Slides
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Investor Presentation Q3 FY 26
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IPO - In September 2020 • Completed 14 years in March 2025 • ~700,000 shareholders 87 Fortune2000 / Forbes200 Billion $ Corporations Active Clients 92% Repeat Business Mission Statement SMILES Values Sharing, Mindful, Integrity, Learning, Excellence, Social Responsibility Disclaimer: All logos are the property of their respective owners. across 16 Countries Happiest Minds 27% Gender Diversity Great Place To Work® India’s Best Workplaces in IT & IT-BPM for 2024 India’s Best Workplaces for Women 2024 India’s Best Workplaces in Health & Wellness 2024 Golden Peacock Corporate Governance Award 2022 Business Excellence Award 2021 2 Top Employers Happiest Minds Recognized as Top Employer India 2026 for People-First Practices
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3©Happiest Minds Confidential. Driven by our Mission. Happiest People. Happiest Customers. Inspired by our Vision - DELiGHT Design for Perpetuity ESG Excellence Thought Leadership Profitable Growth Ambassador for Happiness World Class Team Grounded in Values - SMILES Sharing Mindful Integrity Learning Excellence Social Responsibility
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4©Happiest Minds Confidential. 4©Happiest Minds Confidential. Built for the AI-Native Enterprise Turning AI as a Core Enterprise Capability AI-First by Design GenAI and Agentic AI are core to how we design, build, and deliver solutions. AI-Native Delivery Model Our AI Services Delivery Platform enables human and AI to work together to deliver faster, better, and at lower cost. Agentic AI Leadership End-to-end Agentic AI capabilities spanning AI assistants, domain copilots, AI-native platforms, ITSM, cybersecurity, and operations. Proven at Scale Multiple GenAI & Agentic AI use cases have moved from early prototypes to live, repeatable solutions for clients. Responsible and Ready Responsible AI by default, with 75%+ GenAI-enabled developers & testers and a talent base with 600 AI specialists Industry AI Innovation Building AI solutions and accelerators to improve business efficiency across Business domains
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Our Business BFSI EdTech Hi-Tech and Media & Entertainment Industrial, Manufacturing and Energy & Utilities Retail, CPG & Logistics IoT DevOps & RPA Software Defined Networking / NFV Big Data & Advanced Analytics Blockchain Cloud Security BPM & Integration Product & Digital Engineering Services Generative AI Business Services Agile and Secure Infrastructure Services Healthcare & Life Sciences Confidential – www.happiestminds.com 5 Industry Groups (IG)
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GBS Generative AI Applications Generative AI Custom Models Full-Scale Generative AI Offerings Text Based LLM’s (CoE) for Generative AI Generative AI Security Generative AI Quality Testing Generative AI infrastructure management & support services Cyber, Infrastructure & Data Security Data Privacy, Governance, Risk & Compliance Identity & Access Management Security Cloud & DC Infrastructure Digital Workspaces Networks ITSM, ITOM Tools & Platforms Infrastructure PDES Product and Digital Engineering Services IMSS Modern Data Warehouse, AI & Data Science Data Lakes Stream Analytics Connecting Manufacturing Connecting Supply Chain & Distribution Connecting Product Connecting Services Digital Automation Consulting for Applications / Infrastructure Blockchain & Web 3.0 Metaverse & AR/VR Drones & Robotics AI / Analytics Internet of Things Digital Process Automation Next-Gen Technologies Our Business CoEs © Confidential – www.happiestminds.com 6 Generative AI Business Services Infrastructure Management and Security Services Digital Foundry Startup Technology Acceleration Platform Engineering Device Engineering Quality Engineering Consulting and Domain-led Offerings
