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Happiest Minds Technologies Results: Latest Quarterly Results & Analysis

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Happiest Minds Technologies Ltd. 29 Oct 2025 11:29 AM
Result PDF

Q2FY26 Quarterly Result Announced for Happiest Minds Technologies Ltd.

IT Consulting & Software company Happiest Minds Technologies announced Q2FY26 results

  • Revenue in constant currency grew 2.3% QoQ and 6.7% YoY.
  • Operating Revenues in USD stood at USD 65.1 million, growing 1.2% QoQ and 4.4% YoY.
  • Total income of Rs 59,517 lakh grew 2.6% QoQ and 8.5% YoY.
  • EBITDA of Rs 12,027 lakh stood at 20.2% of Total Income.
  • PAT of Rs 5,402 lakh 9.1% of Total Income. Growth of 9.1% YoY.
  • Adjusted PAT and EPS (adjusted only for non-cash charges and exceptional items), a more reliable profitability measures stood at:
    • Adjusted PAT of Rs 6,552 lakh at 11% of Total income. Growth of 3.1% YoY.
    • Adjusted EPS at Rs 4.35.

Ashok Soota, Chairman & Chief Mentor, said: “Our ten strategic transformations, announced in the last quarter of FY25, are clearly yielding results. Organisationally, the most important of these was Joseph Anantharaju becoming the Co-Chairman and CEO. Joseph has settled into his enhanced responsibilities remarkably well, as reflected in our performance. Of the other strategic changes, I would like to highlight two that have contributed significantly and are poised to accelerate growth - our Generative AI Business Unit (GBS) and our sharper focus on expanding Net New (NN) accounts. The momentum we are seeing in GBS and the strength of our NN pipelines give us the confidence to extend our earlier commitment of three consecutive years of double-digit growth to four years.”

Joseph Anantharaju, Co-Chairman & CEO, said: “We have delivered a robust H1FY26 performance with revenues of USD 129.5 million, reflecting the continued success of our ten strategic transformations. Our success in Generative and Agentic AI is evident from 22 transformative use cases that have progressed into replicable projects, unlocking a GBS-led sales potential of nearly USD50 million. Our investment in an independent Net New (NN) sales unit has also delivered strong early outcomes, with 30 new client additions during H1 representing a revenue potential of about USD 50–60 million over the next three years. Agentic AI is creating significant opportunities as customers embrace intelligent automation to reimagine operations and accelerate growth. Our AI-first approach, anchored on platforms with AI at the core of their architecture, is enabling enterprises to drive transformation with speed, precision, and measurable impact. Combined with deep capabilities in data, cybersecurity, and verticalized delivery, we are confident of sustaining our growth momentum and creating long-term value.”

Venkatraman Narayanan, Managing Director, said: “Our H1FY26 performance reflects disciplined execution and prudent financial management, even as we continue to invest in growth. We have maintained margins comfortably above our lower guidance of 20% despite salary revisions and continued investments in our Generative AI Business Unit, new sales organization, and other strategic initiatives outlined earlier. I would also like to reiterate that recent changes in U.S. immigration (H1-B) policies have had no impact on Happiest Minds, we have sent only two professionals on H1-B visas in the past 12 months, underscoring our strong offshore-led model and minimal onsite dependence. Backed by a robust balance sheet, healthy cash flows, and a steadfast focus on long-term value creation, we remain wellpositioned to drive sustainable growth and deliver consistent returns to our stakeholders.”

Result PDF

Result PDF

IT Consulting & Software company Happiest Minds Technologies announced Q1FY26 results

  • Revenue in constant currency grew 2.3% QoQ and 17.5% YoY
  • Operating Revenues in US $ stood at $ 64.4 million, growing 2.3% QoQ and 15.9% YoY
  • Total income of Rs 57,993 lakh grew 1.7% QoQ and 18.5% YoY
  • EBITDA of Rs 12,405 lakh stood at 21.4% of Total Income. Growth of 12.9% QoQ and 6.3% YoY
  • PAT of Rs 5,713 lakh 9.9% of Total Income. Growth of 68% QoQ and 12% YoY
  • Adjusted PAT and EPS (adjusted only for non-cash charges and exceptional items), a more reliable
  • Profitability measures stood at:
    • Adjusted PAT of Rs 6,862 lakh at 11.8% of Total income. Growth of 19.1% QoQ
    • Adjusted EPS at Rs 4.55

Ashok Soota, Chairman & Chief Mentor, said, “Our strong start to Q1FY26 underscores the continued confidence our customers place in us and the impact of our differentiated digital capabilities. As we harness the transformative power of Generative AI and deep tech, Happiest Minds remains steadfast in delivering purposeful innovation and long-term value. With a sharp focus on mindful execution, customer-centricity, and technology leadership, we are well-positioned to sustain double-digit growth for the year and have laid a foundation for achieving three consecutive years of double-digit growth.”

