Happiest Minds Technologies Ltd. · NSE:HAPPSTMNDS
Happiest Minds Technologies — Q2 FY27 Earnings Presentation
25 slides from Happiest Minds Technologies's earnings presentation, November 2026
Slide 1: Investor Presentation Q2 FY27
Investor Presentation Q2 FY 27 1
Slide 2: Happiest Minds
Happiest Minds AI First customer-obsessed digital engineering and Mindful IT company 310+ Active Clients Great Place To Work® Top 100 India’s Best Workplaces 95 Fortune2000 / Forbes200 in IT & IT-BPM for 2024 Top 100 India’s Best Workplaces Billion $ Corporations for Women 2024 Top 50 India’s Best W
Slide 3: AI First. Agile Always.
AI First. Agile Always. 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 Deli
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) BFSI EdTech Healthcare & Life
Slide 5: 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 6: Client wins
For a Global electronics distributor Happiest Minds has been selected as a cloud engineering partner for Azure administration, infrastructure automation, cloud networking and observability. For a Global AI-powered Digital For a Global electronics distributor For a US healthcare TPA Asset Management
Slide 7: ISG and Everest analyst recognition
ISG ISG Provider Lens® for Generative Contender in Agentic AI AI Services 2026 (Global) Development & Deployment Services – Midsize in the ISG Provider Lens® • Product Challenger in Strategy & Agentic AI Services 2026 (Global) Consulting Services - Midsize • Product Challenger in EVEREST Development
Slide 8: Financial and Operational Performance
Financial and Operational Performance Q2 FY 27 8
Slide 9: Results Q2 FY27
Results Q2 FY27 All amounts in ₹ Lakhs unless stated otherwise Particulars Q2 FY27 Q1 FY27 QoQ Q2 FY26 YoY HY 27 HY 26 YoY Notes: Revenues 64,543 62,851 2.7% 57,357 12.5% 1,27,394 1,12,347 13.4% 1. Amortization/Unwinding interest are non- cash items related to acquisitions. Other Income 2,056 2,369
Slide 10: Revenues
Revenues Agile % of Revenue 94.5% 94.2% 93.7% 93.7% 93.4% 93.3% 93.1% 91.6% FY 24 FY 25 FY 26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Business Unit Total Income (₹ Crores) 5.4% 2,400 2,162 17.9% 1,710 595 603 621 652 665 76.7% PDES IMSS GBS FY 24 FY 25 FY 26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 1
Slide 11: Profitability
Profitability Operating Margin (₹ Crores) EBITDA (₹ Crores) 17.4% 17.5% 20.3% 20.9% 21.4% 24.6% 17.4% 17.5% 17.5% 18.5% 21.7% 21.3% 17.0% 20.2% 20.4% 19.5% 24.3% 20.9% 18.1% 26.2% 340 24.6% 356 401 21.4% 97 108 106 108 119 421 462 489 120 122 121 141 142 FY 24 FY 25 FY 26 Q2 FY26 Q3 FY26 Q4 FY26 Q1
Slide 12: People
People Utilization 77.3% 81.1% 80.7% 82.0% 81.4% 80.9% 81.8% 75.5% 5,168 6,632 6,497 6,554 6,548 6,497 6,532 6,466 FY 24 FY 25 FY 26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Offshore / Onsite Voluntary Attrition % 1 17.0% 17.4% 17.4% 17.0% 16.6% 15.4% 14.3% 13.0% 95.9% 94.2% 93.5% 93.9% 93.6% 93.5% 9
Slide 13: Revenue
Revenue Contract Model Geography 8.8% 9.0% 31.7% 7.8% 56.3% 68.3% 18.0% T&M FP Americas India Europe APAC ROW 1.6% 0.7% Tech Split Verticals 6.0% 8.9% 0.7% 13.3% 8.7% 5.8% 27.7% 9.7% 20.6% 12.5% 15.4% 50.7% AI / Analytics Digital Infra / Cloud SAAS 17.8% 13 Security IoT Others BFSI Edu Tech Healthca
Slide 14: Revenue
Revenue Concentration Customer age and Revenue Contribution 0-5 yrs > 5 yrs 58.7% 44% 42% 48% 42.4% 28.7% 52% 56% 58% Top 5 Top 10 Top 20 FY 24 FY 25 FY 26 Million $ Customers Active Customers 306 306 306 311 290 297 281 57 58 58 250 52 52 52 52 48 FY 24 FY 25 FY 26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q
Slide 15: Revenue
Revenue Onsite/Offshore Average Revenue / Active Customer (USD ‘000) 917 906 896 864 864 866 875 794 85.6% 88.4% 87.6% 87.5% 87.9% 86.2% 85.4% 86.8% 14.4% 11.6% 12.4% 12.5% 12.1% 13.8% 14.6% 13.2% FY 24 FY 25 FY 26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 FY 24 FY 25 FY 26 Q2 FY26 Q3 FY26 Q4 FY26 Q1
Slide 16: Data Sheet
Data Sheet FY 24 FY 25 Q2 FY26 Q3 FY26 Q4 FY26 FY 26 Q1 FY27 Q2 FY27 Verticals BFSI 10.9% 22.5% 25.3% 26.0% 26.8% 26.1% 26.8% 27.7% Edutech 23.9% 18.7% 15.3% 14.9% 16.3% 15.6% 16.3% 15.4% Healthcare 14.4% 16.3% 16.3% 18.7% 17.9% 17.1% 18.4% 17.8% Hitech 14.5% 14.5% 13.4% 12.3% 11.1% 12.4% 12.2% 12.5
Slide 17: Data Sheet
Data Sheet FY 24 FY 25 Q2 FY26 Q3 FY26 Q4 FY26 FY 26 Q1 FY27 Q2 FY27 Revenue by Geo USA 70.7% 64.6% 60.0% 59.8% 58.2% 59.3% 56.9% 56.3% India 16.3% 15.6% 18.3% 17.3% 17.1% 17.6% 18.3% 18.0% Europe 8.9% 8.1% 8.1% 7.2% 8.3% 7.8% 7.9% 7.8% APAC - 5.3% 6.4% 7.4% 7.6% 7.2% 8.2% 9.0% ROW 4.1% 6.4% 7.3% 8.
