Announcement • Mar 21
EQT, Partners Group & ITC Info Reportedly Eye a Chunk of Ashok Soota's Happiest Minds Private equity firms EQT AB (publ) (OM:EQT) and Partners Group Holding AG (SWX:PGHN) as well as IT services player ITC Infotech (ITC Infotech India Ltd.) are in the fray to acquire a controlling stake in listed software company Happiest Minds Technologies Limited (NSEI:HAPPSTMNDS) from its founder and chairman Ashok Soota, said people familiar with the matter. Soota, the 83-year old IT industry veteran, who previously founded Mindtree and is a former Wipro executive, owns about 44% stake in Happiest Minds Technologies directly and through investment companies. The promoter group stake was worth about INR 25,000 million on March 19, 2026. "One of the big four firms is currently carrying out a commercial due diligence and a report will be provided to interested bidders within weeks," said one of the persons, who did not wish to be identified. Another person said, "The discussions are at a very early stage and it may take weeks for it to proceed to the next step. At that stage, depending on the negotiations over valuations, any deal may or may not happen."In February, Soota had said at a post-earnings press conference - when asked about stake sale plans - that the company was focused on its artificial intelligence project and that he was "very much at the helm". He did not respond to multiple queries sent by ET till press time. Happiest Minds Technologies, too, did not respond. EQT and Partners Group also did not respond to queries sent on March 17, 2026. An ITC Infotech spokesperson said in an emailed response, "We do not comment on market speculation". Valuation Update With 7 Day Price Move • Mar 10
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹401, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 18x in the IT industry in India. Total loss to shareholders of 50% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹198 per share. Reported Earnings • Feb 10
Third quarter 2026 earnings: EPS misses analyst expectations Third quarter 2026 results: EPS: ₹2.68 (down from ₹3.33 in 3Q 2025). Revenue: ₹6.03b (up 14% from 3Q 2025). Net income: ₹403.0m (down 20% from 3Q 2025). Profit margin: 6.7% (down from 9.4% in 3Q 2025). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 30%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 7.3% growth forecast for the IT industry in India. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has fallen by 22% per year, which means it is performing significantly worse than earnings. Announcement • Jan 30
Happiest Minds Technologies Limited to Report Q3, 2026 Results on Feb 09, 2026 Happiest Minds Technologies Limited announced that they will report Q3, 2026 results on Feb 09, 2026 Announcement • Jan 06
Happiest Minds Technologies Limited (NSEI:HAPPSTMNDS) completed the acquisition of Gavs Technologies Saudi Arabia for Telecommunications and Information Technology from Neurealm Private Limited. Happiest Minds Technologies Limited (NSEI:HAPPSTMNDS) signed a share purchase agreement to acquire Gavs Technologies Saudi Arabia for Telecommunications and Information Technology from Neurealm Private Limited on February 1, 2025. The consideration will be paid in cash. In the separate agreements Happiest Minds Technologies Limited (NSEI:HAPPSTMNDS) signed share purchase agreements to acquire InnovazIT Technologies LLC and Gavs Technologies LLC. The combined consideration for the acquisition of InnovazIT, Gavs Technologies LLC and Gavs Technologies Saudi Arabia for Telecommunications and Information Technology is $1.7 million. The businesses together generated an annual revenue of approximately $6.4 million.
The acquisition is expected to be completed by March 15, 2025. On completion of the transaction, the Happiest Minds Technologies Limited will own 100% of ownership and business interest of GAVS Technologies in the Middle East.
Happiest Minds Technologies Limited (NSEI:HAPPSTMNDS) completed the acquisition of Gavs Technologies Saudi Arabia for Telecommunications and Information Technology from Neurealm Private Limited on January 5, 2026. Reported Earnings • Oct 29
Second quarter 2026 earnings: EPS and revenues exceed analyst expectations Second quarter 2026 results: EPS: ₹3.59 (up from ₹3.29 in 2Q 2025). Revenue: ₹5.95b (up 14% from 2Q 2025). Net income: ₹540.2m (up 9.1% from 2Q 2025). Profit margin: 9.1% (in line with 2Q 2025). Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) also surpassed analyst estimates by 11%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the IT industry in India. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 19% per year, which means it is performing significantly worse than earnings. Announcement • Oct 28
Happiest Minds Technologies Limited to Report Q2, 2026 Results on Oct 28, 2025 Happiest Minds Technologies Limited announced that they will report Q2, 2026 results at 9:08 AM, Indian Standard Time on Oct 28, 2025 Announcement • Jul 21
