Happiest Minds FY26 PAT rises 15.1% to ₹21,263 lakh

Happiest Minds Technologies Limited reported a 15.1% year-on-year increase in profit after tax (PAT) to ₹21,263 lakh for the financial year ended March 31, 2026. Consolidated revenue from operations grew 12.3% to ₹2,31,511 lakh, while adjusted PAT rose 9.4% to ₹27,863 lakh. For Q4, the company's EBITDA margin expanded to 17.15% from 14.47% in the previous quarter, reflecting improved operational efficiency. The Board of Directors has recommended a final dividend of ₹3.65 per equity share of face value ₹2 each, taking the total dividend for the year to ₹6.40, subject to shareholder approval. Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company has filed its earnings presentation for Q4 FY26. Additionally, the audio recording of the earnings call held on May 29, 2026, has been uploaded to the company's website.

In compliance with Regulation 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company published an advertisement of its audited financial results for the quarter and year ended March 31, 2026, on May 30, 2026. The advertisement appeared in the Financial Express (English newspaper) and Vishwavani (Regional Newspaper). The Board had approved the audited financial results, prepared in accordance with Indian Accounting Standards, at its meeting held on May 28, 2026.

Financial Performance

The company's full-year results reflect growth driven by its digital engineering and AI-first strategy. The following table summarizes the key financial metrics for the year ended March 31, 2026, compared to the previous year:

Parameter:	FY26 (₹ in lakhs)	FY25 (₹ in lakhs)	YoY Growth
Revenue from operations	2,31,511	2,06,084	12.3%
Total income	2,40,008	2,16,222	11.0%
EBITDA	48,835	46,224	5.6%
Operating margin	40,162	35,749	12.3%
Profit before tax	28,421	25,547	11.3%
Profit for the year (PAT)	21,263	18,466	15.1%
Adjusted PAT	27,863	25,475	9.4%

For the quarter ended March 31, 2026, revenue from operations was ₹60,408 lakh, an increase of 10.9% from ₹54,457 lakh in the same quarter of the previous year. Q4 net profit stood at ₹6,117 lakh, up 51.8% quarter-on-quarter. The EBITDA margin for Q4 improved significantly to 17.15% from 14.47% in the previous quarter. The following table presents the key quarterly financial metrics:

Parameter:	Q4 FY26 (₹ in lakhs)	Q3 FY26 (₹ in lakhs)	QoQ	Q4 FY25 (₹ in lakhs)	YoY
Revenue from operations	60,408	58,756	2.8%	54,457	10.9%
Total income	62,169	60,328	3.1%	57,052	9.0%
EBITDA	12,120	12,283	(1.3)%	10,984	10.3%
EBITDA Margin	17.15%	14.47%	—	—	—
Operating margin	10,621	10,087	5.3%	8,125	30.7%
PAT	6,117	4,030	51.8%	3,400	79.9%
Adjusted PAT	7,136	6,992	2.1%	5,762	21.3%
Adjusted EPS (₹)	4.74	4.64	—	3.83	—

Operational Highlights

Happiest Minds achieved an operating margin of 17.4% for FY26, with full-year utilization at 81.1% compared to 77.3% in FY25. The company reported 306 active customers as of March 31, 2026, adding 10 customers during the quarter and 51 during the year. Trailing 12-month attrition stood at 17.0%, down from 17.4% in the previous quarter. The number of billion-dollar corporation clients rose to 91 in FY26. The company's workforce comprised 423 onsite and 6,074 offshore employees as of Q4 FY26.

Revenue Mix and Geography

The earnings presentation provides a detailed breakdown of revenue by vertical, geography, and contract model. Key highlights from the presentation are summarized below:

Parameter:	FY26	FY25
Top vertical (BFSI)	26.1%	22.5%
Healthcare	17.1%	16.3%
Edutech	15.6%	18.7%
USA revenue share	59.3%	64.6%
India revenue share	17.6%	15.6%
Time & Material contracts	73.5%	75.9%
Fixed Price contracts	26.5%	24.1%
Offshore revenue mix	87.6%	88.4%
Digital infrastructure/cloud	53.2%	51.4%
AI/Analytics	11.1%	11.2%

The number of million-dollar customers stood at 52 as of Q4 FY26, including 4 customers with revenues exceeding $10 million. Customer cohort analysis shows that 58% of FY26 revenue came from customers with a relationship of less than five years, while 42% came from those with over five years.

Dividend and Corporate Actions

The Board has recommended a final dividend of ₹3.65 per equity share for FY26. The record date for determining shareholder eligibility is Friday, July 17, 2026. The dividend will be paid on or after August 4, 2026. The Register of Members will remain closed from Saturday, July 18, 2026, to Tuesday, July 28, 2026.

Auditor Re-appointment

Based on the recommendation of the Audit Committee, the Board approved the re-appointment of M/s. Deloitte Haskins & Sells, Chartered Accountants, as the Statutory Auditors for a second term of five consecutive years from FY 2026-27 to FY 2030-31, subject to shareholder approval.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+1.92%	+2.53%	+2.02%	-24.06%	-36.93%	-56.33%

Happiest Minds Technologies Limited has fixed July 17, 2026, as the record date to determine eligibility for the final dividend for FY 2025-26. This date identifies equity shareholders and beneficial owners entitled to the payout.

The intimation was made pursuant to Regulation 42 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company communicated this decision to the BSE Limited and the National Stock Exchange of India Limited.

The dividend applies to Equity Shares of Rs. 2 each. The purpose of the record date is to determine the list of equity shareholders in the Register of Members of the Company and the beneficial owners in the records of the Depositories as on the specified date.

Record Date Details

Security Code/Symbol	Type of security & paid-up value	Record Date	Purpose
543227 (BSE) HAPPSTMNDS (NSE)	Equity Shares of Rs. 2/- each	17-07-2026 (Friday)	For determining the list of equity shareholders in the Register of Members of the Company and the beneficial owners in the records of the Depositories as on the Record Date who will be entitled to the final dividend declared for FY 2025-26.