Happiest Minds Technologies Ltd. · NSE:HAPPSTMNDS
Happiest Minds Technologies — Q2 FY26 Earnings Presentation
27 slides from Happiest Minds Technologies's earnings presentation, Oct 28, 2025
Slide 1: Earnings Presentation Cover Letter to Stock Exchanges
Happiest Minds Technologies Limited Regd. Office: #53/1-4, Hosur Main Road, Madivala, Bengaluru-560068, Karnataka, India CIN of the Co. L72900KA2011PLC057931 P: +91 80 6196 0300, F: +91 80 6196 0700 Website: www.happiestminds.com Email: investors@happiestminds.com October 28, 2025 Listing Compliance
Slide 2: Investor Presentation Q2 FY26
Investor Presentation Q2 FY 26
Slide 3: Company at a glance: active clients, awards, values
Active Clients Digital Agile 86 Fortune2000 / Forbes200 Billion $ Corporations 93% Repeat Business Mission Statement Great Place To Work® India’s Best Workplaces in IT & IT-BPM for 2024 India’s Best Workplaces for Women 2024 Happiest Minds India’s Best Workplaces in Health & SMILES Values across 13
Slide 4: 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 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: Client engagements and project wins
For a Fortune 100 For a Global Healthtech For a Global Information Insurance company Company Services Company Happiest Minds is executing a complex database Happiest Minds is enhancing their cybersecurity Happiest Minds is leveraging Gen AI for refining modernization and migration project posture by
Slide 8: Successfully executed client projects
Happiest Minds Successfully Happiest Minds successfully Happiest Minds Successfully Happiest Minds and Happiest Minds Successfully helped Morgan Sindall Property Executed a Digital Automated GRC for Cutover Dywidag together Migrates VMware to AWS Services in Enabling Safe, Healthy Transformation Pro
Slide 9: Brandon Hall and IBSi Awards 2025
Best Learning Program Best Senior Supporting a Best Talent Manager Change Mobility Program Development Transformation Program Business Strategy PureSoftware, a Happiest Minds Company, Secures Two Honors at IBSi Digital Banking Awards Happiest Minds Technologies Wins Triple Recognition 2025 for Artth
Slide 10: Analyst recognitions: Everest Group, ISG, Avasant
Everest Group ISG Avasant ‘Major Contenders’ ‘Challengers’ in Everest Group’s Software ‘Product Challenger’ in Avasant Internet of Product Engineering Services in ISG Provider Lens study Things Services 2025 for Mid-market Enterprises AI-driven ADM Services RadarView PEAK Matrix® Assessment 2025 in
Slide 11: Financial and Operational Performance Q2 FY26
Financial and Operational Performance Q2 FY 26 10
Slide 12: Q2 FY26 financial results summary
All amounts in ₹ Lakhs unless stated otherwise Particulars Q2 FY26 Q1 FY26 QoQ Q2 FY25 YoY HY26 HY25 YoY Revenues ($’000) 65,122 64,359 1.2% 62,385 4.4% 1,29,482 1,17,932 9.8% Growth in US $ CC 2.3% 6.7% 11.8% Revenues 57,357 54,990 4.3% 52,164 10.0% 1,12,347 98,546 14.0% Other Income 2,161 3,003 2,
Slide 13: Revenue and total income trends
% of Revenue % of Revenue 97.4% 97.3% 96.4% 96.3% 96.1% 94.9% 95.9% 94.5% 94.5% 95.0% 94.0% 93.8% 94.2% 94.4% 94.6% 93.6% 93.7% 91.9% FY 23 FY 24 FY 25 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 FY 23 FY 24 FY 25 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Total Income (₹ Lakhs) 2,16,222 2.7% 16.2% 1,71,003 1,45,0
Slide 14: Operating margin, EBITDA, RoCE and RoE
21.4% 24.6% 26.2% 17.50% 24.10% 21.00% 46,224 42,122 37,997 34,452 34,042 35,972 23.9% 21.7% 21.1% 19.3% 21.4% 20.2% 19.80% 17.90% 17.50% 17.56% 17.01% 15.00% 24.3% 20.9% 18.1% 26.2% 24.6% 21.4% 9,383 9,722 9,733 11,671 11,882 11,686 10,984 12,405 12,027 9,193 9,269 8,125 FY 23 FY 24 FY 25 Q1 25 Q2
Slide 15: Utilization, onsite and offshore mix
77.3% 78.2% 76.3% 78.0% 77.4% 78.9% 80.70% 78.5% 76.9% 75.5% 6,632 6,599 6,580 6,630 6,632 6,523 6554 4,917 5,168 2,666 FY 20 FY 23 FY 24 FY 25 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 95.4% 95.9% 94.2% 95.8% 95.8% 95.7% 94.2% 94.2% 93.9% 19.8% 18.2% 17.4% 16.6% 16.6% 14.4% 15.3% 13.0% 13.5% 4.6% 4.1% 5.