Happiest Minds Technologies Limited to Report Q1, 2026 Results on Jul 29, 2025 Happiest Minds Technologies Limited announced that they will report Q1, 2026 results on Jul 29, 2025 Upcoming Dividend • Jul 11
Upcoming dividend of ₹3.50 per share Eligible shareholders must have bought the stock before 18 July 2025. Payment date: 28 August 2025. Payout ratio is a comfortable 49% and this is well supported by cash flows. Trailing yield: 1.0%. Lower than top quartile of Indian dividend payers (1.2%). Lower than average of industry peers (2.9%). Reported Earnings • Jul 09
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: ₹12.26 (down from ₹16.73 in FY 2024). Revenue: ₹20.6b (up 27% from FY 2024). Net income: ₹1.85b (down 26% from FY 2024). Profit margin: 9.0% (down from 15% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 13%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the IT industry in India. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Announcement • Jun 12
Happiest Minds Technologies Limited Appoints Anand Balakrishnan as Chief Financial Officer Happiest Minds Technologies Limited announced the appointment of Mr. Anand Balakrishnanas its Chief Financial Officer (CFO). In his role as CFO, Anand will be reporting to Mr. Venkatraman Narayanan, Managing Director of the Company. Anand Balakrishnan has over 20 years of extensive experience in financial management, accounting, and strategic leadership, having held senior roles at organizations including Marsh McLennan (formerly JLT), GE Healthcare, and Mindteck. Anand brings rich leadership experience from his previous roles and joins from Mindteck, a publicly listed IT service company. During his six-year tenure with them, he played a pivotal role in improving financial discipline and operational efficiency and successfully turning the organization back to profitability by guiding the business towards stability and sustainable growth. Anand is a member of Institute of Chartered Accountants of India, Institute of Cost Accountants of India, Certified Public Accountant – American Institute of Certified Public Accountants and holds a graduate degree in commerce from the Bangalore University. Price Target Changed • May 19
Price target decreased by 8.4% to ₹648 Down from ₹707, the current price target is an average from 7 analysts. New target price is 5.8% above last closing price of ₹612. Stock is down 25% over the past year. The company is forecast to post earnings per share of ₹18.20 for next year compared to ₹12.26 last year. Reported Earnings • May 14
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: ₹12.26 (down from ₹16.73 in FY 2024). Revenue: ₹21.6b (up 33% from FY 2024). Net income: ₹1.85b (down 26% from FY 2024). Profit margin: 8.5% (down from 15% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 13%. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 6.4% growth forecast for the IT industry in India. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Announcement • May 13
Happiest Minds Technologies Limited, Annual General Meeting, Jul 29, 2025 Happiest Minds Technologies Limited, Annual General Meeting, Jul 29, 2025. Announcement • May 01
Happiest Minds Technologies Limited to Report Q4, 2025 Results on May 12, 2025 Happiest Minds Technologies Limited announced that they will report Q4, 2025 results on May 12, 2025 Price Target Changed • Feb 08
Price target decreased by 7.1% to ₹750 Down from ₹807, the current price target is an average from 5 analysts. New target price is 10% above last closing price of ₹681. Stock is down 19% over the past year. The company is forecast to post earnings per share of ₹14.27 for next year compared to ₹16.73 last year. Reported Earnings • Feb 05
Third quarter 2025 earnings: EPS in line with expectations, revenues disappoint Third quarter 2025 results: EPS: ₹3.33 (down from ₹3.98 in 3Q 2024). Revenue: ₹5.31b (up 30% from 3Q 2024). Net income: ₹501.0m (down 16% from 3Q 2024). Profit margin: 9.4% (down from 14% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the IT industry in India. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Announcement • Feb 04
Happiest Minds Technologies Limited (NSEI:HAPPSTMNDS) signed a share purchase agreement to acquire Gavs Technologies Saudi Arabia for Telecommunications and Information Technology from GAVS Technologies Pvt. Ltd. Happiest Minds Technologies Limited (NSEI:HAPPSTMNDS) signed a share purchase agreement to acquire Gavs Technologies Saudi Arabia for Telecommunications and Information Technology from GAVS Technologies Pvt. Ltd. on February 2, 2025. The consideration will be paid in cash. In the separate agreements Happiest Minds Technologies Limited (NSEI:HAPPSTMNDS) signed share purchase agreements to acquire InnovazIT Technologies LLC and Gavs Technologies LLC. The combined consideration for the acquisition of InnovazIT, Gavs Technologies LLC and Gavs Technologies Saudi Arabia for Telecommunications and Information Technology is $1.7 million. The businesses together generated an annual revenue of approximately $6.4 million.