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7©Happiest Minds Confidential. For a Global FMCG Leader in Plant-Based Food Happiest Minds is using GenAI driven automation to monitor over 14,000 global vendors against sanctions and regulatory watchlists For a Top United States Based Insurance Provider Happiest Minds is defining their AI roadmap and reference architecture to enable enterprise wide AI adoption For a Global Life Sciences Strategic Partner Happiest Minds is conducting an independent AI solution assessment to support due diligence for a potential acquisition For a Fortune 500 Global Consumer Goods Company Happiest Minds is building and managing their sampling & trial generation management system For a US Healthcare BPO Company Happiest Minds is helping them optimize their entire cloud infrastructure For a Premium Furniture and Homeware ANZ Retailer Happiest Minds is engaged in the delivery of a Gen AI solution for a quote management solution. Additionally, we are also defining the strategy and delivering an enterprise integration platform For a Premier Academic and Research institution in Asia Happiest Minds is driving digital and AI based transformation to enable a future ready campus For a Premium Indian Educational Institute Happiest Minds is helping them create a future- ready digital transformation blueprint for their learning platforms
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8©Happiest Minds Confidential. I am proud of the fact that we were able to create a tool that has the potential to make a real difference in unleashing the productivity of our employees and we are only scratching the surface with Generative AI. We had confidence to partner with Happiest Minds through this journey and the team didn’t disappoint us. They were able to work in an agile manner and their technical expertise coupled with deep understanding of Coca Cola business helped us to launch this product within few weeks. Successfully Designed and Developed a GenAI-based Research Assistant for SKAN Research Trust Happiest Minds' GenAI-powered Research Assistant has significantly streamlined our processes at SKAN by automating time- intensive tasks like summarizing research papers and organizing projects. This tailored solution has enhanced efficiency and collaboration, helping us focus more on critical aspects of our research. It’s a meaningful step toward advancing our scientific initiatives. This partnership exemplifies the synergy between technology and scientific progress. We are excited to present hAppI as a transformative force in the health and wellness knowledge domain. We are confident that the simplicity of hAppI will enable consumers to easily chat about health and wellness concerns and get personalized responses curated from our treasure trove of over 4000 articles based on insights shared by thousands of doctors and other experts. This will ultimately contribute to improved health outcomes and well-being for all. Successfully Enhanced User Experience for Happiest Health with a Personalized Generative AI Chatbot Successfully Enhanced Productivity and Efficiency at Coca-Cola Beverages Vietnam with an Innovative Gen AI Conversational Interface Disclaimer: All logos are the property of their respective owners.
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9©Happiest Minds Confidential. 2/3 The IoT and cloud-based platform created in partnership with Happiest Minds helps Morgan Sindall generate alerts on the properties' health, energy use, thermal efficiency, air quality, carbon footprint, and damp & mould detection and then push them out to the Morgan Sindall Property Services teams so that they don’t need to go and trawl through data and charts to identify properties at risk. This implies that issues can be distinguished before, and action can be taken instantly. As a result, tenants' welfare is taken care of more effectively and thoroughly, and issues are caught early before they become more serious. Successfully helped Morgan Sindall Property Services in Enabling Safe, Healthy & Sustainable Spaces With Data-led Innovative IoT Platform. Successfully Automated GRC for Cutover UK by Leveraging the Alyne Platform Managing governance, risk and compliance is more important than ever and working with Alyne-Happiest Minds alliance means that Cutover can operate with confidence, with the controls in place to achieve SOC 2 compliance. This is significant not just for our own internal controls but also assures our customers that we have the alignment, accreditation and technology structure to maintain effective governance across the board. We have been working with Happiest Minds to develop Infrastructure Intelligence using Microsoft Azure. This partnership helped us secure thought leadership and the support of the Microsoft team to implement our IoT solution. Happiest Minds and Dywidag together Implemented an Integrated, Connected Digital IoT Platform that would provide AI Services and Tools for Machine Learning. Disclaimer: All logos are the property of their respective owners.