Slide 18: Data Sheet
Data Sheet FY 24 FY 25 Q2 FY26 Q3 FY26 Q4 FY26 FY 26 Q1 FY27 Q2 FY27 Onsite 211 385 397 418 423 423 452 458 Offshore 4,957 6,247 6,157 6,130 6,074 6,074 6,080 6,008 Onsite % 4.1% 5.8% 6.1% 6.4% 6.5% 6.5% 6.9% 7.1% Offshore % 95.9% 94.2% 93.9% 93.6% 93.5% 93.5% 93.1% 92.9% Utilization 75.5% 77.3% 80.
Slide 19: Data Sheet – Revenue by Segment
Data Sheet – Revenue by Segment All figures in ₹ Lakhs FY 24 YoY FY 25 YoY FY 26 YoY Q2 FY26 Q3 FY 26 Q4 FY 26 Q1 FY27 Q2 FY27 Revenue by BU Revenue % Growth Revenue % Growth% Revenue % Growth% Revenue % Revenue % Revenue % Revenue % Revenue % IMSS 29,746 17.4% -3.1% 32,832 15.2% 10.4% 38,909 16.2%
Slide 20: Profit & Loss
Profit & Loss All figures in ₹ Lakhs FY 24 FY 25 Q2 FY26 Q3 FY26 Q4 FY26 FY 26 Q1 FY27 Q2 FY27 Income Operating revenue 1,62,466 2,06,084 57,357 58,756 60,408 2,31,511 62,851 64,543 Other Income 8,537 10,137 2,161 1,572 1,761 8,497 2,369 2,056 Total income 1,71,003 2,16,222 59,518 60,328 62,169 2,40
Slide 21: Balance Sheet
Balance Sheet All figures in ₹ Lakhs FY 2024 FY 2025 Q2 FY26 Q3 FY26 FY 2026 Q1 FY27 Q2 FY27 Assets Non-Current Property, plant and equipment 13,778 14,096 13,806 13,631 13,476 13,408 13,620 Goodwill 14,032 76,230 76,776 76,941 77,728 77,703 77,888 Financial & Other assets 19,192 45,485 45,377 43,53
Slide 22: Pertinent Ratios
Pertinent Ratios FY24 FY25 Q2 FY26 Q3 FY26 Q4 FY26 FY 26 Q1 FY27 Q2 FY27 Debt-Equity 0.35 0.79 0.78 0.80 0.88 0.88 0.93 0.93 Debt Service Coverage (DSCR) 5.25 6.31 5.01 5.31 5.19 5.26 5.47 4.25 Interest Service Coverage (ISCR) 8.97 3.94 3.99 4.26 4.61 4.26 4.17 3.84 Current Assets to Current Liabili
Slide 23: Expanding Global Footprint
Expanding Global Footprint Americas 11 Offices Europe & UK 4 Offices Asia, Africa & Middle East 11 Offices Australia 2 Offices India 19 Offices USA UK HQ: Bengaluru (4) Hong Kong UAE Austin, Texas (2) Berkshire Sydney Bhubaneswar Dubai (2) Denver Doncaster Singapore Chennai (2) Las Vegas London Sult
Slide 24: Proposed Merger with ITC Infotech
Proposed Merger with ITC Infotech # Activity Update Estimated timeline1 1 Board Approval Completed August 31, 2026 2 Shareholders’ approval for change in registered office Completed October 2026 Approval from General Authority for Competition, Kingdom of 3 Received October 2026 Saudi Arabia 4 Approv
Slide 25: THANK YOU
THANK YOU Happiest People · Happiest Customers Graphical user interface, application, chat or text message Graphical user interface, application, chat or text message Graphical user interface, application, chat or text message Graphical user interface, application, chat or text message Graphical use
Happiest Minds Technologies — Q2 FY27 Earnings Presentation on 6ix