The acquisition is expected to be completed by March 15, 2025. On completion of the transaction, the Happiest Minds Technologies Limited will own 100% of ownership and business interest of GAVS Technologies in the Middle East. Announcement • Jan 21
Happiest Minds Technologies Limited to Report Q3, 2025 Results on Feb 04, 2025 Happiest Minds Technologies Limited announced that they will report Q3, 2025 results on Feb 04, 2025 Upcoming Dividend • Nov 20
Upcoming dividend of ₹2.50 per share Eligible shareholders must have bought the stock before 27 November 2024. Payment date: 13 December 2024. Payout ratio is a comfortable 37% and this is well supported by cash flows. Trailing yield: 0.8%. Lower than top quartile of Indian dividend payers (1.1%). Lower than average of industry peers (2.0%). Announcement • Nov 15
Happiest Minds Technologies Limited Recommends Interim Dividend for the Financial Year 2024-25 The Board of Directors of Happiest Minds Technologies Limited, at their meeting held on November 13, 2024, has recommended an interim dividend of INR 2.5 per equity share of face value INR 2 for the financial year 2024-25, subject to shareholder approval. Reported Earnings • Nov 14
Second quarter 2025 earnings released: EPS: ₹3.29 (vs ₹3.92 in 2Q 2024) Second quarter 2025 results: EPS: ₹3.29 (down from ₹3.92 in 2Q 2024). Revenue: ₹5.49b (up 35% from 2Q 2024). Net income: ₹495.2m (down 15% from 2Q 2024). Profit margin: 9.0% (down from 14% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the IT industry in India. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Announcement • Oct 21
Happiest Minds Technologies Limited to Report Q2, 2025 Results on Nov 13, 2024 Happiest Minds Technologies Limited announced that they will report Q2, 2025 results on Nov 13, 2024 Announcement • Oct 10
Happiest Minds Technologies Limited Announces the Launch of Happiest Minds' Secureline360 Happiest Minds Technologies Limited announced the launch of Happiest Minds' Secureline360, a cutting-edge solution designed to streamline incident response and provide real-time visibility to organizations across industries. Powered by AI-driven advanced threat detection, Happiest Minds' Secureline360 delivers unmatched speed and precision in identifying and responding to cyber threats. By leveraging the proprietary SecAiGenie platform, Happiest Minds' Secureline360 enables organizations to address even the most complex and unprecedented security incidents at 3X the speed of traditional remediation processes, ensuring no threat goes unresolved. Reported Earnings • Aug 13
First quarter 2025 earnings released: EPS: ₹3.39 (vs ₹4.04 in 1Q 2024) First quarter 2025 results: EPS: ₹3.39 (down from ₹4.04 in 1Q 2024). Revenue: ₹4.89b (up 25% from 1Q 2024). Net income: ₹510.3m (down 13% from 1Q 2024). Profit margin: 10% (down from 15% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 7.9% growth forecast for the IT industry in India. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Announcement • Aug 06
Happiest Minds Technologies Limited Expands Board of Directors with Appointments of Mittu Sridhara and Rajiv Shah Happiest Minds Technologies Limited announced the expansion of its existing Board of Directors with the appointment of Mittu Sridhara (aka Seshashayee Sridhara) and Rajiv Shah to accelerate its growth and expand its global footprint. Both industry leaders bring a wealth of experience and expertise to the Board and have a deep understanding of the technologies that shape the IT industry. Announcement • Jul 31
Happiest Minds Technologies Limited to Report Q1, 2025 Results on Aug 12, 2024 Happiest Minds Technologies Limited announced that they will report Q1, 2025 results on Aug 12, 2024 Announcement • Jul 16
Happiest Minds Technologies Limited Announces Launch of Complete 360 IT Managed Service Offering, Happiest Minds' Watch360 Happiest Minds Technologies Limited announced the launch of a Complete 360 IT Managed Service offering, Happiest Minds' Watch360, designed specifically to help organizations manage their IT environment effortlessly. The comprehensive service offering provides organizations with reliable and affordable 24/7 IT infrastructure management. Powered by ELLIPSE, an AI-infused platform, Happiest Minds' watch360 utilizes machine learning for real-time insights and automation. This translates to enhanced IT efficiency, cost savings, and seamless service delivery, all backed by SLAs and experts, delivering services from ISO 27001-certified centers. This proactive approach will allow organizations to focus more on core businesses and strategic initiatives. Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹908, the stock trades at a forward P/E ratio of 43x. Average forward P/E is 27x in the IT industry in India. Negligible returns to shareholders over past three years. Upcoming Dividend • Jun 07
Upcoming dividend of ₹3.25 per share Eligible shareholders must have bought the stock before 14 June 2024. Payment date: 28 July 2024. Payout ratio is a comfortable 34% and this is well supported by cash flows. Trailing yield: 0.7%. Lower than top quartile of Indian dividend payers (1.2%). Lower than average of industry peers (2.1%). Announcement • May 29
Happiest Minds Technologies Limited (NSEI:HAPPSTMNDS) completed the acquisition of PureSoftware Technologies Private Limited. Happiest Minds Technologies Limited (NSEI:HAPPSTMNDS) entered into definitive agreement to acquire PureSoftware Technologies Private Limited for INR 7.8 billion on April 24, 2024. The consideration consists INR 7.79 billion comprising of upfront payment of INR 6.3474 billion on closing and deferred payment of up to INR 1.4426 billion payable at the end of FY25 on achievement of set performance targets. PureSoftware reported revenues of INR 351 million for fiscal year 2024. As of May 27, 2024, the transaction is expected to close on May 31, 2024. Ernst & Young Private Limited, Investment Banking Arm and Avendus Capital Private Limited acted as exclusive financial advisor to Happiest Minds and PureSoftware respectively.
