Happiest Minds Technologies Ltd: Share Price Analysis, Intrinsic Value & Fundamentals (2025)

Share Price and Basic Stock Data

Last Updated: March 8, 2025, 1:53 pm

Market Cap	10,590 Cr.
Current Price	695
High / Low	956/655
Stock P/E	64.4
Book Value	98.6
Dividend Yield	0.83 %
ROCE	21.8 %
ROE	21.3 %
Face Value	2.00
PEG Ratio	-160.15

Stock P/E, Current Price, and Intrinsic Value Over Time

Stock P/E Current Price Intrinsic Value

View Share Price Target for Happiest Minds Technologies Ltd

Competitors of Happiest Minds Technologies Ltd

Stock Name ⇩	Market Cap ⇩	Current Price ⇩	High / Low ⇩	Stock P/E ⇩	Book Value ⇩	Dividend Yield ⇩	ROCE ⇩	ROE ⇩	Face Value ⇩
Visesh Infotecnics Ltd	125 Cr.	0.33	0.57/0.33		1.14	0.00 %	0.88 %	0.82 %	1.00
Mudunuru Ltd	22.6 Cr.	7.23	15.6/5.41		0.34	0.00 %	72.9 %	374 %	2.00
Naapbooks Ltd	94.7 Cr.	105	159/54.0	40.6	20.0	0.00 %	17.4 %	13.6 %	10.0
IB Infotech Enterprises Ltd	21.1 Cr.	165	245/113	27.1	16.8	0.61 %	69.9 %	50.5 %	10.0
Hit Kit Global Solutions Ltd	7.19 Cr.	1.55	1.55/0.91	20.0	2.08	0.00 %	1.92 %	1.94 %	2.00
Industry Average	19,195.34 Cr	566.73		79.98	121.67	0.84%	21.53%	64.55%	6.83

All Competitor Stocks of Happiest Minds Technologies Ltd

Quarterly Result

Metric	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024
Sales	266	287	308	338	345	342	357	370	371	375	372	375	373
Expenses	206	214	229	254	266	262	276	298	302	308	312	315	322
Operating Profit	60	73	78	83	79	80	81	72	68	68	60	60	51
OPM %	23%	26%	25%	25%	23%	23%	23%	19%	18%	18%	16%	16%	14%
Other Income	8	17	1	4	8	9	14	22	51	26	26	26	22
Interest	2	2	2	5	6	9	10	11	11	10	18	25	24
Depreciation	6	7	7	7	8	8	8	9	9	9	9	9	10
Profit before tax	60	81	70	76	73	73	78	74	99	74	60	52	39
Tax %	25%	23%	25%	27%	22%	29%	26%	26%	20%	27%	27%	27%	27%
Net Profit	45	62	53	55	57	51	57	55	80	54	44	38	29
EPS in Rs	3.05	4.24	3.58	3.77	3.90	3.49	3.91	3.58	5.24	3.54	2.88	2.51	1.88

Last Updated: February 28, 2025, 7:36 pm

Below is a detailed analysis of the quarterly data for Happiest Minds Technologies Ltd based on the most recent figures (Dec 2024) and their trends compared to the previous period:

For Sales, as of Dec 2024, the value is ₹373.00 Cr.. The value appears to be declining and may need further review. It has decreased from 375.00 Cr. (Sep 2024) to ₹373.00 Cr., marking a decrease of 2.00 Cr..
For Expenses, as of Dec 2024, the value is ₹322.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 315.00 Cr. (Sep 2024) to ₹322.00 Cr., marking an increase of ₹7.00 Cr..
For Operating Profit, as of Dec 2024, the value is ₹51.00 Cr.. The value appears to be declining and may need further review. It has decreased from 60.00 Cr. (Sep 2024) to ₹51.00 Cr., marking a decrease of 9.00 Cr..
For OPM %, as of Dec 2024, the value is 14.00%. The value appears to be declining and may need further review. It has decreased from 16.00% (Sep 2024) to 14.00%, marking a decrease of 2.00%.
For Other Income, as of Dec 2024, the value is ₹22.00 Cr.. The value appears to be declining and may need further review. It has decreased from 26.00 Cr. (Sep 2024) to ₹22.00 Cr., marking a decrease of 4.00 Cr..
For Interest, as of Dec 2024, the value is ₹24.00 Cr.. The value appears to be improving (decreasing) as expected. It has decreased from 25.00 Cr. (Sep 2024) to ₹24.00 Cr., marking a decrease of 1.00 Cr..
For Depreciation, as of Dec 2024, the value is ₹10.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 9.00 Cr. (Sep 2024) to ₹10.00 Cr., marking an increase of ₹1.00 Cr..
For Profit before tax, as of Dec 2024, the value is ₹39.00 Cr.. The value appears to be declining and may need further review. It has decreased from 52.00 Cr. (Sep 2024) to ₹39.00 Cr., marking a decrease of 13.00 Cr..
For Tax %, as of Dec 2024, the value is 27.00%. The value remains steady. There is no change compared to the previous period (Sep 2024) which recorded 27.00%.
For Net Profit, as of Dec 2024, the value is ₹29.00 Cr.. The value appears to be declining and may need further review. It has decreased from 38.00 Cr. (Sep 2024) to ₹29.00 Cr., marking a decrease of 9.00 Cr..
For EPS in Rs, as of Dec 2024, the value is 1.88. The value appears to be declining and may need further review. It has decreased from ₹2.51 (Sep 2024) to 1.88, marking a decrease of ₹0.63.

Overall, while many items appear to show a positive trend, any significant downward movement warrant further investigation.

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: March 6, 2025, 4:06 pm

Metric	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
Sales	69	171	270	341	431	444	590	698	761	1,034	1,333	1,473	1,496
Expenses	120	239	296	339	430	461	531	599	571	788	1,012	1,184	1,256
Operating Profit	-51	-69	-27	2	1	-17	59	99	190	246	321	289	239
OPM %	-75%	-40%	-10%	1%	0%	-4%	10%	14%	25%	24%	24%	20%	16%
Other Income	6	7	7	10	15	17	-19	5	23	38	22	113	100
Interest	0	1	1	1	2	6	16	8	6	8	22	42	77
Depreciation	2	4	5	5	6	7	20	20	21	24	30	34	37
Profit before tax	-47	-66	-26	5	7	-13	4	75	186	251	292	325	225
Tax %	0%	0%	0%	0%	43%	0%	0%	3%	13%	26%	26%	24%
Net Profit	-47	-66	-26	5	4	-13	4	73	162	186	216	246	165
EPS in Rs	-19.05	-23.35	-8.93	1.51	1.17	-3.52	1.11	14.87	11.03	12.70	14.73	16.14	10.81
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	26%	29%	36%	35%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year	2013-2014	2014-2015	2015-2016	2016-2017	2017-2018	2018-2019	2019-2020	2020-2021	2021-2022	2022-2023	2023-2024
YoY Net Profit Growth (%)	-40.43%	60.61%	119.23%	-20.00%	-425.00%	130.77%	1725.00%	121.92%	14.81%	16.13%	13.89%
Change in YoY Net Profit Growth (%)	0.00%	101.03%	58.62%	-139.23%	-405.00%	555.77%	1594.23%	-1603.08%	-107.10%	1.31%	-2.24%

Happiest Minds Technologies Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2013-2014 to 2023-2024.

No data available for the compounded sales growth chart.

Balance Sheet

Last Updated: November 14, 2024, 11:36 pm

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
Equity Capital	5	6	6	7	7	7	6	9	28	29	29	30	30
Reserves	27	63	79	84	156	143	-96	220	518	641	797	1,444	1,472
Borrowings	19	37	48	71	95	138	406	150	193	250	543	512	1,176
Other Liabilities	26	35	49	51	54	71	95	129	168	163	208	222	316
Total Liabilities	77	140	182	213	311	360	412	508	907	1,083	1,576	2,208	2,993
Fixed Assets	7	8	7	8	11	44	61	38	29	63	199	203	210
CWIP	0	0	0	0	0	0	0	0	0	0	3	0	1
Investments	21	51	68	70	155	161	98	83	489	524	197	197	1,010
Other Assets	49	82	107	135	145	155	252	387	389	495	1,178	1,807	1,773
Total Assets	77	140	182	213	311	360	412	508	907	1,083	1,576	2,208	2,993

