Happiest Minds Technologies Ltd. · NSE:HAPPSTMNDS
Happiest Minds Technologies — Q3 FY26 Earnings Presentation
29 slides from Happiest Minds Technologies's earnings presentation, 2026
Slide 1: Investor Presentation Q3 FY26
Investor Presentation Q3 FY 26
Slide 2: Happiest Minds at a glance
Active Clients Great Place To Work® India’s Best Workplaces in 87 Fortune2000 / Forbes200 IT & IT-BPM for 2024 India’s Best Workplaces for Billion $ Corporations Women 2024 India’s Best Workplaces in 92% Repeat Business Health & Wellness 2024 Mission Statement Top Employers Happiest Minds Happiest M
Slide 3: Driven by our Mission. Inspired by our Vision - DELiGHT
Driven by our Mission. Inspired by our Vision - DELiGHT Design for ESG Thought Profitable Ambassador for World Class Perpetuity Excellence Leadership Growth Happiness Team Happiest People. Happiest Customers. Grounded in Values - SMILES Sharing Mindful Integrity Learning Excellence Social Responsibi
Slide 4: Built for the AI-Native Enterprise
Built for the AI-Native Enterprise AI-First by Design Proven at Scale Multiple GenAI & Agentic AI use cases have GenAI and Agentic AI are core to how moved from early prototypes to live, we design, build, and deliver solutions. repeatable solutions for clients. AI-Native Delivery Model Turning AI as
Slide 5: Our Business
Our Business IoT Blockchain DevOps & Product & Digital Cloud RPA Engineering Services Generative AI Business Services Software Defined BPM & Networking / NFV Agile and Secure Integration Infrastructure Services Big Data & Advanced Security Analytics Industry Groups (IG) BFSI EdTech Healthcare & Life
Slide 6: Our Business
Our Business PDES GBS IMSS Product and Digital Engineering Services Generative AI Business Services Infrastructure Management and Security Services Infrastructure Digital Foundry Generative AI Applications Cloud & DC Infrastructure Startup Technology Generative AI Custom Models Digital W
Slide 7: Generative AI client engagements
For a Global FMCG Leader For a Top United States Based For a Global Life Sciences in Plant-Based Food Insurance Provider Strategic Partner Happiest Minds is using GenAI driven automation Happiest Minds is defining their AI roadmap and Happiest Minds is conducting an independent AI to monitor over 14
Slide 8: Gen AI client success stories
Successfully Enhanced Productivity and Successfully Designed and Developed Successfully Enhanced User Efficiency at Coca-Cola Beverages a GenAI-based Research Assistant for Experience for Happiest Health with a Vietnam with an Innovative Gen AI SKAN Research Trust Personalized Generative AI Chatbot
Slide 9: Client success stories 2/3
2/3 Successfully helped Successfully Automated GRC for Happiest Minds and Dywidag together Morgan Sindall Property Services in Cutover UK by Leveraging the Alyne Implemented an Integrated, Connected Enabling Safe, Healthy & Sustainable Platform Digital IoT Platform that would provide AI Spaces With
Slide 10: Client success stories 3/3
3/3 Successfully Migrates VMware to AWS Successfully Executed a Digital Trusted Digital Transformation Cloud for Can Capital Transformation Project for Coca Cola Partner for Clicklease Bottling Company United for Streamlining its Order Management with Technology Transformation in Microsoft Power Aut
Slide 11: Awards and recognitions
Happiest Minds won the Happiest Minds’ Happiest Minds Happiest Minds Best Use of AI in DevOps Integrated Annual Recognized by Avtar and Recognized for (IT Services) award at the Report 2025 wins double Seramount Among 2025 Excellence in People 9th Edition India DevOps Gold, ranks #56 globally Best C
Slide 12: Analyst recognition
Everest Group Avasant ISG Manufacturing Industry Services & Solutions 2025 – Major Contenders in the Quality Rising Star in Technology, Engineering Specialist Services and Challenger in Intelligent Enterprise Transformation and Consulting Services. Enterprise Quality Engineering Automation in Intel
Slide 13: Financial and Operational Performance
Financial and Operational Performance Q3 FY 26 13
Slide 14: Q3 FY26 financial results summary
All amounts in ₹ Lakhs unless stated otherwise 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