Joseph Anantharaju, Co-Chairman & CEO, said “We have delivered a strong Q1 performance with revenues of USD 64.4 Million, marking 2.3% QoQ and 17.5% YoY growth in constant currency. This momentum reflects the contribution of the ten transformations we have undertaken to drive our growth. Our differentiated capabilities in Generative AI, Data, and Cybersecurity—combined with our verticalized structure—position us as the partner of choice. We remain confident in our ability to scale impact and drive sustainable growth for our clients and stakeholders.”

Venkatraman Narayanan, Managing Director, said, “Even as we continue to invest into AI and strengthen our sales engine, we have delivered 20 quarters of sequential growth with a robust EBITDA of 21.4%. Our unwavering focus remains on driving sustainable growth, enhancing operational efficiency, and consistently creating long-term value for our shareholders.”

Result PDF

IT Consulting & Software company Happiest Minds Technologies announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Revenue in constant currency grew 1.1% QoQ and 27.9% YoY.
  • Operating Revenues in US stood at USD 63 million, growing 0.3% QoQ and 25.6% YoY.
  • Total Income of Rs 57,052 lakh grew 3.0 % QoQ and 28.9% YoY.
  • EBITDA of Rs 10,984 lakh, stood at 19.3% of Total Income. Decline of 6.0% QoQ on account of an unfortunate bad debt of Rs 1,204 lakh while growing 1.5% YoY.
  • PAT of Rs 3,401 lakh 6.0% of Total Income.
  • Adjusted PAT and EPS (adjusted only for non-cash charges and exceptional items), a more reliable profitability measures stand at:
    • Adjusted PAT of Rs 5,668 lakh at 9.9% of Total Income (decline of 4.5% and 13.0% YoY).
    • Adjusted EPS at Rs 3.76.

FY25 Financial Highlights:

  • Revenue in constant currency grew 25.6%.
  • Operating Revenues at US at USD 243.6 million grew 24.2%.
  • Total Income of Rs 216,222 lakh grew 26.4%.
  • EBITDA of Rs 46,224 lakh, at 21.4% of Total income, Absolute growing of Rs 4,102 lakh.
  • PAT of Rs18,466 lakh at 8.5% of Total Income.
  • Adjusted PAT and EPS (adjusted for non-cash charges and exceptional items), a more reliable profitability measure stands at:
    • Adjusted PAT of Rs 24,638 lakh 11.4% of Total Income.
    • Adjusted EPS at Rs 16.37.

Ashok Soota, Chairman & Chief Mentor, said: “Happiest Minds continues to show above-industry-leading growth this fiscal year. The ten strategic transformational changes that we rolled out are shaping Happiest Minds' future. Our strategic initiatives, along with the continued commitment of our teams, have us wellpositioned for strong double-digit organic growth in FY26 and beyond. Economists are projecting a slowdown in some of our largest markets; I want to emphasize that we have healthy pipelines of demand and do not see any recession-driven slowdown.”

Joseph Anantharaju, Co-Chairman & CEO, said: “The transformative initiatives we have launched over the last year are beginning to yield results and are laying a robust foundation for future growth. Our move to a vertical structure has resulted in accelerated growth in several verticals like Healthcare and BFSI. We continue to see an increase in the share of the Healthcare vertical, which saw large new deals totalling USD 20 million from 4 customers and these are likely to be repeated next year. The two transformations that we initiated around GenAI BU and the independent NN hunting team have seen a good buildup in the pipeline that should result in revenue growth. Our other initiatives around High Potential accounts, GCC and Private Equity pursuit are beginning to take hold and should start yielding results in the ensuing quarters.”