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10©Happiest Minds Confidential. 3/3 Disclaimer: All logos are the property of their respective owners. Successfully Executed a Digital Transformation Project for Coca Cola Bottling Company United for Streamlining its Order Management with Technology Transformation in Microsoft Power Automate While building this solution along with Happiest Minds, we resurrected high-value strategic projects that we couldn’t tackle before because of the constraints of legacy apps. We feel empowered to take advantage of any future opportunities that the business provides us. Successfully Migrates VMware to AWS Cloud for Can Capital Our project consisted of migrating an on- prem datacenter containing a legacy application with complex dependencies to AWS. The project was an overwhelming success. Happiest Minds quickly jumped in and learned our environment’s complexities and provided guidance and support throughout the whole process. The level of expertise their team brings to the table is a masterclass.” Trusted Digital Transformation Partner for Clicklease It has been a pleasure to work with Happiest Minds and I’ve found them to be highly professional, proactive and flexible. The team takes great pride in their work and frequently comes up with ideas on how to make things better. We are very pleased with the value Happiest Minds has brought to our software development and quality assurance programs. ”
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11©Happiest Minds Confidential. Happiest Minds won the Best Use of AI in DevOps (IT Services) award at the 9th Edition India DevOps Show 2025 Happiest Minds’ Integrated Annual Report 2025 wins double Gold, ranks #56 globally at LACP Spotlight Awards Happiest Minds Recognized by Avtar and Seramount Among 2025 Best Companies for Women in IT and as an Exemplar in the Most Inclusive Companies Index Happiest Minds Recognized for Excellence in People Analytics at the SHRM Excellence Awards 2025
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12©Happiest Minds Confidential. Major Contenders in the Quality Engineering Specialist Services and Enterprise Quality Engineering Services PEAK Matrix Assessment 2025 Manufacturing Industry Services & Solutions 2025 – Rising Star in Technology, Transformation and Consulting Services. Product Challenger in Design and Development Services. Contender in Smart/Digital Factory Services & Supply Chain and Aftermarket Services. Product Challenger position in Data Science & AI Services (Midsize) , Data & Analytics Modernization Services (Midsize) Challenger in Intelligent Enterprise Automation in Intelligent Automation Services 2025 Everest Group ISGAvasant 'Major Players' and 'High Achievers - GenAI & Process Automation in Banking 2025 NelsonHall Leaders Quadrant for Top Mid- Market and Specialized Data Science Service Providers. AIMS Research
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Financial and Operational Performance Q3 FY 26 13
