India's Most Valuable Companies 2024 edition · Source: Hurun India
Rank#429- Valuation
- ₹11,610 Cr
2023 #299 2022 #247 2021 #204
Market Cap
₹4,750 Cr
HAPPSTMNDS · NSE
Share Price
₹307.50
-1.43% today
Revenue
₹2,317 Cr
FY 2025-26 · +12.3% YoY
EBITDA
₹369 Cr
Margin 15.9%
Net Profit
₹226 Cr
FY 2025-26 · +17.2% YoY
P/E (TTM)
20.9x
P/B 2.9x
ROE
13.0%
ROCE 12.2%
Debt / Equity
0.84
Interest cover 34.7x
About Happiest Minds Technologies Limited
Data last updated:
Happiest Minds Technologies Limited is a public limited company based in Bangalore, Karnataka, India. It operates in the IT consulting and support services segment of the technology and IT services sector. It was incorporated on 30 March 2011 and has been in existence for over 15 years.
Happiest Minds Technologies is part of the BSE 500 index. Its director Ashok Soota is #666 among India's richest people (2026).
The company is registered with the Registrar of Companies (ROC), Bangalore, under CIN L72900KA2011PLC057931. Its GSTIN is 29AACCH6301G1ZT (Karnataka). The company holds 5 GST registrations, all of them active. It is a listed company as per MCA records. Its shares are listed on BSE: 543227 and NSE: HAPPSTMNDS.
The company has an authorised share capital of ₹59.1 Cr and a paid-up capital of ₹30.45 Cr. It was formerly known as Happiest Minds Technologies Private Limited and Happiestminds Technologies Private Limited. It is led by directors including Venkatraman Narayanan (Managing Director) and Ashok Soota (Whole-Time Director).
Its last annual general meeting (AGM) was held on 28 July 2026, and its latest financial statements are for the year ended 31 March 2026. The registered office is at Bangalore, Karnataka.
As per the latest consolidated financials for FY 2025-26, the company reported a revenue of ₹2,316.99 Cr, a growth of 12.3% compared to the previous year. For the same year it recorded a net profit of ₹225.8 Cr (net margin 9.7%) and EBITDA of ₹368.88 Cr (EBITDA margin 15.9%). The net worth stands at ₹1,689.49 Cr (up 7.3% YoY). Total assets are valued at ₹3,294.13 Cr (up 11.3% YoY).
The company has about 4,375 employees on its provident fund (EPFO) records. Its group structure includes 1 subsidiary.
The company is associated with 2 brands: OSSCube and Happiest Minds. As per MCA filings, the company has open charges of ₹1,084.42 Cr and satisfied charges of ₹130.8 Cr on record. Court records list 7 cases involving the company, including 3 filed by the company and 4 filed against it; 3 cases are pending. The company has 44 deals on record (31 market trades, 8 funding rounds, 3 secondary share transfers), with disclosed funding of ₹388.32 Cr; the latest was in September 2026. Its 10 peer companies in the same principal business activity (computer programming, consultancy and related activities) are compared by revenue, 5 larger and 5 smaller; the largest is Amadeus Software Labs India Private Limited with revenue of ₹2,291.78 Cr. The company has 17 MSME Form 1 returns on record between 2017 and 2024, listing 158 overdue payments to 49 micro and small suppliers.
The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website happiestminds.com.
Company details
CIN L72900KA2011PLC057931
Registration Number 057931
Incorporation Date 30 March 2011
ROC Bangalore
Listing Status Listed - Listed on NSE (HAPPSTMNDS); Listed on BSE (543227)
Company Status Active
Date of Last AGM 28 July 2026
Date of Balance Sheet 31 March 2026
Compliance Status Active Compliant
Name history
Happiest Minds Technologies has undergone 2 name changes throughout its history. The company was previously known as Happiest Minds Technologies Private Limited, and Happiestminds Technologies Private Limited. The current legal name is Happiest Minds Technologies Limited.
| Company Name | Status |
|---|---|
| Happiest Minds Technologies Limited | Current |
| Happiest Minds Technologies Private Limited | Previous |
| Happiestminds Technologies Private Limited | Previous |
CIN history
Happiest Minds Technologies has 2 previous CINs, indicating changes in the company's corporate structure or registration details. The current CIN is L72900KA2011PLC057931, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| L72900KA2011PLC057931 | Current |
| U72900KA2011PLC057931 | Previous |
| U72900KA2011PTC057931 | Previous |
Key People
Venkatraman Narayanan Managing Director Ashok Soota Whole-Time Director Joseph Vinod Kumar Anantharaju Whole-Time Director Recognitions & Rankings of Happiest Minds Technologies
India's Richest People 2026 edition · 1 director · Source: Hurun India
- #666 Ashok Soota ₹4,800 Cr
Stock market indices
BSE 500
Contact details
Happiest Minds Technologies Limited's registered office is in Bangalore, Karnataka. Its website is happiestminds.com. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Social Media
- Registered Address#53/1 – 4 Hosur Main Road Madivala (Next To Madivala Police Statio, N), Bangalore, Karnataka, India – 560068
- IndustryInformation Technology, IT Consulting & Support Services
To see the full contact details of Happiest Minds Technologies Limited, buy the company report.