Venkatraman Narayanan, MD & CFO, said: “I am extremely happy to report on an annual growth of 26% in constant currency with an EBITDA of 21.4%, the latter, well in line with our guidance. Adjusted for a one-time bad debt and continued investments in Gen AI and Sales teams, Operating margin and EBIDTA continue to be industry leading and comparable to the previous year. PAT and EPS adjusted for acquisition related costs and exceptional item, a reliable measure of performance, continues to remain steady"

Result PDF

IT Consulting & Software company Happiest Minds Technologies announced Q3FY25 results

  • Revenue in constant currency grew 0.8% QoQ and 28.2% YoY.
  • Operating Revenues in USD stood at USD 62.7 million growing 0.5% QoQ and 27.0% YoY.
  • Total Income of Rs 55,376 lakh growing 0.9% QoQ and 27.5% YoY.
  • EBITDA of Rs 11,686 lakh, 21.1% of Total Income (decline of 1.6% QoQ and growth of 11.1% YoY).
  • PAT of Rs 5,010 lakh 9.0% of Total Income (growth of 1.2% and decline of 16.0% YoY).
  • Free cash flows of Rs 11,180 lakh and EPS (diluted) at Rs 3.33.

Ashok Soota, Executive Chairman, said: “Happiest Minds has reported another quarter of strong deal momentum and performance with a revenue growth of 28.2% YoY in constant currency and we are set to report our best performance since IPO in absolute terms.

We launched four transformational initiatives this year which included the acquisitions of Puresoftware and Aureus. The success of the same is evident from our YoY growth. The other three initiatives will accelerate our organic growth in the year ahead. These initiatives are the creation of the GenAI Business Unit, Verticalization into six Industry groups and induction of our Chief Growth Officer.

At our Generative AI Business Services (GBS), we are collaborating with our clients to explore opportunities for leveraging generative AI to enhance business value, efficiency, and productivity. Our goal is to integrate generative AI features into their products, services and provide them with a competitive advantage. The adoption of this promising technology has picked up speed with our customers embarking into enterprisewide adoption. Apart from projects already delivered, we have about 15 projects in a proof-of-concept stage which will lead to significant orders/projects in the next fiscal.

All our transformational initiatives will also ensure superior performance ahead.”

Result PDF

IT Consulting & Software company Happiest Minds Technologies announced H1FY25 & Q2FY25 results

Q2FY25 Financial Highlights:

  • Revenue in constant currency grew 12.7% QoQ and 28.2% YoY.
  • Operating Revenues in USD stood at USD 62.4 million growing 12.3% QoQ and 27.0% YoY.
  • Total Income of Rs 54,867 lakh growing 12.1% QoQ and 27.9% YoY.
  • EBITDA of Rs 11,882 lakh, 21.7% of Total Income (growth of 1.8% QoQ and 13.4% YoY).
  • PAT of Rs 4,951 lakh 9.0% of Total Income (decline of 3.0% QoQ and 15.3% YoY).
  • Free cash flows of Rs 11,612 lakh and EPS (diluted) at Rs 3.29.

H1FY25 Financial Highlights:

  • Revenue in constant currency grew 23.1% YoY.
  • Operating Revenues in USD stood at USD 117.9 million growing 22.0% YoY.
  • Total Income of Rs 103,793 lakh growing 24.5% YoY.
  • EBITDA of Rs 23,553 lakh, 22.7% of Total Income (growth of 13.3% YoY).
  • PAT of Rs 10,054 lakh 9.7% of Total Income (Decline of 13.9% YoY).
  • Free cash flows of Rs 23,181 lakh and EPS (diluted) at Rs 6.68.

Ashok Soota, Executive Chairman, said: “Happiest Minds has delivered our best growth results since the last two years with 12.7% QoQ growth and 28.2% YoY growth. The transformational changes we initiated this year are all gathering momentum. These changes include the acquisition of PureSoftware and Aureus, the creation of our GenAI Business Unit (GBS), hiring a senior leader to expand net new (NN Sales), and creating six Industry Groups, each headed by an Industry Manager. The full impact of all these changes on revenue and growth will become visible in the quarters ahead.”

Result PDF

IT Consulting & Software company Happiest Minds Technologies announced Q1FY25 results:

  • Revenue in constant currency grew 11.4% QoQ and 17.8% YoY 
  • Operating Revenues in USD stood at USD 55.5 million growing 10.9% QoQ and 16.8% YoY
  • Total Income of Rs 48,926 lakh growing 10.6% QoQ and 20.9% YoY
  • EBITDA of Rs 11,671 lakh, 23.9% of Total Income (growth of 7.8% QoQ and 13.3% YoY)
  • PAT of Rs 5,103 lakh 10.4% of Total Income (decline of 29.1% QoQ and 12.5% YoY)
  • Free cash flows of Rs 11,569 lakh and EPS (diluted) at Rs 3.39

Venkatraman Narayanan, MD & CFO, said “The quarter was eventful, and our results for the same include that of our two acquisitions: PureSoftware and Aureus. Our revenues in constant currency grew year over year by 17.8% while EBITDA grew by 13.3%. Variation in PBT and PAT are primarily on account of non-recurring expenses in the current quarter versus a large exceptional write-back in the previous, and increased amortization and financing costs arising from acquisitions.”