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All amounts in ₹ Lakhs unless stated otherwise 14www.happiestminds.com Notes: 1. Amortization/Unwinding interest are non- cash items related to acquisitions 2. A one-time cost related to the new wage code was incurred in Q3 FY26. Particulars Q3 FY26 Q2 FY26 QoQ Q3 FY25 YoY 9M FY26 9M FY25 YoY Revenues ($’000) 65,744 65,122 1.0% 62,719 4.8% 1,95,226 1,80,651 8.1% Growth in CC 1.2% 7.1% 10.2% Revenues 58,756 57,357 2.4% 53,081 10.7% 1,71,103 1,51,627 12.8% Other Income 1,572 2,161 2,296 6,736 7,543 Total Income 60,328 59,518 1.4% 55,377 8.9% 1,77,840 1,59,170 11.7% EBITDA 12,283 12,027 2.1% 11,686 5.1% 36,716 35,240 4.2% % 20.4% 20.2% 21.1% 20.6% 22.1% Operating Margin 10,087 9,733 3.6% 9,269 8.8% 29,542 27,845 6.1% % 17.4% 17.0% 17.5% 17.3% 18.4% Finance Cost 2,354 2,446 2,442 7,186 6,733 Depreciation 1,166 1,165 1,172 3,512 3,512 Profit before Non Cash/Exceptional 7,624 7,266 4.9% 6,894 10.6% 22,577 20,507 10.1% % 12.6% 12.2% 12.4% 12.7% 12.9% Amortization/Unwinding Interest 1 1,150 1,150 1,178 3,450 3,845 Exceptional Item - New wage code cost 2 2,203 - 2,203 (643) PBT 5,421 7,266 (25.4)% 6,894 (21.4)% 20,374 20,507 (0.6)% % 9.0% 12.2% 12.4% 11.5% 12.9% Tax 1,391 1,864 1,884 5,229 5,442 % 2.3% 3.1% 3.4% 2.9% 3.4% PAT 4,030 5,402 (25.4)% 5,010 (19.6)% 15,146 15,065 0.5% % 6.7% 9.1% 9.0% 8.5% 9.5% Adjusted PAT 6,992 6,552 6.7% 6,188 13.0% 20,728 19,552 6.0% % 11.6% 11.0% 11.2% 11.7% 12.3% Adjusted EPS 4.64 4.46 4.11 13.77 12.99
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% of Revenue % of Revenue Total Income (₹ Lakhs) PDES : Product & Digital Engineering Services; GBS : Generative AI Business Solutions; IMSS : Infrastructure Management and S ecurity Services 15www.happiestminds.com 96.4% 95.9% 96.3% 96.1% 95.0% 94.4% 94.6% 94.0% FY 23 FY 24 FY 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 93.6% 94.5% 93.7% 93.8% 91.9% 94.5% 94.2% 91.6% FY 23 FY 24 FY 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 79.1% 16.9% 4.1% PDES IMSS GBS 145,040 171,003 2,16,222 55,377 57,052 57,993 59,518 60,328 FY 23 FY 24 FY 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26
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16www.happiestminds.comNote: *RoCE & RoE annualized for the quarters (₹ ) 21.4%24.6%26.2% 18.1%20.9%24.3% 37,997 42,122 46,224 11,686 10,984 12,405 12,027 12,325 26.2% 24.6% 21.4% 21.1% 19.3% 21.4% 20.2% 20.4% FY 23 FY 24 FY 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 EBIDTA EBIDTA % 34,452 34,042 35,971 9,269 8,125 9,722 9,733 10,087 24.1% 21.0% 17.4% 17.5% 14.9% 17.7% 17.0% 17.4% FY 23 FY 24 FY 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Operating Margin Operating Margin % 32.8% 22.3% 20.8% 21.8% 20.8% 23.0% 22.8% 21.9% 27.8% 16.9% 11.9% 14.0% 11.9% 14.1% 13.8% 12.5% FY 23 FY 24 FY 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 RoCE RoE 17.60 17.05 16.92 4.11 3.83 4.56 4.46 4.64 FY 23 FY 24 FY 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26