Comprehensive company report
Happiest Minds Technologies Limited - one report that includes everything
- Company details, directors and signatories
- Historical financials and ratios
- Shareholding pattern and group structure
- Charges with holder and property details
- Legal cases, compliance and MCA filings
₹799 ₹999 20% off excluding 18% GST
Secure checkout · GST invoice included
Brands
Happiest Minds Technologies operates two associated brands: OSSCube and Happiest Minds. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Cloud and big data services are offered by OSSCube. | osscube.com | |
| IT outsourcing services are delivered across multiple business lines. | happiestminds.com |
Business activity
The main business activity of Happiest Minds Technologies is information and communication. In detail, this covers computer programming, consultancy and related activities.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| J | Information and communication | J6 | Computer programming, consultancy and related activities |
To see the full business activity and turnover split of Happiest Minds Technologies Limited, buy the company report.
Financials of Happiest Minds Technologies Limited
FY 2025-26 filings availableHappiest Minds Technologies Limited reported revenue of ₹2,316.99 Cr (up 12.3% YoY) for FY 2025-26.
Financial Highlights
FY 2025-26 · ConsolidatedRevenue
₹2,317 Cr
+12.3% YoY
EBITDA
₹369 Cr
+11.5% YoY
Profit After Tax
₹226 Cr
+17.2% YoY
Net Worth
₹1,689 Cr
+7.3% YoY
Total Assets
₹3,294 Cr
+11.3% YoY
Total Debt
₹1,494 Cr
+20.2% YoY
Revenue vs Net Profit ₹ Cr
Margin trends
Financial summary ₹ Cr
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 2,317 | 2,063 | 1,627 | 1,429 | 1,094 | 773 | 698 |
| Revenue growth | +12.3% | +26.8% | +13.8% | +30.7% | +41.4% | +10.8% | - |
| EBITDA | 369 | 331 | 336 | 353 | 252 | 191 | 85.84 |
| EBITDA margin | +15.9% | +16.0% | +20.7% | +24.7% | +23.0% | +24.8% | +12.3% |
| Profit before tax | 284 | 255 | 335 | 310 | 246 | 186 | 73.61 |
| Net profit | 226 | 193 | 238 | 236 | 186 | 162 | 82.71 |
| Net profit margin | +9.8% | +9.3% | +14.7% | +16.5% | +17.0% | +21.0% | +11.9% |
| EPS (₹) | 14.15 | 12.31 | 16.63 | 16.12 | 12.70 | 11.45 | 16.32 |
| Balance sheet | |||||||
| Total assets | 3,294 | 2,961 | 2,030 | 1,417 | 947 | 780 | 392 |
| Net worth | 1,689 | 1,575 | 1,480 | 839 | 666 | 546 | 265 |
| Total debt | 1,494 | 1,244 | 512 | 534 | 250 | 193 | 114 |
| Cash & bank | 913 | 1,058 | 1,337 | 692 | 168 | 145 | 190 |
| Net working capital | 1,280 | 1,301 | 1,573 | 870 | 290 | 218 | 245 |
| Cash flow | |||||||
| Cash from operations | 261 | 236 | 213 | 207 | 168 | 144 | 112 |
| Cash from investing | (117) | (731) | (537) | (348) | (95.88) | (271) | (71.62) |
| Cash from financing | (144) | 499 | 363 | 72.07 | (90.78) | 169 | (13.34) |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 629 | 604 | 588 | 574 | 550 | 545 | 531 | 522 |
| Revenue growth (YoY) | +14.3% | +10.9% | +10.7% | +10.0% | +18.6% | - | - | - |
| Other income | 23.69 | 21.05 | 15.72 | 21.61 | 30.03 | 25.95 | 22.96 | 27.03 |
| EBITDA | 118 | 104 | 85.07 | 98.65 | 94.02 | 71.72 | 93.90 | 91.80 |
| EBITDA margin | +18.7% | +17.2% | +14.5% | +17.2% | +17.1% | +13.2% | +17.7% | +17.6% |
| Depreciation | 22.63 | 21.56 | 22.07 | 22.19 | 22.36 | 22.55 | 20.99 | 23.12 |
| Interest | 28.46 | 22.61 | 24.52 | 25.41 | 24.82 | 24.74 | 26.93 | 27.99 |
| Profit before tax | 90.20 | 80.48 | 54.20 | 72.66 | 76.87 | 50.38 | 68.94 | 67.72 |
| Tax | 22.60 | 19.31 | 13.90 | 18.64 | 19.74 | 16.38 | 18.84 | 18.20 |
| Net profit | 67.60 | 61.17 | 40.30 | 54.02 | 57.13 | 34.00 | 50.10 | 49.52 |
| EPS (₹) | 4.48 | 4.06 | 2.67 | 3.59 | 3.79 | 2.26 | 3.33 | 3.29 |
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 1,727 | 1,596 | 1,475 | 1,334 | 1,034 | 761 | 698 |
| Revenue growth | +8.2% | +8.2% | +10.6% | +29.1% | +35.8% | +9.0% | - |
