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Happiest Minds Technologies Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹302.65Overvalued by 22.99%vs CMP ₹393.00

P/E (29.7) × ROE (12.3%) × BV (₹102.00) × DY (1.53%)

₹169.32Overvalued by 56.92%vs CMP ₹393.00
MoS: -132.1% (Negative)Confidence: 63/100 (Moderate)Models: 1 Under, 8 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹294.4022%Over (-25.1%)
Graham NumberEarnings₹159.3216%Over (-59.5%)
Earnings PowerEarnings₹34.9813%Over (-91.1%)
DCFCash Flow₹33.2813%Over (-91.5%)
Net Asset ValueAssets₹102.447%Over (-73.9%)
EV/EBITDAEnterprise₹103.569%Over (-73.6%)
Earnings YieldEarnings₹110.607%Over (-71.9%)
ROCE CapitalReturns₹460.459%Under (+17.2%)
Revenue MultipleRevenue₹145.975%Over (-62.9%)
Consensus (9 models)₹169.32100%Overvalued
Key Drivers: Wide model spread (₹33–₹460) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: -2.7%

*Investments are subject to market risks

Analyst Summary

Happiest Minds Technologies Ltd operates in the IT Consulting & Software segment, NSE: HAPPSTMNDS | BSE: 543227, current market price is ₹393.00, market cap is 5,981 Cr.. At a glance, stock P/E is 29.7, ROE is 12.3 %, ROCE is 13.9 %, book value is 102, dividend yield is 1.53 %. The latest intrinsic value estimate is ₹169.32, around 56.9% below the current price, so expectations may already be running ahead of this modelled fair value. On operating trend, latest reported sales are about ₹1,481 Cr versus the prior period change of 0.5%, while latest net profit is about ₹169 Cr with a prior-period change of -31.3%. The 52-week range shown on this page is 675/305, which helps frame where the current quote sits within its recent trading band. Business context: About the Company - Qualitative AnalysisHappiest 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…

This summary is generated from the stock page data available for Happiest Minds Technologies Ltd: Intrinsic Value & Share Price Analysis and is refreshed automatically when the underlying metrics change.

Investment Snapshot

59
Happiest Minds Technologies Ltd scores 59/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health78/100 · Strong
ROCE 13.9% GoodROE 12.3% GoodD/E 0.26 Low debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money50/100 · Moderate
FII holding up 0.85% (6mo) Slight increaseDII holding down 0.96% MF sellingPromoter holding at 44.2% Stable
Earnings Quality50/100 · Moderate
OPM contracting (24% → 17%) DecliningWorking capital: -153 days (improving) Efficient
Quarterly Momentum40/100 · Moderate
Revenue (4Q): 3% YoY FlatProfit (4Q): -17% YoY Declining
Industry Rank65/100 · Strong
P/E 29.7 vs industry 98.1 Cheaper than peersROCE 13.9% vs industry 14.9% Average3Y sales CAGR: 13% Moderate

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:01 am

Market Cap 5,981 Cr.
Current Price 393
Intrinsic Value₹169.32
High / Low 675/305
Stock P/E29.7
Book Value 102
Dividend Yield1.53 %
ROCE13.9 %
ROE12.3 %
Face Value 2.00
PEG Ratio-10.89

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

View Share Price Target for Happiest Minds Technologies Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Happiest Minds Technologies Ltd 5,981 Cr. 393 675/30529.7 1021.53 %13.9 %12.3 % 2.00
Tanla Platforms Ltd 5,557 Cr. 419 766/36611.3 1712.86 %29.2 %24.1 % 1.00
CE Info Systems Ltd 4,729 Cr. 864 2,167/79533.7 1570.41 %27.6 %19.8 % 2.00
Mastek Ltd 4,536 Cr. 1,463 2,818/1,33411.8 8641.57 %17.3 %16.1 % 5.00
Aurionpro Solutions Ltd 4,328 Cr. 783 1,666/72021.2 2910.51 %18.1 %15.3 % 10.0
Industry Average17,316.11 Cr418.4898.13120.780.77%14.90%21.00%6.77

All Competitor Stocks of Happiest Minds Technologies Ltd

Quarterly Result

MetricSep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
Sales 338345342357370371375372403373361406430
Expenses 254266262276298302308312334322335343363
Operating Profit 83798081726868606951266268
OPM % 25%23%23%23%19%18%18%16%17%14%7%15%16%
Other Income 48914225126262722702939
Interest 56910111110182524252324
Depreciation 78889999131091313
Profit before tax 76737378749974605839625570
Tax % 27%22%29%26%26%20%27%27%26%27%7%26%19%
Net Profit 55575157558054444329584056
EPS in Rs 3.773.903.493.913.585.243.542.882.821.883.792.663.69