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Note 1: TTM 17www.happiestminds.com 4,917 5,168 6,632 6,630 6,632 6,523 6,554 6,548 78.5% 75.5% 77.30% 78.0% 77.4% 78.9% 80.7% 82.0% FY 23 FY 24 FY 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 4.6% 4.1% 5.8% 4.3% 5.8% 5.8% 6.1% 6.4% 95.4% 95.9% 94.2% 95.7% 94.2% 94.2% 93.9% 93.6% FY 23 FY 24 FY 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Onsite Offshore 19.8% 13.0% 16.6% 15.3% 16.6% 18.2% 17.4% 17.4% FY 23 FY 24 FY 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26
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18www.happiestminds.com 71.5% 28.5% T&M FP 9.8% 52.2% 23.0% 6.7% 2.4% 6.0% AI / Analytics Digital Infra / Cloud SAAS Security IoT Others 59.8% 17.3% 7.2% 7.4% 8.4% Americas India Europe APAC ROW 26.0% 14.9% 18.7% 12.3% 8.9% 9.3% 6.7% 2.5% 0.6% BFSI Edu Tech Healthcare HiTech (others) Retail / CPG TME Industrial MFG Others
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19www.happiestminds.com 47% 52% 56% 53% 48% 44% FY 23 FY 24 FY 25 0-5 yrs > 5 yrs 25.0% 39.2% 54.7% Top 5 Top 10 Top 20 43 48 57 56 57 59 58 58 FY 23 FY 24 FY 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 237 250 281 278 281 285 290 297 0 50 100 150 200 250 300 350 FY 23 FY 24 FY 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26
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(USD ‘000) 20www.happiestminds.com 15.2% 14.4% 11.6% 10.8% 12.0% 11.1% 12.5% 12.1% 84.8% 85.6% 88.4% 89.2% 88.0% 88.9% 87.5% 87.9% FY 23 FY 24 FY 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Onsite Offshore 803 794 917 898 917 910 906 896 FY 23 FY 24 FY 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26
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Note :*Healthcare carved out as a separate vertical from Q1FY24 onwards. Some customers which were earlier part of HiTech / MFG / Others have been regrouped 21www.happiestminds.com % of Revenues FY 23 FY 24 FY25 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY 25 FY26 Q1 FY26 Q2 FY26 Q3 BFSI 12.2% 10.9% 16.8% 22.5% 23.6% 26.5% 22.5% 26.2% 25.3% 26.0% Edutech 23.2% 23.9% 21.5% 19.3% 17.4% 17.0% 18.7% 16.1% 15.3% 14.9% Healthcare - 14.4% 16.4% 16.4% 16.4% 15.6% 16.3% 15.5% 16.3% 18.7% Hitech 16.9% 14.5% 14.8% 14.3% 15.4% 13.5% 14.5% 12.8% 13.4% 12.3% Travel, Media and Entertainment (TME) 12.9% 11.9% 10.7% 8.6% 8.4% 8.5% 9.0% 9.8% 9.6% 9.3% Retail / CPG 9.2% 7.4% 7.8% 8.1% 8.4% 8.7% 8.2% 9.1% 9.8% 8.9% Industrial 8.4% 7.5% 7.3% 7.2% 6.7% 6.8% 7.0% 6.7% 6.6% 6.7% Manufacturing 10.3% 6.3% 4.0% 3.0% 3.2% 2.6% 3.2% 3.1% 3.3% 2.5% Others 6.9% 3.1% 0.9% 0.6% 0.5% 0.6% 0.6% 0.7% 0.4% 0.6% Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% AI/ Analytics 12.2% 13.3% 12.1% 11.1% 10.9% 11.1% 11.2% 12.8% 11.7% 9.8% Digital infrastructure / cloud 45.8% 42.9% 47.5% 52.6% 51.8% 52.5% 51.4% 53.7% 54.0% 52.2% SaaS 20.7% 25.7% 25.1% 23.8% 23.6% 21.1% 23.1% 18.5% 19.7% 23.0% Security Solutions 12.3% 9.6% 8.5% 6.6% 7.1% 7.6% 7.4% 6.4% 6.1% 6.7% IoT 5.4% 4.4% 4.2% 3.2% 2.8% 2.8% 3.2% 3.0% 3.0% 2.4% Total 96.4% 95.9% 97.4% 97.3% 96.1% 95.0% 96.3% 94.4% 94.6% 94.0% IP Led 10.1% 10.2% 10.7% 9.8% 11.6% 11.9% 11.0% 10.9% 10.3% 9.8% Automation 26.6% 28.1% 23.9% 24.1% 24.7% 25.3% 24.5% 28.2% 27.5% 26.4% Verticals Digital Service Offerings
