BENGALURU, India, SEATTLE and LONDON — Happiest Minds Technologies Limited (NSE: HAPPSTMNDS), an AI First, customer-centric digital engineering company, today announced its consolidated results for its First quarter ended June 30th, 2026, as approved by its Board of Directors.
Ashok Soota, Chairman & Chief Mentor, Happiest Minds, said, “AI is the single largest opportunity for value creation in the history of the technology services industry and not as a threat to IT/Tech. Every major technology shift, right from client-server computing to cloud and digital transformation, has ultimately expanded the market for innovation and expertise. AI is no different. At Happiest Minds, our ‘AI First. Agile Always.’ strategy is enabling us to reimagine how we build solutions, enhance productivity, accelerate innovation, and deliver measurable outcomes for our clients. Rather than replacing human ingenuity, AI amplifies it, allowing our people to focus on higher-value problem solving, industry expertise, and business transformation. We truly believe organisations that embrace AI responsibly and proactively will emerge stronger, faster, and more competitive, and Happiest Minds is well positioned to lead this transition.”
Joseph Anantharaju, Co-Chairman & CEO, Happiest Minds, said, “We have opened FY27 with a solid performance, delivering revenues of ₹629 crores and achieving 14.3% year-on-year growth. Our AI-first strategy is gaining significant traction, with strong momentum across AI and Analytics, digital engineering, platforms, and industry-focused solutions. We have also built a strong and expanding pipeline, registering a 20% growth over the previous quarter. The quality and breadth of opportunities in our pipeline gives us confidence in our ability to deliver sustained business growth.”
Venkatraman Narayanan, Managing Director, Happiest Minds, said, “We have started FY27 on a strong note, delivering healthy revenue growth and expanding margins. Year-on-year growth across our key financial metrics remained in double digits, reflecting the strength of our business. Adjusted EPS of ₹5.34 per share, up 17% year-on-year, reinforces our continued commitment to profitable growth. Backed by a strong balance sheet and robust cash position, we remain well positioned to invest in future growth while maintaining financial discipline.”
Key Financial highlights
All amounts in ₹ Lakhs unless stated otherwise
| Particulars | Q1 FY27 | Q4 FY26 | QoQ | Q1 FY26 | YoY | |
| Revenues | 62,851 | 60,408 | 4.0 % | 54,990 | 14.3 % | |
| Other Income | 2,369 | 1,761 | 3,003 | |||
| Total Income | 65,220 | 62,169 | 4.9 % | 57,993 | 12.5 % | |
| Operating Margin | 10,868 | 10,621 | 2.32 % | 9,722 | 11.8 % | |
| % | 17.5 % | 17.5 % | 17.6 % | |||
| EBITDA | 14,129 | 12,120 | 16.6 % | 12,405 | 13.9 % | |
| % | 21.7 % | 19.5 % | 21.4 % | |||
| Finance Cost | 2,846 | 2,167 | 2,387 | |||
| Depreciation | 1,208 | 1,102 | 1,183 | |||
| Profit before Non Cash/Exceptional | 9,020 | 7,703 | 17.1 % | 7,687 | 17.3 % | |
| % | 13.8 % | 12.4 % | 13.3 % | |||
| Amortization/Unwinding Interest1 | 1,055 | 1,150 | 1,148 | |||
| Exceptional Item – New wage code cost | (344) | – | ||||
| PBT | 9,020 | 8,048 | 12.1 % | 7,687 | 17.3 % | |
| % | 13.8 % | 12.9 % | 13.3 % | |||
| Tax | 2,260 | 1,931 | 1,974 | |||
| % | 3.5 % | 3.1 % | 3.4 % | |||
| PAT | 6,760 | 6,117 | 10.5 % | 5,713 | 18.3 % | |
| % | 10.4 % | 9.8 % | 9.9 % | |||
| Adjusted PAT2 | 8,052 | 7,135 | 12.9 % | 7,020 | 14.7 % | |
| % | 12.3 % | 11.5 % | 12.1 % | |||
| Adjusted EPS | 5.34 | 4.74 | 4.56 |
Note:
1 Amortization/Unwinding interest are non-cash items related to acquisitions
2 Adjusted PAT is calculated after excluding exceptional items and amortization of intangibles.
Quarter ended June 30, 2026
- Revenue in INR terms ₹ 62,851 lakhs growing 4.0% q-o-q and 14.3% y-o-y
- Revenue in constant currency grew 2.6% q-o-q and 6.7% y-o-y
- Operating Revenues in US $ stood at $66.2 million, growing 1.7% q-o-q and 2.9% y-o-y
- Total Income of ₹ 65,220 lakhs growing 4.9% q-o-q and 12.5% y-o-y
- Operating Margins 10,868 lakhs growing 2.3% q-o-q and 11.8% y-o-y
- Adjusted PAT of ₹ 8,052 Lakhs and Adjusted EPS at ₹ 5.34
Clients:
- 306 as of June 30, 2026
- 6 additions in the quarter
Our People – Happiest Minds:
- 6,532 Happiest Minds as of June 30, 2026
- Trailing 12-month attrition of 15.4% (17.0% in the previous quarter)
- Utilization of 81%, from 82.0% in last quarter
Q1 Key wins:
- For a N. American energy infrastructure company, Happiest Minds has been selected as the strategic Data & AI partner to take over production support across data platforms, data pipelines, and the Power BI/reporting estate
- For a N. American wireless services provider, Happiest Minds is leveraging AI led ELLIPSE platform to deliver Managed Infrastructure services
- For a N. American solutions provider, Happiest Minds is delivering Managed Infrastructure services
- For a global technical consulting company, Happiest Minds is building their Salesforce based MVP
- For an Australian Insurance provider, Happiest Minds is building their AI-powered, platform-driven test automation platform
- For an Indian MNC CPG company, Happiest Minds is helping them transition to a more scalable, flexible, and experience-led commerce platform, while also laying the foundation for broader digital ecosystem enhancements including Commerce, PIM, DAM, CMS, and UX
- For a Middle Eastern retailer, Happiest Minds has secured a multi-year, multi-million-dollar Managed Security Services deal
Award Wins:
- Ashok Soota is among AIM 100: India’s Most Influential People Shaping AI in 2026
- Preeti Menon is among AIM: The Top 24 Women Enterprise AI Leaders in India
Analyst Mentions:
- Happiest Minds received recognitions in ISG’s Digital Engineering Services (Midsize) 2026
- Product Challenger in Augmented Design and R&D Services & Integrated Platform and Application Services (US Region)
- Contender in Intelligent Operations and Connected Experiences (US Region)
- Product Challenger in Augmented Design and R&D Services, Intelligent Operations and Connected Experiences & Integrated Platform and Application Services (Europe Region)
- Happiest Minds is among Everest Group’s Top 50™ Store Services Providers 2026 List
- Happiest Minds is among Disruptors in Avasant’s Higher Education Digital Services 2026 RadarView™
- Happiest Minds is among Challenger in Avasant’s High-Tech Digital Services 2026 RadarView™
- Happiest Minds is among Challenger in Avasant’s Banking Digital Services 2026 RadarView™
- Happiest Minds is among Challenger in Avasant’s Manufacturing Digital Services 2026 RadarView™