Last Updated: January 1, 2026, 12:46 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 24, 2026, 8:16 am

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 1712703414314445906987611,0341,3331,4731,4811,630
Expenses 2392963394304615315995717881,0121,1841,2831,413
Operating Profit -69-2721-175999190246321289198217
OPM % -40%-10%1%0%-4%10%14%25%24%24%20%13%13%
Other Income 77101517-195233822113144133
Interest 111261687822429295
Depreciation 455672020212430343748
Profit before tax -66-2657-13475186251292325213206
Tax % 0%0%0%43%0%0%3%13%26%26%24%21%
Net Profit -66-2654-13473162186216246169169
EPS in Rs -23.35-8.931.511.17-3.521.1114.8711.0312.7014.7316.1411.0711.06
Dividend Payout % 0%0%0%0%0%0%0%26%29%36%35%53%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)60.61%119.23%-20.00%-425.00%130.77%1725.00%121.92%14.81%16.13%13.89%-31.30%
Change in YoY Net Profit Growth (%)0.00%58.62%-139.23%-405.00%555.77%1594.23%-1603.08%-107.10%1.31%-2.24%-45.19%

Happiest Minds Technologies Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:19%
5 Years:16%
3 Years:13%
TTM:2%
Compounded Profit Growth
10 Years:23%
5 Years:17%
3 Years:0%
TTM:-19%
Stock Price CAGR
10 Years:%
5 Years:%
3 Years:-18%
1 Year:-29%
Return on Equity
10 Years:22%
5 Years:23%
3 Years:19%
Last Year:12%

Last Updated: September 5, 2025, 5:45 am

Balance Sheet

Last Updated: December 10, 2025, 2:46 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 6677769282929303030
Reserves 637984156143-962205186417971,4441,5221,529
Borrowings 374871951384061501932505435121,1751,244
Other Liabilities 354951547195129168163208222327269
Total Liabilities 1401822133113604125089071,0831,5762,2083,0543,072
Fixed Assets 878114461382963199203206304
CWIP 0000000003000
Investments 51687015516198834895241971971,2751,266
Other Assets 821071351451552523873894951,1781,8071,5731,502
Total Assets 1401822133113604125089071,0831,5762,2083,0543,072

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + -88113150159172189102
Cash from Investing Activity + -30-72-284-111-342-506-613
Cash from Financing Activity + 118-13169-72102358450
Net Cash Flow -02736-24-6841-62
Free Cash Flow -931111491553717993
CFO/OP 127%120%98%86%80%95%87%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-106.00-75.00-69.00-94.00-155.00-347.00-51.00-3.00-4.00-222.00-223.00197.00

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

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 1248373577779605657545765
Inventory Days
Days Payable
Cash Conversion Cycle 1248373577779605657545765
Working Capital Days 7952596352762936-19-52-30-153
ROCE %-84%-26%1%-1%-6%16%27%34%31%27%22%14%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 53.24%53.24%51.35%50.24%50.24%44.23%44.23%44.23%44.22%44.22%44.21%44.21%
FIIs 4.15%4.52%5.14%5.05%4.69%5.31%5.33%5.34%5.04%5.33%5.39%5.89%
DIIs 1.26%1.26%2.43%2.41%2.57%2.85%4.18%6.08%10.58%10.57%10.20%9.62%
Public 38.84%38.68%38.94%40.20%40.58%45.82%44.61%42.83%38.70%38.48%38.83%38.94%
Others 2.50%2.28%2.15%2.10%1.92%1.79%1.65%1.52%1.46%1.40%1.36%1.34%
No. of Shareholders 7,11,5686,96,7947,28,3167,36,1307,32,2537,59,6417,28,4437,07,1466,87,7886,79,1286,64,2626,50,749

Shareholding Pattern Chart

No. of Shareholders

Happiest Minds Technologies Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
SBI Small Cap Fund 7,000,000 0.84 289.38N/AN/AN/A
SBI Innovative Opportunities Fund 3,750,900 2.93 155.063,879,7722026-02-23 02:12:26-3.32%
UTI Innovation Fund 228,597 1.25 9.45N/AN/AN/A

