Happiest Minds Integrated Annual Report 2025-26

Financial Capital

01

Input

Net Worth: ₹ 1,68,949 lakhs
Cash and Cash Equivalents: ₹ 91,271 lakhs

Outcomes

Operating Revenue: ₹ 2,31,511 lakhs (↑12.3%)
Total Income: ₹ 2,40,008 lakhs (↑11.0%)
EBITDA: ₹ 48,835 lakhs (↑5.6%)
PAT: ₹ 21,263 lakhs (↑15.1%)
RoCE & RoE: 21.9% and 12.8% respectively
Earnings per share (Diluted): ₹ 14.11
Dividend per share: ₹ 6.4

Opportunity Tracking

Sales Intelligence Tool
Partner connect, deal database and customer referrals for lead generation, nurturing and proactively sending proposals
Skills, competencies, and capabilities of Happiest Minds

Client Retention

Evaluation and assessment of project execution and delivery
Identification of improvement areas
Customer feedback: satisfaction, advocacy, loyalty and value for money

Capitalizing on Projects

Deal qualification and clarity on the value proposition
Stakeholder mapping, interlocks with other enterprise applications and collaboration on CRM
Management review of the pipeline
Controlled access to proposal repository
Customer testimonials
Deal-based marketing and innovative pricing technique
Win/Loss analysis

Delivering Excellence

Matching people skills, entering collaborations and use of accelerators/new solutions/tools to meet customer requirements
Continuous project monitoring, and defect tracking supported by LEAN and quality control processes

Manufactured Capital

02

Input

Plant, Property and Equipment: 13,476 lakhs
4 Centers of Excellence (CoEs): IoT, Analytics/Artificial Intelligence, Digital Process Automation and Cyber Security
47 offices/presence in 16 countries

Outcomes

Best-in-class ecosystem benefiting Happiest Minds and customers
Higher efficiency with reduced cycle time and faster turnaround

Opportunity Tracking

Sales Intelligence Tool
Partner connect, deal database and customer referrals for lead generation, nurturing and proactively sending proposals
Skills, competencies, and capabilities of Happiest Minds

Client Retention

Evaluation and assessment of project execution and delivery
Identification of improvement areas
Customer feedback: satisfaction, advocacy, loyalty and value for money

Capitalizing on Projects

Deal qualification and clarity on the value proposition
Stakeholder mapping, interlocks with other enterprise applications and collaboration on CRM
Management review of the pipeline
Controlled access to proposal repository
Customer testimonials
Deal-based marketing and innovative pricing technique
Win/Loss analysis

Delivering Excellence

Matching people skills, entering collaborations and use of accelerators/new solutions/tools to meet customer requirements
Continuous project monitoring, and defect tracking supported by LEAN and quality control processes

Intellectual Capital

03

Input

R&D expenditure: ₹ 2,571 lakhs
IPs/Solution Accelerators: 18
IP/Solutions product: 15
Leading Banking, Insurance and University Products

Outcomes

Won multiple recognitions (Read page 50-51)
Active research in the Quantum Cryptography space
Rel(AI)Build, Agent-based software delivery platform enabling engineers with autonomous agents

Opportunity Tracking

Sales Intelligence Tool
Partner connect, deal database and customer referrals for lead generation, nurturing and proactively sending proposals
Skills, competencies, and capabilities of Happiest Minds

Client Retention

Evaluation and assessment of project execution and delivery
Identification of improvement areas
Customer feedback: satisfaction, advocacy, loyalty and value for money

Capitalizing on Projects

Deal qualification and clarity on the value proposition
Stakeholder mapping, interlocks with other enterprise applications and collaboration on CRM
Management review of the pipeline
Controlled access to proposal repository
Customer testimonials
Deal-based marketing and innovative pricing technique
Win/Loss analysis

Delivering Excellence

Matching people skills, entering collaborations and use of accelerators/new solutions/tools to meet customer requirements
Continuous project monitoring, and defect tracking supported by LEAN and quality control processes

Human Capital

04

Input

Happiest Minds: 6,497
Employee Benefits Expense: ₹ 1,56,095 lakhs
Attrition rate: 18.71%
Total Learning Hours: 1,80,328
Business Enabling Program: 1,67,028

Outcomes

Women Happiest Minds Representation: 27%
Diverse workforce including 10 nationalities
Top Employers India - Happiest Minds recognized among India's Best Workplaces for IT
Avtar & Seramount Best Companies for Women in India in IT and Exemplar of Inclusion in the Most Inclusive Companies Index
Excellence in People Analytics at the SHRM HR Excellence Awards 2025
Gold and Bronze at the Brandon Hall Group HCM Excellence Awards 2025
PoSH Awareness Month celebrated, PoSH policy updated, internal committee revamped; Leadership training, IC meetings successfully completed

Opportunity Tracking

Sales Intelligence Tool
Partner connect, deal database and customer referrals for lead generation, nurturing and proactively sending proposals
Skills, competencies, and capabilities of Happiest Minds

Client Retention

Evaluation and assessment of project execution and delivery
Identification of improvement areas
Customer feedback: satisfaction, advocacy, loyalty and value for money

Capitalizing on Projects

Deal qualification and clarity on the value proposition
Stakeholder mapping, interlocks with other enterprise applications and collaboration on CRM
Management review of the pipeline
Controlled access to proposal repository
Customer testimonials
Deal-based marketing and innovative pricing technique
Win/Loss analysis

Delivering Excellence

Matching people skills, entering collaborations and use of accelerators/new solutions/tools to meet customer requirements
Continuous project monitoring, and defect tracking supported by LEAN and quality control processes