| EBITDA | 239 | 212 | 289 | 321 | 246 | 190 | 87.57 |
| EBITDA margin | +13.8% | +13.3% | +19.6% | +24.1% | +23.8% | +25.0% | +12.5% |
| Profit before tax | 270 | 207 | 325 | 292 | 251 | 186 | 75.33 |
| Net profit | 241 | 172 | 245 | 216 | 186 | 162 | 84.43 |
| Net profit margin | +14.0% | +10.8% | +16.6% | +16.2% | +18.0% | +21.3% | +12.1% |
| EPS (₹) | 14.92 | 10.36 | 16.45 | 15.10 | 13.07 | 11.42 | 16.71 |
| Balance sheet | |||||||
| Total assets | 3,150 | 2,753 | 2,020 | 1,410 | 936 | 780 | 392 |
| Net worth | 1,637 | 1,524 | 1,474 | 826 | 670 | 547 | 266 |
| Total debt | 1,421 | 1,176 | 512 | 543 | 250 | 193 | 114 |
| Cash & bank | 848 | 985 | 1,324 | 674 | 157 | 139 | 190 |
| Net working capital | 1,212 | 1,174 | 1,565 | 868 | 293 | 214 | 246 |
| Cash flow | |||||||
| Cash from operations | 87.73 | 133 | 189 | 172 | 159 | 150 | 113 |
| Cash from investing | (22.76) | (650) | (506) | (342) | (111) | (284) | (72.37) |
| Cash from financing | (53.29) | 450 | 358 | 102 | (72.17) | 169 | (12.80) |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 561 | 543 | 433 | 430 | 491 | 388 | 404 | 403 |
| Revenue growth (YoY) | +14.1% | +40.0% | +7.2% | +6.8% | +31.9% | - | - | - |
| Other income | 23.62 | 16.10 | 15.72 | 39.00 | 29.57 | 61.90 | 22.28 | 26.53 |
| Total expenses | 461 | 452 | 393 | 363 | 409 | 376 | 341 | 334 |
| EBITDA | 100 | 91.33 | 40.09 | 67.79 | 82.02 | 11.80 | 62.17 | 69.45 |
| EBITDA margin | +17.8% | +16.8% | +9.3% | +15.7% | +16.7% | +3.0% | +15.4% | +17.2% |
| Depreciation | 19.96 | 18.80 | 12.92 | 13.10 | 19.21 | 12.64 | 12.92 | 12.66 |
| Interest | 27.35 | 20.39 | 23.30 | 23.94 | 22.99 | 24.13 | 24.34 | 24.93 |
| Profit before tax | 76.32 | 68.24 | 19.59 | 69.75 | 69.39 | 36.93 | 47.19 | 58.39 |
| Tax | 19.44 | 18.54 | 5.56 | 13.52 | 18.18 | 6.44 | 12.76 | 15.46 |
Financial Statements
Figures in ₹ Cr; negatives in brackets. Updated 22 Oct 2026
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 629 | 604 | 588 | 574 | 550 | 545 | 531 | 522 |
| Revenue growth (YoY) | +14.3% | +10.9% | +10.7% | +10.0% | +18.6% | - | - | - |
| Other income | 23.69 | 21.05 | 15.72 | 21.61 | 30.03 | 25.95 | 22.96 | 27.03 |
| EBITDA | 118 | 104 | 85.07 | 98.65 | 94.02 | 71.72 | 93.90 | 91.80 |
| EBITDA margin | +18.7% | +17.2% | +14.5% | +17.2% | +17.1% | +13.2% | +17.7% | +17.6% |
| Depreciation | 22.63 | 21.56 | 22.07 | 22.19 | 22.36 | 22.55 | 20.99 | 23.12 |
| Interest | 28.46 | 22.61 | 24.52 | 25.41 | 24.82 | 24.74 | 26.93 | 27.99 |
| Profit before tax | 90.20 | 80.48 | 54.20 | 72.66 | 76.87 | 50.38 | 68.94 | 67.72 |
| Tax | 22.60 | 19.31 | 13.90 | 18.64 | 19.74 | 16.38 | 18.84 | 18.20 |
| Net profit | 67.60 | 61.17 | 40.30 | 54.02 | 57.13 | 34.00 | 50.10 | 49.52 |
| EPS (₹) | 4.48 | 4.06 | 2.67 | 3.59 | 3.79 | 2.26 | 3.33 | 3.29 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 2,317 | 2,063 | 1,627 | 1,429 | 1,094 | 773 | 698 |
| Revenue growth | +12.3% | +26.8% | +13.8% | +30.7% | +41.4% | +10.8% | - |
| Other income | 101 | 113 | 99.39 | 21.11 | 37.10 | 24.24 | 16.02 |
| Total expenses | 1,948 | 1,732 | 1,291 | 1,077 | 842 | 582 | 612 |
| Employee cost | 1,561 | 1,365 | 1,015 | 807 | 620 | 452 | 441 |
| EBITDA | 369 | 331 | 336 | 353 | 252 | 191 | 85.84 |
| EBITDA margin | +15.9% | +16.0% | +20.7% | +24.7% | +23.0% | +24.8% | +12.3% |
| Depreciation | 88.19 | 88.70 | 58.29 | 41.91 | 32.88 | 22.74 | 20.23 |
| Interest | 97.36 | 99.48 | 42.27 | 21.86 | 9.95 | 6.97 | 8.02 |
| Profit before tax | 284 | 255 | 335 | 310 | 246 | 186 | 73.61 |
| Tax | 71.59 | 70.80 | 86.29 | 78.87 | 64.65 | 23.56 | 1.90 |
| Net profit | 226 | 193 | 238 | 236 | 186 | 162 | 82.71 |
| Net profit margin | +9.8% | +9.3% | +14.7% | +16.5% | +17.0% | +21.0% | +11.9% |
| EPS (₹) | 14.15 | 12.31 | 16.63 | 16.12 | 12.70 | 11.45 | 16.32 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Equity & liabilities | |||||||
| Share capital | 30.05 | 30.01 | 29.87 | 28.66 | 28.54 | 28.37 | 45.13 |