Slide 15: Total income and revenue by business unit
% of Revenue % of Revenue 94.5% 94.5% 96.4% 96.3% 94.2% 96.1% 93.8% 95.9% 93.7% 93.6% 95.0% 94.6% 94.4% 91.9% 94.0% 91.6% FY 23 FY 24 FY 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 FY 23 FY 24 FY 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Total Income (₹ Lakhs) 4.1% 16.9% 2,16,222 171,003 145,040 79.1% 57,052 57,993 59,
Slide 16: Operating margin, EBITDA, RoCE and RoE
17.4% 24.1% 21.0% 21.4% 24.6% 26.2% 17.5% 17.7% 17.0% 17.4% 21.4% 20.2% 20.4% 14.9% 21.1% 19.3% 24.3% 20.9% 18.1% 26.2% 24.6% 21.4% 34,452 34,042 35,971 9,269 8,125 9,722 9,733 10,087 37,997 42,122 46,224 11,686 10,984 12,405 12,027 12,325 FY 23 FY 24 FY 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 FY 23 FY 24
Slide 17: Utilization, headcount and onsite-offshore mix
77.30% 78.0% 77.4% 78.9% 80.7% 82.0% 78.5% 75.5% 4,917 5,168 6,632 6,630 6,632 6,523 6,554 6,548 FY 23 FY 24 FY 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 19.8% 18.2% 95.9% 95.7% 93.6% 17.4% 17.4% 95.4% 94.2% 94.2% 94.2% 93.9% 16.6% 16.6% 15.3% 13.0% 4.6% 4.1% 5.8% 4.3% 5.8% 5.8% 6.1% 6.4% FY 23 FY 24 FY 25 Q
Slide 18: Revenue by contract model, geography and service
8.4% 7.4% 28.5% 7.2% 59.8% 17.3% 71.5% T&M FP Americas India Europe APAC ROW 2.5% 0.6% 6.0% 9.8% 6.7% 2.4% 6.7% 26.0% 9.3% 8.9% 23.0% 14.9% 12.3% 52.2% 18.7% AI / Analytics Digital Infra / Cloud SAAS Security IoT Others BFSI Edu Tech Healthcare HiTech (others) Retail / CPG TME Industrial MFG Others
Slide 19: Client concentration and million-dollar clients
0-5 yrs > 5 yrs 54.7% 48% 44% 53% 39.2% 25.0% 52% 56% 47% Top 5 Top 10 Top 20 FY 23 FY 24 FY 25 350 290 297 300 281 278 281 285 250 250 237 200 57 56 57 59 58 58 48 150 43 100 50 0 FY 23 FY 24 FY 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 FY 23 FY 24 FY 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 www.happiestminds.com 1
Slide 20: Onsite and offshore revenue mix
(USD ‘000) 917 917 910 906 898 896 803 794 84.8% 85.6% 88.4% 88.0% 87.5% 87.9% 89.2% 88.9% 15.2% 14.4% 11.6% 12.0% 12.5% 12.1% 10.8% 11.1% FY 23 FY 24 FY 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 FY 23 FY 24 FY 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Onsite Offshore www.happiestminds.com 20
Slide 21: Revenue mix by vertical and service offering
% of Revenues FY 23 FY 24 FY25 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY 25 FY26 Q1 FY26 Q2 FY26 Q3 Verticals 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% Hi
Slide 22: Revenue by geography and client metrics
FY 23 FY 24 FY25 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY 25 FY26 Q1 FY26 Q2 FY26 Q3 Revenue by Geo 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%
Slide 23: Operational metrics, DSO, EPS and capital ratios
FY 23 FY 24 FY25 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY 25 FY26 Q1 FY26 Q2 FY26 Q3 Happiest Minds 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% 9
Slide 24: Revenue by business unit
FY 23 FY 24 YoY FY25 Q3 FY25 Q4 FY 25 YoY FY26 Q1 FY26 Q2 All figures FY 26 Q3 in ₹ Lakhs 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
Slide 25: Income statement
All figures in ₹ Lakhs FY 23 FY 24 FY25 Q3 FY25 Q4 FY 25 FY26 Q1 FY26 Q2 FY26 Q3 Income 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
Slide 26: Balance sheet
All figures in ₹ Lakhs FY 2023 FY 2024 Q2 FY25 Q3 FY25 FY 2025 Q1 FY26 Q2 FY26 Q3 FY26 Assets Non-Current 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 42,1
Slide 27: Additional balance sheet ratios
FY24 Q3 FY25 Q4 FY25 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Additional Balance Sheet Ratios 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
Slide 28: Global presence and offices
Americas Europe & UK Asia, Africa & Middle East Australia India 16 Offices USA UK Hong Kong UAE HQ: Bengaluru Austin, Texas Berkshire Sydney Dubai Bhubaneswar Denver Doncaster Singapore Chennai Las Vegas London Sultanate of Oman Coimbatore New Jersey Malaysia Oman Delhi New York Germany Kuala Lumpur
Slide 29: Thank You
Thank You India | United States | United Kingdom | Canada | Australia | Dubai | Oman www.happiestminds.com 29
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