Happiest Minds Technologies Limited (NSEI:HAPPSTMNDS) completed the acquisition of PureSoftware Technologies Private Limited on May 28, 2024. Announcement • May 11
Happiest Minds Technologies Limited Recommends Final Dividend for the Financial Year Ended March 31, 2024 The Board of Directors of the Happiest Minds Technologies Limited at the meeting held on May 6, 2024 have recommended a final dividend of INR 3.25 per share, subject to shareholder approval. This would take total dividend for the year to INR 5.75. Announcement • May 10
Happiest Minds Technologies Limited (NSEI:HAPPSTMNDS) signed definitive agreement to acquire Aureus Tech Systems, LLC. Happiest Minds Technologies Limited (NSEI:HAPPSTMNDS) signed definitive agreement to acquire Aureus Tech Systems, LLC on May 9, 2024. Ernst & Young Global Limited, Corporate Finance acted as a exclusive financial advisor to Aureus Tech Systems. Announcement • May 08
Happiest Minds Technologies Limited, Annual General Meeting, Jun 28, 2024 Happiest Minds Technologies Limited, Annual General Meeting, Jun 28, 2024. Reported Earnings • May 07
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: ₹16.73 (up from ₹16.13 in FY 2023). Revenue: ₹17.1b (up 20% from FY 2023). Net income: ₹2.48b (up 7.5% from FY 2023). Profit margin: 14% (down from 16% in FY 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 3.9%. Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 7.4% growth forecast for the IT industry in India. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Announcement • Apr 28
Happiest Minds Technologies Limited to Report Q4, 2024 Results on May 06, 2024 Happiest Minds Technologies Limited announced that they will report Q4, 2024 results on May 06, 2024 Announcement • Apr 26
Happiest Minds Technologies Limited (NSEI:HAPPSTMNDS) entered into definitive agreement to acquire PureSoftware Technologies Private Limited for INR 7.8 million. Happiest Minds Technologies Limited (NSEI:HAPPSTMNDS) entered into definitive agreement to acquire PureSoftware Technologies Private Limited for INR 7.8 million on April 25, 2024. The consideration consists INR 7.8 billion comprising of upfront payment of INR 6.4 billion on closing and deferred payment of up to INR 1.4 billion payable at the end of FY25 on achievement of set performance targets. PureSoftware reported revenues of INR 351 million for fiscal 2024. EY and Avendus Capital acted as exclusive financial advisor to Happiest Minds and PureSoftware respectively. Announcement • Apr 20
Happiest Minds Technologies Limited (NSEI:HAPPSTMNDS) agreed to acquire Macmillan Learning India Private Limited from Holtzbrinck Publishers, LLC for INR 45 million. Happiest Minds Technologies Limited (NSEI:HAPPSTMNDS) agreed to acquire Macmillan Learning India Private Limited from Holtzbrinck Publishers, LLC for INR 45 million on April 19, 2024. The consideration consists of INR 45 million in cash. Happiest Minds will be purchasing 0.1 million shares of Macmillan.Macmillan Learning India Private Limited reported revenue of INR 69 million for FY 2022-23.The acquisition is expected to be completed by April 30, 2024. Announcement • Feb 27
Happiest Minds Technologies Limited Announces Executive Appointments, Effective from April 01, 2024 Happiest Minds Technologies Limited appointed Poornima Bethmangalkar as Industry Group (IG) Head of newly established vertical - Industrial, Manufacturing and Energy & Utilities. Date of Change is April 01, 2024. Poornima Bethmangalkar is the General Manager and IG Head. She has over 23 years of experience in the industry and is passionate about helping customers in the industrial, process manufacturing, and automotive industries unlock the true value of digital, so they are future ready. Srinivas Iyengar Designated as Industry Group (IG) Head of newly established vertical - Healthcare & Life Sciences. Date of Change is April 01, 2024. Srinivas Iyengar is the Vice President and IG Head. He has over 25 years of experience in the technology services industry and brings a unique outside-in perspective to his engagement with different players of the ecosystem. Priya Prasad Designated as Industry Group (IG) Head of newly established vertical - Retail, CPG & Logistics Date of Change is April 01, 2024 Priya Prasad is the Vice President and IG Head. She has 24 years of experience with a unique blend across functional areas and tech consulting in the Retail and CPG industries. Subhasis Bandyopadhyay Designated as Industry Group (IG) Head of newly established vertical - Banking, Financial Services, and Insurance (BFSI) Date of Change is April 01, 2024 Subhasis Bandyopadhyay is the Vice President and IG Head. He has over 30 years of experience in banking, payments, risk and compliance, insurance, and capital markets. Viswanath Subramaniam Designated as Industry Group (IG) Head of newly established vertical - EdTech Date of Change April 01, 2024 Viswanath Subramaniam is the Vice President and Domain Head. He has worked in the education industry for two decades and he will be responsible for building EdTech capability and contributing to the P&L. Reported Earnings • Jan 18
Third quarter 2024 earnings released: EPS: ₹3.98 (vs ₹4.02 in 3Q 2023) Third quarter 2024 results: EPS: ₹3.98. Revenue: ₹4.34b (up 18% from 3Q 2023). Net income: ₹596.2m (up 3.5% from 3Q 2023). Profit margin: 14% (down from 16% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 8.4% growth forecast for the IT industry in India. Announcement • Jan 09
Happiest Minds Technologies Limited to Report Q3, 2024 Results on Jan 17, 2024 Happiest Minds Technologies Limited announced that they will report Q3, 2024 results on Jan 17, 2024 Upcoming Dividend • Oct 23