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22www.happiestminds.com FY 23 FY 24 FY25 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY 25 FY26 Q1 FY26 Q2 FY26 Q3 USA 68.1% 70.7% 66.5% 65.2% 64.7% 62.3% 64.6% 59.5% 60.0% 59.8% India 15.6% 16.3% 16.9% 15.1% 15.5% 14.9% 15.6% 17.6% 18.3% 17.3% Europe 9.7% 8.9% 8.7% 8.5% 8.0% 7.3% 8.1% 7.4% 8.1% 7.2% APAC - - 2.4% 5.6% 5.9% 6.8% 5.3% 7.5% 6.4% 7.4% ROW 6.6% 4.1% 5.5% 5.6% 6.0% 8.7% 6.4% 8.0% 7.3% 8.4% $ 10 M + - 2 2 2 3 2 2 2 4 4 $ 5M to $ 10M 6 6 9 8 7 10 10 9 8 9 $ 3M to $ 5M 6 2 2 6 7 7 7 9 9 7 $ 1M to $ 3M 30 37 44 42 38 37 37 38 37 38 Total 43 48 58 59 55 57 57 59 58 58 0 - 5 Years 47.0% 52.0% 56.0% > 5 Years 53.0% 48.0% 44.0% Onsite 15.2% 14.4% 11.4% 11.4% 10.8% 12.0% 11.6% 11.1% 12.5% 12.1% Offshore 84.8% 85.6% 88.6% 88.6% 89.2% 88.0% 88.4% 88.9% 87.5% 87.9% Fixed Price 25.3% 26.1% 26.1% 21.7% 23.2% 24.7% 24.1% 23.1% 24.8% 28.5% Time and Material 74.7% 73.9% 73.9% 78.3% 76.8% 75.3% 75.9% 76.9% 75.2% 71.5% # Active Customers 237 250 279 281 278 281 281 285 290 297 # Billion $ Corporation 55 61 80 82 85 81 81 84 86 87 Revenue by Geo Million $ Customers Customer Cohort Analysis Revenue Mix Revenue by contracting Model
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23www.happiestminds.com Notes: 1. Capital Return Ratios are YTD Annualized 2. Adjusted EPS & EPS has been annualized 3. Adjusted EPS is Adjusted for exceptional items and amortization of intangible FY 23 FY 24 FY25 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY 25 FY26 Q1 FY26 Q2 FY26 Q3 Onsite 227 211 279 274 284 385 385 378 397 418 Offshore 4,690 4,957 6,320 6,306 6,346 6,247 6,247 6,145 6,157 6,130 Onsite % 4.6% 4.1% 4.2% 4.2% 4.3% 5.8% 5.8% 5.8% 6.1% 6.4% Offshore % 95.4% 95.9% 95.8% 95.8% 95.7% 94.2% 94.2% 94.2% 93.9% 93.6% Utilization 78.5% 75.5% 78.2% 76.3% 78.0% 77.4% 77.3% 78.9% 80.7% 82.0% Diversity 27.4% 27.7% 27.7% 27.6% 27.3% 26.6% 26.6% 27.3% 27.1% 26.9% Billed 54 57 58 46 48 60 60 56 53 55 Unbilled 31 29 26 37 36 28 28 35 35 37 Total 86 87 84 83 84 88 88 91 88 92 EPS 16.0 16.7 3.4 3.3 3.3 2.3 12.3 3.8 3.6 2.6 Annualized2 15.2 14.4 10.5 Adjusted EPS3 17.6 17.0 4.8 4.2 4.1 3.8 16.9 4.6 4.3 4.6 Annualized2 17.8 17.9 RoCE 32.8% 22.3% 22.4% 23.1% 21.8% 20.8% 20.8% 23.0% 22.8% 21.9% RoE 27.8% 16.9% 13.9% 13.5% 14.0% 11.9% 11.9% 14.1% 13.8% 12.5% DSO Earnings Per Share (EPS) ₹ Capital Ratios 1 Happiest Minds
