Happiest Minds Technologies Ltd. · NSE:HAPPSTMNDS
Happiest Minds Technologies — Q1 FY26 Earnings Presentation
24 slides from Happiest Minds Technologies's earnings presentation, 2025
Slide 1: Investor Presentation Q1 FY26
Investor Presentation Q1 FY 26
Slide 2: Happiest Minds
Happiest Minds Next-Gen Digital Transformation, Infrastructure, Security and Product Engineering Services Company 285 Active Clients 94% Digital 95% Agile 85 Fortune2000 / Forbes200 23.0% RoCE1 Born Digital Born Agile Billion $ Corporations 14.1% RoE1 93.7% Repeat Business Mission Statement Great Pl
Slide 3: Mission, Vision and Values
Mission, Vision and Values Our 2021-31 Vision - DELiGHT Our SMILES Values Sharing Design for Perpetuity ESG Excellence Mindful Our Mission Integrity Thought Leadership Happiest People Happiest Customers Learning Profitable Growth Ambassador for Happiness Excellence World Class Team Social Responsibi
Slide 4: 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) Industrial, Manufacturing and
Slide 5: Born Digital. Born Agile The Mindful IT Company
Born Digital . Born Agile The Mindful IT Company CREATING MINDFULLY DIGITAL CAPITAL AGILE Business Agile Organization Transformation Business Agile Insights Business Platformize & Agile Modernize Delivery Reimagining Engineering & Operational Excellence Customer Experience 5 www.happiestminds.com
Slide 6: Key Wins
Key For a global Home Improvement Retail Chain, Happiest Minds is For a US-based Insurance & Financial solutions company, Happiest custom building solutions for their key Finance and IT programs. Minds has been chosen as an implementation partner for their GenAI workflow automation. For a Multinatio
Slide 7: Won the CNBC-TV18 India Risk Management Award 2025
Won the CNBC-TV18 India Risk Management Award 2025
Slide 8: Analyst Mentions
Analyst Mentions Everest Research AIM Research ‘Aspirants’ ‘Seasoned Vendors’ in Intelligent Process In Data Engineering Service Automation (IPA) Providers PeMa Quadrant Solutions PEAK Matrix® Assessment 2025
Slide 9: Financial and Operational Metrics
Financial and Operational Metrics Q1 FY 26 9
Slide 10: Results Q1 FY26
Results Q1 FY 26 All amounts in ₹ Lakhs unless stated otherwise Particulars Q1 FY26 Q4 FY25 QoQ Q1 FY25 YoY Note: Revenues ($’000) 64,359 62,919 2.3% 55,547 15.9% 1 – Operating Margin is EBITDA excluding other income Growth in CC 2.3% 17.5% 2 - Amortization and unwinding interest are non-cash items
Slide 11: Revenues
Revenues % of Revenue % of Revenue Digital Agile 97.4% 97.3% 96.4% 95.9% 96.3% 96.1% 95.0% 94.4% 94.5% 94.9% 94.5% 93.6% 93.7% 94.0% 93.8% 91.9% FY 23 FY 24 FY 25 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 FY 23 FY 24 FY 25 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Business Unit 5.2% Total Income (₹ Lakhs) 2.3% 216,222 16.3
Slide 12: Profitability
Profitability EBITDA Adjusted Operating Margin 1 (₹ Lakhs) Margin (₹ Lakhs) Margin 37,215 34,452 34,042 46,224 42,122 37,997 12,405 24.3% 18.1% 9,193 9,383 9,269 9,370 9,722 11,671 11,882 11,686 10,984 20.9% 26.2% 24.6% 21.4% 23.9% 21.7% 21.1% 19.3% 21.4% 19.8% 17.9% 17.5% 17.4% 17.6% FY 23 FY 24 FY
Slide 13: Operational Metrics
Operational Metrics Happiest Minds & Utilization 77.3% 78.2% 76.3% 78.0% 77.4% 78.9% 78.5% 75.5% 6,632 6,599 6,580 6,630 6,632 6,523 4,917 5,168 FY 23 FY 24 FY 25 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Offshore / Onsite By Number of Employees Voluntary Attrition % 1 19.8% 18.2% 16.6% 16.6% 14.4% 15.3% 95.4%
Slide 14: Revenue Metrics