| Reserves & surplus | 1,659 | 1,545 | 1,450 | 810 | 637 | 518 | 220 |
| Shareholders' funds (net worth) | 1,689 | 1,575 | 1,480 | 839 | 666 | 546 | 265 |
| Minority interest | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Secured loans | 1,096 | 840 | 317 | 400 | 191 | 166 | 78.43 |
| Unsecured loans | 398 | 403 | 195 | 134 | 59.11 | 26.45 | 35.47 |
| Total debt | 1,494 | 1,244 | 512 | 534 | 250 | 193 | 114 |
| Total liabilities | 3,294 | 2,961 | 2,030 | 1,417 | 947 | 780 | 392 |
| Assets | |||||||
| Gross block | 1,403 | 1,386 | 526 | 488 | 197 | 158 | 73.04 |
| Net block | 1,172 | 1,211 | 413 | 432 | 158 | 128 | 37.81 |
| Capital work in progress | 1.65 | 0.18 | 0.31 | 2.66 | 0.35 | 0.14 | 0.17 |
| Investments | 504 | 350 | 0.00 | 12.96 | 472 | 391 | 83.37 |
| Inventories | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Sundry debtors | 390 | 358 | 254 | 213 | 167 | 122 | 115 |
| Cash & bank balances | 913 | 1,058 | 1,337 | 692 | 168 | 145 | 190 |
| Loans & advances | 269 | 234 | 187 | 168 | 128 | 85.95 | 57.30 |
| Total current assets | 1,572 | 1,651 | 1,778 | 1,073 | 463 | 353 | 362 |
| Total current liabilities | 292 | 350 | 205 | 203 | 173 | 135 | 116 |
| Net working capital | 1,280 | 1,301 | 1,573 | 870 | 290 | 218 | 245 |
| Total assets | 3,294 | 2,961 | 2,030 | 1,417 | 947 | 780 | 392 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | 119 | 115 | 69.99 | 67.29 | 85.83 | 43.53 | 16.27 |
| Net cash from operating activities | 261 | 236 | 213 | 207 | 168 | 144 | 112 |
| Net cash from investing activities | (117) | (731) | (537) | (348) | (95.88) | (271) | (71.62) |
| Net cash from financing activities | (144) | 499 | 363 | 72.07 | (90.78) | 169 | (13.34) |
| Net change in cash | 0.54 | 4.42 | 38.98 | (68.49) | (18.54) | 42.30 | 27.26 |
| Closing cash | 913 | 1,058 | 1,337 | 692 | 168 | 145 | 190 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Sales growth | +12.3% | +26.8% | +13.8% | +30.7% | +41.4% | +10.8% | - |
| EBITDA growth | +11.5% | -1.5% | -4.7% | +40.1% | +31.4% | +123.1% | - |
| PBT growth | +11.3% | -23.7% | +8.0% | +26.0% | +32.2% | +152.7% | +467.1% |
| Net income growth | +17.2% | -19.2% | +1.2% | +26.9% | +14.3% | +96.4% | - |
| Revenue CAGR (3Y) | +17.5% | +23.6% | +28.1% | +27.0% | +22.8% | - | - |
| EBITDA CAGR (3Y) | +1.5% | +9.6% | +20.6% | +60.1% | +81.3% | - | - |
| Profitability & leverage | |||||||
| Net income margin | +9.2% | +9.0% | +15.3% | +16.2% | +16.6% | +21.0% | +10.3% |
| Return on capital employed | +12.2% | +14.2% | +21.9% | +28.1% | +29.6% | +31.4% | +23.3% |
| Return on net worth | +13.0% | +12.1% | +21.4% | +30.7% | +29.9% | +39.1% | +34.3% |
| Debt / equity | 0.84 | 0.57 | 0.45 | 0.52 | 0.37 | 0.38 | 1.18 |
| Long-term debt / equity | 0.24 | 0.18 | 0.13 | 0.15 | 0.09 | 0.08 | 0.28 |
| Interest cover | 34.69 | 41.06 | 15.23 | 7.04 | 4.55 | 4.13 | 12.22 |
| Efficiency & per share | |||||||
| Fixed asset turnover | 1.66 | 2.16 | 3.21 | 4.17 | 6.17 | 6.71 | 8.73 |
| Inventory turnover | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Debtors turnover | 6.19 | 6.74 | 6.96 | 7.51 | 7.56 | 6.53 | 5.72 |
| EPS (₹) | 14.15 | 12.31 | 16.63 | 16.12 | 12.70 | 11.45 | 16.32 |
| Dividend per share (₹) | 6.25 | 6.00 | 5.75 | 5.40 | 3.75 | 3.00 | 0.00 |
| Book value per share (₹) | 112.45 | 104.94 | 99.11 | 58.54 | 46.66 | 38.49 | 52.10 |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 561 | 543 | 433 | 430 | 491 | 388 | 404 | 403 |
| Revenue growth (YoY) | +14.1% | +40.0% | +7.2% | +6.8% | +31.9% | - | - | - |
| Other income | 23.62 | 16.10 | 15.72 | 39.00 | 29.57 | 61.90 | 22.28 | 26.53 |
| Total expenses | 461 | 452 | 393 | 363 | 409 | 376 | 341 | 334 |
| EBITDA | 100 | 91.33 | 40.09 | 67.79 | 82.02 | 11.80 | 62.17 | 69.45 |
| EBITDA margin | +17.8% | +16.8% | +9.3% | +15.7% | +16.7% | +3.0% | +15.4% | +17.2% |
| Depreciation | 19.96 | 18.80 | 12.92 | 13.10 | 19.21 | 12.64 | 12.92 | 12.66 |