Upcoming dividend of ₹2.50 per share at 0.8% yield Eligible shareholders must have bought the stock before 30 October 2023. Payment date: 17 November 2023. Payout ratio is a comfortable 37% and this is well supported by cash flows. Trailing yield: 0.8%. Lower than top quartile of Indian dividend payers (1.3%). Lower than average of industry peers (1.9%). Price Target Changed • Oct 21
Price target decreased by 7.3% to ₹897 Down from ₹968, the current price target is an average from 4 analysts. New target price is 8.2% above last closing price of ₹829. Stock is down 16% over the past year. The company is forecast to post earnings per share of ₹16.40 for next year compared to ₹16.13 last year. Announcement • Oct 18
Happiest Minds Technologies Limited Recommends Interim Dividend for Fiscal Year 2023-24, Payable on and After November 13, 2023 Happiest Minds Technologies Limited announced Board of Directors of the Company at their meeting held on October 17, 2023 has recommended an interim dividend of INR 2.50 per equity share of face value INR 2/- for the financial year 2023-24. Record date for the purpose of interim dividend has been fixed on October 30, 2023, and the dividend will be paid on and after November 13, 2023. Reported Earnings • Oct 18
Second quarter 2024 earnings released: EPS: ₹3.92 (vs ₹4.15 in 2Q 2023) Second quarter 2024 results: EPS: ₹3.92 (down from ₹4.15 in 2Q 2023). Revenue: ₹4.29b (up 21% from 2Q 2023). Net income: ₹584.6m (down 1.6% from 2Q 2023). Profit margin: 14% (down from 17% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the IT industry in India. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 38% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Oct 10
Happiest Minds Technologies Limited to Report First Half, 2024 Results on Oct 17, 2023 Happiest Minds Technologies Limited announced that they will report first half, 2024 results on Oct 17, 2023 Price Target Changed • Oct 05
Price target decreased by 7.9% to ₹1,002 Down from ₹1,088, the current price target is an average from 4 analysts. New target price is 17% above last closing price of ₹856. Stock is down 15% over the past year. The company is forecast to post earnings per share of ₹18.30 for next year compared to ₹16.13 last year. Reported Earnings • Aug 09
First quarter 2024 earnings released: EPS: ₹4.04 (vs ₹3.96 in 1Q 2023) First quarter 2024 results: EPS: ₹4.04 (up from ₹3.96 in 1Q 2023). Revenue: ₹4.05b (up 23% from 1Q 2023). Net income: ₹583.3m (up 3.5% from 1Q 2023). Profit margin: 14% (down from 17% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the IT industry in India. Announcement • Aug 05
Happiest Minds Leverages ELLIPSE MSP Platform Powered by ServiceNow to Deliver Intelligent IT and Enterprise Service Management Happiest Minds Technologies Limited announced it has advanced in the ServiceNow Consulting and Implementation Partner Program to help organizations with their digital transformation needs. The partnership enables Happiest Minds to modernize and scale IT and Enterprise Service Management landscape for customers. Happiest Minds' expertise, experience, and services will bring efficiency to customers' digital initiatives by enabling seamless adoption of ServiceNow. With support from the global stakeholders of ServiceNow coupled with Happiest Minds consulting-driven approach will demonstrate tangible ROI to drive ServiceNow adoption in existing and new customers. Happiest Minds's ServiceNow MSP partnership (Premier Level) is poised to support customers in addressing multiple challenges in the market: Value realization from IT and Enterprise Service Management implementations. Siloed processes and data impacting customer service & operational inefficiencies. Tools & process alignment as per ITIL and similar maturity frameworks. Lack of holistic and structured automation in IT and Enterprise workflows. As a Consulting and Implementation partner, Happiest Minds will deliver the following features of the ServiceNow platform to customers: IT Service Management, IT Operations Management, IT Asset Management, Security Management, Governance, Risk and Compliance, Security Operations Support, Customer Service Management, Low Code Application Development, Automation and Platform Operations. Happiest Minds has successfully integrated the ServiceNow Platform as a core component of its ELLIPSE Platform - an AIOps-powered Managed Services Delivery Platform currently supporting more than 25 global customers. This integration enables Happiest Minds to efficiently deliver Enterprise Services leveraging a single platform. Given focus on disruptive technologies & emerging areas like Low Code Application Platforms (LCAP), the company are well positioned to help clients migrate their legacy custom applications builds to the ServiceNow LCAP solution - apart from leveraging industry knowledge & solution accelerators. Customers also benefit from deep services expertise in areas like GRC, to realize the expanded portfolio of offerings from ServiceNow. Announcement • Jul 26
Happiest Minds Technologies Limited to Report Q1, 2024 Results on Aug 08, 2023 Happiest Minds Technologies Limited announced that they will report Q1, 2024 results on Aug 08, 2023 Announcement • Jul 21
Happiest Minds Technologies Limited Approves Final Dividend for the Financial Year Ended March 31, 2023 Happiest Minds Technologies Limited approved final dividend @ INR 3.40 per equity share (@170% on par value of INR 2 each), for the financial year ended March 31, 2023 be paid on equity shares of the Company to those members whose names appear on the Register of Members of the Company as on July 7, 2023 and in respect of shares held in electronic form, to the beneficial owners of the shares as on July 7, 2023 as per details furnished by the Depositories for this purpose. New Risk • Jul 16
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 4.2% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (32% accrual ratio). Minor Risks Dividend is not well covered by cash flows (149% cash payout ratio). Shareholders have been diluted in the past year (4.2% increase in shares outstanding). Announcement • Jul 15
