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Employees: 5,218
Size Happiest Minds Technologies (HAPPSTMNDS.NS) is an India Information Technology company (Data Processing Services) with a market value of $506M, the 831st largest of 1,058 India companies the cockpit tracks. Shares closed at ₹314.05 on 6 Nov 2026.
Performance Over six months the shares fell 19.1%, against -27.2% for the median peer and 0.0% for the India market (cap-weighted) — 9th highest of 20 in its peer set.
Growth Revenue grew 12.1% over the last twelve months (peer median +0.5%); the operating margin is 14.6% (peer median -1.1%).
Valuation It trades at 16.1× forward earnings against a peer median of 19.6× (5th cheapest of 9).
Price implies For today's price to make sense, revenue must grow about 11% a year for seven years (Req g). Recent delivered growth is +25%, so the hurdle is -13 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.1 points above its cost of capital (11.9% WACC).
Next results Next results expected around 10 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹24.7B | ₹23.2B | ₹20.6B | ₹16.2B | ₹14.3B |
| Revenue growth | — | +12% | +27% | +14% | — |
| Gross profit | ₹3.60B | ₹4.44B | ₹3.98B | ₹3.66B | ₹3.85B |
| EBITDA | ₹4.50B | ₹4.11B | ₹3.61B | ₹3.41B | ₹3.62B |
| Net income | ₹2.31B | ₹2.13B | ₹1.85B | ₹2.48B | ₹2.31B |
| Free cash flow | n/a | ₹2.41B | ₹2.31B | ₹2.43B | ₹652M |
| Capital expenditure | n/a | ₹71.6M | ₹112M | ₹103M | ₹1.39B |
| Total debt | ₹16.7B | ₹14.9B | ₹13.1B | ₹5.12B | ₹5.34B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | HAPPSTMNDS.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.1% | -15.9% | 4th highest of 21 |
| 6-month return | -19.1% | -27.2% | 9th highest of 20 |
| Distance from 52-week high | -39.7% | -47.3% | 7th highest of 21 |
| Revenue growth (TTM) | +12.1% | +0.5% | 8th highest of 21 |
| Operating margin | 14.6% | -1.1% | 3rd highest of 21 |
| Forward P/E | 16.1× | 19.6× | 5th cheapest of 9 |
| Growth the price implies (Req g, 7 yrs) | 11.4% | 23.9% | 3rd least demanding of 8 |
| Growth delivered (Del g) | +24.5% | +6.8% | 2nd highest of 8 |
| Hurdle (Req g minus delivered) | -13.1 pp | +4.9 pp | 2nd least demanding of 8 |
| ROIC minus cost of capital | +3.1 pp | -9.7 pp | 4th highest of 20 |
| EV / EBITDA | 10.7× | 11.1× | 5th cheapest of 11 |
| Net debt / EBITDA | 0.0× | 2.3× | 3rd least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Happiest Minds Technologies HAPPSTMNDS.NS | India | $506M | -19% | +12% | 15% | 16.1× | 11.4% | +24.5% |
| Beijing Huaru Technology 301302.SZ | China | $506M | -10% | +52% | -38% | 33.2× | n/a | n/a |
| Leon Technology 300603.SZ | China | $501M | -29% | -19% | -22% | n/a | n/a | n/a |
| HIVE Digital Technologies HIVE.TO | Canada | $491M | -36% | +155% | -44% | n/a | n/a | n/a |
| BitGo BTGO | United States | $571M | -61% | +424% | -1% | n/a | n/a | n/a |
| Beijing Xunzhong Communication Technology 2597.HK | Hong Kong | $586M | +7% | -1% | 10% | n/a | n/a | n/a |
| Infomaniak INFO.SW | Switzerland | $414M | n/a | +141% | -2% | n/a | n/a | n/a |
| Qingmu Tec 301110.SZ | China | $637M | -32% | +5% | 9% | 26.8× | 11.9% | +16.9% |
| WhiteFiber WYFI | United States | $402M | -58% | -94% | -37% | n/a | n/a | n/a |
| WIIT WIIT.MI | Italy | $638M | -34% | -2% | 16% | 30.0× | 23.9% | +25.8% |
| Rackspace Technology RXT | United States | $645M | -54% | 0% | -2% | n/a | 35.0% | -0.2% |
| American Bitcoin ABTC | United States | $390M | -70% | +2,495% | 7% | 8.8× | n/a | n/a |
| Claritev CTEV | United States | $385M | -16% | +6% | 4% | n/a | n/a | n/a |
| SAKURA Internet 3778.T | Japan | $688M | -13% | +26% | 8% | 35.7× | n/a | n/a |
| Pason Systems PSI.TO | Canada | $742M | -10% | -2% | 18% | 12.4× | 1.5% | +21.8% |
| Yext YEXT | United States | $749M | +88% | -1% | 10% | 10.0× | 9.6% | +4.7% |
| MarketWise MKTW | United States | $339M | +4% | -11% | 9% | 11.2× | n/a | n/a |
| Kairuide 002072.SZ | China | $335M | -16% | -20% | -3% | n/a | n/a | n/a |
| SharonAI SHAZ | United States | $781M | -59% | +257% | -894% | n/a | n/a | n/a |
| Ucap Cloud Information Technology 688228.SS | China | $786M | -26% | -39% | -14% | n/a | 39.9% | +6.8% |
| Beijing Topnew Info & Tech 300895.SZ | China | $938M | -27% | +1% | -25% | n/a | 54.6% | -3.4% |