| Interest | 27.35 | 20.39 | 23.30 | 23.94 | 22.99 | 24.13 | 24.34 | 24.93 |
| Profit before tax | 76.32 | 68.24 | 19.59 | 69.75 | 69.39 | 36.93 | 47.19 | 58.39 |
| Tax | 19.44 | 18.54 | 5.56 | 13.52 | 18.18 | 6.44 | 12.76 | 15.46 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 1,727 | 1,596 | 1,475 | 1,334 | 1,034 | 761 | 698 |
| Revenue growth | +8.2% | +8.2% | +10.6% | +29.1% | +35.8% | +9.0% | - |
| Other income | 175 | 137 | 113 | 22.34 | 37.71 | 23.42 | 15.98 |
| Total expenses | 1,489 | 1,384 | 1,186 | 1,013 | 788 | 571 | 611 |
| Employee cost | 1,193 | 1,089 | 948 | 787 | 612 | 450 | 441 |
| EBITDA | 239 | 212 | 289 | 321 | 246 | 190 | 87.57 |
| EBITDA margin | +13.8% | +13.3% | +19.6% | +24.1% | +23.8% | +25.0% | +12.5% |
| Depreciation | 51.14 | 50.53 | 34.30 | 29.96 | 24.23 | 20.63 | 20.23 |
| Interest | 92.23 | 91.13 | 42.27 | 21.50 | 8.30 | 6.92 | 7.99 |
| Profit before tax | 270 | 207 | 325 | 292 | 251 | 186 | 75.33 |
| Tax | 46.19 | 51.97 | 79.23 | 75.30 | 64.37 | 24.09 | 1.90 |
| Net profit | 241 | 172 | 245 | 216 | 186 | 162 | 84.43 |
| Net profit margin | +14.0% | +10.8% | +16.6% | +16.2% | +18.0% | +21.3% | +12.1% |
| EPS (₹) | 14.92 | 10.36 | 16.45 | 15.10 | 13.07 | 11.42 | 16.71 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Equity & liabilities | |||||||
| Share capital | 30.05 | 30.01 | 29.87 | 28.66 | 28.54 | 28.37 | 45.13 |
| Reserves & surplus | 1,607 | 1,494 | 1,444 | 797 | 641 | 518 | 220 |
| Shareholders' funds (net worth) | 1,637 | 1,524 | 1,474 | 826 | 670 | 547 | 266 |
| Secured loans | 1,013 | 779 | 317 | 423 | 191 | 166 | 78.43 |
| Unsecured loans | 408 | 398 | 195 | 120 | 59.11 | 26.45 | 35.43 |
| Total debt | 1,421 | 1,176 | 512 | 543 | 250 | 193 | 114 |
| Total liabilities | 3,150 | 2,753 | 2,020 | 1,410 | 936 | 780 | 392 |
| Assets | |||||||
| Gross block | 420 | 422 | 268 | 232 | 73.21 | 56.04 | 63.73 |
| Net block | 291 | 316 | 203 | 199 | 63.48 | 28.92 | 37.80 |
| Capital work in progress | 0.83 | 0.18 | 0.31 | 2.66 | 0.35 | 0.14 | 0.17 |
| Investments | 1,303 | 1,133 | 197 | 197 | 524 | 489 | 83.37 |
| Inventories | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Sundry debtors | 339 | 281 | 232 | 199 | 161 | 116 | 115 |
| Cash & bank balances | 848 | 985 | 1,324 | 674 | 157 | 139 | 190 |
| Loans & advances | 246 | 188 | 197 | 161 | 122 | 85.25 | 57.30 |
| Total current assets | 1,433 | 1,454 | 1,753 | 1,034 | 440 | 340 | 362 |
| Total current liabilities | 221 | 280 | 188 | 166 | 147 | 126 | 116 |
| Net working capital | 1,212 | 1,174 | 1,565 | 868 | 293 | 214 | 246 |
| Total assets | 3,150 | 2,753 | 2,020 | 1,410 | 936 | 780 | 392 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | 45.96 | 113 | 59.66 | 56.01 | 79.52 | 43.50 | 16.05 |
| Net cash from operating activities | 87.73 | 133 | 189 | 172 | 159 | 150 | 113 |
| Net cash from investing activities | (22.76) | (650) | (506) | (342) | (111) | (284) | (72.37) |
| Net cash from financing activities | (53.29) | 450 | 358 | 102 | (72.17) | 169 | (12.80) |
| Net change in cash | 11.68 | (67.17) | 41.43 | (67.54) | (23.51) | 36.02 | 27.45 |
| Closing cash | 848 | 985 | 1,324 | 674 | 157 | 139 | 190 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Sales growth | +8.2% | +8.2% | +10.6% | +29.1% | +35.8% | +9.0% | - |
| EBITDA growth | +12.4% | -26.6% | -10.0% | +30.6% | +29.2% | +117.1% | - |
| PBT growth | +30.3% | -36.2% | +11.4% | +16.3% | +34.9% | +146.9% | +1732.9% |
| Net income growth | +40.0% | -29.6% | +13.1% | +16.1% | +15.1% | +91.8% | - |
| Revenue CAGR (3Y) | +9.0% | +15.6% | +24.7% | +24.1% | +20.5% | +19.7% | +17.5% |
| EBITDA CAGR (3Y) | -9.4% | -4.8% | +15.0% | +54.2% | +103.9% | - | +378.4% |
| Profitability & leverage | |||||||
| Net income margin | +13.0% | +9.7% | +16.7% | +16.2% | +18.0% | +21.3% | +10.5% |
| Return on capital employed | +12.3% | +13.5% | +21.4% | +26.7% | +30.2% | +31.5% | +17.9% |