Revenue Metrics Contract Model Geography 8.0% 7.5% 23.1% 7.4% 59.5% 17.6% 76.9% T&M FP Americas India Europe APAC ROW Digital Revenue Verticals 3.1% 0.7% 5.6% 6.7% 3.0% 26.2% 12.8% 9.8% 6.4% 9.1% 53.7% 16.1% 18.5% 12.8% 15.5% Digital Infra / Cloud SAAS Security Analytics / AI IoT Others BFSI Edu Tec
Slide 15: Revenue Metrics
Revenue Metrics Revenue Concentration Customer Cohort Analysis 0-5 yrs > 5 yrs 54.4% 38.3% 53% 48% 44% 24.3% 47% 52% 56% Top 5 Top 10 Top 20 FY 23 FY 24 FY 25 Million $ Customers Active Customers 281 279 281 278 281 285 250 237 57 58 59 57 59 56 48 43 FY 23 FY 24 FY 25 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26
Slide 16: Operational & Revenue Metrics
Operational & Revenue Metrics Onsite/Offshore Average Revenue / Active Customer (USD ‘000) 917 917 910 898 840 842 803 794 84.8% 85.6% 88.0% 88.4% 88.6% 88.6% 89.2% 88.9% 15.2% 14.4% 12.0% 11.6% 11.4% 11.4% 10.8% 11.1% FY 23 FY 24 FY 25 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 FY 23 FY 24 FY 25 Q1 25 Q2 25 Q3
Slide 17: Metrics – Data Sheet
Metrics – Data Sheet % of Revenues FY 23 FY 24 FY25 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY 25 FY26 Q1 Verticals BFSI 12.2% 10.9% 16.8% 22.5% 23.6% 26.5% 22.5% 26.2% Edutech 23.2% 23.9% 21.5% 19.3% 17.4% 17.0% 18.7% 16.1% Healthcare - 14.4% 16.4% 16.4% 16.4% 15.6% 16.3% 15.5% Hitech 16.9% 14.5% 14.8% 14.3% 15
Slide 18: Metrics – Data Sheet
Metrics – Data Sheet FY 23 FY 24 FY25 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY 25 FY26 Q1 Revenue by Geo USA 68.1% 70.7% 66.5% 65.3% 64.7% 62.3% 64.6% 59.5% India 15.6% 16.3% 16.9% 15.1% 15.5% 14.9% 15.6% 17.6% Europe 9.7% 8.9% 8.7% 8.5% 8.0% 7.3% 8.1% 7.4% 3 APAC - - 2.4% 5.6% 5.9% 6.8% 5.3% 7.5% ROW 6.6% 4.1
Slide 19: Financial & Operational – Data Sheet
Financial & Operational – Data Sheet FY 23 FY 24 FY25 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY 25 FY26 Q1 Happiest Minds Onsite 227 211 279 274 284 385 385 378 Offshore 4,690 4,957 6,320 6,306 6,346 6,247 6,247 6,145 Onsite % 4.6% 4.1% 4.2% 4.2% 4.3% 5.8% 5.8% 5.8% Offshore % 95.4% 95.9% 95.8% 95.8% 95.7% 94.2
Slide 20: Financial & Operational – Data Sheet
Financial & Operational – Data Sheet All figures in ₹ Lakhs FY 23 FY 24 FY25 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY 25 FY26 Q1 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% PDES 112,236 77.4% 132,719 77.6% 37,677 77.0% 43,442 79.2% 44,21
Slide 21: Profit & Loss Statement
Profit & Loss Statement All figures in ₹ Lakhs FY 23 FY 24 FY25 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY 25 FY26 Q1 Income Operating revenue 142,929 162,466 46,382 52,164 53,081 54,457 206,084 54,990 Other Income 2,111 8,537 2,544 2,702 2,296 2,595 10,137 3,003 Total income 145,040 171,003 48,926 54,867 55,377
Slide 22: Condensed Balance Sheet
Condensed Balance Sheet All figures in ₹ Lakhs FY 2023 FY 2024 Q1 FY25 Q2 FY25 Q3 FY25 FY 2025 Q1 FY26 Assets Non-Current Assets Property, plant and equipment 13,278 13,778 14,062 13,978 13,894 14,096 13,974 Goodwill 13,913 14,032 70,773 75,329 75,891 76,230 76,273 Financial & Other assets 29,594 19
Slide 23: Additional Ratios
Additional Ratios FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 FY25 Q1 FY26 Additional Balance Sheet Ratios Debt-Equity 0.35 0.90 0.82 0.83 0.79 0.79 0.78 Debt Service Coverage (DSCR) 5.25 7.73 6.68 7.03 5.81 6.31 5.32 Interest Service Coverage (ISCR) 8.97 4.93 3.65 3.82 3.63 3.94 4.24 Current Assets to Cur
Slide 24: Thank You
Thank You Happiest People · Happiest Customers India | United States | United Kingdom | Canada | Australia | Dubai | Oman www.happiestminds.com 24
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