Joseph Anantharaju, Executive Vice Chairman, said, “Our sustained growth reflects our resilience and agility to adapt to market conditions quickly. We remain laser-focused on our client's needs and are set to leverage our Industry Groups and recent acquisitions to deliver on our client's strategic imperatives. The newly created Generative AI Business Services (GBS) is also helping us create transformative solutions that are helping customers to further extend their digital journeys.” 

Result PDF

IT Consulting & Software company Happiest Minds Technologies announced Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

• Revenue in constant currency grew by 1.4% QoQ and 9.5% YoY
• Operating Revenues in USD stood at $50.1 million (growth of 1.4% QoQ: 9.1% YoY)
• Total Income of Rs 44,250 lakh (growth of 1.9% QoQ; 14.5% YoY)
• EBITDA of Rs 10,822 lakh, 24.5% of Total Income (growth of 2.9% QoQ; 7.6% YoY)
• PAT of Rs 7,198 lakh (growth of 20.7% QoQ; 24.8% YoY)
• Free cash flows of Rs 10,744 lakh
• EPS (diluted) for the quarter at Rs 4.79

FY24 Financial Highlights:

• Revenue in constant currency grew by 11% YoY
• Operating Revenues in USD stood at $196.1 million (growth of 10.3% YoY)
• Total Income of Rs 171,003 lakh (growth of 17.9% YoY)
• EBITDA of Rs 42,122 lakh, 24.6% of Total Income (growth of 10.9% YoY)
• PAT of Rs 24,839 lakh (growth of 7.5% YoY)
• Free cash flows of Rs 41,069 lakh
• EPS (diluted) for the full year of Rs 16.73

Venkatraman Narayanan, MD & CFO, said “Happy to report a full year revenue growth in constant currency of 11% and EBITDA of 24.6%. I am proud of our performance especially in the face of a challenging year faced by our industry. Acquisition of PureSoftware Technologies and Macmillan Learning should help us in our growth story while delivering value to all our stakeholders”

Joseph Anantharaju, Executive Vice Chairman, said,“We have onboarded ten new customers and have built up a good sales pipeline for FY25. This, along with the cross-selling opportunities afforded by our acquisitions, we are well positioned for a rewarding FY25. Our Customer Happiness Survey this year has yielded excellent and best net promoterscores, validating our compelling customer value proposition and quality execution.”

Result PDF

IT Consulting and Software company Happiest Minds Technologies announced Q2FY24 results:

1. Financial Performance:
- Happiest Minds reports industry-leading growth of 11.6% YoY in constant currency.
- EBITDA grew by 11.1% YoY to Rs 105 crore.
- Strong EBITDA margin of 24.4%.
- Total Income of Rs 42,883 lakhs, a growth of 6.0% QoQ and 19.3% YoY.
- PAT of Rs 5,846 lakhs for the quarter.

2. Business Outlook:
- Revised revenue growth guidance for the year to 12% on an organic basis.
- Retaining EBITDA guidance of 22% to 24%.
- Long-term growth aspiration of becoming a billion-dollar enterprise by 2031.
- Initiating a Generative AI business unit (GBS) to capitalize on the transformative impact of AI.

3. Operational Highlights:
- Trailing 12 months attrition of 14.4%.
- Utilization of 75.6%.
- Net addition of 237 employees in the quarter.
- 7 new client additions, reaching a total of 244 clients.

4. Key Project Wins:
- Chosen by a large online retailer to design interactive user interfaces and provide automation services for their IoT division.
- Selected by a global fabless semiconductor company for ASIC Design and verification services.
- Partnership with a large utilities company in the US to provide data engineering and governance services.
- Engaged by a leading warehouse club operator in the US for security assessment services.

Ashok Soota, Executive Chairman, said, “Happiest Minds continues to lead the industry on growth and profitability metrics. We have yet again delivered a quarter of superior performance on all fronts. Separately, I would like to express my gratitude to all Happiest Minds and stakeholders for completing our 12th anniversary.

