31%
Motilal Oswal BSE 1000 Index Fund0.02%0 +31%
SBI Small Cap Fund0.00%0 -100%

Red flags

F-score 3 of 8
No red flags in the latest statements and filings.
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Insider trades

NSE insider and takeover-code disclosures
DateWhoRoleSideSharesValueHow
2026-09-24ITC Infotech India LtdAcquirerbuy16,911,471SAST Others
Latest disclosed trades by insiders, promoters and large holders. Grants, option exercises and pledges show as "other". A filing is a fact, not a signal on its own.

Latest quarter

Jun 2026
Sales ₹629 Cr +14.4% vs Jun 2025. Net profit ₹68 Cr +19.3%.
Against our estimate for Jun 2026: sales +3.2%, profit +14.4% in line. Our estimate for Sep 2026: sales Rs 646 Cr, profit Rs 63 Cr (how).

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-07-17Dividend - Rs 3.65 Per Share
2025-11-04Interim Dividend - Rs 2.75 Per Share
2025-07-18Dividend - Rs 3.50 Per Share
2024-11-27Interim Dividend - Rs 2.50 Per Sh
2024-06-14Dividend - Rs 3.25 Per Share
2023-10-30Interim Dividend - Rs 2.50 Per Share
2023-07-07Annual General Meeting/Dividend - Rs 3.40 Per Share
2022-11-02Interim Dividend - Rs 2 Per Share
2022-06-23Annual General Meeting/Dividend - Rs 2 Per Share
2021-11-09 Interim Dividend - Rs 1.75 Per Share
2021-06-29 Annual General Meeting/Dividend - Rs 3 Per Share
No announcements in our files yet.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Not on any NSE surveillance list in the latest file.

Quick answers

What is the market cap of Happiest Minds Technologies Ltd?

Happiest Minds Technologies Ltd (HAPPSTMNDS) has a market capitalisation of Rs 4,698 Cr. at the 2026-10-01 close.

What is the P/E ratio of Happiest Minds Technologies Ltd?

Happiest Minds Technologies Ltd trades at a P/E of 20.0 on trailing twelve-month profit, at the 2026-10-01 close.

What were Happiest Minds Technologies Ltd's latest quarterly results?

In the Jun 2026 quarter, Happiest Minds Technologies Ltd sales was Rs 629 Cr (+14.4% vs Jun 2025) and net profit was Rs 68 Cr.

What is the 52-week high and low of Happiest Minds Technologies Ltd?

The 52-week high is Rs 535.95 and the 52-week low is Rs 303.30.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03