Happiest Minds Technologies Limited announced that it has received INR 4.99999962 billion in funding from Troo Capital Ltd, Société Générale Société anonyme, Morgan Stanley Asia (Singapore) Pte., BNP Paribas SA On July 14, 2023, Happiest Minds Technologies Limited closed the transaction. The transaction has been approved by board of directors of the company. Upcoming Dividend • Jun 30
Upcoming dividend of ₹3.40 per share at 0.7% yield Eligible shareholders must have bought the stock before 07 July 2023. Payment date: 16 August 2023. Payout ratio is a comfortable 33% and the cash payout ratio is 84%. Trailing yield: 0.7%. Lower than top quartile of Indian dividend payers (1.5%). Lower than average of industry peers (2.0%). Reported Earnings • Jun 29
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: ₹16.13 (up from ₹12.84 in FY 2022). Revenue: ₹14.3b (up 31% from FY 2022). Net income: ₹2.31b (up 28% from FY 2022). Profit margin: 16% (in line with FY 2022). Revenue exceeded analyst estimates by 5.3%. Earnings per share (EPS) missed analyst estimates by 2.3%. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 8.7% growth forecast for the IT industry in India. Reported Earnings • May 09
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: ₹16.13 (up from ₹12.84 in FY 2022). Revenue: ₹14.5b (up 33% from FY 2022). Net income: ₹2.31b (up 28% from FY 2022). Profit margin: 16% (in line with FY 2022). Revenue exceeded analyst estimates by 5.3%. Earnings per share (EPS) missed analyst estimates by 2.3%. Revenue is forecast to grow 19% p.a. on average during the next 2 years, compared to a 8.6% growth forecast for the IT industry in India. Announcement • Jan 26
Happiest Minds Technologies Limited (NSEI:HAPPSTMNDS) signed an agreements to acquire Sri Mookambika Infosolutions Private Limited for INR1110 million. Happiest Minds Technologies Limited (NSEI:HAPPSTMNDS) signed an agreements to acquire Sri Mookambika Infosolutions Private Limited for INR1110 million on January 25, 2023. The consideration of INR1110 million will be paid in cash, split between upfront and deferred. Sri Mookambika Infosolutions Private Limited has an annual run rate in revenues of approximately INR734.2155 million. The acquisition is expected to be completed before end of February 2023. The acquisition was supported by Ernst & Young on the advisory side. Reported Earnings • Jan 20
Third quarter 2023 earnings: EPS and revenues miss analyst expectations Third quarter 2023 results: EPS: ₹4.02 (up from ₹3.44 in 3Q 2022). Revenue: ₹3.75b (up 32% from 3Q 2022). Net income: ₹575.8m (up 18% from 3Q 2022). Profit margin: 15% (down from 17% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.9%. Earnings per share (EPS) also missed analyst estimates by 8.3%. Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 10% growth forecast for the IT industry in India. Announcement • Jan 10
Happiest Minds Technologies Limited to Report Q3, 2023 Results on Jan 19, 2023 Happiest Minds Technologies Limited announced that they will report Q3, 2023 results on Jan 19, 2023 Board Change • Nov 16
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Anita Ramachandran was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Upcoming Dividend • Oct 26
Upcoming dividend of ₹2.00 per share Eligible shareholders must have bought the stock before 02 November 2022. Payment date: 19 November 2022. Payout ratio is a comfortable 26% but the company is paying out more than the cash it is generating. Trailing yield: 0.4%. Lower than top quartile of Indian dividend payers (1.6%). Lower than average of industry peers (1.9%). Reported Earnings • Oct 21
Second quarter 2023 earnings released: EPS: ₹4.15 (vs ₹3.12 in 2Q 2022) Second quarter 2023 results: EPS: ₹4.15 (up from ₹3.12 in 2Q 2022). Revenue: ₹3.59b (up 36% from 2Q 2022). Net income: ₹594.1m (up 34% from 2Q 2022). Profit margin: 17% (in line with 2Q 2022). Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 10.0% growth forecast for the IT industry in India. Announcement • Oct 21
Happiest Minds Technologies Limited Declares an Interim Dividend for the Financial Year 2022-23, Payable on and After November 15, 2022 Happiest Minds Technologies Limited announced that at its Board Meeting held on October 20, 2022, declared an interim dividend of INR 2/- per equity share of face value INR 2/- for the financial year 2022-23. Record date for the purpose of interim dividend has been fixed on November 03, 2022 and the dividend will be paid on and after November 15, 2022 to the equity shareholders of the Company whose names appear in the Register of Members of the Company or in the records of Depositories as beneficial owners of shares as on the aforesaid record date. Announcement • Oct 08
Happiest Minds Technologies Limited to Report First Half, 2023 Results on Oct 20, 2022 Happiest Minds Technologies Limited announced that they will report first half, 2023 results on Oct 20, 2022 Announcement • Aug 13
Happiest Minds Technologies Limited Launches Identity Vigil 2.0 Powered by OneLogin Happiest Minds Technologies Limited announced the launch of Identity Vigil 2.0 a next-gen signature IDaaS MSSP solution powered by OneLogin, a cloud-based identity and access management (IAM) provider that designs and develops secure and unified access management (UAM) platforms. Identity Vigil is a trademarked Identity Management Managed services Platform of Happiest Minds Technologies. The highly scalable, innovative 360-degree platform provides secure access to SaaS and enterprise apps across roles and privileges. In joining forces with OneLogin, a Global leader in Access Management 2.0, Identity Vigil now has truly hosted & managed IDaaS credentials. Happiest Minds Technologies' Identity Vigil 2.0 is a user-friendly, cloud-based IAM for the modern enterprise with secure access for every user, every application, and every device. This will allow everything to be hosted on and managed from the cloud. The aim of the platform is to support and strengthen the identity landscape of small and mid-sized customers in a cost-effective manner by eliminating the constraints on procurement of and hosting an IMA tool and dependencies of hiring and talent management. It is in line with vision to strengthen the management of everything from the cloud and minimize security issues while improving customer experience. Announcement • Aug 05