Below is a detailed analysis of the balance sheet data for Happiest Minds Technologies Ltd based on the most recent figures (Sep 2024) and their trends compared to the previous period:

For Equity Capital, as of Sep 2024, the value is ₹30.00 Cr.. The value remains steady. There is no change compared to the previous period (Mar 2024) which recorded ₹30.00 Cr..
For Reserves, as of Sep 2024, the value is ₹1,472.00 Cr.. The value appears strong and on an upward trend. It has increased from ₹1,444.00 Cr. (Mar 2024) to ₹1,472.00 Cr., marking an increase of 28.00 Cr..
For Borrowings, as of Sep 2024, the value is ₹1,176.00 Cr.. The value appears to be increasing, which may not be favorable. Additionally, since Reserves exceed Borrowings, this is considered a positive sign. It has increased from ₹512.00 Cr. (Mar 2024) to ₹1,176.00 Cr., marking an increase of 664.00 Cr..
For Other Liabilities, as of Sep 2024, the value is ₹316.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from ₹222.00 Cr. (Mar 2024) to ₹316.00 Cr., marking an increase of 94.00 Cr..
For Total Liabilities, as of Sep 2024, the value is ₹2,993.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from ₹2,208.00 Cr. (Mar 2024) to ₹2,993.00 Cr., marking an increase of 785.00 Cr..
For Fixed Assets, as of Sep 2024, the value is ₹210.00 Cr.. The value appears strong and on an upward trend. It has increased from ₹203.00 Cr. (Mar 2024) to ₹210.00 Cr., marking an increase of 7.00 Cr..
For CWIP, as of Sep 2024, the value is ₹1.00 Cr.. The value appears strong and on an upward trend. It has increased from ₹0.00 Cr. (Mar 2024) to ₹1.00 Cr., marking an increase of 1.00 Cr..
For Investments, as of Sep 2024, the value is ₹1,010.00 Cr.. The value appears strong and on an upward trend. It has increased from ₹197.00 Cr. (Mar 2024) to ₹1,010.00 Cr., marking an increase of 813.00 Cr..
For Other Assets, as of Sep 2024, the value is ₹1,773.00 Cr.. The value appears to be declining and may need further review. It has decreased from ₹1,807.00 Cr. (Mar 2024) to ₹1,773.00 Cr., marking a decrease of 34.00 Cr..
For Total Assets, as of Sep 2024, the value is ₹2,993.00 Cr.. The value appears strong and on an upward trend. It has increased from ₹2,208.00 Cr. (Mar 2024) to ₹2,993.00 Cr., marking an increase of 785.00 Cr..

Notably, the Reserves (₹1,472.00 Cr.) exceed the Borrowings (1,176.00 Cr.), indicating a solid financial buffer.

Overall, while many items appear to show a positive trend, any significant downward movement or items where Borrowings exceed Reserves warrant further investigation.

Reserves and Borrowings Chart

No data available for this post.

Free Cash Flow

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Free Cash Flow	-70.00	-106.00	-75.00	-69.00	-94.00	-155.00	-347.00	-51.00	-3.00	-4.00	-222.00	-223.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	138	124	83	73	57	77	79	60	56	57	54	57
Inventory Days
Days Payable
Cash Conversion Cycle	138	124	83	73	57	77	79	60	56	57	54	57
Working Capital Days	81	79	52	59	63	52	76	29	36	49	53	60
ROCE %	-64%	-84%	-26%	1%	-1%	-6%	16%	27%	34%	31%	27%	22%

