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Swing Capital

Happiest Minds Technologies Ltd

NSE: HAPPSTMNDS BSE: 543227

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

₹357
52W: ₹305 — ₹675
PE 27 · Book ₹102 · +250% vs book
Market Cap₹5,435 Cr
Stock P/E27Price to Earnings
ROCE13.9%Return on Capital
ROE12.3%Return on Equity
Div. Yield1.68%Face Value ₹2

Strengths

  • +Company has been maintaining a healthy dividend payout of 41.4%

Weaknesses

  • −Earnings include an other income of Rs.133 Cr.
  • −Promoter holding has decreased over last 3 years: -9.03%

Shareholding Pattern

Promoters44.21%
FIIs5.94%
DIIs8.99%
Public39.53%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters44.23%44.23%44.23%44.22%▼0.044.22%44.21%▼0.044.21%44.21%
FIIs5.31%5.33%▲0.05.34%▲0.05.04%▼0.35.33%▲0.35.39%▲0.15.89%▲0.55.94%▲0.1
DIIs2.85%4.18%▲1.36.08%▲1.910.58%▲4.510.57%▼0.010.2%▼0.49.62%▼0.68.99%▼0.6
Public45.82%44.61%▼1.242.83%▼1.838.7%▼4.138.48%▼0.238.83%▲0.438.94%▲0.139.53%▲0.6

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales370371375372403404361406430433
Expenses298302308312334341335343363372
Operating Profit72686860696226626860
OPM %19%18%18%16%17%15%7%15%16%14%
Net Profit55805444433458405614
EPS ₹3.585.243.542.882.822.263.792.663.690.92

AI Insights

Revenue Trend

TTM revenue at ₹1,630Cr, up 10.1% YoY. OPM at 13%.

Debt Position

Borrowings at ₹1,244Cr. Debt-to-equity ratio: 0.81x. Moderate leverage.

Institutional Flow

DIIs: 8.99% (+7.73pp change). FIIs: 5.94% (+1.42pp change). Promoters hold 44.21%.

Margin & Efficiency

ROCE improving from -84% (Mar 2014) to 14% (Mar 2025). Working capital days: -153.

Valuation

PE 27x with 13.9% ROCE. Price is 250% above book value of ₹102. Dividend yield: 1.68%.

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