Happiest Minds Technologies Limited Announces Launch of End-to-End Security Services for Healthcare Happiest Minds Technologies Limited announced the launch of its Cybersecurity services in the healthcare vertical. Cybersecurity for healthcare provides end-to-end security services for the Healthcare industry by applying a robust and proven framework tailored to meet regulatory requirements, digital security best practices, and cutting-edge tools & technologies. Happiest Minds enables cyber security for healthcare businesses with a 360° approach by applying a robust and proven framework built per regulatory requirements, digital security best practices, and best-of-the-breed tools and technologies. These services will help customers stay updated with evolving governance policies and tighten their healthcare security posture using leading technologies AI/Big Data/Behavioral and analytics. The company ensures that organization complies with regulatory requirements (HIPAA/HITRUST) and becomes a resilient healthcare provider. The company provides end-to-end Managed Security Services to establish a centralized security monitoring solution leveraging existing investments; onboard multiple security solutions into the SOC platform to establish a single visibility portal; eliminate false positives and finetune the existing setup; SLA-based monitoring and management of the security infrastructure; and IAM and PAM strategy, Engineering, and Roadmap. Announcement • Jul 22
Happiest Minds Technologies Limited Announces Committee Changes Happiest Minds Technologies Limited announced that at its board meeting held on July 21, 2022, Ms. Shubha Rao Mayya, Independent Director, has been appointed as Chairperson of the CSR Committee. The erstwhile Chairperson Mr. Joseph Anantharaju will continue as a member of the Committee. Reported Earnings • Jul 22
First quarter 2023 earnings released: EPS: ₹3.96 (vs ₹2.51 in 1Q 2022) First quarter 2023 results: EPS: ₹3.96 (up from ₹2.51 in 1Q 2022). Revenue: ₹3.33b (up 36% from 1Q 2022). Net income: ₹563.4m (up 58% from 1Q 2022). Profit margin: 17% (up from 15% in 1Q 2022). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 20%, compared to a 13% growth forecast for the industry in India. Valuation Update With 7 Day Price Move • Jul 21
Investor sentiment improved over the past week After last week's 17% share price gain to ₹969, the stock trades at a forward P/E ratio of 56x. Average forward P/E is 25x in the IT industry in India. Total loss to shareholders of 34% over the past year. Announcement • Jul 13
Happiest Minds Technologies Limited to Report Q1, 2023 Results on Jul 21, 2022 Happiest Minds Technologies Limited announced that they will report Q1, 2023 results at 3:30 PM, Indian Standard Time on Jul 21, 2022 Upcoming Dividend • Jun 16
Upcoming dividend of ₹2.00 per share Eligible shareholders must have bought the stock before 23 June 2022. Payment date: 30 July 2022. Payout ratio is a comfortable 29% and this is well supported by cash flows. Trailing yield: 0.5%. Lower than top quartile of Indian dividend payers (1.8%). Lower than average of industry peers (1.9%). Reported Earnings • Jun 08
Full year 2022 earnings: Revenues exceed analyst expectations Full year 2022 results: Revenue: ₹10.9b (up 41% from FY 2021). Net income: ₹1.81b (up 12% from FY 2021). Profit margin: 17% (down from 21% in FY 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.0%. Over the next year, revenue is forecast to grow 23%, compared to a 15% growth forecast for the industry in India. Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment improved over the past week After last week's 16% share price gain to ₹972, the stock trades at a forward P/E ratio of 56x. Average forward P/E is 27x in the IT industry in India. Total returns to shareholders of 8.0% over the past year. Reported Earnings • May 06
Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2022 results: EPS: ₹12.77 (up from ₹11.75 in FY 2021). Revenue: ₹11.3b (up 46% from FY 2021). Net income: ₹1.81b (up 12% from FY 2021). Profit margin: 16% (down from 21% in FY 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.6%. Earnings per share (EPS) missed analyst estimates by 4.1%. Over the next year, revenue is forecast to grow 12%, compared to a 15% growth forecast for the industry in India. Price Target Changed • Apr 27
Price target increased to ₹1,510 Up from ₹633, the current price target is provided by 1 analyst. New target price is 51% above last closing price of ₹1,001. Stock is up 51% over the past year. The company is forecast to post earnings per share of ₹12.77 for next year compared to ₹11.75 last year. Board Change • Apr 27
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Anita Ramachandran was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Announcement • Apr 23
Happiest Minds Technologies Limited to Report Q4, 2022 Results on May 05, 2022 Happiest Minds Technologies Limited announced that they will report Q4, 2022 results on May 05, 2022 Reported Earnings • Jan 30