We had given revenue growth guidance for the year of 25% without making a distinction between organic and inorganic growth. Based on an assessment of market trends we are revising our revenue growth guidance for the year to 12% on an organic basis. Additional growth, if any, due to acquisition will be over and above this guidance. We retain our EBITDA guidance of 22% to 24% and remain committed to our long-term growth aspiration of becoming a billion-dollar enterprise by 2031.

I am happy to announce a major new organizational and strategic initiative for Happiest Minds. We are starting with the immediate effect of a Generative AI business unit (GBS) to capitalize on the transformative impact of Generative AI. The existing PES and DBS businesses will be combined into the PDES business unit. There will be no change in IMSS. We will therefore retain 3 BUs: PDES, IMSS, and GBS.”

 

 

Result PDF

IT Consulting & Software company Happiest Minds Technologies announced Q1FY24 results:

  • Revenue in constant currency grew by 3.5% QoQ and 13.8% YoY
  • Operating Revenues in USD stood at USD 47.6 million (growth of 3.6% QoQ; 12.7% YoY)
  • Total Income of Rs 40,453 lakh (growth of 4.7% QoQ; 22.6% YoY)
  • EBITDA of Rs 10,299 lakh, 25.5% of Total Income (growth of 2.4% QoQ; 17.4% YoY)
  • PAT of Rs 5,833 lakh (growth of 1.2% QoQ; growth of 3.5% YoY)
  • Free cash flows of Rs 10,133 lakh
  • EPS (diluted) for Q1FY24 of Rs 4.02

Ashok Soota, Executive Chairman, said, “We have consistently and yet again delivered industry-leading performance both on revenue growth and profitability. The highly successful run is a result of the continued acceleration of our customer’s digital journey and our ability to stay relevant to their needs. The performance wouldn’t have been possible without the commitment and dedication of our Happiest Minds team which has crossed 5,000 during the quarter.

We have set a goal of achieving USD 1 Billion by 2031 and our guidance of 25% is based on the same. We remain on target for achieving the goal. In our guidance of 25%, we have not been making a distinction between organic and inorganic growth. In the current year, we have been expecting to do significant acquisitions which we have not been able to close so far. We will update our guidance target in October based on the M&A progress.”

Venkatraman N, MD & CFO, said, “I am extremely happy to report on our thirteenth quarter of 25% plus EBITDA and ahead of our guidance which is a validation of our value proposition and disciplined execution. The successful closure of our Qualified Institutions Placement(QIP) of Rs 500 crore confirms the strong investor commitment to us and our growth aspirations.”

 

Result PDF

IT consulting & software company Happiest Minds Technologies announced Q4FY23 & FY23:

  • Q4FY23:
    • Revenue in constant currency grew by 1.3% QoQ and 17.6% YoY
    • Operating revenues in USD stood at USD 46 million (growth of 1.4% QoQ: 15.2% YoY)
    • Total income of Rs 38,643 lakh (growth of 3.1% QoQ; 24.5% YoY)
    • EBITDA of Rs 10,062 lakh, 26.0% of total income (growth of 3.5% QoQ; 23.3% YoY)
    • PAT of Rs 5,766 lakh, 14.9% of total income (growth of 0.1% QoQ; 10.7% YoY)
    • Free cash flows of Rs 9,946 lakh
    • EPS (diluted) for the quarter of Rs 3.98
  • FY23:
    • Revenue in constant currency grew by 23.7%
    • Operating revenues in USD stood at USD 178 million (growth of 21.2% YoY)
    • Total income of Rs 1,45,040 lakh (growth of 28.3% YoY)
    • EBITDA of Rs 37,997 lakh, 26.2% of total income (growth of 28.9% YoY)
    • PAT of Rs 23,099 lakh, 15.9% of total income (growth of 27.5% YoY)
    • Free cash flows of Rs 36,480 lakh
    • EPS (diluted) for the full year of Rs 16.01
  • The board of directors of the company at their meeting held on May 8, 2023, has recommended a final dividend of Rs 3.4 per equity share of face value Rs 2/- for FY23 subject to shareholder approval.

Ashok Soota, Executive Chairman, said “I am pleased to announce that Happiest Minds has delivered outstanding results for FY23 with 23.7% revenue growth and 26.2% of EBITDA. We have missed our revenue growth target by 1.3% due to the right-shifting of some Q4 revenues. This has been more than compensated by delivering an EBITDA which exceeded the upper band of our guidance of 22 to 24%. In view of our strong business pipeline, we are planning a record people addition of 1,300. Accordingly, we are retaining our FY24 revenue guidance growth at 25%.”

 

 

Result PDF

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