| Return on net worth | +14.2% | +11.5% | +21.4% | +28.9% | +30.7% | +39.0% | +35.1% |
| Debt / equity | 0.82 | 0.56 | 0.46 | 0.53 | 0.36 | 0.38 | 2.51 |
| Long-term debt / equity | 0.22 | 0.18 | 0.14 | 0.15 | 0.09 | 0.08 | 0.29 |
| Interest cover | 49.21 | 56.38 | 16.61 | 7.39 | 3.75 | 4.08 | 11.87 |
| Efficiency & per share | |||||||
| Fixed asset turnover | 4.10 | 4.63 | 5.90 | 8.75 | 15.99 | 12.71 | 10.27 |
| Inventory turnover | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Debtors turnover | 5.57 | 6.22 | 6.85 | 7.41 | 7.45 | 6.59 | 5.76 |
| EPS (₹) | 14.92 | 10.36 | 16.45 | 15.10 | 13.07 | 11.42 | 16.71 |
| Dividend per share (₹) | 6.40 | 6.00 | 5.75 | 5.40 | 3.75 | 3.00 | 0.00 |
| Book value per share (₹) | 108.93 | 101.59 | 98.67 | 57.64 | 46.93 | 38.54 | 52.17 |
To see the full year-wise statements and ratios of Happiest Minds Technologies Limited, buy the company report.
Board of directors of Happiest Minds Technologies Limited
Happiest Minds Technologies has 7 current directors and 13 former directors. Current directors are listed first, with their designation and appointment date.
Current Directors
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Ashok Soota | Whole-Time Director | 01 Apr 2011 | 15 Years 6 Months | Current |
| Shuba Rao Mayya | Director | 04 Jun 2020 | 6 Years 4 Months | Current |
| Rajendra Kumar Srivastava | Director | 04 Jun 2020 | 6 Years 4 Months | Current |
| Anita Ramachandran | Director | 04 Jun 2020 | 6 Years 4 Months | Current |
| Joseph Vinod Kumar Anantharaju | Whole-Time Director | 04 Nov 2020 | 5 Years 11 Months | Current |
| Venkatraman Narayanan Also directs: Happiest Health Systems Private Limited, Govardhan Trading Company Pvt Ltd, Aureustech Systems Private Limited and 1 more | Managing Director | 16 Jan 2018 | 8 Years 9 Months | Current |
Showing 6 of 7 current directors. View all directors
Peer comparison
Happiest Minds Technologies Limited is compared with the 10 companies closest to it by revenue in the same principal business activity (computer programming, consultancy and related activities), from the latest filed financials of each company.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Happiest Minds Technologies Limitedthis company | ₹2,316.99 Cr (FY 2026) | ₹225.8 Cr | 9.7% | 12.3% | 4,375 | Bangalore, Karnataka, India |
| Amadeus Software Labs India Private Limited | ₹2,291.78 Cr (FY 2025) | 28.0% | Bangalore, Karnataka, India | |||
| DXC Technology India Private Limited | ₹2,287.18 Cr (FY 2025) | -2.0% | Chennai, Tamil Nadu, India | |||
| HCL Software Products Limited | ₹2,255.63 Cr (FY 2025) | 5.0% | New Delhi, Delhi, India | |||
| ZF India Private Limited | ₹2,200.67 Cr (FY 2025) | 7.0% | Chakan, Maharashtra, India | |||
| Nomura Services India Private Limited | ₹2,195.88 Cr (FY 2025) | 10.0% | Mumbai, Maharashtra, India | |||
| Zscaler Softech India Private Limited | ₹2,121.17 Cr (FY 2025) | 33.0% | Bengaluru, Karnataka, India | |||
| Lowe's India Private Limited | ₹2,120.84 Cr (FY 2025) | 15.0% | Bengaluru, Karnataka, India | |||
| Astrazeneca India Private Limited | ₹2,087.83 Cr (FY 2025) | 35.0% | Chennai, Tamil Nadu, India | |||
| Fis Global Business Solutions India Private Limited | ₹2,081.97 Cr (FY 2025) | 6.0% | New Delhi, Delhi, India | |||
| Harman Connected Services Corporation India Private Limited | ₹2,081.9 Cr (FY 2025) | -2.0% | Bangalore, Karnataka, India |
To see the full peer comparison of Happiest Minds Technologies Limited, buy the company report.
Auditor
Happiest Minds Technologies Limited is audited by Deloitte Haskins & Sells for the financial year 2025.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| Deloitte Haskins & Sells | FY 2025 | 008072S |
Shareholding
Shareholding for the quarter ended Sep 2026: promoters hold 44.20%, foreign institutional investors hold 6.00%, domestic institutional investors hold 5.70% and retail and other public shareholders hold 44.10%.