Social & Relationship Capital

05

Input

As part of our ESG framework, 100% of the budget allocated to our social pillars has been fully utilized through member-driven actions, including volunteering, immersion visits, and community participation campaigns:
Meals provided: 24,39,024 through Akshaya Patra initiatives
Contribution from Happiest Minds Run: ₹ 10 lakhs to Idhayangal Charitable Trust for children with Type 1 Diabetes
Donation through Idayangal Trust: ₹ 36 lakhs to support those diagnosed with Type 1 diabetes for a year
Interactions with Analysts, Investors, and Shareholders: 241

Outcomes

Top Employer's Institute: 92
Customer Happiness Survey: 68
Active Customers: 300+
Million Dollar Customers: 52
Repeat Revenues: 92.6%
Community Giving: Daan Utsav Raised ₹ 15.10 lakhs, fulfilling 3,300+ wishes across 5 NGOs
Sustainability awareness among children developed through Utkarsh Global Foundation: 10,000 cloth bags and reusable bottles distributed
Through Live Love Laugh: In the Mental Health space 1500+ lives impacted

Opportunity Tracking

Sales Intelligence Tool
Partner connect, deal database and customer referrals for lead generation, nurturing and proactively sending proposals
Skills, competencies, and capabilities of Happiest Minds

Client Retention

Evaluation and assessment of project execution and delivery
Identification of improvement areas
Customer feedback: satisfaction, advocacy, loyalty and value for money

Capitalizing on Projects

Deal qualification and clarity on the value proposition
Stakeholder mapping, interlocks with other enterprise applications and collaboration on CRM
Management review of the pipeline
Controlled access to proposal repository
Customer testimonials
Deal-based marketing and innovative pricing technique
Win/Loss analysis

Delivering Excellence

Matching people skills, entering collaborations and use of accelerators/new solutions/tools to meet customer requirements
Continuous project monitoring, and defect tracking supported by LEAN and quality control processes

Natural Capital

06

Input

Vision to be Carbon Neutral by 2030
Energy-saving & optimization initiatives
Promoting responsible use of water in-house and through community initiatives
Optimizing business travel
Waste reduction through reusing and recycling
Water consumption: 20,532.96 KL
Energy consumption: 38,00,913 kWh

Outcomes

Saplings planted: 2,26,000
CO₂ emission curbed: ~4,500–5,600 metric tonnes per annum
Electricity generated by Renewable Energy (Solar): 4,88,941 kWh, a 12.15% increase in solar energy utilization
Water recycled through Sewage Treatment Plant (STP): 100%
Installed sensor-based water fixtures, rainwater harvesting/percolation wells
Constructed 895 wells under the One Billion Drops (OBD) program in last 3 years
Facilitating rainwater conservation: ~358 million liters annually
We encourage people to travel by train for a distance < 550 Kms
Business Travels are mostly through economy class

Opportunity Tracking

Sales Intelligence Tool
Partner connect, deal database and customer referrals for lead generation, nurturing and proactively sending proposals
Skills, competencies, and capabilities of Happiest Minds

Client Retention

Evaluation and assessment of project execution and delivery
Identification of improvement areas
Customer feedback: satisfaction, advocacy, loyalty and value for money

Capitalizing on Projects

Deal qualification and clarity on the value proposition
Stakeholder mapping, interlocks with other enterprise applications and collaboration on CRM
Management review of the pipeline
Controlled access to proposal repository
Customer testimonials
Deal-based marketing and innovative pricing technique
Win/Loss analysis

Delivering Excellence

Matching people skills, entering collaborations and use of accelerators/new solutions/tools to meet customer requirements
Continuous project monitoring, and defect tracking supported by LEAN and quality control processes

About Happiest Minds

AI-First Digital Engineering Company

Ashok Soota

Joseph Anantharaju

Chairman's Letter

Managing Director's Message

Venkatraman Narayanan

Key Performance Indicators

Growth, Backed by Results

Total Income (₹ Lakhs)

EBITDA (₹ Lakhs)

Return on Capital Employed (%)

Return on Equity (%)

EBITDA Margin (%)

PAT (₹ Lakhs)

Diluted Earnings Per Share (Rs)

Dividend Per Share (Rs)

PAT Margin (%)

Net Worth (₹ Lakhs)

Value Creation Model

Creating Value with Intelligence and Agility

Financial Capital

Input

Outcomes

Opportunity Tracking

Client Retention

Capitalizing on Projects

Delivering Excellence

Manufactured Capital

Input

Outcomes

Opportunity Tracking

Client Retention

Capitalizing on Projects

Delivering Excellence

Intellectual Capital

Input

Outcomes

Opportunity Tracking

Client Retention

Capitalizing on Projects

Delivering Excellence

Human Capital

Input

Outcomes

Opportunity Tracking

Client Retention

Capitalizing on Projects

Delivering Excellence

Social & Relationship Capital

Input

Outcomes

Opportunity Tracking

Client Retention

Capitalizing on Projects

Delivering Excellence

Natural Capital

Input

Outcomes

Opportunity Tracking

Client Retention

Capitalizing on Projects

Delivering Excellence

Business Segment Review

Product & Digital Engineering Services (PDES)

Business Segment Review

Generative AI Business Services (GBS)

Business Segment Review

Infrastructure Management and Security Services (IMSS)

ESG

Environmental

Environmental Strategy

Social – People

Adhering to People-First Culture

People Practice Framework

Social – Customers

Putting Customers First

Social – Supply Chain

Agile Supply Chains for Responsible Futures

Governance