Third quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2022 results: EPS: ₹3.44 (up from ₹2.98 in 3Q 2021). Revenue: ₹2.92b (up 52% from 3Q 2021). Net income: ₹489.2m (up 16% from 3Q 2021). Profit margin: 17% (down from 22% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.6%. Earnings per share (EPS) missed analyst estimates by 4.1%. Over the next year, revenue is forecast to grow 17%, compared to a 17% growth forecast for the industry in India. Upcoming Dividend • Nov 02
Upcoming dividend of ₹1.75 per share Eligible shareholders must have bought the stock before 09 November 2021. Payment date: 26 November 2021. Trailing yield: 0.3%. Lower than top quartile of Indian dividend payers (1.4%). Lower than average of industry peers (1.2%). Reported Earnings • Oct 29
Second quarter 2022 earnings released: EPS ₹3.12 (vs ₹2.51 in 2Q 2021) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2022 results: Revenue: ₹2.65b (up 45% from 2Q 2021). Net income: ₹444.4m (up 30% from 2Q 2021). Profit margin: 17% (down from 19% in 2Q 2021). The decrease in margin was driven by higher expenses. Reported Earnings • Jul 30
First quarter 2022 earnings released: EPS ₹2.51 (vs ₹3.73 in 1Q 2021) The company reported a mediocre first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2022 results: Revenue: ₹2.45b (up 38% from 1Q 2021). Net income: ₹357.3m (down 29% from 1Q 2021). Profit margin: 15% (down from 28% in 1Q 2021). The decrease in margin was driven by higher expenses. Reported Earnings • Jun 13
Full year 2021 earnings released: EPS ₹11.75 (vs ₹7.05 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: ₹7.73b (up 11% from FY 2020). Net income: ₹1.62b (up 127% from FY 2020). Profit margin: 21% (up from 10% in FY 2020). The increase in margin was primarily driven by higher revenue. Valuation Update With 7 Day Price Move • May 31
Investor sentiment improved over the past week After last week's 17% share price gain to ₹874, the stock trades at a forward P/E ratio of 69x. Average forward P/E is 26x in the IT industry in India. Reported Earnings • May 14
Full year 2021 earnings released: EPS ₹11.75 (vs ₹7.05 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: ₹7.98b (up 14% from FY 2020). Net income: ₹1.62b (up 127% from FY 2020). Profit margin: 20% (up from 10% in FY 2020). The increase in margin was driven by higher revenue. Announcement • May 13
Happiest Minds Technologies Limited Recommends Final Dividend for the Financial Year Ended March 31, 2021 Happiest Minds Technologies Limited announced that the Board of Directors of the Company at its meeting held on May 12, 2021, recommended a final dividend of INR 3 per equity share of INR 2 each for the financial year ended March 31, 2021, subject to the approval of the members at the upcoming 10th Annual General Meeting of the Company (AGM). Valuation Update With 7 Day Price Move • May 04
Investor sentiment improved over the past week After last week's 16% share price gain to ₹749, the stock trades at a forward P/E ratio of 63x. Average forward P/E is 24x in the IT industry in India. Valuation Update With 7 Day Price Move • Apr 05
Investor sentiment improved over the past week After last week's 18% share price gain to ₹618, the stock trades at a forward P/E ratio of 53x. Average forward P/E is 22x in the IT industry in India. Announcement • Mar 12
Happiest Minds Technologies Partners with Ilantus Technologies to Deliver Next-Gen Identity and Access Management Security Services Happiest Minds Technologies Limited has entered into a partnership with Ilantus Technologies to enhance its Identity and Access Management capabilities while supporting customers in their Cybersecurity journey. Happiest Minds has always strived to adapt next-gen technologies like RPA and Blockchain into the Identity and Access Management landscape. This partnership enables Happiest Minds Technologies to manage and safeguard an organization's intellectual property from Identity and Access theft while enhancing their risk and regulatory governance landscape and key use cases include: Privileged Access Management and Threat Analytics; Identity-as-a-Service (IDaaS); IDAM & Privileged IDAM for Bots; RPA- Identity Automation; Cloud Access Management; Passwordless Authentication; Predictive Identity & Access Governance; Risk-based/Adaptive Authentication. The partnership with Ilantus is in line with the vision to strengthen the Identity and Access Management within organizations by leveraging technologies such as Artificial Intelligence and Machine learning to have comprehensive visibility to the vulnerabilities arising from Identity and Access exposure from internal and external factors. As a reseller and partner of Ilantus Technologies, Happiest Minds Technologies is committed to minimizing the risk factor arising from identity and access thefts while improving customer experience. Valuation Update With 7 Day Price Move • Feb 18
Investor sentiment improved over the past week After last week's 36% share price gain to ₹484, the stock is trading at a trailing P/E ratio of 38.5x, up from the previous P/E ratio of 28.4x. This compares to an average P/E of 20x in the IT industry in India. Is New 90 Day High Low • Feb 12
New 90-day high: ₹398 The company is up 23% from its price of ₹324 on 14 November 2020. The Indian market is up 22% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is up 20% over the same period. Announcement • Jan 31
Happiest Minds Technologies Limited (BSE:543227) agreed to acquire PGS Inc. for $8.3 million. Happiest Minds Technologies Limited (BSE:543227) agreed to acquire PGS Inc. for $8.3 million on January 29, 2021. PGS has a revenue of approximately $10.6 million in 2020. The acquisition is subject to customary closing conditions and is expected to close in the Quarter of March 31, 2021. Announcement • Jan 27
Happiest Minds Technologies Limited to Report Q3, 2021 Results on Feb 10, 2021 Happiest Minds Technologies Limited announced that they will report Q3, 2021 results on Feb 10, 2021 