Sep 2026
QUARTER
44.20% Promoters
5.70% DII (Domestic Institutional)
6.00% FII (Foreign Institutional)
44.10% Retail & Others
Promoter holding - history
Now 44.20% · Sep 2026High 44.20% · Dec 2025Low 44.20% · Dec 2025
Shareholding trend - last 6 quarters
| Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | |
|---|---|---|---|---|
| Promoters | 44.20% | 44.20% | 44.20% | 44.20% |
| Public | 55.80% | 55.80% | 55.80% | 55.80% |
Charges & borrowings
Open charges
₹1,084.42 Cr
Satisfied charges
₹130.8 Cr
Breakdown by lending institutions
Latest charge details
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 17 Sep 2025 | 101167679 | Others | ₹123.75 Cr | Open | |
| 12 Jun 2025 | 101115264 | State Bank of India | ₹80 Cr | Open | |
| 25 Sep 2024 | 100989874 | Hdfc Bank Limited | ₹87 Cr | Open | |
| 25 Sep 2023 | 100795893 | Axis Bank Limited | ₹25 Cr | Open | |
| 30 Jun 2023 | 100744373 | Citi Bank N.A. | ₹60 Cr | Open |
To see the full charge records of Happiest Minds Technologies Limited, buy the company report.
Total charge records: 16 View all charges
Deals & funding
Happiest Minds Technologies Limited has 44 deals on record (31 market trades, 8 funding rounds, 3 secondary share transfers), with disclosed funding of ₹388.32 Cr; the latest was in September 2026.
Total deals
44
Market trades
31
Funding rounds
8
Secondary share transfers
3
QIP
1
Disclosed funding
₹388.32 Cr
Deals on record (5 of 44)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Sep 2026 | Market trade | ₹92.05 Cr | Buyer: Hrti Private Limited , Qe Securities LLP Seller: Qe Securities LLP , Hrti Private Limited , an individual |
| Mar 2026 | Market trade | ₹213.47 Cr | Buyer: Microcurves Trading Private Limited , Hrti Private Limited , NK Securities Research Private Limited Seller: Microcurves Trading Private Limited , Hrti Private Limited , NK Securities Research Private Limited |
| Mar 2026 | Market trade | ₹72.08 Cr | Buyer: Junomoneta Finsol Private Limited , Hrti Private Limited Seller: Junomoneta Finsol Private Limited , Hrti Private Limited |
| Mar 2026 | Market trade | ₹49.58 Cr | Buyer: Graviton Research Capital LLP Seller: Graviton Research Capital LLP |
| Mar 2026 | Market trade | ₹703.08 Cr | Buyer: Junomoneta Finsol Private Limited , NK Securities Research Private Limited , Jump Trading Financial India Private Limited Seller: Junomoneta Finsol Private Limited , NK Securities Research Private Limited , Jump Trading Financial India Private Limited |
To see the full deal history of Happiest Minds Technologies Limited, buy the company report.
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal cases
Happiest Minds Technologies Limited has 7 court cases on record: 3 filed by Happiest Minds Technologies, 4 filed against it. 3 cases are pending and 4 are disposed.
Total cases
7
Filed by the company
3
Filed against the company
4
Pending
3
Disposed
4
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| District courts | 4 | 2 | 2 |
| High courts | 3 | 2 | 1 |
Cases on record (5 of 7)
| Court | Type of case | Party | Status |
|---|---|---|---|
| District court, BENGALURU, Karnataka | Court case (Com.A.A.) | Filed against the company by M/S Hello Verify India Private Limited | Disposed |
| High Court of Karnataka | Interim or miscellaneous application | Filed against the company by M/S Hello Verify India Private Limited | Disposed |
| High Court of Karnataka | Writ petition | Filed by the company against M/S Tata Capital Financial Services Ltd and 3 others | Disposed |
| District court, Bhopal, Madhya Pradesh | Court case (MJC SUC) | Filed against the company | Pending |
| District court, BENGALURU, Karnataka | Civil suit | Filed by the company against an individual | Pending |
To see the full case history of Happiest Minds Technologies Limited, buy the company report.
Case records are compiled from court listings and may lag the court's own records. A case filed against a company is not a finding against it.
Credit ratings & regulatory alerts
Happiest Minds Technologies Limited was last rated by Indiarating on 24 Sep 2021.
| Rating agency | Rated on | Rating |
|---|---|---|
| Indiarating | 24 Sep 2021 |
To see the full credit ratings and regulatory alerts of Happiest Minds Technologies Limited, buy the company report.
MSME payment delays
Happiest Minds Technologies Limited has 17 MSME Form 1 returns on record between 2017 and 2024, listing 158 overdue payments to 49 micro and small suppliers. Companies must report dues to micro and small suppliers that stay unpaid for more than 45 days in a half-yearly MSME Form 1 return.
Suppliers with reported dues (5 of 49)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| Merraky Engineering Solutions Private Limited | |||
| Threefish Consulting Private Limited | |||
| MNK Creatives Private Limited | |||
| Vibrant Screen Private Limited | |||
| N Human Resources and Management Systems |
To see the full MSME payment records of Happiest Minds Technologies Limited, buy the company report.
Individuals and sole proprietors among the suppliers are not named.
Group structure & subsidiaries
Happiest Minds Technologies has 1 subsidiary company. This group structure data is as of FY 2024. The table lists each entity with its relationship and holding.
1
Subsidiary companies
Key subsidiaries
| Company Name | CIN | Shares held |
|---|---|---|
| Sri Mookambika Infosolutions Private Limited | U72200KA2010PTC184873 |
To see the full group structure of Happiest Minds Technologies Limited, buy the company report.
