Happiest Minds Technologies Limited (HAPPSTMNDS.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+524.1%

₹1,891.68

vs ₹303.10 price

Levered DCF

₹1,141.96

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.63

Grey zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	25.57×	48.31×	47.61×	47.6×	82.29×	45.96×	69.21×	382.42×
P/B	3.22×	5.67×	7.99×	13.11×	22.4×	13.68×	18.69×	-82.48×
P/S	2.35×	4.33×	7.28×	7.69×	13.64×	9.66×	7.1×	9.23×
EV / EBITDA	12.8×	22.64×	28.22×	30.74×	52.6×	35.16×	49.63×	113.1×
Gross margin	32.6%	33.7%	22.5%	46.0%	46.7%	26.2%	20.2%	15.9%
Operating margin	13.6%	12.9%	17.4%	22.2%	20.6%	21.9%	12.1%	7.8%
Net margin	9.2%	9.0%	15.3%	16.2%	16.6%	21.0%	10.3%	2.4%
Current ratio	1.48×	1.66×	3.14×	1.86×	2.54×	2.67×	2.1×	0.77×
Debt / equity	0.88×	0.79×	0.35×	0.64×	0.38×	0.35×	0.43×	-1.84×
Interest coverage	3.24×	2.67×	6.68×	14.5×	27.08×	25.34×	11.27×	4.11×
Dividend yield	1.7%	1.0%	0.7%	0.5%	0.5%	0.0%	0.0%	0.0%
Payout ratio	44.2%	46.5%	34.6%	24.7%	37.7%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	12.6%	11.7%	16.8%	27.5%	27.2%	29.8%	27.0%	-21.5%
Return on invested capital	7.1%	6.4%	10.3%	16.4%	17.4%	18.8%	21.0%	14.1%
Return on assets	5.9%	5.5%	11.1%	14.1%	16.1%	17.6%	14.1%	3.4%
Free cash flow yield	4.4%	2.5%	1.7%	0.6%	1.1%	1.9%	2.2%	1.0%
Earnings yield	3.9%	2.1%	2.1%	2.1%	1.2%	2.2%	1.4%	0.3%
Enterprise value	₹60.1B	₹100.4B	₹122.2B	₹114.6B	₹151B	₹75.8B	₹50.3B	₹55.4B
Net debt / EBITDA	1.22×	2.53×	0.92×	1.24×	0.64×	0.5×	0.69×	1.94×
Cash conversion cycle (days)	39	35	70	54	53	63	61	69