Financial Efficiency Indicators Chart

Share Holding Pattern

Month	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024
Promoters	53.26%	53.25%	53.24%	53.24%	53.24%	53.24%	51.35%	50.24%	50.24%	44.23%	44.23%	44.23%
FIIs	6.29%	4.00%	3.94%	4.07%	4.15%	4.52%	5.14%	5.05%	4.69%	5.31%	5.33%	5.34%
DIIs	1.48%	1.42%	1.48%	1.32%	1.26%	1.26%	2.43%	2.41%	2.57%	2.85%	4.18%	6.08%
Public	36.08%	38.55%	38.65%	38.74%	38.84%	38.68%	38.94%	40.20%	40.58%	45.82%	44.61%	42.83%
Others	2.90%	2.78%	2.67%	2.61%	2.50%	2.28%	2.15%	2.10%	1.92%	1.79%	1.65%	1.52%
No. of Shareholders	6,75,122	7,18,636	7,19,197	7,12,848	7,11,568	6,96,794	7,28,316	7,36,130	7,32,253	7,59,641	7,28,443	7,07,146

Shareholding Pattern Chart

No. of Shareholders

Mutual Fund Holdings

Fund Name	No of Shares	AUM (%)	Amount Invested (Cr)	Previous Number of Shares	Previous Date	Percentage Change
PGIM India Midcap Opportunities Fund	776,206	0.68	68	48,718	2025-03-10	1493.26%
PGIM India Small Cap Fund	379,499	2.27	33.25	48,718	2025-03-10	678.97%
PGIM India Flexi Cap Fund	314,649	0.46	27.56	48,718	2025-03-10	545.86%
PGIM India ELSS Tax Saver Fund	68,540	0.95	6	48,718	2025-03-10	40.69%
Nippon India Nifty Smallcap 250 Index Fund	48,718	0.4	4.27	48,718	2025-03-10	0%
Motilal Oswal Nifty Smallcap 250 Index Fund	29,786	0.39	2.61	48,718	2025-03-10	-38.86%
SBI Nifty Smallcap 250 Index Fund	24,749	0.39	2.17	48,718	2025-03-10	-49.2%
PGIM India Hybrid Equity Fund	12,275	0.51	1.08	48,718	2025-03-10	-74.8%
ICICI Prudential Nifty Smallcap 250 Index Fund	11,297	0.39	0.99	48,718	2025-03-10	-76.81%
Taurus Ethical Fund	8,483	0.49	0.74	48,718	2025-03-10	-82.59%