Employees & EPFO
Happiest Minds Technologies Limited has a workforce of 4,375 employees on its EPFO records as of Oct 09, 2025, across 1 active EPFO establishment.
Employee count
4,375
Active EPFO establishments
1
Employee growth
8.78%
GST
Happiest Minds Technologies has 5 GST registrations: 5 active. The first 4 active GSTINs are listed below.
Total GSTINs
5
Active
5
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 29AACCH6301G1ZT | Karnataka | Active | 01 Jul 2017 |
| 29AACCH6301G2ZS | Karnataka | Active | 25 Aug 2025 |
| 09AACCH6301G1ZV | Uttar Pradesh | Active | 08 Jul 2017 |
| 27AACCH6301G1ZX | Maharashtra | Active | 30 Jul 2017 |
To see the full GST registrations and return filing status of Happiest Minds Technologies Limited, buy the company report.
Recent activity
Happiest Minds Technologies Limited has 26 board changes on record since 2011: 18 appointments and 8 cessations. The latest: Anand Balakrishnan was appointed as CFO on 08 Jul 2025.
AGM
Happiest Minds Technologies Limited last Annual general meeting of members was held on 28 Jul 2026 as per latest MCA records.
Charges
A charge with Others of Rs. 355.00 Cr registered on 29 Aug 2012 with Charge ID 10377171 was modified on 16 Apr 2026.
Filing
Happiest Minds Technologies Limited has filed its annual Financial statements for the year ended 31 Mar 2026 with Roc Bangalore.
Charges
A charge with Others of Rs. 50.00 Cr registered on 17 Dec 2020 with Charge ID 100405218 was modified on 11 Mar 2026.
Charges
A charge with Others amounted to Rs. 123.75 Cr with Charge ID 101167679 was registered on 17 Sep 2025.
Appointed
Anand Balakrishnan was appointed as CFO.
Charges
A charge with State Bank Of India amounted to Rs. 80.00 Cr with Charge ID 101115264 was registered on 12 Jun 2025.
Charges
A charge with Hdfc Bank Limited amounted to Rs. 87.00 Cr with Charge ID 100989874 was registered on 25 Sep 2024.
Appointed
Rajiv Indravadan Shah was appointed as Whole-Time Director.
Appointed
Seshashayee Sampathiyengar Sridhara was appointed as Director.
Charges
A charge registered on 25 Jan 2021 via Charge ID 100415229 with Others was fully satisfied on 02 May 2024.
Charges
A charge with Axis Bank Limited amounted to Rs. 25.00 Cr with Charge ID 100795893 was registered on 25 Sep 2023.
42 earlier events are in the company report.
News
Frequently asked questions
Happiest Minds Technologies is an active public limited company based in Bangalore, Karnataka, India. The company works in IT consulting and support services, within the information technology industry. It was incorporated on 30 March 2011 (15+ years old) and is registered under CIN L72900KA2011PLC057931. Listed on BSE: 543227 and NSE: HAPPSTMNDS.
Happiest Minds Technologies reported revenue of ₹2,316.99 Cr for FY 2025-26 (up 12.3% YoY) based on consolidated financials.
Happiest Minds Technologies has 7 current directors:
- Venkatraman Narayanan - Managing Director
- Ashok Soota - Whole-Time Director
- Joseph Vinod Kumar Anantharaju - Whole-Time Director
- Shuba Rao Mayya - Director
- Rajendra Kumar Srivastava - Director
- Anita Ramachandran - Director
- Seshashayee Sampathiyengar Sridhara - Director
The latest financial statements of Happiest Minds Technologies on record with the MCA are for the year ended 31 March 2026. Its last annual general meeting was held on 28 July 2026. Year-wise statements from 2015 are in the company report.
The GSTIN of Happiest Minds Technologies is 29AACCH6301G1ZT, registered in Karnataka. The company has 5 GST registrations in all, of which 5 are active. Other active GSTINs include 29AACCH6301G2ZS (Karnataka), 09AACCH6301G1ZV (Uttar Pradesh), 27AACCH6301G1ZX (Maharashtra).
The CIN (Corporate Identification Number) of Happiest Minds Technologies is L72900KA2011PLC057931. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Yes. Happiest Minds Technologies is a listed company as per MCA records. Its shares are listed on both BSE (code: 543227) and NSE (symbol: HAPPSTMNDS).
Happiest Minds Technologies has 7 court cases on record: 3 filed by the company and 4 filed against it. 3 are pending. Most are in the district courts.
Happiest Minds Technologies was incorporated on 30 March 2011, making it 15+ years old. It is registered with the Registrar of Companies, Bangalore.
Happiest Minds Technologies has 44 deals on record (31 market trades, 8 funding rounds, 3 secondary share transfers), with disclosed funding of ₹388.32 Cr; the latest was in September 2026.
The peers of Happiest Minds Technologies by revenue are Amadeus Software Labs India Private Limited, DXC Technology India Private Limited, HCL Software Products Limited, ZF India Private Limited, Nomura Services India Private Limited and 5 more, all in the same principal business activity (computer programming, consultancy and related activities).
Anand Balakrishnan was appointed as CFO on 08 Jul 2025. Rajiv Indravadan Shah was appointed as Whole-Time Director on 05 Aug 2024. Seshashayee Sampathiyengar Sridhara was appointed as Director on 05 Aug 2024. Happiest Minds Technologies has 26 board changes on record in total.