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 2.002.002.002.002.00
Basic EPS (Rs.) 12.2616.7316.1312.8411.75
Diluted EPS (Rs.) 12.2616.7316.0112.5511.45
Cash EPS (Rs.) 18.2220.5319.0415.0013.06
Book Value[Excl.RevalReserv]/Share (Rs.) 104.9499.1158.5446.6638.49
Book Value[Incl.RevalReserv]/Share (Rs.) 104.9499.1158.5446.6638.49
Revenue From Operations / Share (Rs.) 137.34108.7899.7476.6454.52
PBDIT / Share (Rs.) 30.3828.2026.5220.6615.21
PBIT / Share (Rs.) 24.4724.3023.5918.3513.61
PBT / Share (Rs.) 17.0222.4121.6217.2313.11
Net Profit / Share (Rs.) 12.3116.6316.1212.7011.45
NP After MI And SOA / Share (Rs.) 12.3116.6316.1212.7011.45
PBDIT Margin (%) 22.1125.9226.5826.9527.89
PBIT Margin (%) 17.8122.3323.6523.9424.95
PBT Margin (%) 12.3920.6021.6722.4724.05
Net Profit Margin (%) 8.9615.2816.1616.5621.00
NP After MI And SOA Margin (%) 8.9615.2816.1616.5621.00
Return on Networth / Equity (%) 11.7216.7827.5327.2129.75
Return on Capital Employeed (%) 17.0621.5931.7534.5530.00
Return On Assets (%) 5.4911.0514.0716.1017.62
Long Term Debt / Equity (X) 0.210.070.130.020.06
Total Debt / Equity (X) 0.730.290.550.280.26
Asset Turnover Ratio (%) 0.730.831.031.031.08
Current Ratio (X) 1.663.141.862.532.67
Quick Ratio (X) 1.663.141.862.532.67
Dividend Payout Ratio (NP) (%) 46.6134.6324.7437.690.00
Dividend Payout Ratio (CP) (%) 31.4828.0520.9431.900.00
Earning Retention Ratio (%) 53.3965.3775.2662.310.00
Cash Earning Retention Ratio (%) 68.5271.9579.0668.100.00
Interest Coverage Ratio (X) 4.589.9617.3829.6330.95
Interest Coverage Ratio (Post Tax) (X) 2.986.5411.8619.8224.31
Enterprise Value (Cr.) 9041.9110218.9710778.2915080.347662.47
EV / Net Operating Revenue (X) 4.396.297.5413.799.91
EV / EBITDA (X) 19.8424.2628.3751.1635.52
MarketCap / Net Operating Revenue (X) 4.346.847.7013.779.91
Retention Ratios (%) 53.3865.3675.2562.300.00
Price / BV (X) 5.687.5113.1222.6214.03
Price / Net Operating Revenue (X) 4.346.847.7013.779.91
EarningsYield 0.020.020.020.010.02

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

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. 1481.37 Cr. and Equity Capital is Rs. 30.01 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
IT Consulting & Software#53/1-4, Hosur Main Road, Madivala (Next to Madivala Police Station), Bengaluru Karnataka 560068Contact not found
Management
NamePosition Held
Mr. Ashok SootaChairman & Chief Mentor
Mr. Joseph AnantharajuCo-Chairman
Mr. Venkatraman NarayananManaging Director
Mrs. Anita RamachandranIndependent Director
Mr. Rajendra Kumar SrivastavaIndependent Director
Ms. Shubha Rao MayyaIndependent Director
Mr. Mittu SridharaIndependent Director
Mr. Rajiv ShahExecutive Director

FAQ

What is the intrinsic value of Happiest Minds Technologies Ltd and is it undervalued?

As of 23 April 2026, Happiest Minds Technologies Ltd's intrinsic value is ₹169.32, which is 56.92% lower than the current market price of ₹393.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (12.3 %), book value (₹102), dividend yield (1.53 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Happiest Minds Technologies Ltd?

Happiest Minds Technologies Ltd is trading at ₹393.00 as of 23 April 2026, with a FY2026-2027 high of ₹675 and low of ₹305. The stock is currently near its 52-week low. Market cap stands at ₹5,981 Cr..

How does Happiest Minds Technologies Ltd's P/E ratio compare to its industry?

Happiest Minds Technologies Ltd has a P/E ratio of 29.7, which is below the industry average of 98.13. Trading at a steep discount to peers could signal a value opportunity or reflect concerns about the company's fundamentals.

Is Happiest Minds Technologies Ltd financially healthy?

Key indicators for Happiest Minds Technologies Ltd: ROCE of 13.9 % is moderate. Dividend yield is 1.53 %.

Is Happiest Minds Technologies Ltd profitable and how is the profit trend?

Happiest Minds Technologies Ltd reported a net profit of ₹169 Cr in Mar 2025 on revenue of ₹1,481 Cr. Compared to ₹186 Cr in Mar 2022, the net profit shows a declining trend.

Does Happiest Minds Technologies Ltd pay dividends?

Happiest Minds Technologies Ltd has a dividend yield of 1.53 % at the current price of ₹393.00. The company pays dividends, though the yield is modest.

Last Updated: April 2, 2026, 3:01 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 543227 | NSE: HAPPSTMNDS
Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Happiest Minds Technologies Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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