ROCE Trend

EPS Trend

Key Financial Ratios

Month	Mar 24	Mar 23	Mar 22	Mar 21	Mar 20
FaceValue	2.00	2.00	2.00	2.00	2.00
Basic EPS (Rs.)	16.73	16.13	12.84	11.75	7.04
Diluted EPS (Rs.)	16.73	16.01	12.55	11.45	5.36
Cash EPS (Rs.)	20.53	19.04	15.00	13.06	20.92
Book Value[Excl.RevalReserv]/Share (Rs.)	99.11	58.54	46.66	38.49	52.10
Book Value[Incl.RevalReserv]/Share (Rs.)	99.11	58.54	46.66	38.49	52.10
Revenue From Operations / Share (Rs.)	108.78	99.74	76.64	54.52	158.86
PBDIT / Share (Rs.)	28.20	26.52	20.66	15.21	25.74
PBIT / Share (Rs.)	24.30	23.59	18.35	13.61	21.14
PBT / Share (Rs.)	22.41	21.62	17.23	13.11	16.75
Net Profit / Share (Rs.)	16.63	16.12	12.70	11.45	16.32
NP After MI And SOA / Share (Rs.)	16.63	16.12	12.70	11.45	16.32
PBDIT Margin (%)	25.92	26.58	26.95	27.89	16.20
PBIT Margin (%)	22.33	23.65	23.94	24.95	13.30
PBT Margin (%)	20.60	21.67	22.47	24.05	10.54
Net Profit Margin (%)	15.28	16.16	16.56	21.00	10.27
NP After MI And SOA Margin (%)	15.28	16.16	16.56	21.00	10.27
Return on Networth / Equity (%)	16.78	27.53	27.21	29.75	31.31
Return on Capital Employeed (%)	21.59	31.75	34.55	30.00	31.32
Return On Assets (%)	11.05	14.07	16.10	17.62	14.11
Long Term Debt / Equity (X)	0.07	0.13	0.02	0.06	0.01
Total Debt / Equity (X)	0.29	0.55	0.28	0.26	0.30
Asset Turnover Ratio (%)	0.83	1.03	1.03	1.08	1.52
Current Ratio (X)	3.14	1.86	2.53	2.67	2.10
Quick Ratio (X)	3.14	1.86	2.53	2.67	2.10
Dividend Payout Ratio (NP) (%)	34.63	24.74	37.69	0.00	0.00
Dividend Payout Ratio (CP) (%)	28.05	20.94	31.90	0.00	0.00
Earning Retention Ratio (%)	65.37	75.26	62.31	0.00	0.00
Cash Earning Retention Ratio (%)	71.95	79.06	68.10	0.00	0.00
Interest Coverage Ratio (X)	9.96	17.38	29.63	30.95	14.10
Interest Coverage Ratio (Post Tax) (X)	6.54	11.86	19.82	24.31	11.35
Enterprise Value (Cr.)	10218.97	10778.29	15080.34	7662.47	0.00
EV / Net Operating Revenue (X)	6.29	7.54	13.79	9.91	0.00
EV / EBITDA (X)	24.26	28.37	51.16	35.52	0.00
MarketCap / Net Operating Revenue (X)	6.84	7.70	13.77	9.91	0.00
Retention Ratios (%)	65.36	75.25	62.30	0.00	0.00
Price / BV (X)	7.51	13.12	22.62	14.03	0.00
Price / Net Operating Revenue (X)	6.84	7.70	13.77	9.91	0.00
EarningsYield	0.02	0.02	0.01	0.02	0.00

After reviewing the key financial ratios for Happiest Minds Technologies Ltd, here is a detailed analysis based on the latest available data and recent trends:

For FaceValue, as of Mar 24, the value is 2.00. This value is within the healthy range. There is no change compared to the previous period (Mar 23) which recorded 2.00.
For Basic EPS (Rs.), as of Mar 24, the value is 16.73. This value is within the healthy range. It has increased from 16.13 (Mar 23) to 16.73, marking an increase of 0.60.
For Diluted EPS (Rs.), as of Mar 24, the value is 16.73. This value is within the healthy range. It has increased from 16.01 (Mar 23) to 16.73, marking an increase of 0.72.
For Cash EPS (Rs.), as of Mar 24, the value is 20.53. This value is within the healthy range. It has increased from 19.04 (Mar 23) to 20.53, marking an increase of 1.49.
For Book Value[Excl.RevalReserv]/Share (Rs.), as of Mar 24, the value is 99.11. It has increased from 58.54 (Mar 23) to 99.11, marking an increase of 40.57.
For Book Value[Incl.RevalReserv]/Share (Rs.), as of Mar 24, the value is 99.11. It has increased from 58.54 (Mar 23) to 99.11, marking an increase of 40.57.
For Revenue From Operations / Share (Rs.), as of Mar 24, the value is 108.78. It has increased from 99.74 (Mar 23) to 108.78, marking an increase of 9.04.
For PBDIT / Share (Rs.), as of Mar 24, the value is 28.20. This value is within the healthy range. It has increased from 26.52 (Mar 23) to 28.20, marking an increase of 1.68.
For PBIT / Share (Rs.), as of Mar 24, the value is 24.30. This value is within the healthy range. It has increased from 23.59 (Mar 23) to 24.30, marking an increase of 0.71.
For PBT / Share (Rs.), as of Mar 24, the value is 22.41. This value is within the healthy range. It has increased from 21.62 (Mar 23) to 22.41, marking an increase of 0.79.
For Net Profit / Share (Rs.), as of Mar 24, the value is 16.63. This value is within the healthy range. It has increased from 16.12 (Mar 23) to 16.63, marking an increase of 0.51.
For NP After MI And SOA / Share (Rs.), as of Mar 24, the value is 16.63. This value is within the healthy range. It has increased from 16.12 (Mar 23) to 16.63, marking an increase of 0.51.
For PBDIT Margin (%), as of Mar 24, the value is 25.92. This value is within the healthy range. It has decreased from 26.58 (Mar 23) to 25.92, marking a decrease of 0.66.
For PBIT Margin (%), as of Mar 24, the value is 22.33. This value exceeds the healthy maximum of 20. It has decreased from 23.65 (Mar 23) to 22.33, marking a decrease of 1.32.
For PBT Margin (%), as of Mar 24, the value is 20.60. This value is within the healthy range. It has decreased from 21.67 (Mar 23) to 20.60, marking a decrease of 1.07.
For Net Profit Margin (%), as of Mar 24, the value is 15.28. This value exceeds the healthy maximum of 10. It has decreased from 16.16 (Mar 23) to 15.28, marking a decrease of 0.88.
For NP After MI And SOA Margin (%), as of Mar 24, the value is 15.28. This value is within the healthy range. It has decreased from 16.16 (Mar 23) to 15.28, marking a decrease of 0.88.
For Return on Networth / Equity (%), as of Mar 24, the value is 16.78. This value is within the healthy range. It has decreased from 27.53 (Mar 23) to 16.78, marking a decrease of 10.75.
For Return on Capital Employeed (%), as of Mar 24, the value is 21.59. This value is within the healthy range. It has decreased from 31.75 (Mar 23) to 21.59, marking a decrease of 10.16.
For Return On Assets (%), as of Mar 24, the value is 11.05. This value is within the healthy range. It has decreased from 14.07 (Mar 23) to 11.05, marking a decrease of 3.02.
For Long Term Debt / Equity (X), as of Mar 24, the value is 0.07. This value is below the healthy minimum of 0.2. It has decreased from 0.13 (Mar 23) to 0.07, marking a decrease of 0.06.
For Total Debt / Equity (X), as of Mar 24, the value is 0.29. This value is within the healthy range. It has decreased from 0.55 (Mar 23) to 0.29, marking a decrease of 0.26.
For Asset Turnover Ratio (%), as of Mar 24, the value is 0.83. It has decreased from 1.03 (Mar 23) to 0.83, marking a decrease of 0.20.
For Current Ratio (X), as of Mar 24, the value is 3.14. This value exceeds the healthy maximum of 3. It has increased from 1.86 (Mar 23) to 3.14, marking an increase of 1.28.
For Quick Ratio (X), as of Mar 24, the value is 3.14. This value exceeds the healthy maximum of 2. It has increased from 1.86 (Mar 23) to 3.14, marking an increase of 1.28.
For Dividend Payout Ratio (NP) (%), as of Mar 24, the value is 34.63. This value is within the healthy range. It has increased from 24.74 (Mar 23) to 34.63, marking an increase of 9.89.
For Dividend Payout Ratio (CP) (%), as of Mar 24, the value is 28.05. This value is within the healthy range. It has increased from 20.94 (Mar 23) to 28.05, marking an increase of 7.11.
For Earning Retention Ratio (%), as of Mar 24, the value is 65.37. This value is within the healthy range. It has decreased from 75.26 (Mar 23) to 65.37, marking a decrease of 9.89.
For Cash Earning Retention Ratio (%), as of Mar 24, the value is 71.95. This value exceeds the healthy maximum of 70. It has decreased from 79.06 (Mar 23) to 71.95, marking a decrease of 7.11.
For Interest Coverage Ratio (X), as of Mar 24, the value is 9.96. This value is within the healthy range. It has decreased from 17.38 (Mar 23) to 9.96, marking a decrease of 7.42.
For Interest Coverage Ratio (Post Tax) (X), as of Mar 24, the value is 6.54. This value is within the healthy range. It has decreased from 11.86 (Mar 23) to 6.54, marking a decrease of 5.32.
For Enterprise Value (Cr.), as of Mar 24, the value is 10,218.97. It has decreased from 10,778.29 (Mar 23) to 10,218.97, marking a decrease of 559.32.
For EV / Net Operating Revenue (X), as of Mar 24, the value is 6.29. This value exceeds the healthy maximum of 3. It has decreased from 7.54 (Mar 23) to 6.29, marking a decrease of 1.25.
For EV / EBITDA (X), as of Mar 24, the value is 24.26. This value exceeds the healthy maximum of 15. It has decreased from 28.37 (Mar 23) to 24.26, marking a decrease of 4.11.
For MarketCap / Net Operating Revenue (X), as of Mar 24, the value is 6.84. This value exceeds the healthy maximum of 3. It has decreased from 7.70 (Mar 23) to 6.84, marking a decrease of 0.86.
For Retention Ratios (%), as of Mar 24, the value is 65.36. This value is within the healthy range. It has decreased from 75.25 (Mar 23) to 65.36, marking a decrease of 9.89.
For Price / BV (X), as of Mar 24, the value is 7.51. This value exceeds the healthy maximum of 3. It has decreased from 13.12 (Mar 23) to 7.51, marking a decrease of 5.61.
For Price / Net Operating Revenue (X), as of Mar 24, the value is 6.84. This value exceeds the healthy maximum of 3. It has decreased from 7.70 (Mar 23) to 6.84, marking a decrease of 0.86.
For EarningsYield, as of Mar 24, the value is 0.02. This value is below the healthy minimum of 5. There is no change compared to the previous period (Mar 23) which recorded 0.02.