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IMSS: Infrastructure Management & Security Services. |. PDES : Product & Digital Engineering Services. |. GBS: Generative AI Business Services *GBS started its operations from Q1FY25 onwards. All figures in ₹ Lakhs 24www.happiestminds.com YoY YoY Revenue by BU Revenue Mix% Revenue Mix% Revenue Mix% Revenue Mix% Revenue Mix% Growth% Revenue Mix% Revenue Mix% Revenue Mix% IMSS 30,694 21.2% 29,746 17.4% 8,045 14.5% 8,919 15.6% 32,832 15.2% 10.4% 9,445 16.3% 9,306 15.6% 9,902 16.4% PDES 1,12,236 77.4% 1,32,719 77.6% 44,215 79.8% 44,357 77.7% 1,69,691 78.5% 27.9% 44,192 76.2% 46,457 78.1% 46,466 77.0% GBS - - - - 821 1.5% 1,182 2.1% 3,562 1.6% 100.0% 1,354 2.3% 1,594 2.7% 2,389 4.0% Total Revenue 1,42,930 98.6% 1,62,466 95.0% 53,081 95.9% 54,458 95.5% 2,06,085 95.3% 26.8% 54,990 94.8% 57,357 96.4% 58,757 97.4% Other Income 2,110 1.4% 8,537 5.0% 2,295 4.1% 2,594 4.5% 10,137 4.7% 18.7% 3,003 5.2% 2,161 3.6% 1,572 2.6% Total Income 1,45,040 100.0% 1,71,003 100.0% 55,376 100.0% 57,052 100.0% 2,16,222 100.0% 26.4% 57,993 100.0% 59,518 100.0% 60,328 100.0% FY 24 FY26 Q2FY26 Q1FY 25FY25 Q4FY 23 FY 26 Q3FY25 Q3
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All figures in ₹ Lakhs 25www.happiestminds.com FY 23 FY 24 FY25 Q3 FY25 Q4 FY 25 FY26 Q1 FY26 Q2 FY26 Q3 Operating revenue 1,42,929 1,62,466 53,081 54,457 2,06,084 54,990 57,357 58,756 Other Income 2,111 8,537 2,296 2,595 10,137 3,003 2,161 1,572 Total income 1,45,040 1,71,003 55,377 57,052 2,16,222 57,993 59,518 60,328 Cost of revenue 82,827 99,204 33,691 35,276 1,31,149 34,834 35,738 36,124 Gross Margin 60,101 63,262 19,390 19,180 74,936 20,156 21,619 22,632 % 42.0% 38.9% 36.5% 35.2% 36.4% 36.7% 37.7% 38.5% SG&A 24,215 29,677 10,000 10,790 38,849 10,754 11,754 11,921 % 16.9% 18.3% 18.8% 19.8% 18.9% 19.6% 20.5% 20.3% EBITDA 37,997 42,122 11,686 10,984 46,224 12,405 12,027 12,283 % 26.2% 24.6% 21.1% 19.3% 21.4% 21.4% 20.2% 20.4% Operating Margin 34,452 34,042 9,269 8,125 35,972 9,722 9,732 10,088 % 24.3% 20.9% 17.5% 15.0% 17.5% 17.6% 17.0% 17.4% Finance cost 2,102 3,991 2,443 2,380 9,115 2,387 2,446 2,356 Depreciation 3,057 3,600 1,172 1,204 4,557 1,183 1,165 1,152 Profit before acquisition related non-cash items 32,838 34,531 8,071 7,400 32,552 8,836 8,416 8,775 % 22.6% 20.2% 14.6% 13.0% 15.1% 15.2% 14.1% 14.5% Amortisation of intangible assets 1,134 1,984 927 1,051 4,313 1,053 1,055 1,055 Unwinding interest cost 84 240 251 94 835 95 95 95 Amortization/Unwinding Interest 1,218 2,224 1,178 1,145 5,148 1,148 1,150 1,150 PBT before exceptional item* 31,620 32,307 6,893 6,254 27,405 7,687 7,266 7,624 % 21.8% 18.9% 12.4% 11.0% 12.7% 13.3% 12.2% 12.6% Exceptional items* - New wage code cost 634 (1,402) - 1,216 1,859 - - 2,203 PBT * 30,986 33,709 6,893 5,038 25,546 7,687 7,266 5,421 % 21.4% 19.7% 12.4% 8.8% 11.8% 13.3% 12.2% 9.0% Current tax 8,508 9,518 2,210 1,940 8,443 2,184 2,192 1,932 Deferred tax (621) (889) (326) (302) (1363) (210) (328) (542) Total Tax 7,887 8,629 1,884 1,638 7,080 1,974 1,864 1,391 % 5.4% 5.0% 3.4% 2.9% 3.3% 3.4% 3.1% 2.3% PAT * 23,099 24,839 5,009 3,400 18,465 5,713 5,402 4,031 % 15.9% 14.5% 9.0% 6.0% 8.5% 9.9% 9.1% 6.7% Adjusted PAT * 24,951 25,661 6,186 5,760 25,474 7,020 6,715 6,991 % 17.2% 15.0% 11.2% 10.1% 11.8% 12.1% 11.3% 11.6% Income