Slide 16: Revenue by contract model, geography, vertical and service
7.3% 6.4% 24.8% 8.1% 60.0% 18.3% 75.2% T&M FP Americas India Europe APAC ROW 5.4% 3.0% 11.7% 3.3% 0.4% 6.6% 6.1% 25.3% 9.6% 19.7% 9.8% 15.3% 54.0% 13.4% AI/Analytics Digital Infra / Cloud SAAS Security IoT Others 16.3% BFSI Edu Tech Healthcare HiTech (others) Retail / CPG TME Industrial MFG Others w
Slide 17: Customer concentration, cohorts and active clients
0-5 yrs > 5 yrs 54.0% 38.4% 48% 44% 53% 24.0% 52% 56% 47% Top 5 Top 10 Top 20 FY 23 FY 24 FY 25 281 281 281 285 290 279 278 250 237 57 58 59 56 57 59 58 48 43 FY 23 FY 24 FY 25 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 FY 23 FY 24 FY 25 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 www.happiestminds.com 16
Slide 18: Onsite and offshore revenue mix
(USD ‘000) 917 917 910 906 898 840 842 803 794 84.8% 85.6% 88.0% 87.5% 88.4% 88.6% 88.6% 89.2% 88.9% 15.2% 14.4% 12.5% 11.6% 11.4% 11.4% 10.8% 12.0% 11.1% FY 23 FY 24 FY 25 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 FY 23 FY 24 FY 25 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Onsite Offshore www.happiestminds.com
Slide 19: Revenue 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 Verticals BFSI 12.2% 10.9% 16.8% 22.5% 23.6% 26.5% 22.5% 26.2% 25.3% Edutech 23.2% 23.9% 21.5% 19.3% 17.4% 17.0% 18.7% 16.1% 15.3% Healthcare - 14.4% 16.4% 16.4% 16.4% 15.6% 16.3% 15.5% 16.3% Hitech 16.9% 14.5% 14.8% 14.
Slide 20: Revenue by geography, customers and contract model
FY 23 FY 24 FY25 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY 25 FY26 Q1 FY26 Q2 Revenue by Geo USA 68.1% 70.7% 66.5% 65.2% 64.7% 62.3% 64.6% 59.5% 60.0% India 15.6% 16.3% 16.9% 15.1% 15.5% 14.9% 15.6% 17.6% 18.3% Europe 9.7% 8.9% 8.7% 8.5% 8.0% 7.3% 8.1% 7.4% 8.1% APAC - - 2.4% 5.6% 5.9% 6.8% 5.3% 7.5% 6.4% ROW 6
Slide 21: Headcount, utilization, DSO, EPS and capital ratios
FY 23 FY 24 FY25 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY 25 FY26 Q1 FY26 Q2 Happiest Minds Onsite 227 211 279 274 284 385 385 378 397 Offshore 4,690 4,957 6,320 6,306 6,346 6,247 6,247 6,145 6,157 Onsite % 4.6% 4.1% 4.2% 4.2% 4.3% 5.8% 5.8% 5.8% 6.1% Offshore % 95.4% 95.9% 95.8% 95.8% 95.7% 94.2% 94.2% 94.2%
Slide 22: Revenue by business unit
All figures in ₹ Lakhs FY 23 FY 24 FY25 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY 25 FY26 Q1 FY26 Q2 Revenue by BU IMSS 30,694 21.2% 29,746 17.4% 7,992 16.3% 7,876 14.4% 8,045 14.5% 8,919 16.1% 32,832 15.2% 9,445 16.3% 9,306 16.2% PDES 1,12,236 77.4% 1,32,719 77.6% 37,677 77.0% 43,442 79.2% 44,215 79.8% 44,357
Slide 23: Income statement
All figures in ₹ Lakhs FY 23 FY 24 FY25 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY 25 FY26 Q1 FY26 Q2 Income Operating revenue 1,42,929 1,62,466 46,382 52,164 53,081 54,457 2,06,084 54,990 57,357 Other Income 2,111 8,537 2,544 2,702 2,296 2,595 10,137 3,003 2,161 Total income 1,45,040 1,71,003 48,926 54,867 55,3
Slide 24: Balance sheet
All figures in ₹ Lakhs FY 2023 FY 2024 Q2 FY25 Q3 FY25 FY 2025 Q1 FY26 Q2 FY26 Assets Non-Current Property, plant and equipment 13,278 13,778 13,978 13,894 14,096 13,974 13,806 Goodwill 13,913 14,032 75,329 75,891 76,230 76,273 76,776 Financial & Other assets 29,594 19,192 42,125 40,348 45,485 44,34
Slide 25: Additional balance sheet ratios
FY24 Q2 FY25 Q3 FY25 Q4 FY25 FY25 Q1 FY26 Q2 FY26 Additional Balance Sheet Ratios Debt-Equity 0.35 0.82 0.83 0.79 0.79 0.78 0.78 Debt Service Coverage (DSCR) 5.25 6.68 7.03 5.81 6.31 5.32 5.01 Interest Service Coverage (ISCR) 8.97 3.65 3.82 3.63 3.94 4.24 3.99 Current Assets to Current Liabilities 3
Slide 26: Global presence: offices across 16 countries
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 27: Thank You
Thank You India | United States | United Kingdom | Canada | Australia | Dubai | Oman www.happiestminds.com 26
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