Overall, while many metrics show healthy performance, any figures highlighted in red or significant downward trends warrant further investigation.

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fair Value

Fair Value of Happiest Minds Technologies Ltd as of March 12, 2025 is: ₹1,090.99

Calculation basis:

Fair value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.

This formula allows us to gauge the fair value of the stock by analyzing its fundamental indicators.

As of March 12, 2025, Happiest Minds Technologies Ltd is Undervalued by 56.98% compared to the current share price 695.00

Intrinsic Value of Happiest Minds Technologies Ltd as of March 12, 2025 is: 1,086.60

Calculation basis:

Intrinsic value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100) * (1 + EPS CAGR for Last 5 Years)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.
EPS CAGR (Compound Annual Growth Rate): Represents the geometric mean growth rate of earnings per share over the last 5 years. It provides insight into the historical growth trajectory of the company's earnings.

This formula allows us to gauge the intrinsic value of the stock by analyzing its fundamental indicators along with EPS growth.

As of March 12, 2025, Happiest Minds Technologies Ltd is Undervalued by 56.35% compared to the current share price 695.00

Last 5 Year EPS CAGR: -0.40%

*Investments are subject to market risks

Strength and Weakness

Strength	Weakness
The company has higher reserves (426.77 cr) compared to borrowings (279.85 cr), indicating strong financial stability. The company has shown consistent growth in sales (290.69 cr) and profit (93.69 cr) over the years.	The stock has a low average ROCE of -1.92%, which may not be favorable. The stock has a high average Working Capital Days of 57.42, which may not be favorable. The stock has a high average Cash Conversion Cycle of 76.25, which may not be favorable.

Stock Analysis

Considering all of the following key financial indicators, prospective investors are encouraged to conduct thorough research and seek professional guidance before considering any investment in Happiest Minds Technologies Ltd:
1. Net Profit Margin: 15.28%
  - Net Profit Margin: This metric indicates the percentage of profit a company makes from its total revenue. A higher net profit margin is generally desirable as it reflects better profitability.
2. ROCE: 21.59% (Industry Average ROCE: 21.53%)
  - ROCE (Return on Capital Employed): ROCE measures a company's profitability and the efficiency with which its capital is employed. A higher ROCE indicates efficient use of capital.
3. ROE%: 16.78% (Industry Average ROE: 64.55%)
  - ROE (Return on Equity): ROE measures a company's profitability relative to shareholders' equity. A higher ROE indicates efficient use of shareholders' funds.
4. Interest Coverage Ratio (Post Tax): 6.54
  - Interest Coverage Ratio: The interest coverage ratio measures a company's ability to cover its interest payments on outstanding debt. A ratio greater than 2 is generally considered healthy as it indicates the company can meet its interest obligations comfortably.
5. Quick Ratio: 3.14
  - Quick Ratio: The quick ratio assesses a company's ability to cover its short-term liabilities with its most liquid assets. A ratio higher than 1 suggests the company can meet its short-term obligations without relying heavily on inventory.
6. Stock P/E: 64.4 (Industry average Stock P/E: 79.98)
  - Stock P/E (Price-to-Earnings) Ratio: The P/E ratio compares a company's current share price to its earnings per share. A lower P/E ratio relative to industry peers or historical values may indicate that the stock is undervalued.
7. Total Debt / Equity: 0.29
  - Total Debt / Equity: This ratio measures a company's financial leverage by comparing its total debt to its total equity. A lower ratio indicates lower financial risk and greater financial stability.
The current analysis is available for review. It's important to conduct thorough research and consider consulting with financial professionals before making any investment decisions.
Stock Rating:

About the Company - Qualitative Analysis

Happiest Minds Technologies Ltd. is a Public Limited Listed company incorporated on 30/03/2011 and has its registered office in the State of Karnataka, India. Company's Corporate Identification Number(CIN) is L72900KA2011PLC057931 and registration number is 057931. Currently Company is involved in the business activities of Computer programming activities. Company's Total Operating Revenue is Rs. 1472.88 Cr. and Equity Capital is Rs. 29.87 Cr. for the Year ended 31/03/2024.

INDUSTRY	ADDRESS	CONTACT
IT Consulting & Software	#53/1-4, Hosur Main Road, Bengaluru Karnataka 560068	investors@happiestminds.com http://www.happiestminds.com

Management
Name	Position Held
Mr. Ashok Soota	Executive Chairman
Mr. Joseph Anantharaju	Exec. Vice Chairman & CEO
Mr. Venkatraman Narayanan	Managing Director & CFO
Mrs. Anita Ramachandran	Independent Director
Mr. Rajendra Kumar Srivastava	Independent Director
Ms. Shubha Rao Mayya	Independent Director

FAQ

What is the latest intrinsic value of Happiest Minds Technologies Ltd?

The latest intrinsic value of Happiest Minds Technologies Ltd as on 09 March 2025 is ₹1090.99, which is 56.98% higher than the current market price of 695.00, indicating the stock is undervalued by 56.98%. The intrinsic value of Happiest Minds Technologies Ltd is calculated using PE ratio method. The stock has a market capitalization of ₹10,590 Cr. and recorded a high/low of ₹956/655 during the current fiscal year 2024-2025. As of Sep 2024, the company has reserves of ₹1,472 Cr and total liabilities of ₹2,993 Cr.

What is the Market Cap of Happiest Minds Technologies Ltd?

The Market Cap of Happiest Minds Technologies Ltd is 10,590 Cr..

What is the current Stock Price of Happiest Minds Technologies Ltd as on 09 March 2025?

The current stock price of Happiest Minds Technologies Ltd as on 09 March 2025 is ₹695.

What is the High / Low of Happiest Minds Technologies Ltd stocks in FY 2024-2025?

In FY 2024-2025, the High / Low of Happiest Minds Technologies Ltd stocks is ₹956/655.

What is the Stock P/E of Happiest Minds Technologies Ltd?

The Stock P/E of Happiest Minds Technologies Ltd is 64.4.

What is the Book Value of Happiest Minds Technologies Ltd?

The Book Value of Happiest Minds Technologies Ltd is 98.6.

What is the Dividend Yield of Happiest Minds Technologies Ltd?

The Dividend Yield of Happiest Minds Technologies Ltd is 0.83 %.

What is the ROCE of Happiest Minds Technologies Ltd?

The ROCE of Happiest Minds Technologies Ltd is 21.8 %.

What is the ROE of Happiest Minds Technologies Ltd?

The ROE of Happiest Minds Technologies Ltd is 21.3 %.

What is the Face Value of Happiest Minds Technologies Ltd?

The Face Value of Happiest Minds Technologies Ltd is 2.00.