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All figures in ₹ Lakhs 26www.happiestminds.com FY 2023 FY 2024 Q2 FY25 Q3 FY25 FY 2025 Q1 FY26 Q2 FY26 Q3 FY26 Property, plant and equipment 13,278 13,778 13,978 13,894 14,096 13,974 13,806 13,631 Goodwill 13,913 14,032 75,329 75,891 76,230 76,273 76,776 76,941 Financial & Other assets 29,594 19,192 42,125 40,348 45,485 44,347 45,377 43,539 Total Non-Current(A) 56,785 47,002 131,431 130,133 135,811 134,594 135,959 134,111 Financial & Other assets i. Trade receivable 21,319 25,444 25,441 26,927 35,813 34,078 32,440 34,338 ii. Cash & Cash equivalents, Investments & Other financial assets 81,484 147,540 166,196 170,380 158,600 160,649 160,366 165,068 iii. Other assets 4,495 4,793 6,980 6,746 5,682 4,246 8,665 10,040 Total Current (B) 107,298 177,777 198,616 204,053 200,095 198,974 201,471 209,447 Total Assets (A + B) 164,083 224,779 330,047 334,186 335,906 333,567 337,430 343,557 Total Equity (C) 83,882 148,024 152,444 153,580 157,457 163,431 162,800 163,518 Financial liabilities 18,035 15,416 22,202 23,576 46,877 38,449 41,264 46,234 Provisions & Deferred tax liability 4,526 4,641 8,989 10,107 10,781 10,719 11,231 12,852 Total Non-Current(D) 22,561 20,057 31,191 33,683 57,658 49,168 52,495 59,086 Financial & Contract liabilities i. Trade payable 7,052 7,915 11,008 10,873 10,481 9,391 9,328 9,402 ii. Others 45,921 43,839 128,412 128,844 102,532 104,110 103,783 103,704 Provisions & Other current liabilities 4,667 4,944 6,991 7,206 7,777 7,467 9,024 7,847 Total Current Liabilities (C) 57,640 56,698 146,412 146,922 120,790 120,968 122,135 120,953 Total Liabilities (D = B + C) 80,201 76,755 177,603 180,606 178,449 170,136 174,630 180,039 Total Equity and Liabilities (A + D) 164,083 224,779 330,047 334,186 335,906 333,567 337,430 343,557 Assets Non-Current Current Liabilities Current Non-Current
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27www.happiestminds.com *As per the guidance note from ICAI FY24 Q3 FY25 Q4 FY25 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Debt-Equity 0.35 0.83 0.79 0.79 0.78 0.78 0.80 Debt Service Coverage (DSCR) 5.25 7.03 5.81 6.31 5.32 5.01 5.31 Interest Service Coverage (ISCR) 8.97 3.82 3.63 3.94 4.24 3.99 4.26 Current Assets to Current Liabilities 3.14 1.39 1.66 1.66 1.64 1.65 1.73 Long-term Debt to Working Capital 0.09 0.18 0.42 0.42 0.43 0.45 0.46 Bad Debts to Trade Receivable 0.02 0.01 0.01 0.02 - - - Current Liability to Total Liabilites 0.74 0.81 0.68 0.68 0.71 0.70 0.67 Total Debt to Total Assets 0.23 0.38 0.37 0.37 0.38 0.38 0.38 Trade Receivable Turnover 6.95 8.18 7.11 6.73 6.29 6.72 6.70 Operating margin (%) 21% 18% 15% 17% 17% 17% 18% Net profit margin (%) 15% 9% 6% 9% 10% 9% 7% Additional Balance Sheet Ratios
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