Happiest Minds Technologies Limited (HAPPSTMNDS) Fair Value & Analysis

Technology · IN · Market cap ₹53.2B

A solid business, currently priced close to our fair value.

What matters now

• The price sits close to our fair value, market and models broadly agree here, little valuation tension.
• Our model range runs from ₹278.70 (bear) to ₹495.25 (bull), base ₹396.20. The closer the price sits to the lower half, the larger the margin of safety.
• Quality 51/100 (solid quality) with high evidence: the data supports the verdict.

Price vs Fair Value (5 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range ₹336.90 – ₹1,042 · fair‑value band ₹278.70 – ₹495.25 · the ₹420.20 price screens above the ₹396.20 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Happiest Minds Technologies Limited (HAPPSTMNDS) currently trades at ₹420.20, while our model-based Fair Value estimate is ₹396.20, implying the stock looks roughly 5.7% fairly valued today. The Quality Score stands at 51/100 (solid quality), in the Technology sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Happiest Minds Technologies Limited generated revenue of ₹23.2B at a net margin of 9.2%. Revenue grew 10.9% year over year. It earns a return on equity of 13.0%. Net debt stands at ₹5.7B. Fundamentals as of Aug 13, 2026

Our scenario range runs from ₹278.70 (bear case) to ₹495.25 (bull case); at ₹420.20, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 35% below its 52-week high and 27% above its 52-week low, currently below its 200-day average. For context, the median of 10 Technology peers we cover trades at 0% fair-value upside, at -6%, HAPPSTMNDS screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Widest divergence: DCF Models (₹678.56) versus Asset-Based (₹75.33). Highest evidence: Growth DCF (80).

Key figures & financial health

Quality Score breakdown

About the company

Happiest Minds Technologies Limited provides information technology (IT) solutions and services in India, the Americas, Australia, Europe, Asia, the Middle East, and Africa. It operates through three segments: Infrastructure Management and Security Services (IMSS); Product and Digital Engineering Services (PDES); and Generative AI Business Services (GBS).

Full company description

Happiest Minds Technologies Limited provides information technology (IT) solutions and services in India, the Americas, Australia, Europe, Asia, the Middle East, and Africa. It operates through three segments: Infrastructure Management and Security Services (IMSS); Product and Digital Engineering Services (PDES); and Generative AI Business Services (GBS). The IMSS segment provides integrated end-to-end infrastructure and security solutions comprising advisory, transformation, and managed operations; end-to-end gen AI-enabled solutions, such as infrastructure assessments and cloud migration, AI-powered threat detection, and continuous security monitoring; cloud and data center, databases and application platforms, digital workplace, enterprise networking, and IT services and operations management tools and platforms; strategy and consulting, and managed security; and identify security, cloud infrastructure protection, threat and vulnerability, and OT security solutions. The GBS segment offers consulting, engineering, testing, infrastructure management and support, and pre-built solutions/companions; and AI services, AI-powered applications, and customized generative AI models. The PDES segment provides business and IT consulting; marketing analytics; digital process automation for front, mid, and back-office operations; analytics and visualization; business-specific application development, maintenance, and support; intelligent test automation and engineering; and digital front door, healthcare enterprises connecting, healthcare data democratization and RWE, operational of DCT/digital trials, medical device engineering, cybersecurity in healthcare, core system modernization, and semantic interoperability services. This segment also offers product engineering, open-source stack, mobility, data analytics and business intelligence, accessibility, edtech compliance, integration, education CRM, Generative AI, digital process automation, cybersecurity, and personalized content services. The company was incorporated in 2

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Happiest Minds Technologies Limited reported revenue of ₹23.2B in FY2026 versus ₹10.9B in FY2022, a compound +20.6%/yr. Reported net income was ₹2.1B in FY2026, compounding +4.1%/yr from FY2022.

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Peer Group

Information Technology Services · 490 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Valuation Multiples vs Information Technology Services median · lower = cheaper

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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Frequently asked questions

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.