āagman

Not investment advice. Data and computed figures, for information only.

Happiest Minds Technologies Ltd

NSE: HAPPSTMNDS
₹333.15
+₹8.95 (+2.76%)
NSE · 15 Oct 2026, close
NSE
As of 31 Mar 2026
Market Cap
₹4,661 Cr
CMP
₹333.15
52-wk High / Low
₹531 / 299
P/E
19.9
P/B
2.8
Book Value
₹111.0
Div Yield
2.09%
ROCE
13.0%
ROE
13.8%
Face Value
₹2
D/E
0.88

Price−33.5% over 1Y

āagman read

Computed by āagman
Derived from 8 years and 13 quarters of filings. Not reported by the company.
As of 15 Oct 2026
How we compute these
Piotroski F-Score
7
/ 9
7 of 9 F-score tests passed
Graham Number
₹187
√(22.5 × EPS × book value per share)
ROIC
7.4%
vs 13.5% sector median
Cash flow to profit
1.23
CFO / PAT
Above 1.0 = operating cash flow exceeded reported profit
Margin change
+167
bps OPM YoY
Operating margin vs the same quarter last year
Sustainable growth
8.1%
ROE × earnings retention ratio
ROE stability
6.9
pp σ
Standard deviation of ROE across periods. Lower = more stable
Holder deltas
QoQ
pp
Prom +0.00FII +0.06DII −3.33
Latest quarter vs the previous one
Cash-accrual divergence
−1.4%
of assets
Low = accruals track cash flow
Strengths
+FII holding rose by 1.8pp over the last year
+Piotroski F-Score of 7/9 is in the strong band (≥7)
+PE of 19.9x is below the sector median of 24.0x
Watch-outs
−Latest ROCE of 13% trails the sector median of 22%
−Price trades below its 200-day moving average (0.9x)
−Price is 37.3% below its 52-week high
−Promoter holding fell by 9.0pp over the last year

Peer comparison

Peers
NameP/EMar Cap ₹ CrROCE %ROE %

Quarterly results

Consolidated basis (as filed) · ₹ Cr · 13 quarters
As of 30 Jun 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales391407410417464522531545550574588604629
Expenses302324329334379430437461456475480500511
Operating Profit89838183859294849499107104118
OPM %22.8%20.4%19.8%19.9%18.3%17.6%17.7%15.4%17.1%17.2%18.2%17.2%18.8%
Other Income14222538252723143022−62124
Interest10111110202827252525252328
Depreciation14151515222321232222222223
Profit before tax79798196686869507773548090
Net Profit58586072515050345754406168
EPS (₹)3.973.843.924.733.353.253.292.233.753.552.654.024.44

Profit & Loss

As of 30 Jun 2026
Consolidated · ₹ Cr · 8 years + TTM
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 %9.3%13.9%24.7%23.6%25.1%20.7%17.2%17.4%17.8%
Other Income−1524311599896660
Interest16871022429997101
Depreciation252023334258898888
Profit before tax1374186246310335255284298
Net Profit1472162181231248185213223
EPS (₹)3.8214.5211.0612.3415.7316.3112.1313.9614.66

Balance Sheet

As of 30 Jun 2026
Consolidated · ₹ Cr
Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Jun 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—

Cash Flows

As of 31 Mar 2026
Consolidated · ₹ Cr
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 Flow02742−19−683941

Ratios

As of 31 Mar 2026
8 periods
Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %—43.035.032.030.022.015.013.0
ROE %———————13.8
EPS (₹)3.8214.5211.0612.3415.7316.3112.1313.96
Book Value (₹)———————111.0
Face Value (₹)———————2
P/E———————19.9
Div Yield %———————2.09
NPM %2.410.220.316.116.014.48.68.9
OPM %9.014.025.024.025.021.017.017.0
D/E—0.660.350.380.640.350.790.88
P/B———————2.8

Growth

As of 11 Oct 2026
Compounded sales growth
5 years+25.0%
3 years+17.0%
TTM+12.0%
Compounded profit growth
5 years+7.0%
3 years−1.0%
TTM+18.0%
Stock price CAGR
5 years−26.0%
3 years−29.0%
Last year−39.0%
Return on equity
5 years19.0%
3 years15.0%
Last year14.0%

Shareholding pattern

As of 31 Mar 2025
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025
Promoters53.25%53.25%53.26%53.24%50.24%44.22%44.21%44.21%
FIIs7.07%7.07%6.29%4.15%4.69%5.04%5.94%6.00%
DIIs7.38%7.38%1.48%1.26%2.57%10.58%8.99%5.66%
Government————————
Public32.30%32.30%36.08%38.84%40.58%38.70%39.53%42.89%
No. of shareholders2,06,8482,06,8486,75,1227,11,5687,32,2536,87,7886,42,2746,40,983
Change since Jun 2023 (pp)
Promoters −9.04FIIs −1.07DIIs −1.72Public +10.59

Documents

As of 11 Oct 2026
Announcements
Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018Announcement under Regulation 30 (LODR)-Newspaper PublicationShareholder Meeting / Postal Ballot-Scrutinizer"s ReportCompliances-Reg. 57 (1) - Certificate of interest payment/Principal in case of NCDCompliances-Reg. 57 (1) - Certificate of interest payment/Principal in case of NCD
Annual reports
Annual Report 2026Annual Report 2025Annual Report 2024Annual Report 2023Annual Report 2022
Credit ratings
Rating updateRating updateRating updateRating updateRating update
Concalls
Sep 2026TranscriptSep 2026PPTSep 2026RecordingJul 2026TranscriptJul 2026PPTJul 2026RecordingJun 2026TranscriptJun 2026PPTFeb 2026TranscriptFeb 2026PPTFeb 2026RecordingNov 2025TranscriptNov 2025PPTNov 2025Recording

Corporate actions

As of 17 Jul 2026
17 Jul 2026DIVIDENDDividend - Rs 3.65 Per Share—
4 Nov 2025DIVIDENDInterim Dividend - Rs 2.75 Per Share—
18 Jul 2025DIVIDENDDividend - Rs 3.50 Per Share—
27 Nov 2024DIVIDENDInterim Dividend - Rs 2.50 Per Sh—
14 Jun 2024DIVIDENDDividend - Rs 3.25 Per Share—
30 Oct 2023DIVIDENDInterim Dividend - Rs 2.50 Per Share—
7 Jul 2023DIVIDENDAnnual General Meeting/Dividend - Rs 3.40 Per Share—
2 Nov 2022DIVIDENDInterim Dividend - Rs 2 Per Share—
23 Jun 2022DIVIDENDAnnual General Meeting/Dividend - Rs 2 Per Share—
9 Nov 2021DIVIDEND Interim Dividend - Rs 1.75 Per Share—
29 Jun 2021DIVIDEND Annual General Meeting/Dividend - Rs 3 Per Share—
Fundamentals from a third-party compiler of exchange filings; prices from the exchanges. Not investment advice.© 2026 āagman